# EDGAR Filing Document

**Accession Number:** 0000778207
**File Stem:** 0001193125-25-194969
**Filing Date:** 2025-9
**Character Count:** 4550733
**Document Hash:** 70517b4dead55043d8f315c6bb16d85e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-194969.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001193125-25-194969

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 162

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRANSAMERICA SERIES TRUST
- **CENTRAL INDEX KEY:** 0000778207

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04419
- **FILM NUMBER:** 251290008

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

### Transamerica Aegon Bond VP (Series ID: S000007911)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000112675 | Initial      |  |
| C000112676 | Service      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000112677 | Initial      |  |
| C000112678 | Service      |  |

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

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

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

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

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

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

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

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

### Transamerica Great Lakes Advisors Large Cap Value VP (Series ID: S000059116)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000193818 | Initial      |  |
| C000193819 | Service      |  |

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

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

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

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

?xml version='1.0' encoding='ASCII'? Transamerica Series Trust

As filed with the Securities and Exchange Commission on September 3, 2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

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

<u>TRANSAMERICA SERIES TRUST</u> 

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip Code)

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

(Name and address of agent for service)

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

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

Date of reporting period: <u>June</u> <u>30, 2025</u>

------

---

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

---

(a) ![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica 60/40 Allocation VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica 60/40 Allocation VP (the "Portfolio") seeks long-term capital appreciation and current income. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $23 | 0.45%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $81168223 |
| Number of Portfolio Holdings | 4 |
| Portfolio Turnover Rate | 9% |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 45.6% |
| U.S. Fixed Income Funds | 39.5 |
| International Equity Funds | 15.0 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica 60/40 Allocation VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica S&P 500 Index VP, Initial Class | 45.6% |
| Transamerica Short-Term Bond, Class I2 | 19.8 |
| Transamerica Core Bond, Class I2 | 19.7 |
| Transamerica MSCI EAFE Index VP, Initial Class | 15.0 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica 60/40 Allocation VP

Service Class

![Image](g897817i48f81ee4eca65ab846ee.jpg)

Semi-Annual Shareholder Report

# Transamerica Aegon Bond VP

# Initial Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica Aegon Bond VP (the "Portfolio") seeks to provide high total return through a combination of current income and capital appreciation. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Initial Class | $27 | 0.53%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1730293580 |
| Number of Portfolio Holdings | 494 |
| Portfolio Turnover Rate | 24% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.20 years |
| Duration<sup>Footnote Reference†</sup> | 5.88 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Portfolio invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 43.1% |
| U.S. Government Obligations | 23.1 |
| Asset-Backed Securities | 11.4 |
| Mortgage-Backed Securities | 10.6 |
| U.S. Government Agency Obligations | 9 |
| Commercial Paper | 5.2 |
| Repurchase Agreements | 1 |
| Foreign Government Obligations | 0.9 |
| Other Investment Company | 0.4 |
| Loan Assignments | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (4.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

# Transamerica Aegon Bond VP

# Initial Class

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 32.1% |
| AAA | 16.5 |
| AA | 1.7 |
| A | 12.3 |
| BBB | 23.3 |
| BB | 9.1 |
| B | 2.2 |
| CCC | 0.4 |
| Below CCC | 0.1 |
| NR (Not Rated) | 0.5 |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bonds, 2.38%, 02/15/2042 | 2.4% |
| Uniform Mortgage-Backed Security, TBA, 2.00%, 07/01/2054 | 2.1 |
| U.S. Treasury Bonds, 3.88%, 05/15/2043 | 1.5 |
| U.S. Treasury Notes, 4.63%, 02/15/2035 | 1.5 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 07/01/2055 | 1.1 |
| MUFG Securities Canada Ltd, 4.54%, 09/18/2025 | 1.1 |
| U.S. Treasury Bonds, 3.50%, 02/15/2039 | 1.1 |
| U.S. Treasury Bonds, 1.25%, 05/15/2050 | 1.1 |
| Emerson Electric Co, 4.46%, 09/23/2025 | 1 |
| U.S. Treasury Bonds, 2.75%, 08/15/2042 | 1 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Aegon Bond VP

# Initial Class
![Image](g897817i48f81ee4eca65ab846ee.jpg)

Semi-Annual Shareholder Report

# Transamerica Aegon Bond VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica Aegon Bond VP (the "Portfolio") seeks to provide high total return through a combination of current income and capital appreciation. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $39 | 0.78%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1730293580 |
| Number of Portfolio Holdings | 494 |
| Portfolio Turnover Rate | 24% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.20 years |
| Duration<sup>Footnote Reference†</sup> | 5.88 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Portfolio invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 43.1% |
| U.S. Government Obligations | 23.1 |
| Asset-Backed Securities | 11.4 |
| Mortgage-Backed Securities | 10.6 |
| U.S. Government Agency Obligations | 9 |
| Commercial Paper | 5.2 |
| Repurchase Agreements | 1 |
| Foreign Government Obligations | 0.9 |
| Other Investment Company | 0.4 |
| Loan Assignments | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (4.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

# Transamerica Aegon Bond VP

# Service Class

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 32.1% |
| AAA | 16.5 |
| AA | 1.7 |
| A | 12.3 |
| BBB | 23.3 |
| BB | 9.1 |
| B | 2.2 |
| CCC | 0.4 |
| Below CCC | 0.1 |
| NR (Not Rated) | 0.5 |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bonds, 2.38%, 02/15/2042 | 2.4% |
| Uniform Mortgage-Backed Security, TBA, 2.00%, 07/01/2054 | 2.1 |
| U.S. Treasury Bonds, 3.88%, 05/15/2043 | 1.5 |
| U.S. Treasury Notes, 4.63%, 02/15/2035 | 1.5 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 07/01/2055 | 1.1 |
| MUFG Securities Canada Ltd, 4.54%, 09/18/2025 | 1.1 |
| U.S. Treasury Bonds, 3.50%, 02/15/2039 | 1.1 |
| U.S. Treasury Bonds, 1.25%, 05/15/2050 | 1.1 |
| Emerson Electric Co, 4.46%, 09/23/2025 | 1 |
| U.S. Treasury Bonds, 2.75%, 08/15/2042 | 1 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Aegon Bond VP

# Service Class
![Image](g897817i48f81ee4eca65ab846ee.jpg)

Semi-Annual Shareholder Report

# Transamerica Aegon Core Bond VP

# Initial Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica Aegon Core Bond VP (the "Portfolio") seeks to achieve maximum total return. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Initial Class | $25 | 0.50%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $396005465 |
| Number of Portfolio Holdings | 659 |
| Portfolio Turnover Rate | 41% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.24 years |
| Duration<sup>Footnote Reference†</sup> | 5.85 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Portfolio invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 30.1% |
| U.S. Government Obligations | 29.7 |
| U.S. Government Agency Obligations | 23.7 |
| Commercial Paper | 14.7 |
| Mortgage-Backed Securities | 5.6 |
| Asset-Backed Securities | 3.7 |
| Repurchase Agreements | 2.6 |
| Short-Term U.S. Government Obligations | 1.9 |
| Foreign Government Obligations | 0.7 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (12.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

# Transamerica Aegon Core Bond VP

# Initial Class

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 53.4% |
| AAA | 8.1 |
| AA | 0.9 |
| A | 9.6 |
| BBB | 18.3 |
| BB | 2.7 |
| B | 0.0<sup>Footnote Reference\*</sup> |
| CCC | 0.0<sup>Footnote Reference\*</sup> |
| Below CCC | 0.0<sup>Footnote Reference\*</sup> |
| NR (Not Rated) | 0.5 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Portfolio itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 2.50%, 07/01/2055 | 3.4% |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 07/01/2054 | 2.4 |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 07/01/2054 | 2.3 |
| U.S. Treasury Notes, 1.50%, 02/15/2030 | 2.1 |
| U.S. Treasury Bills, 4.19%, 10/16/2025 | 1.5 |
| Uniform Mortgage-Backed Security, TBA, 4.50%, 07/01/2054 | 1.4 |
| Uniform Mortgage-Backed Security, TBA, 4.00%, 07/01/2054 | 1.4 |
| U.S. Treasury Notes, 4.13%, 11/15/2032 | 1.3 |
| Uniform Mortgage-Backed Security, TBA, 5.00%, 07/01/2054 | 1.1 |
| Macquarie Bank Ltd., 4.53%, 08/19/2025 | 1.1 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Aegon Core Bond VP

# Initial Class
![Image](g897817i48f81ee4eca65ab846ee.jpg)

Semi-Annual Shareholder Report

# Transamerica Aegon Core Bond VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica Aegon Core Bond VP (the "Portfolio") seeks to achieve maximum total return. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $38 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $396005465 |
| Number of Portfolio Holdings | 659 |
| Portfolio Turnover Rate | 41% |
| Average Maturity<sup>Footnote Reference§</sup> | 8.24 years |
| Duration<sup>Footnote Reference†</sup> | 5.85 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Portfolio invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 30.1% |
| U.S. Government Obligations | 29.7 |
| U.S. Government Agency Obligations | 23.7 |
| Commercial Paper | 14.7 |
| Mortgage-Backed Securities | 5.6 |
| Asset-Backed Securities | 3.7 |
| Repurchase Agreements | 2.6 |
| Short-Term U.S. Government Obligations | 1.9 |
| Foreign Government Obligations | 0.7 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (12.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

# Transamerica Aegon Core Bond VP

# Service Class

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 53.4% |
| AAA | 8.1 |
| AA | 0.9 |
| A | 9.6 |
| BBB | 18.3 |
| BB | 2.7 |
| B | 0.0<sup>Footnote Reference\*</sup> |
| CCC | 0.0<sup>Footnote Reference\*</sup> |
| Below CCC | 0.0<sup>Footnote Reference\*</sup> |
| NR (Not Rated) | 0.5 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Portfolio itself has not been rated by an independent agency. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 2.50%, 07/01/2055 | 3.4% |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 07/01/2054 | 2.4 |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 07/01/2054 | 2.3 |
| U.S. Treasury Notes, 1.50%, 02/15/2030 | 2.1 |
| U.S. Treasury Bills, 4.19%, 10/16/2025 | 1.5 |
| Uniform Mortgage-Backed Security, TBA, 4.50%, 07/01/2054 | 1.4 |
| Uniform Mortgage-Backed Security, TBA, 4.00%, 07/01/2054 | 1.4 |
| U.S. Treasury Notes, 4.13%, 11/15/2032 | 1.3 |
| Uniform Mortgage-Backed Security, TBA, 5.00%, 07/01/2054 | 1.1 |
| Macquarie Bank Ltd., 4.53%, 08/19/2025 | 1.1 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Aegon Core Bond VP

# Service Class
![Image](g897817i48f81ee4eca65ab846ee.jpg)

Semi-Annual Shareholder Report

# Transamerica Aegon High Yield Bond VP

# Initial Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica Aegon High Yield Bond VP (the "Portfolio") seeks a high level of current income by investing in high-yield debt securities. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Initial Class | $32 | 0.63%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $247016620 |
| Number of Portfolio Holdings | 423 |
| Portfolio Turnover Rate | 16% |
| Average Maturity<sup>Footnote Reference§</sup> | 4.36 years |
| Duration<sup>Footnote Reference†</sup> | 2.79 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Portfolio invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 94.9% |
| Other Investment Company | 9.0 |
| Loan Assignments | 2.9 |
| Repurchase Agreements | 0.5 |
| Common Stocks | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (7.5) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

# Transamerica Aegon High Yield Bond VP

# Initial Class

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| BBB | 8.2% |
| BB | 51.3 |
| B | 30.8 |
| CCC | 7.0 |
| Below CCC | 0.1 |
| NR (Not Rated) | 0.5 |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031 | 1.1% |
| Constellation Insurance, Inc., 6.80%, 01/24/2030 | 0.8 |
| VZ Secured Financing BV, 5.00%, 01/15/2032 | 0.8 |
| ILFC E-Capital Trust I, 3-Month Term SOFR + 0.00%, 6.43%, 12/21/2065 | 0.7 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.63%, 12/15/2030 | 0.6 |
| Constellium SE, 5.63%, 06/15/2028 | 0.6 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 0.6 |
| Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/2029 | 0.6 |
| Allied Universal Holdco LLC, 7.88%, 02/15/2031 | 0.6 |
| Herc Holdings, Inc., 5.50%, 07/15/2027 | 0.6 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Aegon High Yield Bond VP

# Initial Class
![Image](g897817i48f81ee4eca65ab846ee.jpg)

Semi-Annual Shareholder Report

# Transamerica Aegon High Yield Bond VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica Aegon High Yield Bond VP (the "Portfolio") seeks a high level of current income by investing in high-yield debt securities. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $45 | 0.88%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $247016620 |
| Number of Portfolio Holdings | 423 |
| Portfolio Turnover Rate | 16% |
| Average Maturity<sup>Footnote Reference§</sup> | 4.36 years |
| Duration<sup>Footnote Reference†</sup> | 2.79 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Portfolio invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 94.9% |
| Other Investment Company | 9.0 |
| Loan Assignments | 2.9 |
| Repurchase Agreements | 0.5 |
| Common Stocks | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (7.5) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

# Transamerica Aegon High Yield Bond VP

# Service Class

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| BBB | 8.2% |
| BB | 51.3 |
| B | 30.8 |
| CCC | 7.0 |
| Below CCC | 0.1 |
| NR (Not Rated) | 0.5 |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031 | 1.1% |
| Constellation Insurance, Inc., 6.80%, 01/24/2030 | 0.8 |
| VZ Secured Financing BV, 5.00%, 01/15/2032 | 0.8 |
| ILFC E-Capital Trust I, 3-Month Term SOFR + 0.00%, 6.43%, 12/21/2065 | 0.7 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.63%, 12/15/2030 | 0.6 |
| Constellium SE, 5.63%, 06/15/2028 | 0.6 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 0.6 |
| Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/2029 | 0.6 |
| Allied Universal Holdco LLC, 7.88%, 02/15/2031 | 0.6 |
| Herc Holdings, Inc., 5.50%, 07/15/2027 | 0.6 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Aegon High Yield Bond VP

# Service Class
![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica Aegon Sustainable Equity Income VP

# Initial Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica Aegon Sustainable Equity Income VP (the "Portfolio") seeks total return gained from the combination of dividend yield, growth of dividends and capital appreciation. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Initial Class | $37 | 0.72%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $483978409 |
| Number of Portfolio Holdings | 48 |
| Portfolio Turnover Rate | 5% |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 22.6% |
| Industrials | 20.0 |
| Information Technology | 18.5 |
| Health Care | 13.4 |
| Consumer Staples | 6.7 |
| Materials | 5.1 |
| Real Estate | 3.9 |
| Consumer Discretionary | 3.8 |
| Communication Services | 2.5 |
| Energy | 1.4 |
| Utilities | 1.1 |
| Repurchase Agreements | 0.8 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica Aegon Sustainable Equity Income VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cisco Systems, Inc. | 4.5% |
| CME Group, Inc. | 3.8 |
| Gilead Sciences, Inc. | 3.7 |
| Bank of America Corp. | 3.6 |
| Broadcom, Inc. | 3.5 |
| Colgate-Palmolive Co. | 3.4 |
| Texas Instruments, Inc. | 3.4 |
| Morgan Stanley | 3.3 |
| MetLife, Inc. | 3.2 |
| Republic Services, Inc. | 3.1 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Aegon Sustainable Equity Income VP

Initial Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica Aegon Sustainable Equity Income VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica Aegon Sustainable Equity Income VP (the "Portfolio") seeks total return gained from the combination of dividend yield, growth of dividends and capital appreciation. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $50 | 0.97%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $483978409 |
| Number of Portfolio Holdings | 48 |
| Portfolio Turnover Rate | 5% |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 22.6% |
| Industrials | 20.0 |
| Information Technology | 18.5 |
| Health Care | 13.4 |
| Consumer Staples | 6.7 |
| Materials | 5.1 |
| Real Estate | 3.9 |
| Consumer Discretionary | 3.8 |
| Communication Services | 2.5 |
| Energy | 1.4 |
| Utilities | 1.1 |
| Repurchase Agreements | 0.8 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica Aegon Sustainable Equity Income VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cisco Systems, Inc. | 4.5% |
| CME Group, Inc. | 3.8 |
| Gilead Sciences, Inc. | 3.7 |
| Bank of America Corp. | 3.6 |
| Broadcom, Inc. | 3.5 |
| Colgate-Palmolive Co. | 3.4 |
| Texas Instruments, Inc. | 3.4 |
| Morgan Stanley | 3.3 |
| MetLife, Inc. | 3.2 |
| Republic Services, Inc. | 3.1 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Aegon Sustainable Equity Income VP

Service Class

![Image](g897817i48f81ee4eca65ab846ee.jpg)

Semi-Annual Shareholder Report

# Transamerica Aegon U.S. Government Securities VP

# Initial Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica Aegon U.S. Government Securities VP (the "Portfolio") seeks to provide as high a level of total return as is consistent with prudent investment strategies. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Initial Class | $28 | 0.56%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $215500009 |
| Number of Portfolio Holdings | 115 |
| Portfolio Turnover Rate | 58% |
| Average Maturity<sup>Footnote Reference§</sup> | 7.41 years |
| Duration<sup>Footnote Reference†</sup> | 5.70 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Portfolio invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 55.8% |
| U.S. Government Agency Obligations | 34.3 |
| Repurchase Agreements | 6.3 |
| Other Investment Company | 5.7 |
| Corporate Debt Securities | 3.1 |
| Asset-Backed Securities | 2.1 |
| Foreign Government Obligations | 1.2 |
| Mortgage-Backed Securities | 0.9 |
| Municipal Government Obligations | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (9.5) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

# Transamerica Aegon U.S. Government Securities VP

# Initial Class

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 90.1% |
| AAA | 4.2 |
| AA | 0.3 |
| A | 2.4 |
| BBB | 0.5 |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Federal Farm Credit Banks Funding Corp., 2.04%, 09/24/2029 | 4.3% |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 3.7 |
| Uniform Mortgage-Backed Security, TBA, 3.50%, 07/01/2039 | 3.4 |
| Federal National Mortgage Association, 0.88%, 08/05/2030 | 3.3 |
| Tennessee Valley Authority, 5.25%, 02/01/2055 | 2.7 |
| Tennessee Valley Authority, 4.88%, 01/15/2048 | 2.6 |
| Federal Home Loan Banks, 4.75%, 12/10/2032 | 2.4 |
| Federal Farm Credit Banks Funding Corp., 4.25%, 02/24/2028 | 2.3 |
| U.S. Treasury Notes, 1.25%, 11/30/2026 | 2.3 |
| U.S. Treasury Notes, 3.50%, 09/30/2026 | 2.3 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Aegon U.S. Government Securities VP

# Initial Class
![Image](g897817i48f81ee4eca65ab846ee.jpg)

Semi-Annual Shareholder Report

# Transamerica Aegon U.S. Government Securities VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica Aegon U.S. Government Securities VP (the "Portfolio") seeks to provide as high a level of total return as is consistent with prudent investment strategies. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $41 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $215500009 |
| Number of Portfolio Holdings | 115 |
| Portfolio Turnover Rate | 58% |
| Average Maturity<sup>Footnote Reference§</sup> | 7.41 years |
| Duration<sup>Footnote Reference†</sup> | 5.70 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

## What did the Portfolio invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 55.8% |
| U.S. Government Agency Obligations | 34.3 |
| Repurchase Agreements | 6.3 |
| Other Investment Company | 5.7 |
| Corporate Debt Securities | 3.1 |
| Asset-Backed Securities | 2.1 |
| Foreign Government Obligations | 1.2 |
| Mortgage-Backed Securities | 0.9 |
| Municipal Government Obligations | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (9.5) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

# Transamerica Aegon U.S. Government Securities VP

# Service Class

## Credit Quality (Percentage of Net Assets)<sup>**Footnote Reference ‡**</sup>

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 90.1% |
| AAA | 4.2 |
| AA | 0.3 |
| A | 2.4 |
| BBB | 0.5 |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Federal Farm Credit Banks Funding Corp., 2.04%, 09/24/2029 | 4.3% |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 3.7 |
| Uniform Mortgage-Backed Security, TBA, 3.50%, 07/01/2039 | 3.4 |
| Federal National Mortgage Association, 0.88%, 08/05/2030 | 3.3 |
| Tennessee Valley Authority, 5.25%, 02/01/2055 | 2.7 |
| Tennessee Valley Authority, 4.88%, 01/15/2048 | 2.6 |
| Federal Home Loan Banks, 4.75%, 12/10/2032 | 2.4 |
| Federal Farm Credit Banks Funding Corp., 4.25%, 02/24/2028 | 2.3 |
| U.S. Treasury Notes, 1.25%, 11/30/2026 | 2.3 |
| U.S. Treasury Notes, 3.50%, 09/30/2026 | 2.3 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica Aegon U.S. Government Securities VP

# Service Class
![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica American Funds Managed Risk VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica American Funds Managed Risk VP (the "Portfolio") seeks to provide total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $41 | 0.81%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $834581124 |
| Number of Portfolio Holdings | 2 |
| Portfolio Turnover Rate | 4% |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Investment Companies | 97.4% |
| Repurchase Agreements | 2.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica American Funds Managed Risk VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| American Funds Insurance Series - Asset Allocation Fund | 97.4% |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica American Funds Managed Risk VP

Service Class

![Image](g897817i16f53ab5661465734895.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock Government Money Market VP

# Initial Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock Government Money Market VP (the "Portfolio") seeks as high a level of current income as is consistent with preservation of capital and liquidity. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Initial Class | $15 | 0.29%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $717836798 |
| Number of Portfolio Holdings | 123 |
| Average Maturity<sup>Footnote Reference§</sup> | 0.30 years |
| Duration<sup>Footnote Reference†</sup> | 0.11 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

# Transamerica BlackRock Government Money Market VP

# Initial Class

## What did the Portfolio invest in?

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills, 4.32%, 08/05/2025 | 3.6% |
| U.S. Treasury Floating Rate Notes, 4.36%, 07/31/2025 | 2.4 |
| U.S. Treasury Floating Rate Notes, 4.34%, 01/31/2027 | 2.1 |
| U.S. Treasury Bills, 4.37%, 08/12/2025 | 1.8 |
| U.S. Treasury Floating Rate Notes, 4.45%, 10/31/2026 | 1.8 |
| U.S. Treasury Bills, 4.31%, 09/02/2025 | 1.8 |
| U.S. Treasury Bills, 4.29%, 07/01/2025 | 1.8 |
| U.S. Treasury Bills, 4.28%, 09/04/2025 | 1.7 |
| U.S. Treasury Bills, 4.18%, 03/19/2026 | 1.7 |
| U.S. Treasury Floating Rate Notes, 4.39%, 04/30/2026 | 1.5 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 42.4% |
| Short-Term U.S. Government Obligations | 30.6 |
| U.S. Government Obligations | 11.6 |
| U.S. Government Agency Obligations | 9.2 |
| Short-Term U.S. Government Agency Obligations | 8.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolio. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolio money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica BlackRock Government Money Market VP

# Initial Class
![Image](g897817i16f53ab5661465734895.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock Government Money Market VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock Government Money Market VP (the "Portfolio") seeks as high a level of current income as is consistent with preservation of capital and liquidity. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $27 | 0.54%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $717836798 |
| Number of Portfolio Holdings | 123 |
| Average Maturity<sup>Footnote Reference§</sup> | 0.30 years |
| Duration<sup>Footnote Reference†</sup> | 0.11 years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>§</sup> | &nbsp;&nbsp;Average Maturity is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. |

---

# Transamerica BlackRock Government Money Market VP

# Service Class

## What did the Portfolio invest in?

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills, 4.32%, 08/05/2025 | 3.6% |
| U.S. Treasury Floating Rate Notes, 4.36%, 07/31/2025 | 2.4 |
| U.S. Treasury Floating Rate Notes, 4.34%, 01/31/2027 | 2.1 |
| U.S. Treasury Bills, 4.37%, 08/12/2025 | 1.8 |
| U.S. Treasury Floating Rate Notes, 4.45%, 10/31/2026 | 1.8 |
| U.S. Treasury Bills, 4.31%, 09/02/2025 | 1.8 |
| U.S. Treasury Bills, 4.29%, 07/01/2025 | 1.8 |
| U.S. Treasury Bills, 4.28%, 09/04/2025 | 1.7 |
| U.S. Treasury Bills, 4.18%, 03/19/2026 | 1.7 |
| U.S. Treasury Floating Rate Notes, 4.39%, 04/30/2026 | 1.5 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 42.4% |
| Short-Term U.S. Government Obligations | 30.6 |
| U.S. Government Obligations | 11.6 |
| U.S. Government Agency Obligations | 9.2 |
| Short-Term U.S. Government Agency Obligations | 8.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolio. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolio money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica BlackRock Government Money Market VP

# Service Class
![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock iShares Active Asset Allocation - Conservative VP

# Initial Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock iShares Active Asset Allocation - Conservative VP (the "Portfolio") seeks current income and preservation of capital. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Initial Class | $26 | 0.51%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $193524424 |
| Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate | 74% |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 58.9% |
| U.S. Equity Funds | 25.1 |
| International Equity Funds | 14.3 |
| Repurchase Agreements | 1.2 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.0<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock iShares Active Asset Allocation - Conservative VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core U.S. Aggregate Bond ETF | 33.2% |
| iShares Core S&P 500 ETF | 21.1 |
| iShares Short Treasury Bond ETF | 13.5 |
| iShares MSCI EAFE ETF | 10.3 |
| iShares U.S. Treasury Bond ETF | 4.7 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.6 |
| iShares Russell 2000 ETF | 4.0 |
| iShares 7-10 Year Treasury Bond ETF | 2.9 |
| iShares MSCI Japan ETF | 2.2 |
| iShares Core MSCI EAFE ETF | 1.8 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock iShares Active Asset Allocation - Conservative VP

Initial Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock iShares Active Asset Allocation - Conservative VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock iShares Active Asset Allocation - Conservative VP (the "Portfolio") seeks current income and preservation of capital. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $38 | 0.76%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $193524424 |
| Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate | 74% |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 58.9% |
| U.S. Equity Funds | 25.1 |
| International Equity Funds | 14.3 |
| Repurchase Agreements | 1.2 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.0<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock iShares Active Asset Allocation - Conservative VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core U.S. Aggregate Bond ETF | 33.2% |
| iShares Core S&P 500 ETF | 21.1 |
| iShares Short Treasury Bond ETF | 13.5 |
| iShares MSCI EAFE ETF | 10.3 |
| iShares U.S. Treasury Bond ETF | 4.7 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.6 |
| iShares Russell 2000 ETF | 4.0 |
| iShares 7-10 Year Treasury Bond ETF | 2.9 |
| iShares MSCI Japan ETF | 2.2 |
| iShares Core MSCI EAFE ETF | 1.8 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock iShares Active Asset Allocation - Conservative VP

Service Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock iShares Active Asset Allocation - Moderate Growth VP

# Initial Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock iShares Active Asset Allocation - Moderate Growth VP (the "Portfolio") seeks capital appreciation with current income as a secondary objective. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Initial Class | $25 | 0.50%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $326618098 |
| Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate | 119% |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 50.1% |
| U.S. Fixed Income Funds | 24.0 |
| International Equity Funds | 23.4 |
| Repurchase Agreements | 2.0 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.5 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock iShares Active Asset Allocation - Moderate Growth VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core S&P 500 ETF | 43.1% |
| iShares MSCI EAFE ETF | 17.2 |
| iShares Short Treasury Bond ETF | 12.2 |
| iShares Core U.S. Aggregate Bond ETF | 9.1 |
| iShares Russell 2000 ETF | 7.0 |
| iShares Core MSCI EAFE ETF | 4.0 |
| iShares MSCI Japan ETF | 2.2 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 1.8 |
| iShares U.S. Treasury Bond ETF | 0.7 |
| iShares 7-10 Year Treasury Bond ETF | 0.2 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock iShares Active Asset Allocation - Moderate Growth VP

Initial Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock iShares Active Asset Allocation - Moderate Growth VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock iShares Active Asset Allocation - Moderate Growth VP (the "Portfolio") seeks capital appreciation with current income as a secondary objective. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $38 | 0.75%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $326618098 |
| Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate | 119% |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 50.1% |
| U.S. Fixed Income Funds | 24.0 |
| International Equity Funds | 23.4 |
| Repurchase Agreements | 2.0 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.5 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock iShares Active Asset Allocation - Moderate Growth VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core S&P 500 ETF | 43.1% |
| iShares MSCI EAFE ETF | 17.2 |
| iShares Short Treasury Bond ETF | 12.2 |
| iShares Core U.S. Aggregate Bond ETF | 9.1 |
| iShares Russell 2000 ETF | 7.0 |
| iShares Core MSCI EAFE ETF | 4.0 |
| iShares MSCI Japan ETF | 2.2 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 1.8 |
| iShares U.S. Treasury Bond ETF | 0.7 |
| iShares 7-10 Year Treasury Bond ETF | 0.2 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock iShares Active Asset Allocation - Moderate Growth VP

Service Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock iShares Active Asset Allocation - Moderate VP

# Initial Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock iShares Active Asset Allocation - Moderate VP (the "Portfolio") seeks capital appreciation and current income. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Initial Class | $24 | 0.48%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $846156756 |
| Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate | 96% |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 43.5% |
| U.S. Equity Funds | 35.0 |
| International Equity Funds | 18.3 |
| Repurchase Agreements | 2.6 |
| Other Investment Company | 1.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.3) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock iShares Active Asset Allocation - Moderate VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core S&P 500 ETF | 30.0% |
| iShares Core U.S. Aggregate Bond ETF | 25.4 |
| iShares MSCI EAFE ETF | 14.0 |
| iShares Short Treasury Bond ETF | 11.7 |
| iShares Russell 2000 ETF | 5.0 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 3.2 |
| iShares U.S. Treasury Bond ETF | 2.6 |
| iShares Core MSCI EAFE ETF | 2.2 |
| iShares MSCI Japan ETF | 2.1 |
| iShares 7-10 Year Treasury Bond ETF | 0.6 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock iShares Active Asset Allocation - Moderate VP

Initial Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock iShares Active Asset Allocation - Moderate VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock iShares Active Asset Allocation - Moderate VP (the "Portfolio") seeks capital appreciation and current income. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $37 | 0.73%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $846156756 |
| Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate | 96% |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 43.5% |
| U.S. Equity Funds | 35.0 |
| International Equity Funds | 18.3 |
| Repurchase Agreements | 2.6 |
| Other Investment Company | 1.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.3) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock iShares Active Asset Allocation - Moderate VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core S&P 500 ETF | 30.0% |
| iShares Core U.S. Aggregate Bond ETF | 25.4 |
| iShares MSCI EAFE ETF | 14.0 |
| iShares Short Treasury Bond ETF | 11.7 |
| iShares Russell 2000 ETF | 5.0 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 3.2 |
| iShares U.S. Treasury Bond ETF | 2.6 |
| iShares Core MSCI EAFE ETF | 2.2 |
| iShares MSCI Japan ETF | 2.1 |
| iShares 7-10 Year Treasury Bond ETF | 0.6 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock iShares Active Asset Allocation - Moderate VP

Service Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock iShares Dynamic Allocation - Balanced VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock iShares Dynamic Allocation - Balanced VP (the "Portfolio") seeks capital appreciation and income. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $37 | 0.74%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $637114806 |
| Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate | 88% |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 44.6% |
| U.S. Equity Funds | 34.0 |
| International Equity Funds | 14.9 |
| Repurchase Agreements | 5.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.6 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock iShares Dynamic Allocation - Balanced VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core S&P 500 ETF | 34.0% |
| iShares Core U.S. Aggregate Bond ETF | 18 |
| iShares MSCI EAFE ETF | 13.9 |
| iShares Short Treasury Bond ETF | 11.9 |
| iShares 7-10 Year Treasury Bond ETF | 11.2 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 2.4 |
| iShares U.S. Treasury Bond ETF | 1.1 |
| iShares Core MSCI EAFE ETF | 1 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock iShares Dynamic Allocation - Balanced VP

Service Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock iShares Dynamic Allocation - Moderate Growth VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock iShares Dynamic Allocation - Moderate Growth VP (the "Portfolio") seeks capital appreciation and income. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $38 | 0.75%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $293485547 |
| Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate | 114% |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 49.1% |
| U.S. Fixed Income Funds | 25.0 |
| International Equity Funds | 20.0 |
| Repurchase Agreements | 5.3 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.6 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock iShares Dynamic Allocation - Moderate Growth VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core S&P 500 ETF | 49.1% |
| iShares Short Treasury Bond ETF | 12.5 |
| iShares Core MSCI EAFE ETF | 10.8 |
| iShares Core U.S. Aggregate Bond ETF | 9.4 |
| iShares MSCI EAFE ETF | 9.2 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 1.4 |
| iShares 7-10 Year Treasury Bond ETF | 0.9 |
| iShares U.S. Treasury Bond ETF | 0.8 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock iShares Dynamic Allocation - Moderate Growth VP

Service Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock iShares Edge 100 VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock iShares Edge 100 VP (the "Portfolio") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $29 | 0.56%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $78397271 |
| Number of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | 5% |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 74.6% |
| International Equity Funds | 25.2 |
| Other Investment Company | 14.0 |
| Repurchase Agreements | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (14.0) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock iShares Edge 100 VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares MSCI EAFE Min Vol Factor ETF | 19.8% |
| iShares MSCI USA Momentum Factor ETF | 16.5 |
| iShares MSCI USA Min Vol Factor ETF | 16.1 |
| iShares MSCI USA Quality Factor ETF | 16.1 |
| iShares MSCI USA Value Factor ETF | 16.1 |
| iShares MSCI USA Size Factor ETF | 9.8 |
| iShares MSCI Emerging Markets Min Vol Factor ETF | 5.4 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock iShares Edge 100 VP

Service Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock iShares Edge 40 VP

# Initial Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock iShares Edge 40 VP (the "Portfolio") seeks long-term capital appreciation and capital preservation. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Initial Class | $16 | 0.31%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $203232550 |
| Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate | 1% |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 59.1% |
| U.S. Equity Funds | 30.4 |
| Other Investment Company | 12.2 |
| International Equity Funds | 10.4 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (12.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock iShares Edge 40 VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core U.S. Aggregate Bond ETF | 49.6% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 9.5 |
| iShares MSCI EAFE Min Vol Factor ETF | 8.1 |
| iShares MSCI USA Momentum Factor ETF | 6.8 |
| iShares MSCI USA Value Factor ETF | 6.6 |
| iShares MSCI USA Min Vol Factor ETF | 6.6 |
| iShares MSCI USA Quality Factor ETF | 6.4 |
| iShares MSCI USA Size Factor ETF | 4.0 |
| iShares MSCI Emerging Markets Min Vol Factor ETF | 2.3 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock iShares Edge 40 VP

Initial Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock iShares Edge 40 VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock iShares Edge 40 VP (the "Portfolio") seeks long-term capital appreciation and capital preservation. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $29 | 0.56%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $203232550 |
| Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate | 1% |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 59.1% |
| U.S. Equity Funds | 30.4 |
| Other Investment Company | 12.2 |
| International Equity Funds | 10.4 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (12.1) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock iShares Edge 40 VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core U.S. Aggregate Bond ETF | 49.6% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 9.5 |
| iShares MSCI EAFE Min Vol Factor ETF | 8.1 |
| iShares MSCI USA Momentum Factor ETF | 6.8 |
| iShares MSCI USA Value Factor ETF | 6.6 |
| iShares MSCI USA Min Vol Factor ETF | 6.6 |
| iShares MSCI USA Quality Factor ETF | 6.4 |
| iShares MSCI USA Size Factor ETF | 4.0 |
| iShares MSCI Emerging Markets Min Vol Factor ETF | 2.3 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock iShares Edge 40 VP

Service Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock iShares Edge 50 VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock iShares Edge 50 VP (the "Portfolio") seeks long-term capital appreciation and capital preservation. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $28 | 0.54%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $414945431 |
| Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate | 2% |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 49.6% |
| U.S. Equity Funds | 37.7 |
| International Equity Funds | 12.7 |
| Other Investment Company | 1.2 |
| Repurchase Agreements | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.3) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock iShares Edge 50 VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core U.S. Aggregate Bond ETF | 49.6% |
| iShares MSCI EAFE Min Vol Factor ETF | 10.0 |
| iShares MSCI USA Momentum Factor ETF | 8.4 |
| iShares MSCI USA Min Vol Factor ETF | 8.2 |
| iShares MSCI USA Value Factor ETF | 8.2 |
| iShares MSCI USA Quality Factor ETF | 7.9 |
| iShares MSCI USA Size Factor ETF | 5.0 |
| iShares MSCI Emerging Markets Min Vol Factor ETF | 2.7 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock iShares Edge 50 VP

Service Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock iShares Edge 75 VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock iShares Edge 75 VP (the "Portfolio") seeks long-term capital appreciation with capital preservation as a secondary objective. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $29 | 0.56%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $151783993 |
| Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate | 4% |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 56.1% |
| U.S. Fixed Income Funds | 24.7 |
| International Equity Funds | 19.1 |
| Other Investment Company | 3.6 |
| Repurchase Agreements | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (3.7) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock iShares Edge 75 VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core U.S. Aggregate Bond ETF | 24.7% |
| iShares MSCI EAFE Min Vol Factor ETF | 15.0 |
| iShares MSCI USA Momentum Factor ETF | 12.5 |
| iShares MSCI USA Value Factor ETF | 12.2 |
| iShares MSCI USA Quality Factor ETF | 12.1 |
| iShares MSCI USA Min Vol Factor ETF | 12.0 |
| iShares MSCI USA Size Factor ETF | 7.3 |
| iShares MSCI Emerging Markets Min Vol Factor ETF | 4.1 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock iShares Edge 75 VP

Service Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock iShares Tactical - Balanced VP

# Initial Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock iShares Tactical - Balanced VP (the "Portfolio") seeks a combination of capital appreciation and income. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Initial Class | $26 | 0.50%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $319184242 |
| Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 29% |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 44.2% |
| U.S. Equity Funds | 31.2 |
| International Equity Funds | 21.4 |
| Other Investment Company | 6.3 |
| Repurchase Agreements | 3.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (6.4) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock iShares Tactical - Balanced VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Short Treasury Bond ETF | 24.8% |
| iShares Core S&P Total U.S. Stock Market ETF | 16.8 |
| iShares Core S&P 500 ETF | 14.5 |
| iShares Core U.S. Aggregate Bond ETF | 11.5 |
| iShares MSCI EAFE ETF | 6.4 |
| iShares Core MSCI EAFE ETF | 6.1 |
| iShares Broad USD Investment Grade Corporate Bond ETF | 5.9 |
| iShares MSCI Emerging Markets ETF | 2.9 |
| iShares Core MSCI Emerging Markets ETF | 2.4 |
| iShares MSCI Japan ETF | 2.0 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock iShares Tactical - Balanced VP

Initial Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock iShares Tactical - Balanced VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock iShares Tactical - Balanced VP (the "Portfolio") seeks a combination of capital appreciation and income. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $38 | 0.75%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $319184242 |
| Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 29% |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 44.2% |
| U.S. Equity Funds | 31.2 |
| International Equity Funds | 21.4 |
| Other Investment Company | 6.3 |
| Repurchase Agreements | 3.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (6.4) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock iShares Tactical - Balanced VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Short Treasury Bond ETF | 24.8% |
| iShares Core S&P Total U.S. Stock Market ETF | 16.8 |
| iShares Core S&P 500 ETF | 14.5 |
| iShares Core U.S. Aggregate Bond ETF | 11.5 |
| iShares MSCI EAFE ETF | 6.4 |
| iShares Core MSCI EAFE ETF | 6.1 |
| iShares Broad USD Investment Grade Corporate Bond ETF | 5.9 |
| iShares MSCI Emerging Markets ETF | 2.9 |
| iShares Core MSCI Emerging Markets ETF | 2.4 |
| iShares MSCI Japan ETF | 2.0 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock iShares Tactical - Balanced VP

Service Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock iShares Tactical - Conservative VP

# Initial Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock iShares Tactical - Conservative VP (the "Portfolio") seeks a combination of capital appreciation and income. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Initial Class | $26 | 0.52%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $156811750 |
| Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 24% |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 59.1% |
| U.S. Equity Funds | 21.5 |
| International Equity Funds | 16.0 |
| Repurchase Agreements | 3.4 |
| Other Investment Company | 1.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.7) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock iShares Tactical - Conservative VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Short Treasury Bond ETF | 24.8% |
| iShares Core U.S. Aggregate Bond ETF | 24.4 |
| iShares Core S&P Total U.S. Stock Market ETF | 12.1 |
| iShares Core S&P 500 ETF | 9.4 |
| iShares Broad USD Investment Grade Corporate Bond ETF | 7.9 |
| iShares MSCI EAFE ETF | 5.1 |
| iShares Core MSCI EAFE ETF | 4.0 |
| iShares MSCI Japan ETF | 2.1 |
| iShares MSCI Emerging Markets ETF | 2.0 |
| iShares Core MSCI Emerging Markets ETF | 1.8 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock iShares Tactical - Conservative VP

Initial Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock iShares Tactical - Conservative VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock iShares Tactical - Conservative VP (the "Portfolio") seeks a combination of capital appreciation and income. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $39 | 0.77%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $156811750 |
| Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 24% |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 59.1% |
| U.S. Equity Funds | 21.5 |
| International Equity Funds | 16.0 |
| Repurchase Agreements | 3.4 |
| Other Investment Company | 1.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.7) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock iShares Tactical - Conservative VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Short Treasury Bond ETF | 24.8% |
| iShares Core U.S. Aggregate Bond ETF | 24.4 |
| iShares Core S&P Total U.S. Stock Market ETF | 12.1 |
| iShares Core S&P 500 ETF | 9.4 |
| iShares Broad USD Investment Grade Corporate Bond ETF | 7.9 |
| iShares MSCI EAFE ETF | 5.1 |
| iShares Core MSCI EAFE ETF | 4.0 |
| iShares MSCI Japan ETF | 2.1 |
| iShares MSCI Emerging Markets ETF | 2.0 |
| iShares Core MSCI Emerging Markets ETF | 1.8 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock iShares Tactical - Conservative VP

Service Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock iShares Tactical - Growth VP

# Initial Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock iShares Tactical - Growth VP (the "Portfolio") seeks a combination of capital appreciation and income. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Initial Class | $26 | 0.51%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $236592117 |
| Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 30% |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 44.1% |
| International Equity Funds | 28.6 |
| U.S. Fixed Income Funds | 26.7 |
| Other Investment Company | 7.8 |
| Repurchase Agreements | 0.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (7.9) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock iShares Tactical - Growth VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core S&P Total U.S. Stock Market ETF | 22.4% |
| iShares Core S&P 500 ETF | 21.7 |
| iShares Short Treasury Bond ETF | 19.2 |
| iShares MSCI EAFE ETF | 9.4 |
| iShares Core MSCI EAFE ETF | 7.6 |
| iShares Core U.S. Aggregate Bond ETF | 6.0 |
| iShares MSCI Emerging Markets ETF | 3.9 |
| iShares Core MSCI Emerging Markets ETF | 3.6 |
| iShares MSCI Canada ETF | 2.1 |
| iShares MSCI Japan ETF | 2.0 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock iShares Tactical - Growth VP

Initial Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock iShares Tactical - Growth VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock iShares Tactical - Growth VP (the "Portfolio") seeks a combination of capital appreciation and income. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $39 | 0.76%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $236592117 |
| Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 30% |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 44.1% |
| International Equity Funds | 28.6 |
| U.S. Fixed Income Funds | 26.7 |
| Other Investment Company | 7.8 |
| Repurchase Agreements | 0.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (7.9) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock iShares Tactical - Growth VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core S&P Total U.S. Stock Market ETF | 22.4% |
| iShares Core S&P 500 ETF | 21.7 |
| iShares Short Treasury Bond ETF | 19.2 |
| iShares MSCI EAFE ETF | 9.4 |
| iShares Core MSCI EAFE ETF | 7.6 |
| iShares Core U.S. Aggregate Bond ETF | 6.0 |
| iShares MSCI Emerging Markets ETF | 3.9 |
| iShares Core MSCI Emerging Markets ETF | 3.6 |
| iShares MSCI Canada ETF | 2.1 |
| iShares MSCI Japan ETF | 2.0 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock iShares Tactical - Growth VP

Service Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock Real Estate Securities VP

# Initial Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock Real Estate Securities VP (the "Portfolio") seeks to maximize total return. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Initial Class | $44 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $334407394 |
| Number of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 54% |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Real Estate | 93.7% |
| Health Care | 1 |
| Communication Services | 0.7 |
| Information Technology | 0.6 |
| Financials | 0.3 |
| Repurchase Agreements | 2.7 |
| Other Investment Company | 1.8 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock Real Estate Securities VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Prologis, Inc., REIT | 4.7% |
| AvalonBay Communities, Inc., REIT | 4.2 |
| Welltower, Inc., REIT | 3.9 |
| Digital Realty Trust, Inc., REIT | 3.8 |
| Equinix, Inc., REIT | 3.8 |
| Simon Property Group, Inc., REIT | 3.1 |
| VICI Properties, Inc., REIT | 3.0 |
| Sun Communities, Inc., REIT | 2.5 |
| Essex Property Trust, Inc., REIT | 2.4 |
| Goodman Group, REIT | 2.4 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock Real Estate Securities VP

Initial Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock Real Estate Securities VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock Real Estate Securities VP (the "Portfolio") seeks to maximize total return. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $56 | 1.10%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $334407394 |
| Number of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 54% |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Real Estate | 93.7% |
| Health Care | 1 |
| Communication Services | 0.7 |
| Information Technology | 0.6 |
| Financials | 0.3 |
| Repurchase Agreements | 2.7 |
| Other Investment Company | 1.8 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock Real Estate Securities VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Prologis, Inc., REIT | 4.7% |
| AvalonBay Communities, Inc., REIT | 4.2 |
| Welltower, Inc., REIT | 3.9 |
| Digital Realty Trust, Inc., REIT | 3.8 |
| Equinix, Inc., REIT | 3.8 |
| Simon Property Group, Inc., REIT | 3.1 |
| VICI Properties, Inc., REIT | 3.0 |
| Sun Communities, Inc., REIT | 2.5 |
| Essex Property Trust, Inc., REIT | 2.4 |
| Goodman Group, REIT | 2.4 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock Real Estate Securities VP

Service Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock Tactical Allocation VP

# Initial Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock Tactical Allocation VP (the "Portfolio") seeks capital appreciation with current income as a secondary objective. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Initial Class | $9 | 0.17%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $799709435 |
| Number of Portfolio Holdings | 16 |
| Portfolio Turnover Rate | 51% |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 46.1% |
| U.S. Equity Funds | 39.5 |
| International Equity Funds | 12.4 |
| Other Investment Company | 0.5 |
| Repurchase Agreements | 0.1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 1.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock Tactical Allocation VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica JPMorgan Enhanced Index VP, Initial Class | 21.3% |
| Transamerica Bond, Class I2 | 15.0 |
| Transamerica Short-Term Bond, Class I2 | 14.3 |
| Transamerica Aegon Core Bond VP, Initial Class | 13.4 |
| Transamerica Large Cap Value, Class I2 | 6.3 |
| Transamerica TSW International Equity VP, Initial Class | 6.2 |
| Transamerica WMC US Growth VP, Initial Class | 5.4 |
| SPDR S&P 500 ETF Trust | 4.7 |
| Transamerica International Focus VP, Initial Class | 3.7 |
| Vanguard Total Bond Market ETF | 3.4 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock Tactical Allocation VP

Initial Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica BlackRock Tactical Allocation VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica BlackRock Tactical Allocation VP (the "Portfolio") seeks capital appreciation with current income as a secondary objective. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $21 | 0.42%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $799709435 |
| Number of Portfolio Holdings | 16 |
| Portfolio Turnover Rate | 51% |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 46.1% |
| U.S. Equity Funds | 39.5 |
| International Equity Funds | 12.4 |
| Other Investment Company | 0.5 |
| Repurchase Agreements | 0.1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 1.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica BlackRock Tactical Allocation VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica JPMorgan Enhanced Index VP, Initial Class | 21.3% |
| Transamerica Bond, Class I2 | 15.0 |
| Transamerica Short-Term Bond, Class I2 | 14.3 |
| Transamerica Aegon Core Bond VP, Initial Class | 13.4 |
| Transamerica Large Cap Value, Class I2 | 6.3 |
| Transamerica TSW International Equity VP, Initial Class | 6.2 |
| Transamerica WMC US Growth VP, Initial Class | 5.4 |
| SPDR S&P 500 ETF Trust | 4.7 |
| Transamerica International Focus VP, Initial Class | 3.7 |
| Vanguard Total Bond Market ETF | 3.4 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica BlackRock Tactical Allocation VP

Service Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica Goldman Sachs 70/30 Allocation VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica Goldman Sachs 70/30 Allocation VP (the "Portfolio") seeks long-term capital appreciation with current income as a secondary objective. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $27 | 0.53%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $14212641 |
| Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate | 18% |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 49.3% |
| U.S. Fixed Income Funds | 29.2 |
| International Equity Funds | 21.0 |
| Repurchase Agreements | 0.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica Goldman Sachs 70/30 Allocation VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica WMC US Growth VP, Initial Class | 24.2% |
| Transamerica Large Cap Value, Class I2 | 20.8 |
| Transamerica Core Bond, Class I2 | 20.4 |
| Transamerica International Stock, Class I2 | 9.5 |
| Transamerica International Equity, Class I2 | 9.3 |
| Transamerica Bond, Class I2 | 8.8 |
| Transamerica Aegon Sustainable Equity Income VP, Initial Class | 2.2 |
| Transamerica Emerging Markets Equity, Class I2 | 2.2 |
| Transamerica Small Cap Value, Class I2 | 1.1 |
| Transamerica Small Cap Growth, Class I2 | 1 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Goldman Sachs 70/30 Allocation VP

Service Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica Goldman Sachs Managed Risk - Balanced ETF VP

# Initial Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica Goldman Sachs Managed Risk - Balanced ETF VP (the "Portfolio") seeks to balance capital appreciation and income. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Initial Class | $17 | 0.33%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3576395712 |
| Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 45% |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 46.7% |
| U.S. Equity Funds | 36.2 |
| International Equity Funds | 16.6 |
| Other Investment Company | 0.6 |
| Repurchase Agreements | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.6) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica Goldman Sachs Managed Risk - Balanced ETF VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Vanguard Total Bond Market ETF | 19.9% |
| iShares Core U.S. Aggregate Bond ETF | 19.8 |
| Vanguard S&P 500 ETF | 15.8 |
| iShares Core S&P 500 ETF | 10.5 |
| Vanguard Intermediate-Term Corporate Bond ETF | 7.0 |
| Vanguard FTSE Developed Markets ETF | 5.4 |
| SPDR S&P 500 ETF Trust | 5.2 |
| iShares Core MSCI Emerging Markets ETF | 5.1 |
| iShares Core MSCI EAFE ETF | 4.3 |
| iShares Core S&P Mid-Cap ETF | 2.6 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Goldman Sachs Managed Risk - Balanced ETF VP

Initial Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica Goldman Sachs Managed Risk - Balanced ETF VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica Goldman Sachs Managed Risk - Balanced ETF VP (the "Portfolio") seeks to balance capital appreciation and income. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $29 | 0.58%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3576395712 |
| Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 45% |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 46.7% |
| U.S. Equity Funds | 36.2 |
| International Equity Funds | 16.6 |
| Other Investment Company | 0.6 |
| Repurchase Agreements | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.6) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica Goldman Sachs Managed Risk - Balanced ETF VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Vanguard Total Bond Market ETF | 19.9% |
| iShares Core U.S. Aggregate Bond ETF | 19.8 |
| Vanguard S&P 500 ETF | 15.8 |
| iShares Core S&P 500 ETF | 10.5 |
| Vanguard Intermediate-Term Corporate Bond ETF | 7.0 |
| Vanguard FTSE Developed Markets ETF | 5.4 |
| SPDR S&P 500 ETF Trust | 5.2 |
| iShares Core MSCI Emerging Markets ETF | 5.1 |
| iShares Core MSCI EAFE ETF | 4.3 |
| iShares Core S&P Mid-Cap ETF | 2.6 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Goldman Sachs Managed Risk - Balanced ETF VP

Service Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica Goldman Sachs Managed Risk - Conservative ETF VP

# Initial Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica Goldman Sachs Managed Risk - Conservative ETF VP (the "Portfolio") seeks current income and preservation of capital. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Initial Class | $18 | 0.36%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $394893356 |
| Number of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 35% |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 62.1% |
| U.S. Equity Funds | 25.9 |
| International Equity Funds | 11.3 |
| Other Investment Company | 1.9 |
| Repurchase Agreements | 0.8 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.0) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica Goldman Sachs Managed Risk - Conservative ETF VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Schwab U.S. Aggregate Bond ETF | 19.3% |
| Vanguard Total Bond Market ETF | 19.1 |
| iShares Core U.S. Aggregate Bond ETF | 18.9 |
| Vanguard S&P 500 ETF | 7.5 |
| SPDR S&P 500 ETF Trust | 7.5 |
| iShares Core S&P 500 ETF | 7.3 |
| Vanguard Intermediate-Term Corporate Bond ETF | 4.8 |
| iShares Core MSCI Emerging Markets ETF | 3.4 |
| Vanguard FTSE Developed Markets ETF | 2.9 |
| iShares Core MSCI EAFE ETF | 2.9 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Goldman Sachs Managed Risk - Conservative ETF VP

Initial Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica Goldman Sachs Managed Risk - Conservative ETF VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica Goldman Sachs Managed Risk - Conservative ETF VP (the "Portfolio") seeks current income and preservation of capital. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $31 | 0.61%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $394893356 |
| Number of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 35% |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 62.1% |
| U.S. Equity Funds | 25.9 |
| International Equity Funds | 11.3 |
| Other Investment Company | 1.9 |
| Repurchase Agreements | 0.8 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.0) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica Goldman Sachs Managed Risk - Conservative ETF VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Schwab U.S. Aggregate Bond ETF | 19.3% |
| Vanguard Total Bond Market ETF | 19.1 |
| iShares Core U.S. Aggregate Bond ETF | 18.9 |
| Vanguard S&P 500 ETF | 7.5 |
| SPDR S&P 500 ETF Trust | 7.5 |
| iShares Core S&P 500 ETF | 7.3 |
| Vanguard Intermediate-Term Corporate Bond ETF | 4.8 |
| iShares Core MSCI Emerging Markets ETF | 3.4 |
| Vanguard FTSE Developed Markets ETF | 2.9 |
| iShares Core MSCI EAFE ETF | 2.9 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Goldman Sachs Managed Risk - Conservative ETF VP

Service Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica Goldman Sachs Managed Risk - Growth ETF VP

# Initial Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica Goldman Sachs Managed Risk - Growth ETF VP (the "Portfolio") seeks capital appreciation as a primary objective and income as a secondary objective. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Initial Class | $17 | 0.34%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1714566924 |
| Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 67% |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 54.6% |
| International Equity Funds | 24.1 |
| U.S. Fixed Income Funds | 20.8 |
| Other Investment Company | 2.3 |
| Repurchase Agreements | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.3) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica Goldman Sachs Managed Risk - Growth ETF VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Vanguard S&P 500 ETF | 19.1% |
| iShares Core S&P 500 ETF | 17.4 |
| SPDR S&P 500 ETF Trust | 10.8 |
| Vanguard Total Bond Market ETF | 7.5 |
| iShares Core U.S. Aggregate Bond ETF | 7.4 |
| iShares Core MSCI Emerging Markets ETF | 7.1 |
| Vanguard Intermediate-Term Corporate Bond ETF | 5.9 |
| Vanguard FTSE Developed Markets ETF | 5.8 |
| iShares Core MSCI EAFE ETF | 5.6 |
| iShares MSCI EAFE ETF | 5.3 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Goldman Sachs Managed Risk - Growth ETF VP

Initial Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica Goldman Sachs Managed Risk - Growth ETF VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica Goldman Sachs Managed Risk - Growth ETF VP (the "Portfolio") seeks capital appreciation as a primary objective and income as a secondary objective. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses<sup>Footnote Reference\*</sup>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $30 | 0.59%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1714566924 |
| Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 67% |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 54.6% |
| International Equity Funds | 24.1 |
| U.S. Fixed Income Funds | 20.8 |
| Other Investment Company | 2.3 |
| Repurchase Agreements | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.3) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica Goldman Sachs Managed Risk - Growth ETF VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Vanguard S&P 500 ETF | 19.1% |
| iShares Core S&P 500 ETF | 17.4 |
| SPDR S&P 500 ETF Trust | 10.8 |
| Vanguard Total Bond Market ETF | 7.5 |
| iShares Core U.S. Aggregate Bond ETF | 7.4 |
| iShares Core MSCI Emerging Markets ETF | 7.1 |
| Vanguard Intermediate-Term Corporate Bond ETF | 5.9 |
| Vanguard FTSE Developed Markets ETF | 5.8 |
| iShares Core MSCI EAFE ETF | 5.6 |
| iShares MSCI EAFE ETF | 5.3 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Goldman Sachs Managed Risk - Growth ETF VP

Service Class

![Image](g897817ic246105b2db06e586d69.jpg)

Semi-Annual Shareholder Report

# Transamerica Great Lakes Advisors Large Cap Value VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica Great Lakes Advisors Large Cap Value VP (the "Portfolio") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $49 | 0.94%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $72643140 |
| Number of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 12% |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 21.3% |
| Health Care | 16.1 |
| Industrials | 15.9 |
| Communication Services | 9.7 |
| Consumer Discretionary | 8.0 |
| Information Technology | 7.5 |
| Energy | 6.3 |
| Materials | 5.0 |
| Consumer Staples | 3.4 |
| Real Estate | 3.4 |
| Utilities | 1.9 |
| Repurchase Agreements | 1.8 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

Transamerica Great Lakes Advisors Large Cap Value VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.2% |
| Wells Fargo & Co. | 3.7 |
| Exxon Mobil Corp. | 3.3 |
| Blackrock, Inc. | 3.2 |
| Abbott Laboratories | 3.1 |
| RTX Corp. | 3.1 |
| Intercontinental Exchange, Inc. | 3.0 |
| Walt Disney Co. | 2.7 |
| Hartford Insurance Group, Inc. | 2.7 |
| Alphabet, Inc., Class A | 2.6 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Great Lakes Advisors Large Cap Value VP

Service Class

![Image](g897817i48f81ee4eca65ab846ee.jpg)

Semi-Annual Shareholder Report

# Transamerica International Focus VP

# Initial Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica International Focus VP (the "Portfolio") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Initial Class | $45 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $325248767 |
| Number of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 12% |

---

## What did the Portfolio invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 21.9% |
| Consumer Discretionary | 21.0 |
| Industrials | 20.0 |
| Financials | 9.8 |
| Consumer Staples | 8.8 |
| Materials | 7.5 |
| Communication Services | 6.3 |
| Health Care | 4.2 |
| Repurchase Agreements | 4.4 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (4.0) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

# Transamerica International Focus VP

# Initial Class

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 18.9% |
| Canada | 12.6 |
| United States | 10.0 |
| Netherlands | 9.6 |
| Germany | 7.2 |
| France | 7.1 |
| Switzerland | 7.0 |
| Taiwan | 4.3 |
| Sweden | 4.1 |
| United Kingdom | 3.9 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Safran SA | 4.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 4.3 |
| Ajinomoto Co., Inc. | 4.2 |
| ITOCHU Corp. | 4.2 |
| SAP SE | 3.9 |
| Compass Group PLC | 3.9 |
| Sika AG | 3.8 |
| Constellation Software, Inc. | 3.8 |
| Linde PLC | 3.6 |
| Ferrari NV | 3.5 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Focus VP

# Initial Class
![Image](g897817i48f81ee4eca65ab846ee.jpg)

Semi-Annual Shareholder Report

# Transamerica International Focus VP

# Service Class

## Ticker: N/A
June 30, 2025

## Portfolio Overview
Transamerica International Focus VP (the "Portfolio") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>transamerica.com/annuities/prospectus</u>. You can also request this information by contacting us at **800-851-9777**.

## What were the Portfolio costs for the period?
**Portfolio Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $58 | 1.09%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $325248767 |
| Number of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 12% |

---

## What did the Portfolio invest in?

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 21.9% |
| Consumer Discretionary | 21.0 |
| Industrials | 20.0 |
| Financials | 9.8 |
| Consumer Staples | 8.8 |
| Materials | 7.5 |
| Communication Services | 6.3 |
| Health Care | 4.2 |
| Repurchase Agreements | 4.4 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (4.0) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

# Transamerica International Focus VP

# Service Class

## Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 18.9% |
| Canada | 12.6 |
| United States | 10.0 |
| Netherlands | 9.6 |
| Germany | 7.2 |
| France | 7.1 |
| Switzerland | 7.0 |
| Taiwan | 4.3 |
| Sweden | 4.1 |
| United Kingdom | 3.9 |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Safran SA | 4.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 4.3 |
| Ajinomoto Co., Inc. | 4.2 |
| ITOCHU Corp. | 4.2 |
| SAP SE | 3.9 |
| Compass Group PLC | 3.9 |
| Sika AG | 3.8 |
| Constellation Software, Inc. | 3.8 |
| Linde PLC | 3.6 |
| Ferrari NV | 3.5 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at: <u>transamerica.com/annuities/prospectus</u> or scanning the QR code. The Portfolio's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/annuities/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/annuities/prospectus](g897817i27ab11ce6e5863421925.jpg)

## Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **800-851-9777**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Focus VP

# Service Class

------

---

| | |
|:---|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT**<br>American Funds Insurance Series<sup>®</sup> –<br>Global Growth Fund | ![LOGO](g897817page001.jpg) |

---

Class 1 for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Insurance Series - Global Growth Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|  Class 1 | $21 | 0.41%\* |

---

\* Annualized.

Key fund statistics

---

| | | |
|:---|:---|:---|
|  Fund net assets (in millions) | $| 8591 |
|  Total number of portfolio holdings |  | 160 |
|  Portfolio turnover rate |  | 15% |

---

Portfolio holdings by sector(percent of net assets)

![LOGO](g897817page001a.jpg)

Availability of additional information

---

| | |
|:---|:---|
| ![LOGO](g897817page001b.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report. |

---

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-077-0825© 2025 Capital Group. All rights reserved.

------

(b) Not Applicable.

---

| | |
|:---|:---|
| **Item 2:** | **Code of Ethics.**  |

---

(a) Not applicable for semi-annual reports.

---

| | |
|:---|:---|
| **Item 3:** | **Audit Committee Financial Experts.**  |

---

Not applicable for semi-annual reports.

---

| | |
|:---|:---|
| **Item 4:** | **Principal Accountant Fees and Services**  |

---

Not applicable for semi-annual reports.

---

| | |
|:---|:---|
| **Item 5:** | **Audit Committee of Listed Registrants.**  |

---

Not applicable to the registrant.

---

| | |
|:---|:---|
| **Item 6:** | **Investments.**  |

---

(a) The Schedule of Investments are included within the Financial Statements filed under 7(a) of this Form.

(b) Not applicable.

---

| | |
|:---|:---|
| **Item 7** | **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**  |

---

(a) ------

![](g897817imgd0a02e081.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica 60/40 Allocation VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817img496ddb642.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_2a1c8df0-4887-4723-b486-219e11862454_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_2a1c8df0-4887-4723-b486-219e11862454_SOI-RunningFooter-206_1) | 2 |
| [Statement of Assets and Liabilities](#xx_2a1c8df0-4887-4723-b486-219e11862454_FS-RunningFooter-206_1) | 3 |
| [Statement of Operations](#xx_2a1c8df0-4887-4723-b486-219e11862454_FS-RunningFooter-206_1) | 3 |
| [Statement of Changes in Net Assets](#xx_2a1c8df0-4887-4723-b486-219e11862454_FS-RunningFooter-206_2) | 4 |
| [Financial Highlights](#xx_2a1c8df0-4887-4723-b486-219e11862454_FS-RunningFooter-206_2) | 4 |
| [Notes to Financial Statements](#xx_2a1c8df0-4887-4723-b486-219e11862454_NTF-RunningFooter-206_1) | 5 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_2a1c8df0-4887-4723-b486-219e11862454_DWA-RunningFooter-206_1)**<br> **[Companies](#xx_2a1c8df0-4887-4723-b486-219e11862454_DWA-RunningFooter-206_1)**<br>| 12 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_2a1c8df0-4887-4723-b486-219e11862454_PD-RunningFooter-206_1)** | 13 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_2a1c8df0-4887-4723-b486-219e11862454_DTO-RunningFooter-206_1)**<br> **[Companies](#xx_2a1c8df0-4887-4723-b486-219e11862454_DTO-RunningFooter-206_1)**<br>| 14 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_2a1c8df0-4887-4723-b486-219e11862454_Mgmtagmt-RunningFooter-206_1)** | 15 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica 60/40 Allocation VP**

------

**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 100.1%**  | **INVESTMENT COMPANIES - 100.1%**  | **INVESTMENT COMPANIES - 100.1%**  |
| **International Equity Fund - 15.0%**  | **International Equity Fund - 15.0%**  | **International Equity Fund - 15.0%**  |
| Transamerica MSCI EAFE Index VP <sup>(A)</sup> <br>| 794745 | $12183444 |
| **U.S. Equity Fund - 45.6%**  | **U.S. Equity Fund - 45.6%**  | **U.S. Equity Fund - 45.6%**  |
| Transamerica S&P 500 Index VP <sup>(A)</sup> <br>| 1425181 | 36983451 |
| **U.S. Fixed Income Funds - 39.5%**  | **U.S. Fixed Income Funds - 39.5%**  | **U.S. Fixed Income Funds - 39.5%**  |
| Transamerica Core Bond <sup>(A)</sup> <br>| 1863481 | 16025935 |
| Transamerica Short-Term Bond <sup>(A)</sup> <br>| 1622844 | 16049928 |
|  |  | 32075863 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $68,189,539)**<br>|  | 81242758 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $68,189,539)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $68,189,539)** | 81242758 |
| **Net Other Assets (Liabilities) - (0.1)%** | **Net Other Assets (Liabilities) - (0.1)%** | (74535) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$81168223** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(B)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investment Companies | $81242758 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $81242758 |
| **Total Investments** | **$81242758** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$81242758** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

<sup>(B)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica 60/40 Allocation VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $68,189,539) | &nbsp;&nbsp; $81242758 |
| Receivables and other assets: |  |
| Affiliated investments sold | &nbsp;&nbsp; 28700 |
| Dividends from affiliated investments | &nbsp;&nbsp; 118789 |
| Prepaid expenses | &nbsp;&nbsp; 346 |
| Total assets | &nbsp;&nbsp; 81390593 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Affiliated investments purchased | &nbsp;&nbsp; 118814 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 29243 |
| Due to custodian  | &nbsp;&nbsp; 28697 |
| Investment management fees | &nbsp;&nbsp; 8113 |
| Distribution and service fees | &nbsp;&nbsp; 16902 |
| Transfer agent costs | &nbsp;&nbsp; 86 |
| Trustee and CCO fees | &nbsp;&nbsp; 335 |
| Audit and tax fees  | &nbsp;&nbsp; 11589 |
| Custody fees | &nbsp;&nbsp; 165 |
| Legal fees | &nbsp;&nbsp; 1055 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 1787 |
| Other accrued expenses | &nbsp;&nbsp; 5584 |
| Total liabilities | &nbsp;&nbsp; 222370 |
| **Net assets**  | &nbsp;&nbsp; $81168223 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $54417 |
| Additional paid-in capital | &nbsp;&nbsp; 59602414 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 21511392 |
| **Net assets** | &nbsp;&nbsp; $81168223 |
| **Shares outstanding** | &nbsp;&nbsp; 5441672 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $14.92 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | &nbsp;&nbsp; $685770 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 156 |
| Total investment income  | &nbsp;&nbsp; 685926 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 117278 |
| Distribution and service fees | &nbsp;&nbsp; 97732 |
| Transfer agent costs | &nbsp;&nbsp; 449 |
| Trustee and CCO fees | &nbsp;&nbsp; 1959 |
| Audit and tax fees | &nbsp;&nbsp; 11966 |
| Custody fees | &nbsp;&nbsp; 656 |
| Legal fees | &nbsp;&nbsp; 4036 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 2357 |
| Other | &nbsp;&nbsp; 8598 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 245031 |
| Expenses waived and/or reimbursed | &nbsp;&nbsp; (70367)<br>|
| Net expenses | &nbsp;&nbsp; 174664 |
| **Net investment income (loss)** | &nbsp;&nbsp; 511262 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | &nbsp;&nbsp; 2152007 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | &nbsp;&nbsp; 2817300 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 4969307 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $5480569 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica 60/40 Allocation VP**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $511262 | &nbsp;&nbsp; $1707196 |
| Net realized gain (loss) | &nbsp;&nbsp; 2152007 | &nbsp;&nbsp; 4458524 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 2817300 | &nbsp;&nbsp; 3295024 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 5480569 | &nbsp;&nbsp; 9460744 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (2134030)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (2134030)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 2264513 | &nbsp;&nbsp; 5595554 |
| Dividends and/or distributions reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 2134030 |
| Cost of shares redeemed | &nbsp;&nbsp; (6584070)<br>| &nbsp;&nbsp; (13292173)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (4319557)<br>| &nbsp;&nbsp; (5562589)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 1161012 | &nbsp;&nbsp; 1764125 |
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 80007211 | &nbsp;&nbsp; 78243086 |
| End of period/year | &nbsp;&nbsp; $81168223 | &nbsp;&nbsp; $80007211 |
| **Capital share transactions - shares:** |  |  |
| Shares issued | &nbsp;&nbsp; 159863 | &nbsp;&nbsp; 417817 |
| Shares reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 155089 |
| Shares redeemed | &nbsp;&nbsp; (471987)<br>| &nbsp;&nbsp; (974343)<br>|
| Net increase (decrease) in shares outstanding | &nbsp;&nbsp; (312124)<br>| &nbsp;&nbsp; (401437)<br>|

---

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $13.91 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $11.10 | &nbsp;&nbsp; $13.63 | &nbsp;&nbsp; $12.46 | &nbsp;&nbsp; $11.18 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.09 | 0.28 | 0.24 | 0.18 | 0.14 | 0.15 |
| Net realized and unrealized gain (loss) | 0.92 | 1.28 | 1.52 | &nbsp;&nbsp; (2.04)<br>| 1.51 | 1.24 |
| Total investment operations | 1.01 | 1.56 | 1.76 | &nbsp;&nbsp; (1.86)<br>| 1.65 | 1.39 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.07)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.04)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.11)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $14.92 | &nbsp;&nbsp; $13.91 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $11.10 | &nbsp;&nbsp; $13.63 | &nbsp;&nbsp; $12.46 |
| **Total return**<sup>(B)</sup> <br>| 7.26 %<sup>(C)</sup><br>| 12.33<br> %<br>| 15.95<br> %<br>| &nbsp;&nbsp; (13.80)%<br>| 13.29<br> %<br>| 12.47<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $81168 | &nbsp;&nbsp; $80007 | &nbsp;&nbsp; $78243 | &nbsp;&nbsp; $48484 | &nbsp;&nbsp; $54506 | &nbsp;&nbsp; $43254 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.63 %<sup>(E)</sup><br>| 0.62<br> %<br>| 0.64<br> %<br>| 0.65<br> %<br>| 0.63<br> %<br>| 0.66<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<sup>(F)</sup> <br>| 0.45 %<sup>(E)</sup><br>| 0.44<br> %<br>| 0.46<br> %<br>| 0.47<br> %<br>| 0.45<br> %<br>| 0.52<br> %<br>|
| Net investment income (loss) to average net assets | 1.31 %<sup>(E)</sup><br>| 2.09<br> %<br>| 2.02<br> %<br>| 1.54<br> %<br>| 1.05<br> %<br>| 1.36<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 9 %<sup>(C)</sup><br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 20<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

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

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *TAM has contractually agreed to waive 0.18% of its management fee through May 1, 2026. These amounts are not subject to recapture by TAM.*

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica 60/40 Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

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

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing in underlying Transamerica mutual funds (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report and are available on the funds' web page(s) at <u>www.transamerica.com/financial-pro/annuities/prospectus</u> and <u>www.transamerica.com/financial-pro/investments/prospectus</u>. The Underlying Funds' shareholder reports are not covered by this report.

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

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

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

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica 60/40 Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

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

**3. INVESTMENT VALUATION**

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

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

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

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

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica 60/40 Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the period ended June 30, 2025, the Portfolio has not entered into any secured borrowing arrangements.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Portfolio based on the Portfolio's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Portfolio agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Portfolio had no amounts outstanding as of June 30, 2025, or at any time during the period then ended.

**5. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica 60/40 Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect.

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

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Portfolio's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

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

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Portfolio's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Portfolio. Increased redemptions could cause the Portfolio to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Index tracking risk:** While certain underlying portfolios may seek to track the performance of an index (i.e., achieve a high degree of correlation with the applicable index), the returns of any underlying portfolios that seek to track an index may not match the returns of the applicable index.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica 60/40 Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.30<br> % <br>|
| Over $1 billion | 0.28 |

---

TAM has contractually agreed to waive 0.18% of the average daily net assets from its management fee through May 1, 2026.

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Service Class | 0.63<br> % <br>| May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica 60/40 Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

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

As of June 30, 2025, there are no amounts available for recapture by TAM.

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

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

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

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

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $7125854 | &nbsp;&nbsp; $11624204 |

---

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica 60/40 Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $68189539 | &nbsp;&nbsp; $13126786 | &nbsp;&nbsp; $(73567)<br>| &nbsp;&nbsp; $13053219 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica 60/40 Allocation VP** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica 60/40 Allocation VP** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica 60/40 Allocation VP** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica 60/40 Allocation VP** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica 60/40 Allocation VP (the "Portfolio").

Following its review and consideration, the Board determined that the terms of the Management Agreement were reasonable and that the renewal of the Management Agreement was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of the Management Agreement through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Management Agreement, including information they had previously received from TAM as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. The Board also considered reductions to the Portfolio's expense limit, if any, that took effect after the last renewal of the Management Agreement. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

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

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM to the Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Portfolio; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; and TAM's responsiveness to any questions by the Trustees.

The Board also considered the continuous and regular investment management and other services provided by TAM. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Portfolio and its investment strategy; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolio; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolio's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; and ongoing cash management services for the Portfolio. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolio, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and holder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica 60/40 Allocation VP** 

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**MANAGEMENT AGREEMENT – CONTRACT RENEWAL (continued)**

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was above the median for its peer universe and above the benchmark that TAM utilizes to measure performance of the Portfolio, each for the past 1-, 3- and 5-year periods.

**Management Fee and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board noted that the Portfolio's contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management fee to be received by TAM under the Management Agreement is reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

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

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM may not directly correlate with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM in light of any economies of scale experienced in the future.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica 60/40 Allocation VP** 

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**MANAGEMENT AGREEMENT – CONTRACT RENEWAL (continued)**

**Benefits to TAM and/or its Affiliates from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM and/or its affiliates from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and the holders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Portfolio.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement was in the best interests of the Portfolio and the holders and voted to approve the renewal of the Management Agreement.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817img34ec0c6d3.gif)

Visit **transamerica.com**

![](g897817img519efb4a4.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

![](g897817imge86b274d5.gif)

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![](g897817img11a5a4ff1.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica Aegon Bond VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817img1f809c992.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_7f912df9-197f-42b4-a36d-900a9ba435ed_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_7f912df9-197f-42b4-a36d-900a9ba435ed_SOI-RunningFooter-232_1) | 2 |
| [Statement of Assets and Liabilities](#xx_7f912df9-197f-42b4-a36d-900a9ba435ed_FS-RunningFooter-232_1) | 14 |
| [Statement of Operations](#xx_7f912df9-197f-42b4-a36d-900a9ba435ed_FS-RunningFooter-232_1) | 14 |
| [Statement of Changes in Net Assets](#xx_7f912df9-197f-42b4-a36d-900a9ba435ed_FS-RunningFooter-232_2) | 15 |
| [Financial Highlights](#xx_7f912df9-197f-42b4-a36d-900a9ba435ed_FS-RunningFooter-232_3) | 16 |
| [Notes to Financial Statements](#xx_7f912df9-197f-42b4-a36d-900a9ba435ed_NTF-RunningFooter-232_1) | 18 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_7f912df9-197f-42b4-a36d-900a9ba435ed_DWA-RunningFooter-232_1)**<br> **[Companies](#xx_7f912df9-197f-42b4-a36d-900a9ba435ed_DWA-RunningFooter-232_1)**<br>| 30 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_7f912df9-197f-42b4-a36d-900a9ba435ed_PD-RunningFooter-232_1)** | 31 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_7f912df9-197f-42b4-a36d-900a9ba435ed_DTO-RunningFooter-232_1)**<br> **[Companies](#xx_7f912df9-197f-42b4-a36d-900a9ba435ed_DTO-RunningFooter-232_1)**<br>| 32 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_7f912df9-197f-42b4-a36d-900a9ba435ed_Mgmtagmt-RunningFooter-232_1)** | 33 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Aegon Bond VP**

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**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 43.1%**  | **CORPORATE DEBT SECURITIES - 43.1%**  | **CORPORATE DEBT SECURITIES - 43.1%**  |
| **Aerospace & Defense - 1.0%**  | **Aerospace & Defense - 1.0%**  | **Aerospace & Defense - 1.0%**  |
| Boeing Co. |  |  |
| 5.93%, 05/01/2060 | $2664000 | $2532297 |
| 6.53%, 05/01/2034 | 1942000 | 2110038 |
| 6.86%, 05/01/2054 | 1818000 | 1990194 |
| Embraer Netherlands Finance BV |  |  |
| 7.00%, 07/28/2030 <sup>(A)</sup> <br>| 2524000 | 2725188 |
| General Electric Co. |  |  |
| 4.50%, 03/11/2044 | 3940000 | 3471744 |
| 5.88%, 01/14/2038 | 618000 | 659332 |
| HEICO Corp. |  |  |
| 5.35%, 08/01/2033 | 3459000 | 3540151 |
|  |  | 17028944 |
| **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.25%, 03/01/2032 | 1763000 | 1577918 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/23/2032 <sup>(A)</sup> <br>| 2374000 | 2194148 |
|  |  | 3772066 |
| **Automobiles - 1.0%**  | **Automobiles - 1.0%**  | **Automobiles - 1.0%**  |
| BMW U.S. Capital LLC |  |  |
| 2.80%, 04/11/2026 <sup>(A)</sup> <br>| 1921000 | 1897080 |
| Ford Motor Co. |  |  |
| 4.35%, 12/08/2026 | 1180000 | 1171850 |
| Ford Motor Credit Co. LLC |  |  |
| 3.38%, 11/13/2025 | 3046000 | 3025714 |
| 6.95%, 06/10/2026 | 1810000 | 1834740 |
| General Motors Co. |  |  |
| 5.35%, 04/15/2028 | 603000 | 612167 |
| 6.25%, 10/02/2043 | 2198000 | 2155966 |
| Hyundai Capital America |  |  |
| 5.40%, 06/23/2032 <sup>(A)</sup> <br>| 4471000 | 4528261 |
| Volkswagen Group of America <br> Finance LLC |  |  |
| 1.63%, 11/24/2027 <sup>(A)</sup> <br>| 2256000 | 2099434 |
|  |  | 17325212 |
| **Banks - 6.3%**  | **Banks - 6.3%**  | **Banks - 6.3%**  |
| Banco Santander SA |  |  |
| &nbsp;&nbsp; Fixed until 03/14/2027, <br>5.55% <sup>(B)</sup>, 03/14/2028<br>| 2800000 | 2845034 |
| 6.03%, 01/17/2035 | 1000000 | 1053530 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 03/11/2031, <br>2.65% <sup>(B)</sup>, 03/11/2032<br>| 3781000 | 3393876 |
| &nbsp;&nbsp; Fixed until 05/09/2035, <br>5.46% <sup>(B)</sup>, 05/09/2036<br>| 5586000 | 5727957 |
| &nbsp;&nbsp; Fixed until 09/15/2028, <br>5.82% <sup>(B)</sup>, 09/15/2029<br>| 5858000 | 6102383 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2034, <br>5.61% <sup>(B)</sup>, 07/21/2039<br>| 1311000 | 1335249 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/12/2054, <br>6.04% <sup>(B)</sup>, 03/12/2055<br>| 1049000 | 1077500 |
| &nbsp;&nbsp; Fixed until 11/02/2025, <br>7.33% <sup>(B)</sup>, 11/02/2026<br>| 3977000 | 4010016 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| BBVA Mexico SA Institucion De Banca <br> Multiple Grupo Financiero |  |  |
| &nbsp;&nbsp; Fixed until 09/13/2029, <br>5.88% <sup>(B)</sup>, 09/13/2034 <sup>(A)</sup> <br>| $2450000 | $2407702 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp; Fixed until 11/17/2027 <sup>(C)</sup>, <br>9.25% <sup>(A)</sup><sup>(B)</sup> <br>| 4551000 | 4876082 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp; Fixed until 01/13/2030, <br>5.25% <sup>(B)</sup>, 01/13/2031<br>| 2473000 | 2533151 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/25/2033, <br>6.17% <sup>(B)</sup>, 05/25/2034<br>| 1687000 | 1766000 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 10/21/2031, <br>2.65% <sup>(B)</sup>, 10/21/2032<br>| 4111000 | 3632687 |
| &nbsp;&nbsp; Fixed until 01/28/2055, <br>5.73% <sup>(B)</sup>, 01/28/2056<br>| 2588000 | 2587538 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp; Fixed until 11/21/2032, <br>8.25% <sup>(B)</sup>, 11/21/2033 <sup>(A)</sup> <br>| 2771000 | 3216573 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 01/23/2029, <br>5.01% <sup>(B)</sup>, 01/23/2030<br>| 6668000 | 6791071 |
| &nbsp;&nbsp; Fixed until 04/22/2034, <br>5.77% <sup>(B)</sup>, 04/22/2035<br>| 1423000 | 1494988 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/08/2030, <br>5.18% <sup>(B)</sup>, 07/08/2031<br>| 2964000 | 3013100 |
| &nbsp;&nbsp; Fixed until 01/16/2035, <br>5.39% <sup>(B)</sup>, 01/16/2036<br>| 1253000 | 1248648 |
| &nbsp;&nbsp; Fixed until 10/30/2028, <br>7.41% <sup>(B)</sup>, 10/30/2029<br>| 1664000 | 1804702 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 07/19/2034, <br>5.32% <sup>(B)</sup>, 07/19/2035<br>| 2639000 | 2671216 |
| &nbsp;&nbsp; Fixed until 01/18/2034, <br>5.47% <sup>(B)</sup>, 01/18/2035<br>| 3386000 | 3464048 |
| &nbsp;&nbsp; Fixed until 04/18/2029, <br>5.66% <sup>(B)</sup>, 04/18/2030<br>| 6074000 | 6309129 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/01/2034, <br>5.78% <sup>(B)</sup>, 03/01/2035<br>| 4972000 | 5163158 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 01/22/2034, <br>5.68% <sup>(B)</sup>, 01/22/2035<br>| 770000 | 800027 |
| &nbsp;&nbsp; Fixed until 08/18/2033, <br>5.94% <sup>(B)</sup>, 08/18/2034<br>| 3159000 | 3341839 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 01/26/2033, <br>5.12% <sup>(B)</sup>, 01/26/2034<br>| 4189000 | 4191621 |
| &nbsp;&nbsp; Fixed until 10/30/2028, <br>7.16% <sup>(B)</sup>, 10/30/2029<br>| 1697000 | 1835623 |
| UBS Group AG |  |  |
| &nbsp;&nbsp; Fixed until 05/09/2035, <br>5.58% <sup>(B)</sup>, 05/09/2036 <sup>(A)</sup> <br>| 5154000 | 5270564 |
| &nbsp;&nbsp; Fixed until 11/13/2028 <sup>(C)</sup>, <br>9.25% <sup>(A)</sup><sup>(B)</sup> <br>| 2848000 | 3108518 |
| Uzbek Industrial & Construction Bank ATB |  |  |
| 8.95%, 07/24/2029 <sup>(A)</sup> <br>| 3908000 | 4111216 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica Aegon Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp; Fixed until 01/24/2030, <br>5.24% <sup>(B)</sup>, 01/24/2031<br>| $3405000 | $3492977 |
| &nbsp;&nbsp; Fixed until 07/25/2033, <br>5.56% <sup>(B)</sup>, 07/25/2034<br>| 3467000 | 3578039 |
|  |  | 108255762 |
| **Beverages - 0.3%**  | **Beverages - 0.3%**  | **Beverages - 0.3%**  |
| Primo Water Holdings, Inc./Triton Water <br> Holdings, Inc. |  |  |
| 4.38%, 04/30/2029 <sup>(A)</sup> <br>| 5086000 | 4931030 |
| **Biotechnology - 0.7%**  | **Biotechnology - 0.7%**  | **Biotechnology - 0.7%**  |
| Amgen, Inc. |  |  |
| 2.80%, 08/15/2041 | 2109000 | 1523819 |
| 5.60%, 03/02/2043 | 1847000 | 1832249 |
| CSL Finance PLC |  |  |
| 4.63%, 04/27/2042 <sup>(A)</sup> <br>| 3321000 | 2936424 |
| Gilead Sciences, Inc. |  |  |
| 5.10%, 06/15/2035 | 2682000 | 2716341 |
| Royalty Pharma PLC |  |  |
| 2.20%, 09/02/2030 | 2942000 | 2607945 |
|  |  | 11616778 |
| **Building Products - 0.6%**  | **Building Products - 0.6%**  | **Building Products - 0.6%**  |
| Amrize Finance U.S. LLC |  |  |
| 4.75%, 09/22/2046 <sup>(A)</sup> <br>| 1100000 | 933456 |
| 5.40%, 04/07/2035 <sup>(A)</sup> <br>| 2044000 | 2073967 |
| Builders FirstSource, Inc. |  |  |
| 5.00%, 03/01/2030 <sup>(A)</sup> <br>| 1802000 | 1768883 |
| Owens Corning |  |  |
| 4.30%, 07/15/2047 | 3027000 | 2439412 |
| Vulcan Materials Co. |  |  |
| 5.35%, 12/01/2034 | 2514000 | 2559170 |
|  |  | 9774888 |
| **Capital Markets - 0.2%**  | **Capital Markets - 0.2%**  | **Capital Markets - 0.2%**  |
| HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| 3.38%, 06/15/2026 <sup>(A)</sup> <br>| 2746000 | 2687804 |
| **Chemicals - 0.6%**  | **Chemicals - 0.6%**  | **Chemicals - 0.6%**  |
| ASP Unifrax Holdings, Inc. |  |  |
| &nbsp;&nbsp; PIK Rate 1.50%, Cash Rate 5.85%, <br>09/30/2029 <sup>(A)</sup><sup>(D)</sup> <br>| 729798 | 332058 |
| Mosaic Co. |  |  |
| 4.05%, 11/15/2027 | 1157000 | 1148312 |
| Nutrien Ltd. |  |  |
| 4.20%, 04/01/2029 | 3090000 | 3058003 |
| OCP SA |  |  |
| 6.75%, 05/02/2034 <sup>(A)</sup> <br>| 2252000 | 2332601 |
| Orbia Advance Corp. SAB de CV |  |  |
| 6.80%, 05/13/2030 <sup>(A)</sup> <br>| 2822000 | 2884084 |
|  |  | 9755058 |
| **Commercial Services & Supplies - 1.9%**  | **Commercial Services & Supplies - 1.9%**  | **Commercial Services & Supplies - 1.9%**  |
| ADT Security Corp. |  |  |
| 4.13%, 08/01/2029 <sup>(A)</sup> <br>| 3829000 | 3698967 |
| Ambipar Lux SARL |  |  |
| 9.88%, 02/06/2031 <sup>(A)</sup> <br>| 2717000 | 2567897 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Ashtead Capital, Inc. |  |  |
| 5.55%, 05/30/2033 <sup>(A)</sup> <br>| $1372000 | $1385619 |
| 5.80%, 04/15/2034 <sup>(A)</sup> <br>| 1033000 | 1057229 |
| Element Fleet Management Corp. |  |  |
| 5.04%, 03/25/2030 <sup>(A)</sup> <br>| 4963000 | 5006615 |
| Equifax, Inc. |  |  |
| 5.10%, 12/15/2027 | 2333000 | 2370190 |
| GXO Logistics, Inc. |  |  |
| 2.65%, 07/15/2031 | 5511000 | 4795311 |
| 6.50%, 05/06/2034 | 2053000 | 2147465 |
| Herc Holdings, Inc. |  |  |
| 7.00%, 06/15/2030 <sup>(A)</sup> <br>| 1368000 | 1428681 |
| Quanta Services, Inc. |  |  |
| 2.90%, 10/01/2030 | 2203000 | 2030857 |
| 5.25%, 08/09/2034 | 1510000 | 1528490 |
| Veralto Corp. |  |  |
| 5.45%, 09/18/2033 | 2724000 | 2809395 |
| Waste Management, Inc. |  |  |
| 3.88%, 01/15/2029 | 1795000 | 1772539 |
|  |  | 32599255 |
| **Communications Equipment - 0.9%**  | **Communications Equipment - 0.9%**  | **Communications Equipment - 0.9%**  |
| CommScope LLC |  |  |
| 4.75%, 09/01/2029 <sup>(A)</sup><sup>(E)</sup> <br>| 4608000 | 4498713 |
| T-Mobile USA, Inc. |  |  |
| 3.50%, 04/15/2031 | 1937000 | 1818679 |
| 3.88%, 04/15/2030 | 1419000 | 1378158 |
| 5.15%, 04/15/2034 | 1957000 | 1981960 |
| Verizon Communications, Inc. |  |  |
| 1.68%, 10/30/2030 | 2158000 | 1867166 |
| 1.75%, 01/20/2031 | 1846000 | 1590657 |
| 4.13%, 03/16/2027 | 2136000 | 2134211 |
|  |  | 15269544 |
| **Construction & Engineering - 0.6%**  | **Construction & Engineering - 0.6%**  | **Construction & Engineering - 0.6%**  |
| Century Communities, Inc. |  |  |
| 3.88%, 08/15/2029 <sup>(A)</sup> <br>| 1522000 | 1410259 |
| 6.75%, 06/01/2027 | 2100000 | 2103024 |
| IHS Netherlands Holdco BV |  |  |
| 8.00%, 09/18/2027 <sup>(A)</sup> <br>| 1548882 | 1553048 |
| Sitios Latinoamerica SAB de CV |  |  |
| 6.00%, 11/25/2029 <sup>(A)</sup> <br>| 4421000 | 4501639 |
|  |  | 9567970 |
| **Consumer Staples Distribution & Retail - 0.6%**  | **Consumer Staples Distribution & Retail - 0.6%**  | **Consumer Staples Distribution & Retail - 0.6%**  |
| 7-Eleven, Inc. |  |  |
| 1.80%, 02/10/2031 <sup>(A)</sup> <br>| 3740000 | 3167663 |
| InRetail Consumer |  |  |
| 3.25%, 03/22/2028 <sup>(A)</sup> <br>| 3319000 | 3148458 |
| Lowe's Cos., Inc. |  |  |
| 3.75%, 04/01/2032 | 3796000 | 3580098 |
|  |  | 9896219 |
| **Containers & Packaging - 0.5%**  | **Containers & Packaging - 0.5%**  | **Containers & Packaging - 0.5%**  |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.63%, 04/15/2029 <sup>(A)</sup> <br>| 2958000 | 3000846 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Aegon Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
| Mauser Packaging Solutions Holding Co. |  |  |
| 7.88%, 04/15/2027 <sup>(A)</sup> <br>| $2876000 | $2923144 |
| WRKCo, Inc. |  |  |
| 3.90%, 06/01/2028 | 2357000 | 2326134 |
|  |  | 8250124 |
| **Distributors - 0.1%**  | **Distributors - 0.1%**  | **Distributors - 0.1%**  |
| LKQ Corp. |  |  |
| 6.25%, 06/15/2033 | 1815000 | 1912467 |
| **Diversified REITs - 1.1%**  | **Diversified REITs - 1.1%**  | **Diversified REITs - 1.1%**  |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 4.00%, 01/15/2030 | 1871000 | 1798014 |
| Safehold GL Holdings LLC |  |  |
| 6.10%, 04/01/2034 | 2775000 | 2888418 |
| SBA Tower Trust |  |  |
| 6.60%, 11/15/2052 <sup>(A)</sup> <br>| 4776000 | 4908145 |
| VICI Properties LP |  |  |
| 4.95%, 02/15/2030 | 2958000 | 2975305 |
| Weyerhaeuser Co. |  |  |
| 4.00%, 04/15/2030 | 3222000 | 3142594 |
| WP Carey, Inc. |  |  |
| 5.38%, 06/30/2034 | 2853000 | 2878247 |
|  |  | 18590723 |
| **Electric Utilities - 1.3%**  | **Electric Utilities - 1.3%**  | **Electric Utilities - 1.3%**  |
| Black Hills Corp. |  |  |
| 3.15%, 01/15/2027 | 2083000 | 2036825 |
| Calpine Corp. |  |  |
| 3.75%, 03/01/2031 <sup>(A)</sup><sup>(E)</sup> <br>| 4043000 | 3835465 |
| Chile Electricity Lux MPC II SARL |  |  |
| 5.58%, 10/20/2035 <sup>(A)</sup> <br>| 3539546 | 3539836 |
| Cleveland Electric Illuminating Co. |  |  |
| 3.50%, 04/01/2028 <sup>(A)</sup> <br>| 2996000 | 2914532 |
| Duke Energy Corp. |  |  |
| 5.00%, 12/08/2027 | 1408000 | 1433279 |
| Investment Energy Resources Ltd. |  |  |
| 6.25%, 04/26/2029 <sup>(A)</sup> <br>| 1588000 | 1556417 |
| NRG Energy, Inc. |  |  |
| 3.38%, 02/15/2029 <sup>(A)</sup> <br>| 1347000 | 1270159 |
| 3.63%, 02/15/2031 <sup>(A)</sup> <br>| 1408000 | 1295789 |
| 6.00%, 02/01/2033 <sup>(A)</sup> <br>| 186000 | 187854 |
| Pacific Gas & Electric Co. |  |  |
| 2.50%, 02/01/2031 | 1233000 | 1070307 |
| 3.30%, 12/01/2027 | 400000 | 386982 |
| Vistra Operations Co. LLC |  |  |
| 6.88%, 04/15/2032 <sup>(A)</sup> <br>| 2365000 | 2472565 |
|  |  | 22000010 |
| **Electronic Equipment, Instruments & Components - 0.7%**  | **Electronic Equipment, Instruments & Components - 0.7%**  | **Electronic Equipment, Instruments & Components - 0.7%**  |
| Arrow Electronics, Inc. |  |  |
| 5.88%, 04/10/2034 | 2216000 | 2288419 |
| Keysight Technologies, Inc. |  |  |
| 4.60%, 04/06/2027 | 2431000 | 2440558 |
| 4.95%, 10/15/2034 | 1431000 | 1414755 |
| Sensata Technologies, Inc. |  |  |
| 4.38%, 02/15/2030 <sup>(A)</sup> <br>| 3358000 | 3205897 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Tyco Electronics Group SA |  |  |
| 5.00%, 05/09/2035 | $3607000 | $3592172 |
|  |  | 12941801 |
| **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  |
| Schlumberger Holdings Corp. |  |  |
| 3.90%, 05/17/2028 <sup>(A)</sup> <br>| 1737000 | 1719503 |
| **Financial Services - 2.1%**  | **Financial Services - 2.1%**  | **Financial Services - 2.1%**  |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust |  |  |
| 4.45%, 04/03/2026 | 1941000 | 1937720 |
| 4.95%, 09/10/2034 | 2091000 | 2045357 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/15/2028, <br>5.74% <sup>(B)</sup>, 05/15/2029<br>| 837000 | 851901 |
| American Express Co. |  |  |
| &nbsp;&nbsp; Fixed until 04/25/2029, <br>5.53% <sup>(B)</sup>, 04/25/2030<br>| 3378000 | 3511572 |
| Aviation Capital Group LLC |  |  |
| 3.50%, 11/01/2027 <sup>(A)</sup> <br>| 2097000 | 2043462 |
| Avolon Holdings Funding Ltd. |  |  |
| 5.50%, 01/15/2026 <sup>(A)</sup> <br>| 2187000 | 2190360 |
| 5.75%, 11/15/2029 <sup>(A)</sup> <br>| 5201000 | 5353783 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 01/30/2035, <br>6.18% <sup>(B)</sup>, 01/30/2036<br>| 990000 | 1007867 |
| Citadel LP |  |  |
| 6.00%, 01/23/2030 <sup>(A)</sup> <br>| 839000 | 867442 |
| LPL Holdings, Inc. |  |  |
| 4.00%, 03/15/2029 <sup>(A)</sup> <br>| 3086000 | 2997829 |
| 5.70%, 05/20/2027 | 1777000 | 1810281 |
| Mexico Remittances Funding Fiduciary <br> Estate Management SARL |  |  |
| 12.50%, 10/15/2031 <sup>(A)</sup> <br>| 5171000 | 5054653 |
| Rocket Cos., Inc. |  |  |
| 6.38%, 08/01/2033 <sup>(A)</sup> <br>| 2359000 | 2413730 |
| United Wholesale Mortgage LLC |  |  |
| 5.50%, 11/15/2025 <sup>(A)</sup> <br>| 4479000 | 4478293 |
|  |  | 36564250 |
| **Food Products - 2.3%**  | **Food Products - 2.3%**  | **Food Products - 2.3%**  |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP |  |  |
| 4.63%, 01/15/2027 <sup>(A)</sup> <br>| 2428000 | 2412735 |
| 6.25%, 03/15/2033 <sup>(A)</sup> <br>| 467000 | 481396 |
| BAT Capital Corp. |  |  |
| 5.63%, 08/15/2035 | 4255000 | 4329764 |
| Bunge Ltd. Finance Corp. |  |  |
| 4.65%, 09/17/2034 | 3947000 | 3829648 |
| Cargill, Inc. |  |  |
| 5.13%, 02/11/2035 <sup>(A)</sup> <br>| 2840000 | 2860383 |
| Imperial Brands Finance PLC |  |  |
| 5.63%, 07/01/2035 <sup>(A)</sup> <br>| 3510000 | 3521913 |
| J.M. Smucker Co. |  |  |
| 6.50%, 11/15/2043 | 1751000 | 1857540 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Aegon Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| &nbsp;&nbsp; JBS USA Holding LUX SARL/JBS USA <br> Foods Group Holdings, Inc./JBS USA <br>Food Co. |  |  |
| 5.50%, 01/15/2036 <sup>(A)</sup><sup>(F)</sup> <br>| $4445000 | $4451534 |
| Kroger Co. |  |  |
| 5.00%, 09/15/2034 | 2148000 | 2132637 |
| Philip Morris International, Inc. |  |  |
| 4.25%, 11/10/2044 | 3155000 | 2678992 |
| 4.90%, 11/01/2034 | 3182000 | 3166850 |
| Sysco Corp. |  |  |
| 5.40%, 03/23/2035 | 1993000 | 2027172 |
| Viterra Finance BV |  |  |
| 4.90%, 04/21/2027 <sup>(A)</sup> <br>| 6197000 | 6213006 |
|  |  | 39963570 |
| **Gas Utilities - 0.1%**  | **Gas Utilities - 0.1%**  | **Gas Utilities - 0.1%**  |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.50%, 05/01/2033 <sup>(A)</sup> <br>| 2012000 | 2154496 |
| **Health Care Equipment & Supplies - 0.4%**  | **Health Care Equipment & Supplies - 0.4%**  | **Health Care Equipment & Supplies - 0.4%**  |
| Alcon Finance Corp. |  |  |
| 5.75%, 12/06/2052 <sup>(A)</sup> <br>| 892000 | 885300 |
| GE HealthCare Technologies, Inc. |  |  |
| 4.80%, 08/14/2029 | 1778000 | 1804060 |
| 5.50%, 06/15/2035 | 1614000 | 1652793 |
| Medline Borrower LP |  |  |
| 3.88%, 04/01/2029 <sup>(A)</sup> <br>| 1821000 | 1746778 |
| 5.25%, 10/01/2029 <sup>(A)</sup> <br>| 1459000 | 1447627 |
|  |  | 7536558 |
| **Health Care Providers & Services - 1.4%**  | **Health Care Providers & Services - 1.4%**  | **Health Care Providers & Services - 1.4%**  |
| Centene Corp. |  |  |
| 3.38%, 02/15/2030 | 2447000 | 2253769 |
| Charles River Laboratories International, <br> Inc. |  |  |
| 4.00%, 03/15/2031 <sup>(A)</sup> <br>| 2308000 | 2114805 |
| CHS/Community Health Systems, Inc. |  |  |
| 5.25%, 05/15/2030 <sup>(A)</sup> <br>| 2372000 | 2103365 |
| Cigna Group |  |  |
| 2.40%, 03/15/2030 | 1812000 | 1653485 |
| HCA, Inc. |  |  |
| 5.60%, 04/01/2034 | 2131000 | 2180327 |
| 6.00%, 04/01/2054 | 2906000 | 2842943 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co. |  |  |
| 5.88%, 06/15/2054 <sup>(A)</sup> <br>| 1343000 | 1308043 |
| Laboratory Corp. of America Holdings |  |  |
| 4.80%, 10/01/2034 | 3837000 | 3751020 |
| Tenet Healthcare Corp. |  |  |
| 5.13%, 11/01/2027 | 1190000 | 1188096 |
| UnitedHealth Group, Inc. |  |  |
| 5.15%, 07/15/2034 <sup>(E)</sup> <br>| 1926000 | 1945448 |
| 5.20%, 04/15/2063 | 2926000 | 2607267 |
|  |  | 23948568 |
| **Hotels, Restaurants & Leisure - 1.3%**  | **Hotels, Restaurants & Leisure - 1.3%**  | **Hotels, Restaurants & Leisure - 1.3%**  |
| Boyne USA, Inc. |  |  |
| 4.75%, 05/15/2029 <sup>(A)</sup> <br>| 1273000 | 1235246 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Carnival Corp. |  |  |
| 6.13%, 02/15/2033 <sup>(A)</sup> <br>| $2202000 | $2252981 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 3.75%, 05/01/2029 <sup>(A)</sup> <br>| 3076000 | 2948697 |
| Hyatt Hotels Corp. |  |  |
| 5.25%, 06/30/2029 | 2003000 | 2037627 |
| Light & Wonder International, Inc. |  |  |
| 7.00%, 05/15/2028 <sup>(A)</sup> <br>| 1439000 | 1443192 |
| Marriott International, Inc. |  |  |
| 2.75%, 10/15/2033 <sup>(E)</sup> <br>| 2388000 | 2032825 |
| MGM Resorts International |  |  |
| 4.75%, 10/15/2028 | 2066000 | 2041217 |
| 6.13%, 09/15/2029 | 3447000 | 3506102 |
| NCL Corp. Ltd. |  |  |
| 5.88%, 03/15/2026 <sup>(A)</sup> <br>| 488000 | 488610 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.50%, 04/01/2028 <sup>(A)</sup> <br>| 2253000 | 2281034 |
| Viking Cruises Ltd. |  |  |
| 5.88%, 09/15/2027 <sup>(A)</sup> <br>| 2990000 | 2991671 |
|  |  | 23259202 |
| **Household Durables - 0.1%**  | **Household Durables - 0.1%**  | **Household Durables - 0.1%**  |
| Newell Brands, Inc. |  |  |
| 6.38%, 05/15/2030 | 1424000 | 1385302 |
| Whirlpool Corp. |  |  |
| 6.13%, 06/15/2030 | 1092000 | 1101597 |
|  |  | 2486899 |
| **Insurance - 2.7%**  | **Insurance - 2.7%**  | **Insurance - 2.7%**  |
| Allstate Corp. |  |  |
| 5.05%, 06/24/2029 | 2834000 | 2908327 |
| 5.25%, 03/30/2033 | 2074000 | 2126326 |
| American International Group, Inc. |  |  |
| 5.45%, 05/07/2035 | 1370000 | 1404967 |
| Aon North America, Inc. |  |  |
| 5.75%, 03/01/2054 | 3010000 | 2966177 |
| AXA SA |  |  |
| 8.60%, 12/15/2030 | 3998000 | 4738093 |
| Brown & Brown, Inc. |  |  |
| 5.25%, 06/23/2032 | 925000 | 943410 |
| 5.55%, 06/23/2035 | 3569000 | 3639441 |
| Cloverie PLC for Zurich Insurance Co. Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 06/24/2026, <br>5.63% <sup>(B)</sup>, 06/24/2046 <sup>(G)</sup> <br>| 5272000 | 5285180 |
| Constellation Insurance, Inc. |  |  |
| 6.80%, 01/24/2030 <sup>(A)</sup> <br>| 8992000 | 8940665 |
| Corebridge Financial, Inc. |  |  |
| 5.75%, 01/15/2034 | 2367000 | 2459123 |
| Fortitude Group Holdings LLC |  |  |
| 6.25%, 04/01/2030 <sup>(A)</sup> <br>| 1406000 | 1446506 |
| Markel Group, Inc. |  |  |
| 5.00%, 05/20/2049 | 514000 | 450650 |
| 6.00%, 05/16/2054 | 1942000 | 1939267 |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG |  |  |
| &nbsp;&nbsp; Fixed until 11/23/2031, <br>5.88% <sup>(B)</sup>, 05/23/2042 <sup>(A)</sup> <br>| 2200000 | 2249500 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Aegon Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| RenaissanceRe Holdings Ltd. |  |  |
| 5.80%, 04/01/2035 | $747000 | $767487 |
| RGA Global Funding |  |  |
| 5.05%, 12/06/2031 <sup>(A)</sup> <br>| 4917000 | 4927685 |
|  |  | 47192804 |
| **Internet & Catalog Retail - 0.5%**  | **Internet & Catalog Retail - 0.5%**  | **Internet & Catalog Retail - 0.5%**  |
| Expedia Group, Inc. |  |  |
| 5.40%, 02/15/2035 | 3880000 | 3906744 |
| Meta Platforms, Inc. |  |  |
| 4.80%, 05/15/2030 | 2977000 | 3065014 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/2034 | 1609000 | 1580418 |
|  |  | 8552176 |
| **IT Services - 0.6%**  | **IT Services - 0.6%**  | **IT Services - 0.6%**  |
| Crowdstrike Holdings, Inc. |  |  |
| 3.00%, 02/15/2029 | 1311000 | 1238530 |
| Dell International LLC/EMC Corp. |  |  |
| 4.85%, 02/01/2035 | 2983000 | 2878586 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.00%, 10/15/2034 | 3362000 | 3261202 |
| NCR Voyix Corp. |  |  |
| 5.00%, 10/01/2028 <sup>(A)</sup> <br>| 1582000 | 1565971 |
| 5.13%, 04/15/2029 <sup>(A)</sup> <br>| 695000 | 684531 |
|  |  | 9628820 |
| **Machinery - 0.4%**  | **Machinery - 0.4%**  | **Machinery - 0.4%**  |
| Eaton Capital ULC |  |  |
| 4.45%, 05/09/2030 | 1440000 | 1446746 |
| Huntington Ingalls Industries, Inc. |  |  |
| 2.04%, 08/16/2028 | 3681000 | 3427110 |
| Ingersoll Rand, Inc. |  |  |
| 5.45%, 06/15/2034 | 2659000 | 2734430 |
|  |  | 7608286 |
| **Media - 0.9%**  | **Media - 0.9%**  | **Media - 0.9%**  |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 5.13%, 07/01/2049 | 2933000 | 2438681 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.50%, 06/01/2029 <sup>(A)</sup><sup>(E)</sup> <br>| 1505000 | 1391971 |
| Comcast Corp. |  |  |
| 4.15%, 10/15/2028 | 3219000 | 3212904 |
| CSC Holdings LLC |  |  |
| 4.50%, 11/15/2031 <sup>(A)</sup> <br>| 2712000 | 1908393 |
| Virgin Media Secured Finance PLC |  |  |
| 4.50%, 08/15/2030 <sup>(A)</sup> <br>| 2620000 | 2435000 |
| 5.50%, 05/15/2029 <sup>(A)</sup> <br>| 4006000 | 3940232 |
|  |  | 15327181 |
| **Metals & Mining - 0.6%**  | **Metals & Mining - 0.6%**  | **Metals & Mining - 0.6%**  |
| ArcelorMittal SA |  |  |
| 6.55%, 11/29/2027 | 3741000 | 3899563 |
| Cleveland-Cliffs, Inc. |  |  |
| 6.88%, 11/01/2029 <sup>(A)</sup> <br>| 2748000 | 2705513 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Glencore Funding LLC |  |  |
| 2.63%, 09/23/2031 <sup>(A)</sup> <br>| $2788000 | $2447441 |
| Novelis Corp. |  |  |
| 3.25%, 11/15/2026 <sup>(A)</sup> <br>| 915000 | 900338 |
|  |  | 9952855 |
| **Mortgage Real Estate Investment Trusts - 0.6%**  | **Mortgage Real Estate Investment Trusts - 0.6%**  | **Mortgage Real Estate Investment Trusts - 0.6%**  |
| &nbsp;&nbsp; Ladder Capital Finance <br> Holdings LLLP/Ladder Capital Finance <br>Corp. |  |  |
| 4.25%, 02/01/2027 <sup>(A)</sup> <br>| 6136000 | 6049512 |
| Starwood Property Trust, Inc. |  |  |
| 6.00%, 04/15/2030 <sup>(A)</sup> <br>| 1548000 | 1565714 |
| 6.50%, 07/01/2030 <sup>(A)</sup> <br>| 2799000 | 2890975 |
|  |  | 10506201 |
| **Office REITs - 0.1%**  | **Office REITs - 0.1%**  | **Office REITs - 0.1%**  |
| COPT Defense Properties LP |  |  |
| 2.25%, 03/15/2026 | 2113000 | 2072704 |
| **Oil, Gas & Consumable Fuels - 4.5%**  | **Oil, Gas & Consumable Fuels - 4.5%**  | **Oil, Gas & Consumable Fuels - 4.5%**  |
| Boardwalk Pipelines LP |  |  |
| 3.40%, 02/15/2031 | 3902000 | 3604444 |
| Cheniere Energy Partners LP |  |  |
| 4.00%, 03/01/2031 | 3796000 | 3612204 |
| 4.50%, 10/01/2029 | 2198000 | 2174473 |
| 5.55%, 10/30/2035 <sup>(A)</sup><sup>(F)</sup> <br>| 1119000 | 1127798 |
| Chevron USA, Inc. |  |  |
| 3.25%, 10/15/2029 | 1772000 | 1718721 |
| Diamondback Energy, Inc. |  |  |
| 5.15%, 01/30/2030 | 3372000 | 3448937 |
| Ecopetrol SA |  |  |
| 8.38%, 01/19/2036 | 5000000 | 4824332 |
| Enbridge, Inc. |  |  |
| 4.90%, 06/20/2030 | 1652000 | 1668543 |
| 5.63%, 04/05/2034 | 3880000 | 3986371 |
| Energy Transfer LP |  |  |
| 6.00%, 06/15/2048 | 3711000 | 3563525 |
| EQT Corp. |  |  |
| 6.38%, 04/01/2029 <sup>(A)</sup> <br>| 1324000 | 1365699 |
| Expand Energy Corp. |  |  |
| 5.38%, 03/15/2030 | 1429000 | 1433007 |
| Exxon Mobil Corp. |  |  |
| 3.04%, 03/01/2026 | 1613000 | 1600654 |
| Genesis Energy LP/Genesis Energy <br> Finance Corp. |  |  |
| 8.00%, 05/15/2033 | 3539000 | 3700102 |
| Greensaif Pipelines Bidco SARL |  |  |
| 5.85%, 02/23/2036 <sup>(A)</sup> <br>| 2009000 | 2029084 |
| Hess Midstream Operations LP |  |  |
| 6.50%, 06/01/2029 <sup>(A)</sup> <br>| 2072000 | 2130863 |
| Murphy Oil Corp. |  |  |
| 6.00%, 10/01/2032 | 2337000 | 2228071 |
| NuStar Logistics LP |  |  |
| 5.63%, 04/28/2027 | 3000000 | 3026037 |
| Occidental Petroleum Corp. |  |  |
| 5.20%, 08/01/2029 | 1788000 | 1793750 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Aegon Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| ONEOK, Inc. |  |  |
| 6.10%, 11/15/2032 | $3704000 | $3917122 |
| Ovintiv, Inc. |  |  |
| 6.25%, 07/15/2033 | 2619000 | 2703962 |
| Petroleos Mexicanos |  |  |
| 6.50%, 01/23/2029 <sup>(E)</sup> <br>| 3820000 | 3738134 |
| 6.84%, 01/23/2030 | 3043000 | 2939826 |
| Sabine Pass Liquefaction LLC |  |  |
| 5.90%, 09/15/2037 | 2377000 | 2472414 |
| Targa Resources Partners LP/Targa <br> Resources Partners Finance Corp. |  |  |
| 4.00%, 01/15/2032 | 1442000 | 1343927 |
| Venture Global LNG, Inc. |  |  |
| 9.50%, 02/01/2029 <sup>(A)</sup> <br>| 3521000 | 3835700 |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.75%, 01/15/2036 | 1656000 | 1656000 |
| Vital Energy, Inc. |  |  |
| 7.75%, 07/31/2029 <sup>(A)</sup> <br>| 3265000 | 2883433 |
| Western Midstream Operating LP |  |  |
| 6.15%, 04/01/2033 | 2712000 | 2822401 |
| YPF SA |  |  |
| 9.50%, 01/17/2031 <sup>(A)</sup> <br>| 1338000 | 1409630 |
|  |  | 78759164 |
| **Paper & Forest Products - 0.1%**  | **Paper & Forest Products - 0.1%**  | **Paper & Forest Products - 0.1%**  |
| Georgia-Pacific LLC |  |  |
| 4.95%, 06/30/2032 <sup>(A)</sup> <br>| 1805000 | 1826665 |
| **Passenger Airlines - 0.3%**  | **Passenger Airlines - 0.3%**  | **Passenger Airlines - 0.3%**  |
| American Airlines Pass-Through Trust |  |  |
| 3.15%, 08/15/2033 | 1253383 | 1150978 |
| Delta Air Lines, Inc./SkyMiles IP Ltd. |  |  |
| 4.75%, 10/20/2028 <sup>(A)</sup> <br>| 3333000 | 3340729 |
|  |  | 4491707 |
| **Personal Care Products - 0.2%**  | **Personal Care Products - 0.2%**  | **Personal Care Products - 0.2%**  |
| Kenvue, Inc. |  |  |
| 5.00%, 03/22/2030 | 3611000 | 3720301 |
| **Pharmaceuticals - 1.5%**  | **Pharmaceuticals - 1.5%**  | **Pharmaceuticals - 1.5%**  |
| Bausch Health Cos., Inc. |  |  |
| 5.25%, 01/30/2030 <sup>(A)</sup> <br>| 4435000 | 2808198 |
| Bayer U.S. Finance II LLC |  |  |
| 4.20%, 07/15/2034 <sup>(A)</sup> <br>| 2028000 | 1838551 |
| 4.38%, 12/15/2028 <sup>(A)</sup> <br>| 1829000 | 1811969 |
| Bristol-Myers Squibb Co. |  |  |
| 5.65%, 02/22/2064 | 1410000 | 1368978 |
| Cardinal Health, Inc. |  |  |
| 5.45%, 02/15/2034 | 2307000 | 2373867 |
| CVS Health Corp. |  |  |
| 5.25%, 01/30/2031 | 1360000 | 1390458 |
| 6.00%, 06/01/2044 | 2041000 | 2017327 |
| &nbsp;&nbsp; Fixed until 12/10/2029, <br>7.00% <sup>(B)</sup>, 03/10/2055<br>| 3902000 | 4024563 |
| Merck & Co., Inc. |  |  |
| 5.00%, 05/17/2053 | 1256000 | 1154658 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Organon & Co./Organon Foreign Debt Co-<br> Issuer BV |  |  |
| 6.75%, 05/15/2034 <sup>(A)</sup> <br>| $2003000 | $1923573 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.11%, 05/19/2043 | 1920000 | 1830945 |
| Takeda U.S. Financing, Inc. |  |  |
| 5.20%, 07/07/2035 | 3165000 | 3165334 |
| Viatris, Inc. |  |  |
| 2.30%, 06/22/2027 | 1189000 | 1132972 |
|  |  | 26841393 |
| **Residential REITs - 0.2%**  | **Residential REITs - 0.2%**  | **Residential REITs - 0.2%**  |
| American Homes 4 Rent LP |  |  |
| 5.50%, 02/01/2034 | 3689000 | 3750667 |
| **Retail REITs - 0.2%**  | **Retail REITs - 0.2%**  | **Retail REITs - 0.2%**  |
| NNN REIT, Inc. |  |  |
| 4.60%, 02/15/2031 <sup>(F)</sup> <br>| 4218000 | 4195509 |
| **Semiconductors & Semiconductor Equipment - 1.3%**  | **Semiconductors & Semiconductor Equipment - 1.3%**  | **Semiconductors & Semiconductor Equipment - 1.3%**  |
| Advanced Micro Devices, Inc. |  |  |
| 3.92%, 06/01/2032 | 2673000 | 2579543 |
| Broadcom, Inc. |  |  |
| 3.14%, 11/15/2035 <sup>(A)</sup> <br>| 4553000 | 3840179 |
| Foundry JV Holdco LLC |  |  |
| 5.88%, 01/25/2034 <sup>(A)</sup> <br>| 2627000 | 2669368 |
| 5.90%, 01/25/2033 <sup>(A)</sup> <br>| 2801000 | 2903743 |
| KLA Corp. |  |  |
| 4.65%, 07/15/2032 | 2650000 | 2667419 |
| Microchip Technology, Inc. |  |  |
| 5.05%, 03/15/2029 | 2605000 | 2646526 |
| Micron Technology, Inc. |  |  |
| 5.30%, 01/15/2031 | 3754000 | 3844325 |
| QUALCOMM, Inc. |  |  |
| 3.25%, 05/20/2050 | 1429000 | 979566 |
|  |  | 22130669 |
| **Software - 1.2%**  | **Software - 1.2%**  | **Software - 1.2%**  |
| AppLovin Corp. |  |  |
| 5.50%, 12/01/2034 | 3028000 | 3074315 |
| Cadence Design Systems, Inc. |  |  |
| 4.70%, 09/10/2034 | 2079000 | 2053916 |
| Ellucian Holdings, Inc. |  |  |
| 6.50%, 12/01/2029 <sup>(A)</sup> <br>| 901000 | 921447 |
| Fair Isaac Corp. |  |  |
| 6.00%, 05/15/2033 <sup>(A)</sup> <br>| 1141000 | 1151458 |
| Fiserv, Inc. |  |  |
| 5.45%, 03/02/2028 | 2796000 | 2873168 |
| Intuit, Inc. |  |  |
| 5.50%, 09/15/2053 | 1275000 | 1265864 |
| Oracle Corp. |  |  |
| 3.65%, 03/25/2041 | 1692000 | 1333893 |
| 6.90%, 11/09/2052 | 1748000 | 1944370 |
| Roper Technologies, Inc. |  |  |
| 4.90%, 10/15/2034 | 3014000 | 2972295 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Aegon Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Synopsys, Inc. |  |  |
| 5.15%, 04/01/2035 | $1913000 | $1928188 |
| 5.70%, 04/01/2055 | 1370000 | 1362134 |
|  |  | 20881048 |
| **Specialized REITs - 0.2%**  | **Specialized REITs - 0.2%**  | **Specialized REITs - 0.2%**  |
| Iron Mountain, Inc. |  |  |
| 5.25%, 03/15/2028 <sup>(A)</sup> <br>| 3840000 | 3823228 |
| **Transportation Infrastructure - 0.6%**  | **Transportation Infrastructure - 0.6%**  | **Transportation Infrastructure - 0.6%**  |
| Canadian Pacific Railway Co. |  |  |
| 2.45%, 12/02/2031 | 6070000 | 5328395 |
| MV24 Capital BV |  |  |
| 6.75%, 06/01/2034 <sup>(A)</sup> <br>| 3734832 | 3619238 |
| United Parcel Service, Inc. |  |  |
| 5.25%, 05/14/2035 | 2135000 | 2177240 |
|  |  | 11124873 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $726,648,434)**<br>|  | 746194952 |
| **U.S. GOVERNMENT OBLIGATIONS - 23.1%**  | **U.S. GOVERNMENT OBLIGATIONS - 23.1%**  | **U.S. GOVERNMENT OBLIGATIONS - 23.1%**  |
| **U.S. Treasury - 22.8%**  | **U.S. Treasury - 22.8%**  | **U.S. Treasury - 22.8%**  |
| U.S. Treasury Bonds |  |  |
| 1.25%, 05/15/2050 | 38394200 | 18441214 |
| 1.38%, 11/15/2040 | 10167000 | 6477094 |
| 2.00%, 02/15/2050 <sup>(H)</sup> <br>| 25475000 | 14958602 |
| 2.25%, 05/15/2041 | 12471000 | 9057064 |
| 2.25%, 08/15/2046 <sup>(H)</sup> <br>| 5162000 | 3381715 |
| 2.38%, 02/15/2042 | 57610300 | 41911493 |
| 2.50%, 02/15/2045 | 2805000 | 1974676 |
| 2.75%, 08/15/2042 <sup>(H)</sup> <br>| 23081000 | 17661473 |
| 2.88%, 05/15/2049 | 5901000 | 4236042 |
| 3.00%, 08/15/2048 | 9816000 | 7259622 |
| 3.50%, 02/15/2039 | 20813000 | 18792676 |
| 3.63%, 05/15/2053 | 4056000 | 3308175 |
| 3.88%, 02/15/2043 - 05/15/2043 | 32222000 | 28786901 |
| 4.00%, 11/15/2052 | 5449000 | 4765534 |
| 4.13%, 08/15/2044 | 4273000 | 3914635 |
| 4.25%, 05/15/2039 <sup>(H)</sup> <br>| 7023000 | 6837275 |
| 4.25%, 08/15/2054 | 7723000 | 7052668 |
| 4.50%, 02/15/2044 - 11/15/2054 | 25737000 | 24743532 |
| 4.63%, 05/15/2044 - 02/15/2055 | 29276000 | 28648318 |
| 4.75%, 11/15/2043 - 05/15/2055 | 19926700 | 19826204 |
| U.S. Treasury Bonds, Principal Only <br> STRIPS |  |  |
| 08/15/2052 | 7120000 | 1901039 |
| U.S. Treasury Notes |  |  |
| 1.25%, 08/15/2031 | 10497000 | 8979855 |
| 1.38%, 11/15/2031 | 14352000 | 12279369 |
| 1.63%, 05/15/2031 | 12812000 | 11299583 |
| 1.88%, 02/15/2032 | 7241500 | 6361205 |
| 2.75%, 08/15/2032 | 8544000 | 7881840 |
| 2.88%, 05/15/2032 | 3394300 | 3167041 |
| 3.63%, 09/30/2031 | 10687000 | 10508327 |
| 3.88%, 08/15/2034 | 8858000 | 8648661 |
| 4.13%, 03/31/2031 - 11/15/2032 | 6546900 | 6600222 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **U.S. Treasury (continued)** | **U.S. Treasury (continued)** | **U.S. Treasury (continued)** |
| U.S. Treasury Notes (continued) |  |  |
| 4.25%, 11/15/2034 - 05/15/2035 | $20232600 | $20272910 |
| 4.63%, 02/15/2035 | 24508700 | 25286085 |
|  |  | 395221050 |
| **U.S. Treasury Inflation-Protected Securities - 0.3%**  | **U.S. Treasury Inflation-Protected Securities - 0.3%**  | **U.S. Treasury Inflation-Protected Securities - 0.3%**  |
| U.S. Treasury Inflation-Protected Indexed <br> Notes |  |  |
| 0.13%, 07/15/2030 | 4591515 | 4312990 |
|  |  | 4312990 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $417,713,169)**<br>|  | 399534040 |
| **ASSET-BACKED SECURITIES - 11.4%**  | **ASSET-BACKED SECURITIES - 11.4%**  | **ASSET-BACKED SECURITIES - 11.4%**  |
| 321 Henderson Receivables VI LLC |  |  |
| &nbsp;&nbsp; Series 2010-1A, Class A, <br>5.56%, 07/15/2059 <sup>(A)</sup> <br>| 1340240 | 1343930 |
| Anchorage Capital CLO 25 Ltd. |  |  |
| &nbsp;&nbsp; Series 2022-25A, Class C, <br>3-Month Term SOFR + 2.35%, <br>6.62% <sup>(B)</sup>, 04/20/2035 <sup>(A)</sup> <br>| 1000000 | 1000472 |
| Apidos CLO XXXI Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-31A, Class A1R, <br>3-Month Term SOFR + 1.36%, <br>5.62% <sup>(B)</sup>, 04/15/2031 <sup>(A)</sup> <br>| 4853107 | 4860052 |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp; Series 2021-A, Class A, <br>1.54%, 07/17/2046 <sup>(A)</sup> <br>| 2760194 | 2539920 |
| Avis Budget Rental Car Funding <br> AESOP LLC |  |  |
| &nbsp;&nbsp; Series 2023-7A, Class A, <br>5.90%, 08/21/2028 <sup>(A)</sup> <br>| 5355000 | 5502074 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.36%, 06/20/2030 <sup>(A)</sup> <br>| 5270000 | 5407231 |
| Battalion CLO XXI Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-21A, Class A, <br>3-Month Term SOFR + 1.44%, <br>5.70% <sup>(B)</sup>, 07/15/2034 <sup>(A)</sup> <br>| 3000000 | 3000000 |
| &nbsp;&nbsp; Series 2021-21A, Class AR, <br>3-Month Term SOFR + 1.15%, <br>5.51% <sup>(B)</sup>, 07/15/2034 <sup>(A)</sup><sup>(F)</sup> <br>| 3200000 | 3200000 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-A, Class A, <br>5.77%, 11/15/2038 <sup>(A)</sup> <br>| 2780325 | 2831517 |
| Capital Automotive REIT |  |  |
| &nbsp;&nbsp; Series 2024-3A, Class A1, <br>4.40%, 10/15/2054 <sup>(A)</sup> <br>| 6159500 | 5992797 |
| CARS-DB5 LP |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A1, <br>1.44%, 08/15/2051 <sup>(A)</sup> <br>| 3234859 | 3100285 |
| &nbsp;&nbsp; Series 2021-1A, Class A3, <br>1.92%, 08/15/2051 <sup>(A)</sup> <br>| 1382792 | 1324034 |
| CARS-DB7 LP |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A1, <br>5.75%, 09/15/2053 <sup>(A)</sup> <br>| 7510000 | 7563392 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp; Series 2017-4A, Class A1R, <br>3-Month Term SOFR + 1.21%, <br>5.49% <sup>(B)</sup>, 10/24/2030 <sup>(A)</sup> <br>| 1663293 | 1664540 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Aegon Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp; Series 2007-FS1, Class 1A1, <br>4.16% <sup>(B)</sup>, 10/25/2037 <sup>(A)</sup> <br>| $1321541 | $1274299 |
| DataBank Issuer LLC |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A2, <br>2.06%, 02/27/2051 <sup>(A)</sup> <br>| 6419000 | 6278991 |
| Diamond Infrastructure Funding LLC |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A, <br>1.76%, 04/15/2049 <sup>(A)</sup> <br>| 2385000 | 2268480 |
| Diamond Resorts Owner Trust |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class B, <br>2.05%, 11/21/2033 <sup>(A)</sup> <br>| 695314 | 691600 |
| Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp; Series 2024-2, Class C, <br>4.67%, 05/17/2032<br>| 4100000 | 4105093 |
| Dryden 80 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-80A, Class AR, <br>3-Month Term SOFR + 1.25%, <br>5.53% <sup>(B)</sup>, 01/17/2033 <sup>(A)</sup> <br>| 6459637 | 6459811 |
| First National Master Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-1, Class A, <br>5.13%, 04/15/2029<br>| 8210000 | 8250181 |
| Hertz Vehicle Financing III LLC |  |  |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>5.94%, 02/25/2028 <sup>(A)</sup> <br>| 4220000 | 4287586 |
| Hertz Vehicle Financing III LP |  |  |
| &nbsp;&nbsp; Series 2021-2A, Class B, <br>2.12%, 12/27/2027 <sup>(A)</sup> <br>| 6290000 | 6014335 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.72%, 01/25/2038 <sup>(A)</sup> <br>| 1853947 | 1892083 |
| &nbsp;&nbsp; Series 2024-1B, Class B, <br>5.99%, 09/15/2039 <sup>(A)</sup> <br>| 624929 | 634138 |
| &nbsp;&nbsp; Series 2024-1B, Class C, <br>6.62%, 09/15/2039 <sup>(A)</sup> <br>| 630134 | 639991 |
| &nbsp;&nbsp; Series 2024-2A, Class A, <br>5.50%, 03/25/2038 <sup>(A)</sup> <br>| 2421618 | 2466664 |
| Home Equity Asset Trust |  |  |
| &nbsp;&nbsp; Series 2004-4, Class M1, <br>1-Month Term SOFR + 0.89%, <br>5.21% <sup>(B)</sup>, 10/25/2034<br>| 683842 | 680692 |
| ICG U.S. CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2014-1A, Class A1A2, <br>3-Month Term SOFR + 1.46%, <br>5.73% <sup>(B)</sup>, 10/20/2034 <sup>(A)</sup> <br>| 9325000 | 9327853 |
| &nbsp;&nbsp; Series 2021-1A, Class A1R, <br>3-Month Term SOFR + 1.27%, <br>5.55% <sup>(B)</sup>, 04/17/2034 <sup>(A)</sup> <br>| 4500000 | 4496904 |
| Mosaic Solar Loan Trust |  |  |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>5.36%, 09/22/2053 <sup>(A)</sup> <br>| 6733372 | 6562230 |
| MVW LLC |  |  |
| &nbsp;&nbsp; Series 2020-1A, Class A, <br>1.74%, 10/20/2037 <sup>(A)</sup> <br>| 761314 | 737999 |
| &nbsp;&nbsp; Series 2021-1WA, Class A, <br>1.14%, 01/22/2041 <sup>(A)</sup> <br>| 554707 | 531402 |
| &nbsp;&nbsp; Series 2021-1WA, Class B, <br>1.44%, 01/22/2041 <sup>(A)</sup> <br>| 2613308 | 2492867 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.32%, 02/20/2043 <sup>(A)</sup> <br>| 1051005 | 1069944 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| MVW LLC (continued) |  |  |
| &nbsp;&nbsp; Series 2024-1A, Class C, <br>6.20%, 02/20/2043 <sup>(A)</sup> <br>| $2011983 | $2043951 |
| &nbsp;&nbsp; Series 2024-2A, Class A, <br>4.43%, 03/20/2042 <sup>(A)</sup> <br>| 1486391 | 1482859 |
| &nbsp;&nbsp; Series 2024-2A, Class C, <br>4.92%, 03/20/2042 <sup>(A)</sup> <br>| 4624326 | 4523145 |
| OZLM XV Ltd. |  |  |
| &nbsp;&nbsp; Series 2016-15A, Class BRR, <br>3-Month Term SOFR + 2.35%, <br>6.62% <sup>(B)</sup>, 04/20/2033 <sup>(A)</sup> <br>| 3900000 | 3901240 |
| OZLM XXIV Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-24A, Class A1AR, <br>3-Month Term SOFR + 1.42%, <br>5.69% <sup>(B)</sup>, 07/20/2032 <sup>(A)</sup> <br>| 2963177 | 2964738 |
| QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>5.44%, 05/25/2055 <sup>(A)</sup> <br>| 4625000 | 4686862 |
| Retained Vantage Data Centers <br> Issuer LLC |  |  |
| &nbsp;&nbsp; Series 2024-1A, Class A2, <br>4.99%, 09/15/2049 <sup>(A)</sup> <br>| 2000000 | 1981279 |
| Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp; Series 2021-2, Class D, <br>1.35%, 07/15/2027<br>| 715632 | 714625 |
| SCF Equipment Trust LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A3, <br>5.11%, 11/21/2033 <sup>(A)</sup> <br>| 4350000 | 4437338 |
| Sierra Timeshare Receivables <br> Funding LLC |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class B, <br>1.34%, 11/20/2037 <sup>(A)</sup> <br>| 1238309 | 1216588 |
| &nbsp;&nbsp; Series 2021-1A, Class C, <br>1.79%, 11/20/2037 <sup>(A)</sup> <br>| 544906 | 535032 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.20%, 01/20/2040 <sup>(A)</sup> <br>| 3330460 | 3357796 |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>5.80%, 04/20/2040 <sup>(A)</sup> <br>| 1570785 | 1605110 |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>6.10%, 09/20/2040 <sup>(A)</sup> <br>| 3300832 | 3401805 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.15%, 01/20/2043 <sup>(A)</sup> <br>| 1167152 | 1175014 |
| &nbsp;&nbsp; Series 2024-1A, Class B, <br>5.35%, 01/20/2043 <sup>(A)</sup> <br>| 955690 | 961999 |
| &nbsp;&nbsp; Series 2024-1A, Class C, <br>5.94%, 01/20/2043 <sup>(A)</sup> <br>| 1565396 | 1582732 |
| &nbsp;&nbsp; Series 2024-1A, Class D, <br>8.02%, 01/20/2043 <sup>(A)</sup> <br>| 556478 | 566993 |
| &nbsp;&nbsp; Series 2024-2A, Class C, <br>5.83%, 06/20/2041 <sup>(A)</sup> <br>| 2270353 | 2293500 |
| &nbsp;&nbsp; Series 2024-3A, Class A, <br>4.83%, 08/20/2041 <sup>(A)</sup> <br>| 3235440 | 3247725 |
| &nbsp;&nbsp; Series 2024-3A, Class C, <br>5.32%, 08/20/2041 <sup>(A)</sup> <br>| 4027792 | 4021468 |
| Symphony CLO XIX Ltd. |  |  |
| &nbsp;&nbsp; Series 2018-19A, Class A, <br>3-Month Term SOFR + 1.22%, <br>5.48% <sup>(B)</sup>, 04/16/2031<br>| 3017428 | 3018441 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Aegon Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Symphony CLO XXIII Ltd. |  |  |
| &nbsp;&nbsp; Series 2020-23A, Class AR2, <br>3-Month Term SOFR + 0.90%, <br>5.16% <sup>(B)</sup>, 01/15/2034<br>| $4871338 | $4864173 |
| TCI-Symphony CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2016-1A, Class AR2, <br>3-Month Term SOFR + 1.28%, <br>5.52% <sup>(B)</sup>, 10/13/2032<br>| 2899359 | 2900005 |
| Vantage Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp; Series 2020-1A, Class A2, <br>1.65%, 09/15/2045<br>| 9170000 | 9098587 |
| Venture 43 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-43A, Class A1R, <br>3-Month Term SOFR + 1.35%, <br>5.61% <sup>(B)</sup>, 04/15/2034 <sup>(A)</sup> <br>| 2500000 | 2502667 |
| Venture XXVII CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2017-27A, Class AR, <br>3-Month Term SOFR + 1.31%, <br>5.58% <sup>(B)</sup>, 07/20/2030 <sup>(A)</sup> <br>| 1310209 | 1310169 |
| Wellfleet CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-1A, Class BR, <br>3-Month Term SOFR + 2.61%, <br>6.88% <sup>(B)</sup>, 07/20/2032 <sup>(A)</sup> <br>| 3000000 | 3002706 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $193,808,469)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $193,808,469)** | 197891934 |
| **MORTGAGE-BACKED SECURITIES - 10.6%**  | **MORTGAGE-BACKED SECURITIES - 10.6%**  | **MORTGAGE-BACKED SECURITIES - 10.6%**  |
| 1211 Avenue of the Americas Trust |  |  |
| &nbsp;&nbsp; Series 2015-1211, Class A1A1, <br>3.90% , 08/10/2035 <sup>(A)</sup> <br>| 5900000 | 5640090 |
| 20 Times Square Trust |  |  |
| &nbsp;&nbsp; Series 2018-20TS, Class B, <br>3.20% <sup>(B)</sup>, 05/15/2035 <sup>(A)</sup> <br>| 5148000 | 4774770 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-1, Class A1, <br>5.69% <sup>(B)</sup>, 01/25/2070 <sup>(A)</sup> <br>| 6147148 | 6169530 |
| BAMLL Commercial Mortgage Securities <br> Trust |  |  |
| &nbsp;&nbsp; Series 2019-BPR, Class ANM, <br>3.11% , 11/05/2032 <sup>(A)</sup> <br>| 2101684 | 2006486 |
| Banc of America Funding Trust |  |  |
| &nbsp;&nbsp; Series 2005-D, Class A1, <br>5.49% <sup>(B)</sup>, 05/25/2035<br>| 636752 | 593225 |
| BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2018-TALL, Class D, <br>1-Month Term SOFR + 1.65%, <br>5.96% <sup>(B)</sup>, 03/15/2037 <sup>(A)</sup> <br>| 5000000 | 4376710 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp; Series 2024-NQM3, Class A1, <br>6.19% <sup>(B)</sup>, 03/25/2064 <sup>(A)</sup> <br>| 2972209 | 3000657 |
| &nbsp;&nbsp; Series 2025-NQM1, Class A1, <br>5.60% <sup>(B)</sup>, 12/25/2064 <sup>(A)</sup> <br>| 2149145 | 2161366 |
| Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2016-P5, Class AAB, <br>2.84% , 10/10/2049<br>| 912187 | 906635 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2024-2, Class A1, <br>6.13% <sup>(B)</sup>, 04/25/2069 <sup>(A)</sup> <br>| 2869302 | 2891371 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| COLT Mortgage Loan Trust (continued) |  |  |
| &nbsp;&nbsp; Series 2024-3, Class A1, <br>6.39% <sup>(B)</sup>, 06/25/2069 <sup>(A)</sup> <br>| $9422504 | $9539031 |
| &nbsp;&nbsp; Series 2024-4, Class A1, <br>5.95% <sup>(B)</sup>, 07/25/2069 <sup>(A)</sup> <br>| 1767252 | 1781590 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2016-787S, Class A, <br>3.55% , 02/10/2036 <sup>(A)</sup> <br>| 5000000 | 4912215 |
| CSMC Trust |  |  |
| &nbsp;&nbsp; Series 2020-RPL4, Class A1, <br>2.00% <sup>(B)</sup>, 01/25/2060 <sup>(A)</sup> <br>| 9343756 | 8423328 |
| DOLP Trust |  |  |
| &nbsp;&nbsp; Series 2021-NYC, Class A, <br>2.96% , 05/10/2041 <sup>(A)</sup> <br>| 5300000 | 4716396 |
| GCAT Trust |  |  |
| &nbsp;&nbsp; Series 2023-NQM1, Class A1, <br>6.01% <sup>(B)</sup>, 01/25/2059 <sup>(A)</sup> <br>| 4621790 | 4638205 |
| GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp; Series 2016-GS3, Class AAB, <br>2.78% , 10/10/2049<br>| 599150 | 595000 |
| HarborView Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2006-7, Class 2A1A, <br>1-Month Term SOFR + 0.51%, <br>4.83% <sup>(B)</sup>, 09/19/2046<br>| 96432 | 84269 |
| Hudson Yards Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-SPRL, Class A, <br>5.65% <sup>(B)</sup>, 01/13/2040 <sup>(A)</sup> <br>| 3970000 | 4092481 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp; Series 2017-1A, Class A, <br>3.00% <sup>(B)</sup>, 04/25/2055 <sup>(A)</sup> <br>| 1162259 | 1112270 |
| MFA Trust |  |  |
| &nbsp;&nbsp; Series 2021-RPL1, Class A1, <br>1.13% <sup>(B)</sup>, 07/25/2060 <sup>(A)</sup> <br>| 3558998 | 3235956 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2019-1, Class A1, <br>3.25% <sup>(B)</sup>, 10/25/2069 <sup>(A)</sup> <br>| 649308 | 631718 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2016-4A, Class A1, <br>3.75% <sup>(B)</sup>, 11/25/2056 <sup>(A)</sup> <br>| 2410998 | 2310265 |
| &nbsp;&nbsp; Series 2018-RPL1, Class A1, <br>3.50% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> <br>| 5666142 | 5488071 |
| &nbsp;&nbsp; Series 2019-2A, Class A1, <br>4.25% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> <br>| 4391620 | 4305619 |
| &nbsp;&nbsp; Series 2019-4A, Class A1B, <br>3.50% <sup>(B)</sup>, 12/25/2058 <sup>(A)</sup> <br>| 2596780 | 2428130 |
| &nbsp;&nbsp; Series 2019-5A, Class A1B, <br>3.50% <sup>(B)</sup>, 08/25/2059 <sup>(A)</sup> <br>| 2356738 | 2237772 |
| &nbsp;&nbsp; Series 2019-6A, Class A1B, <br>3.50% <sup>(B)</sup>, 09/25/2059 <sup>(A)</sup> <br>| 1899532 | 1788026 |
| &nbsp;&nbsp; Series 2019-RPL2, Class A1, <br>3.25% <sup>(B)</sup>, 02/25/2059 <sup>(A)</sup> <br>| 3128636 | 3037416 |
| &nbsp;&nbsp; Series 2020-1A, Class A1B, <br>3.50% <sup>(B)</sup>, 10/25/2059 <sup>(A)</sup> <br>| 6323072 | 5926997 |
| OBX Trust |  |  |
| &nbsp;&nbsp; Series 2023-NQM4, Class A1, <br>6.11% <sup>(B)</sup>, 03/25/2063 <sup>(A)</sup> <br>| 2157784 | 2163357 |
| &nbsp;&nbsp; Series 2024-NQM14, Class A1, <br>4.94% <sup>(B)</sup>, 09/25/2064 <sup>(A)</sup> <br>| 2877057 | 2860473 |
| &nbsp;&nbsp; Series 2024-NQM4, Class A1, <br>6.07% <sup>(B)</sup>, 01/25/2064 <sup>(A)</sup> <br>| 3652871 | 3677879 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Aegon Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| OBX Trust (continued) |  |  |
| &nbsp;&nbsp; Series 2024-NQM5, Class A1, <br>5.99% <sup>(B)</sup>, 01/25/2064 <sup>(A)</sup> <br>| $1361919 | $1370884 |
| &nbsp;&nbsp; Series 2024-NQM6, Class A1, <br>6.45% <sup>(B)</sup>, 02/25/2064 <sup>(A)</sup> <br>| 3525799 | 3570430 |
| &nbsp;&nbsp; Series 2024-NQM8, Class A1, <br>6.23% <sup>(B)</sup>, 05/25/2064 <sup>(A)</sup> <br>| 2332740 | 2358013 |
| &nbsp;&nbsp; Series 2025-NQM2, Class A1, <br>5.60% <sup>(B)</sup>, 11/25/2064 <sup>(A)</sup> <br>| 2179135 | 2186923 |
| Reperforming Loan Trust REMICS |  |  |
| &nbsp;&nbsp; Series 2006-R1, Class AF1, <br>1-Month Term SOFR + 0.45%, <br>4.77% <sup>(B)</sup>, 01/25/2036 <sup>(A)</sup> <br>| 724045 | 682721 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2017-4, Class A1, <br>2.75% <sup>(B)</sup>, 06/25/2057 <sup>(A)</sup> <br>| 2991868 | 2914909 |
| &nbsp;&nbsp; Series 2017-6, Class A1, <br>2.75% <sup>(B)</sup>, 10/25/2057 <sup>(A)</sup> <br>| 5301728 | 5192646 |
| &nbsp;&nbsp; Series 2018-2, Class A1, <br>3.25% <sup>(B)</sup>, 03/25/2058 <sup>(A)</sup> <br>| 100091 | 98689 |
| &nbsp;&nbsp; Series 2018-4, Class A1, <br>3.00% <sup>(B)</sup>, 06/25/2058 <sup>(A)</sup> <br>| 5986307 | 5665391 |
| &nbsp;&nbsp; Series 2019-1, Class A1, <br>3.75% <sup>(B)</sup>, 03/25/2058 <sup>(A)</sup> <br>| 3527369 | 3431495 |
| &nbsp;&nbsp; Series 2019-4, Class A1, <br>2.90% <sup>(B)</sup>, 10/25/2059 <sup>(A)</sup> <br>| 5931458 | 5692105 |
| &nbsp;&nbsp; Series 2020-4, Class A1, <br>1.75% , 10/25/2060 <sup>(A)</sup> <br>| 5749693 | 5207889 |
| &nbsp;&nbsp; Series 2022-1, Class A1, <br>3.75% <sup>(B)</sup>, 07/25/2062 <sup>(A)</sup> <br>| 4329121 | 4115020 |
| &nbsp;&nbsp; Series 2022-4, Class A1, <br>3.75% , 09/25/2062 <sup>(A)</sup> <br>| 5112113 | 4888321 |
| &nbsp;&nbsp; Series 2023-1, Class A1, <br>3.75% , 01/25/2063 <sup>(A)</sup> <br>| 7505713 | 7251791 |
| VEGAS Trust |  |  |
| 5.52% , 11/10/2039 <sup>(A)</sup> <br>| 8500000 | 8613690 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp; Series 2024-7, Class A1, <br>5.10% <sup>(B)</sup>, 09/25/2069 <sup>(A)</sup> <br>| 7728908 | 7706705 |
| WaMu Mortgage Pass-Through Certificates <br> Trust |  |  |
| &nbsp;&nbsp; Series 2005-AR13, Class A1A1, <br>1-Month Term SOFR + 0.69%, <br>5.01% <sup>(B)</sup>, 10/25/2045<br>| 491461 | 493242 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>**(Cost $182,955,706)**<br>|  | 183948168 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.0%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.0%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.0%**  |
| Federal Home Loan Mortgage Corp. |  |  |
| 3.00%, 04/01/2052 | 841295 | 728652 |
| 3.50%, 08/01/2049 | 553797 | 504477 |
| 5.50%, 04/01/2053 - 07/01/2053 | 20815957 | 20855953 |
| 1-Year RFUCC Treasury + 1.35%, |  |  |
| 7.04% <sup>(B)</sup>, 09/01/2035 | 11088 | 11324 |
| 1-Year RFUCC Treasury + 1.87%, |  |  |
| 7.45% <sup>(B)</sup>, 09/01/2035 | 52162 | 53085 |
| Federal National Mortgage Association |  |  |
| 3.00%, 08/01/2049 - 05/01/2052 | 1699274 | 1472700 |
| 4.00%, 10/01/2047 - 02/01/2048 | 1266060 | 1198893 |
| 4.50%, 08/01/2052 | 8027986 | 7693547 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp; Federal National Mortgage <br> Association (continued)<br>|  |  |
| 5.00%, 08/01/2026 - 02/01/2054 | $35493248 | $34958149 |
| 5.50%, 03/01/2053 | 8905754 | 8942066 |
| 6.00%, 06/01/2054 | 9833033 | 10005324 |
| 12-MTA + 1.20%, |  |  |
| 5.70% <sup>(B)</sup>, 06/01/2043 | 17531 | 17687 |
| 1-Year RFUCC Treasury + 1.34%, |  |  |
| 5.96% <sup>(B)</sup>, 12/01/2034 | 591 | 595 |
| 6-Month RFUCC Treasury + 1.61%, |  |  |
| 6.36% <sup>(B)</sup>, 08/01/2036 | 4274 | 4319 |
| 6-Month RFUCC Treasury + 1.75%, |  |  |
| 6.37% <sup>(B)</sup>, 05/01/2035 | 36645 | 36988 |
| 1-Year CMT + 2.22%, |  |  |
| 6.49% <sup>(B)</sup>, 01/01/2028 | 685 | 686 |
| 1-Year CMT + 1.81%, |  |  |
| 6.69% <sup>(B)</sup>, 08/01/2035 | 3902 | 3958 |
| 1-Year CMT + 2.18%, |  |  |
| 7.18% <sup>(B)</sup>, 10/01/2035 | 965 | 987 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.00%, 07/01/2054 <sup>(F)</sup> <br>| 45910000 | 36332605 |
| 2.50%, 07/01/2055 <sup>(F)</sup> <br>| 23889000 | 19803279 |
| 5.50%, 07/01/2054 <sup>(F)</sup> <br>| 12361000 | 12358172 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $153,999,919)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $153,999,919)** | 154983446 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.9%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.9%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.9%**  |
| **Colombia - 0.1%**  | **Colombia - 0.1%**  | **Colombia - 0.1%**  |
| Colombia Government International Bonds |  |  |
| 3.13%, 04/15/2031 | 2326000 | 1907593 |
| **Cote d'Ivoire - 0.2%**  | **Cote d'Ivoire - 0.2%**  | **Cote d'Ivoire - 0.2%**  |
| Ivory Coast Government International Bonds |  |  |
| 8.25%, 01/30/2037 <sup>(A)</sup> <br>| 3772000 | 3633225 |
| **Dominican Republic - 0.3%**  | **Dominican Republic - 0.3%**  | **Dominican Republic - 0.3%**  |
| Dominican Republic International Bonds |  |  |
| 4.88%, 09/23/2032 <sup>(A)</sup> <br>| 1489000 | 1373379 |
| 6.60%, 06/01/2036 <sup>(A)</sup> <br>| 4015000 | 4036882 |
|  |  | 5410261 |
| **Peru - 0.1%**  | **Peru - 0.1%**  | **Peru - 0.1%**  |
| Corp. Financiera de Desarrollo SA |  |  |
| 5.50%, 05/06/2030 <sup>(A)</sup> <br>| 1837000 | 1856197 |
| **Uzbekistan - 0.2%**  | **Uzbekistan - 0.2%**  | **Uzbekistan - 0.2%**  |
| Republic of Uzbekistan International Bonds |  |  |
| 3.90%, 10/19/2031 <sup>(A)</sup> <br>| 2745000 | 2417476 |
| &nbsp;&nbsp; **Total Foreign Government Obligations** <br>**(Cost $14,799,191)**<br>|  | 15224752 |
| **LOAN ASSIGNMENT - 0.1%**  | **LOAN ASSIGNMENT - 0.1%**  | **LOAN ASSIGNMENT - 0.1%**  |
| **Software - 0.1%**  | **Software - 0.1%**  | **Software - 0.1%**  |
| &nbsp;&nbsp; Rackspace Finance LLC <br>1st Lien Term Loan, <br>1-Month Term SOFR + 6.25%, <br>10.68% <sup>(B)</sup>, 05/15/2028<br>| 1056707 | 1059349 |
| &nbsp;&nbsp; **Total Loan Assignment** <br>**(Cost $1,026,119)**<br>|  | 1059349 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica Aegon Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **COMMERCIAL PAPER - 5.2%**  | **COMMERCIAL PAPER - 5.2%**  | **COMMERCIAL PAPER - 5.2%**  |
| **Banks - 0.3%**  | **Banks - 0.3%**  | **Banks - 0.3%**  |
| CAFCO LLC |  |  |
| 4.42% <sup>(I)</sup>, 09/10/2025 <sup>(A)</sup> <br>| $5275000 | $5228749 |
| **Electrical Equipment - 1.0%**  | **Electrical Equipment - 1.0%**  | **Electrical Equipment - 1.0%**  |
| Emerson Electric Co. |  |  |
| 4.46% <sup>(I)</sup>, 09/23/2025 <sup>(A)</sup> <br>| 18000000 | 17815903 |
| **Financial Services - 3.9%**  | **Financial Services - 3.9%**  | **Financial Services - 3.9%**  |
| Glencove Funding LLC |  |  |
| 4.49% <sup>(I)</sup>, 09/11/2025 <sup>(A)</sup> <br>| 13250000 | 13131933 |
| LMA-Americas LLC |  |  |
| 4.55% <sup>(I)</sup>, 08/08/2025 <sup>(A)</sup> <br>| 13500000 | 13332214 |
| Mainbeach Funding LLC |  |  |
| 4.50% <sup>(I)</sup>, 08/27/2025 <sup>(A)</sup> <br>| 4250000 | 4219804 |
| MUFG Securities Canada Ltd. |  |  |
| 4.54% <sup>(I)</sup>, 09/18/2025 <sup>(A)</sup> <br>| 20000000 | 19802814 |
| Versailles Commercial Paper LLC |  |  |
| 4.46% <sup>(I)</sup>, 07/03/2025 | 17594000 | 17587610 |
|  |  | 68074375 |
| &nbsp;&nbsp; **Total Commercial Paper** <br>**(Cost $91,237,249)**<br>|  | 91119027 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.4%**  | **OTHER INVESTMENT COMPANY - 0.4%**  | **OTHER INVESTMENT COMPANY - 0.4%**  |
| **Securities Lending Collateral - 0.4%**  | **Securities Lending Collateral - 0.4%**  | **Securities Lending Collateral - 0.4%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.31% <sup>(I)</sup> <br>| 6888873 | $6888873 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $6,888,873)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $6,888,873)** | 6888873 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.0%**  | **REPURCHASE AGREEMENT - 1.0%**  | **REPURCHASE AGREEMENT - 1.0%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(I)</sup>, dated 06/30/2025, to be <br> repurchased at $16,922,953 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.63%, due 06/15/2027, and <br> with a value of $17,260,587.<br>| $16922107 | 16922107 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $16,922,107)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $16,922,107)** | 16922107 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,805,999,236)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,805,999,236)** | 1813766648 |
| **Net Other Assets (Liabilities) - (4.8)%** | **Net Other Assets (Liabilities) - (4.8)%** | (83473068) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1730293580** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(J)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Corporate Debt Securities | $— | &nbsp;&nbsp; $746194952 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $746194952 |
| U.S. Government Obligations |  | &nbsp;&nbsp; 399534040 | &nbsp;&nbsp; — | &nbsp;&nbsp; 399534040 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 197891934 | &nbsp;&nbsp; — | &nbsp;&nbsp; 197891934 |
| Mortgage-Backed Securities |  | &nbsp;&nbsp; 183948168 | &nbsp;&nbsp; — | &nbsp;&nbsp; 183948168 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 154983446 | &nbsp;&nbsp; — | &nbsp;&nbsp; 154983446 |
| Foreign Government Obligations |  | &nbsp;&nbsp; 15224752 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15224752 |
| Loan Assignment |  | &nbsp;&nbsp; 1059349 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1059349 |
| Commercial Paper |  | &nbsp;&nbsp; 91119027 | &nbsp;&nbsp; — | &nbsp;&nbsp; 91119027 |
| Other Investment Company | 6888873 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6888873 |
| Repurchase Agreement |  | &nbsp;&nbsp; 16922107 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16922107 |
| **Total Investments** | **$6888873** | &nbsp;&nbsp; **$1806877775** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1813766648** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At June 30, 2025, the total value of 144A securities is $739,888,593, representing 42.8% of the* *Portfolio's net assets.* 

<sup>(B)</sup> *Floating or variable rate security. The rate disclosed is as of June 30, 2025. For securities based on a published reference rate and spread, the* *reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,* *where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and* *are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

<sup>(C)</sup> *Perpetual maturity. The date displayed is the next call date.*

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

<sup>(E)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $10,495,875, collateralized by cash collateral of $6,888,873 and* *non-cash collateral, such as U.S. government securities of $3,820,245. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica Aegon Bond VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

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

<sup>(F)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after June 30, 2025. Security* *may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(G)</sup> *Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside* *the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the* *registration requirements of the Securities Act of 1933. At June 30, 2025, the total value of the Regulation S securities is $5,285,180, representing 0.3%* *of the Portfolio's net assets.* 

<sup>(H)</sup> *Security is subject to sale-buyback transactions. The average amount of sale-buybacks outstanding during the period ended June 30, 2025 was $0 at* *a weighted average interest rate of 0%.* 

<sup>(I)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(J)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *CMT* | *Constant Maturity Treasury* |
| *MTA* | *Month Treasury Average* |
| *REIT* | *Real Estate Investment Trust* |
| *RFUCC* | *Refinitiv USD IBOR Consumer Cash Fallbacks* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |
| *TBA* | *To Be Announced* |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Aegon Bond VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $1,789,077,129) (including <br> securities loaned of $10,495,875)<br>| &nbsp;&nbsp; $1796844541 |
| Repurchase agreement, at value (cost $16,922,107) | &nbsp;&nbsp; 16922107 |
| Cash | &nbsp;&nbsp; 11068 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 25635953 |
| When-issued, delayed-delivery, forward and TBA <br> commitments sold<br>| &nbsp;&nbsp; 990795 |
| Net income from securities lending | &nbsp;&nbsp; 3867 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 161620 |
| Interest | &nbsp;&nbsp; 15903210 |
| Prepaid expenses | &nbsp;&nbsp; 7976 |
| Total assets | &nbsp;&nbsp; 1856481137 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 6888873 |
| Cash collateral at broker for: |  |
| TBA commitments | &nbsp;&nbsp; 1107058 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 35393923 |
| When-issued, delayed-delivery, forward and TBA <br> commitments purchased<br>| &nbsp;&nbsp; 81377554 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 419117 |
| Investment management fees | &nbsp;&nbsp; 715100 |
| Distribution and service fees | &nbsp;&nbsp; 89703 |
| Transfer agent costs | &nbsp;&nbsp; 2731 |
| Trustee and CCO fees | &nbsp;&nbsp; 11026 |
| Audit and tax fees  | &nbsp;&nbsp; 32425 |
| Custody fees | &nbsp;&nbsp; 38266 |
| Legal fees | &nbsp;&nbsp; 18653 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 58865 |
| Other accrued expenses | &nbsp;&nbsp; 34263 |
| Total liabilities | &nbsp;&nbsp; 126187557 |
| **Net assets**  | &nbsp;&nbsp; $1730293580 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $1762230 |
| Additional paid-in capital | &nbsp;&nbsp; 1854096925 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (125565575)<br>|
| **Net assets** | &nbsp;&nbsp; $1730293580 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $1305791853 |
| Service Class | &nbsp;&nbsp; 424501727 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 132633198 |
| Service Class | &nbsp;&nbsp; 43589770 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $9.85 |
| Service Class | 9.74 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | &nbsp;&nbsp; $49540262 |
| Net income from securities lending | &nbsp;&nbsp; 20676 |
| Total investment income  | &nbsp;&nbsp; 49560938 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 4492117 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 538915 |
| Transfer agent costs | &nbsp;&nbsp; 11160 |
| Trustee and CCO fees | &nbsp;&nbsp; 48031 |
| Audit and tax fees | &nbsp;&nbsp; 36876 |
| Custody fees | &nbsp;&nbsp; 88884 |
| Legal fees | &nbsp;&nbsp; 85936 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 63445 |
| Other | &nbsp;&nbsp; 64278 |
| Total expenses | &nbsp;&nbsp; 5429642 |
| **Net investment income (loss)** | &nbsp;&nbsp; 44131296 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; (4940540)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 29882985 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 24942445 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $69073741 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Aegon Bond VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $44131296 | &nbsp;&nbsp; $110103551 |
| Net realized gain (loss) | &nbsp;&nbsp; (4940540)<br>| &nbsp;&nbsp; 2302860 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 29882985 | &nbsp;&nbsp; (64566098)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 69073741 | &nbsp;&nbsp; 47840313 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (74324743)<br>|
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (18491392)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (92816135)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 9010798 | &nbsp;&nbsp; 15745830 |
| Service Class | &nbsp;&nbsp; 3207668 | &nbsp;&nbsp; 8088272 |
|  | &nbsp;&nbsp; 12218466 | &nbsp;&nbsp; 23834102 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 74324743 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 18491392 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 92816135 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (299768837)<br>| &nbsp;&nbsp; (513020659)<br>|
| Service Class | &nbsp;&nbsp; (40541841)<br>| &nbsp;&nbsp; (71516396)<br>|
|  | &nbsp;&nbsp; (340310678)<br>| &nbsp;&nbsp; (584537055)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (328092212)<br>| &nbsp;&nbsp; (467886818)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (259018471)<br>| &nbsp;&nbsp; (512862640)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 1989312051 | &nbsp;&nbsp; 2502174691 |
| End of period/year | &nbsp;&nbsp; $1730293580 | &nbsp;&nbsp; $1989312051 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 933861 | &nbsp;&nbsp; 1628776 |
| Service Class | &nbsp;&nbsp; 334277 | &nbsp;&nbsp; 848867 |
|  | &nbsp;&nbsp; 1268138 | &nbsp;&nbsp; 2477643 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 7718042 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1936271 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 9654313 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (31157725)<br>| &nbsp;&nbsp; (53293797)<br>|
| Service Class | &nbsp;&nbsp; (4253303)<br>| &nbsp;&nbsp; (7487921)<br>|
|  | &nbsp;&nbsp; (35411028)<br>| &nbsp;&nbsp; (60781718)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (30223864)<br>| &nbsp;&nbsp; (43946979)<br>|
| Service Class | &nbsp;&nbsp; (3919026)<br>| &nbsp;&nbsp; (4702783)<br>|
|  | &nbsp;&nbsp; (34142890)<br>| &nbsp;&nbsp; (48649762)<br>|

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Aegon Bond VP**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $9.48 | &nbsp;&nbsp; $9.68 | &nbsp;&nbsp; $9.18 | &nbsp;&nbsp; $11.08 | &nbsp;&nbsp; $12.08 | &nbsp;&nbsp; $11.77 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.23 | 0.47 | 0.43 | 0.28 | 0.23 | 0.27 |
| Net realized and unrealized gain (loss) | 0.14 | &nbsp;&nbsp; (0.26)<br>| 0.16 | &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (0.33)<br>| 0.61 |
| Total investment operations | 0.37 | 0.21 | 0.59 | &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (0.10)<br>| 0.88 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.52)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.05)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.57)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $9.85 | &nbsp;&nbsp; $9.48 | &nbsp;&nbsp; $9.68 | &nbsp;&nbsp; $9.18 | &nbsp;&nbsp; $11.08 | &nbsp;&nbsp; $12.08 |
| **Total return**<sup>(B)</sup> <br>| 3.90 %<sup>(C)</sup><br>| 2.14<br> %<br>| 6.45<br> %<br>| &nbsp;&nbsp; (14.84)%<br>| &nbsp;&nbsp; (0.87)%<br>| 7.68<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $1305792 | &nbsp;&nbsp; $1543393 | &nbsp;&nbsp; $2001616 | &nbsp;&nbsp; $773454 | &nbsp;&nbsp; $1153539 | &nbsp;&nbsp; $1372817 |
| Expenses to average net assets | 0.53 %<sup>(D)</sup><br>| 0.53<br> %<br>| 0.53<br> %<br>| 0.66<br> %<br>| 0.67<br> %<br>| 0.67<br> %<br>|
| Net investment income (loss) to average net assets | 4.87 %<sup>(D)</sup><br>| 4.86<br> %<br>| 4.67<br> %<br>| 2.82<br> %<br>| 1.96<br> %<br>| 2.24<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 24 %<sup>(C)</sup><br>| &nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp; 126 %<sup>(E)</sup><br>| &nbsp;&nbsp; 18 %<sup>(E)</sup><br>| &nbsp;&nbsp; 30 %<sup>(E)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Excludes sale-buyback transactions.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Aegon Bond VP**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $11.96 | &nbsp;&nbsp; $11.65 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.22 | 0.44 | 0.40 | 0.25 | 0.20 | 0.24 |
| Net realized and unrealized gain (loss) | 0.13 | &nbsp;&nbsp; (0.25)<br>| 0.16 | &nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp; (0.32)<br>| 0.61 |
| Total investment operations | 0.35 | 0.19 | 0.56 | &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (0.12)<br>| 0.85 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.49)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.05)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.54)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $9.74 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $11.96 |
| **Total return**<sup>(B)</sup> <br>| 3.73 %<sup>(C)</sup><br>| 1.88<br> %<br>| 6.18<br> %<br>| &nbsp;&nbsp; (15.08)%<br>| &nbsp;&nbsp; (1.07)%<br>| 7.40<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $424502 | &nbsp;&nbsp; $445919 | &nbsp;&nbsp; $500559 | &nbsp;&nbsp; $540763 | &nbsp;&nbsp; $748830 | &nbsp;&nbsp; $813000 |
| Expenses to average net assets | 0.78 %<sup>(D)</sup><br>| 0.78<br> %<br>| 0.78<br> %<br>| 0.91<br> %<br>| 0.92<br> %<br>| 0.92<br> %<br>|
| Net investment income (loss) to average net assets | 4.63 %<sup>(D)</sup><br>| 4.61<br> %<br>| 4.38<br> %<br>| 2.58<br> %<br>| 1.72<br> %<br>| 1.99<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 24 %<sup>(C)</sup><br>| &nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp; 126 %<sup>(E)</sup><br>| &nbsp;&nbsp; 18 %<sup>(E)</sup><br>| &nbsp;&nbsp; 30 %<sup>(E)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Excludes sale-buyback transactions.*

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

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

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

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

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

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

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

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

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

There were no commissions recaptured during the period ended June 30, 2025, by the Portfolio.

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

**3. INVESTMENT VALUATION**

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

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

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

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

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

**Transamerica Series Trust**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

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

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

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

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

*Loan assignments:* Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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

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

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

**4. SECURITIES AND OTHER INVESTMENTS**

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

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

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

The Portfolio held no unfunded loan participations at June 30, 2025. Open funded loan participations and assignments at June 30, 2025, if any, are included within the Schedule of Investments.

**Payment in-kind ("PIK") securities:** PIKs give the issuer the option of making interest payments in either cash or additional debt securities at each interest payment date. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a "dirty price") and require a pro-rata adjustment from Total distributable earnings (loss) to Interest within the Statement of Assets and Liabilities.

PIKs held at June 30, 2025, if any, are identified within the Schedule of Investments.

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

REITs held at June 30, 2025, if any, are identified within the Schedule of Investments.

**Treasury inflation-protected securities ("TIPS"):** The Portfolio may invest in TIPS, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds and notes. For bonds and notes that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

TIPS held at June 30, 2025, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income within the Statement of Operations, with a corresponding adjustment to Investments, at cost within the Statement of Assets and Liabilities.

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

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

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

When-issued, delayed-delivery, forward and TBA commitment transactions held at June 30, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

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

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Portfolio based on the Portfolio's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Portfolio agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Portfolio had no amounts outstanding as of June 30, 2025, or at any time during the period then ended.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

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

The Portfolio forgoes principal and interest paid during the roll period on the securities sold in a sale-buyback financing transaction. The Portfolio is compensated by the difference between the current sales price and the price for the future purchase (often referred to as the "price drop"), as well as by any interest earned on the proceeds of the securities sold. Sale-buyback financing transactions may be renewed with a new sale and a repurchase price and a cash settlement made at each renewal without physical delivery of the securities subject to the contract. Sale-buyback financing transactions expose the Portfolio to risks such as, the buyer under the agreement may file for bankruptcy, become insolvent, or otherwise default on its obligations to the Portfolio, the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. The Portfolio's obligations under a sale-buyback typically would be offset by liquid assets equal in value to the amount of the Portfolio's forward commitment to repurchase the subject security. Sale-buyback financing transactions accounted for as borrowing transactions are excluded from the Portfolio's portfolio turnover rates. The Portfolio recognizes price drop fee income on a straight line basis over the period of the roll. For the period ended June 30, 2025, the Portfolio earned price drop fee income of $0. The price drop fee income is included in Interest income within the Statement of Operations.

The outstanding payable for securities to be repurchased, if any, is included in Payable for sale-buyback financing transactions within the Statement of Assets and Liabilities. The interest expense is included within Interest income on the Statement of Operations. In periods of

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**Transamerica Aegon Bond VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

increased demand of the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio, and is included in Interest income on the Statement of Operations.

Open sale-buyback financing transactions at June 30, 2025, if any, are identified within the Schedule of Investments and Statement of Assets and Liabilities.

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

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

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $6888873 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6888873 |
| **Total Borrowings** | **$6888873** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$6888873** |

---

**6. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 24**

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**Transamerica Aegon Bond VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

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

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Portfolio's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Portfolio. Increased redemptions could cause the Portfolio to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Portfolio or a counterparty to a financial contract with the Portfolio is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Portfolio. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**High-yield debt securities risk:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the Portfolio.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Portfolio's assets can decline as can the value of the Portfolio's distributions.

**Liquidity risk:** The Portfolio may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Portfolio is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Portfolio may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 25**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Portfolio to sell. This may prevent the Portfolio from limiting losses.

**Counterparty risk:** The Portfolio could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Portfolio do not fulfill their contractual obligations. In addition, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Portfolio has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase portfolio losses, increase costs, reduce opportunities for gains, increase portfolio volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Portfolio. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Portfolio's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Portfolio. In certain cases, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Portfolio to certain operational and legal risks. The Portfolio may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on portfolios using derivatives. Rule 18f-4 could have an adverse impact on the Portfolio's performance and its ability to implement its investment strategies and may increase costs related to the Portfolio's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Portfolio will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Bank obligations risk:** Investments in bank obligations may expose the Portfolio to adverse developments in or related to the banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Portfolio invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Portfolio will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Portfolio.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 26**

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**Transamerica Aegon Bond VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

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

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Portfolio, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

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

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.510<br> % <br>|
| Over $500 million up to $1 billion | 0.490 |
| Over $1 billion up to $1.5 billion | 0.480 |
| Over $1.5 billion | 0.475 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.58<br> % <br>| May 1, 2026 |
| Service Class | 0.83 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

**Transamerica Series Trust**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

As of June 30, 2025, there are no amounts available for recapture by TAM.

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

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

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCL has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2026. Prior to TCL seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

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

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Initial Class | 0.15<br> % <br>|
| Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $216132125 | &nbsp;&nbsp; $197180304 | &nbsp;&nbsp; $421088655 | &nbsp;&nbsp; $247891476 |

---

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

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes.

**Transamerica Series Trust**

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**Page 28**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $1805999236 | &nbsp;&nbsp; $33896193 | &nbsp;&nbsp; $(26128781)<br>| &nbsp;&nbsp; $7767412 |

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica Aegon Bond VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and Aegon USA Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

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

**Nature, Extent and Quality of the Services Provided**

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

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

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 33**

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**Transamerica Aegon Bond VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Portfolio's benchmark, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of Service Class Shares of the Portfolio was above the benchmark that TAM utilizes to measure performance of the Portfolio for the past 1-year period and below the benchmark for the past 3-, 5- and 10-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Portfolio on November 1, 2022 pursuant to its current investment strategies. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were in line with the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

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

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio

**Transamerica Series Trust**

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**Page 34**

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**Transamerica Aegon Bond VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

With respect to the Sub-Adviser, the Board noted that information about the Sub-Adviser's revenues and expenses was incorporated into the profitability analysis for TAM and its affiliates with respect to the Portfolio. As a result, the Board focused on profitability information for TAM and its affiliates and the Sub-Adviser in the aggregate.

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

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio.

**Other Considerations**

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

**Conclusion**

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

**Transamerica Series Trust**

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**Page 35**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

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Visit **transamerica.com**

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Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

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![](g897817img900bd23c1.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica Aegon Core Bond VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817img576958062.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_d83124bb-fc91-4687-b449-1fb8db31d950_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_d83124bb-fc91-4687-b449-1fb8db31d950_SOI-RunningFooter-222_1) | 2 |
| [Statement of Assets and Liabilities](#xx_d83124bb-fc91-4687-b449-1fb8db31d950_FS-RunningFooter-222_1) | 15 |
| [Statement of Operations](#xx_d83124bb-fc91-4687-b449-1fb8db31d950_FS-RunningFooter-222_1) | 15 |
| [Statement of Changes in Net Assets](#xx_d83124bb-fc91-4687-b449-1fb8db31d950_FS-RunningFooter-222_2) | 16 |
| [Financial Highlights](#xx_d83124bb-fc91-4687-b449-1fb8db31d950_FS-RunningFooter-222_3) | 17 |
| [Notes to Financial Statements](#xx_d83124bb-fc91-4687-b449-1fb8db31d950_NTF-RunningFooter-222_1) | 19 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_d83124bb-fc91-4687-b449-1fb8db31d950_DWA-RunningFooter-222_1)**<br> **[Companies](#xx_d83124bb-fc91-4687-b449-1fb8db31d950_DWA-RunningFooter-222_1)**<br>| 30 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_d83124bb-fc91-4687-b449-1fb8db31d950_PD-RunningFooter-222_1)** | 31 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_d83124bb-fc91-4687-b449-1fb8db31d950_DTO-RunningFooter-222_1)**<br> **[Companies](#xx_d83124bb-fc91-4687-b449-1fb8db31d950_DTO-RunningFooter-222_1)**<br>| 32 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_d83124bb-fc91-4687-b449-1fb8db31d950_Mgmtagmt-RunningFooter-222_1)** | 33 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Aegon Core Bond VP**

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**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 30.1%**  | **CORPORATE DEBT SECURITIES - 30.1%**  | **CORPORATE DEBT SECURITIES - 30.1%**  |
| **Aerospace & Defense - 0.8%**  | **Aerospace & Defense - 0.8%**  | **Aerospace & Defense - 0.8%**  |
| Boeing Co. |  |  |
| 6.53%, 05/01/2034 | $894000 | $971356 |
| 6.86%, 05/01/2054 | 304000 | 332794 |
| General Electric Co. |  |  |
| 4.13%, 10/09/2042 | 442000 | 366850 |
| 4.50%, 03/11/2044 | 919000 | 809780 |
| HEICO Corp. |  |  |
| 5.35%, 08/01/2033 | 618000 | 632499 |
|  |  | 3113279 |
| **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.25%, 03/01/2032 | 382000 | 341897 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/23/2032 <sup>(A)</sup> <br>| 406000 | 375242 |
|  |  | 717139 |
| **Automobiles - 1.1%**  | **Automobiles - 1.1%**  | **Automobiles - 1.1%**  |
| BMW U.S. Capital LLC |  |  |
| 2.80%, 04/11/2026 <sup>(A)</sup> <br>| 550000 | 543152 |
| Ford Motor Credit Co. LLC |  |  |
| 3.38%, 11/13/2025 | 1071000 | 1063867 |
| 6.95%, 03/06/2026 | 600000 | 605786 |
| General Motors Co. |  |  |
| 5.35%, 04/15/2028 | 306000 | 310652 |
| 6.25%, 10/02/2043 | 162000 | 158902 |
| Hyundai Capital America |  |  |
| 5.40%, 06/23/2032 <sup>(A)</sup> <br>| 976000 | 988500 |
| Volkswagen Group of America <br> Finance LLC |  |  |
| 1.63%, 11/24/2027 <sup>(A)</sup> <br>| 650000 | 604890 |
|  |  | 4275749 |
| **Banks - 5.4%**  | **Banks - 5.4%**  | **Banks - 5.4%**  |
| Banco Santander SA |  |  |
| &nbsp;&nbsp; Fixed until 03/14/2027, <br>5.55% <sup>(B)</sup>, 03/14/2028<br>| 600000 | 609650 |
| 6.03%, 01/17/2035 | 400000 | 421412 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 05/09/2035, <br>5.46% <sup>(B)</sup>, 05/09/2036<br>| 1064000 | 1091039 |
| &nbsp;&nbsp; Fixed until 09/15/2028, <br>5.82% <sup>(B)</sup>, 09/15/2029<br>| 1985000 | 2067810 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2034, <br>5.61% <sup>(B)</sup>, 07/21/2039<br>| 225000 | 229162 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/12/2054, <br>6.04% <sup>(B)</sup>, 03/12/2055<br>| 200000 | 205434 |
| &nbsp;&nbsp; Fixed until 11/02/2025, <br>7.33% <sup>(B)</sup>, 11/02/2026<br>| 1070000 | 1078883 |
| CaixaBank SA |  |  |
| &nbsp;&nbsp; Fixed until 09/13/2033, <br>6.84% <sup>(B)</sup>, 09/13/2034 <sup>(A)</sup> <br>| 726000 | 797468 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp; Fixed until 01/13/2030, <br>5.25% <sup>(B)</sup>, 01/13/2031<br>| 460000 | 471189 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/25/2033, <br>6.17% <sup>(B)</sup>, 05/25/2034<br>| $287000 | $300440 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 10/21/2031, <br>2.65% <sup>(B)</sup>, 10/21/2032<br>| 828000 | 731662 |
| &nbsp;&nbsp; Fixed until 01/28/2055, <br>5.73% <sup>(B)</sup>, 01/28/2056<br>| 487000 | 486913 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp; Fixed until 11/21/2032, <br>8.25% <sup>(B)</sup>, 11/21/2033 <sup>(A)</sup> <br>| 672000 | 780057 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 04/22/2026, <br>1.58% <sup>(B)</sup>, 04/22/2027<br>| 880000 | 859606 |
| &nbsp;&nbsp; Fixed until 01/23/2029, <br>5.01% <sup>(B)</sup>, 01/23/2030<br>| 1672000 | 1702860 |
| &nbsp;&nbsp; Fixed until 04/22/2034, <br>5.77% <sup>(B)</sup>, 04/22/2035<br>| 277000 | 291013 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/08/2030, <br>5.18% <sup>(B)</sup>, 07/08/2031<br>| 648000 | 658734 |
| &nbsp;&nbsp; Fixed until 01/16/2035, <br>5.39% <sup>(B)</sup>, 01/16/2036<br>| 213000 | 212260 |
| &nbsp;&nbsp; Fixed until 10/30/2028, <br>7.41% <sup>(B)</sup>, 10/30/2029<br>| 290000 | 314521 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 07/19/2034, <br>5.32% <sup>(B)</sup>, 07/19/2035<br>| 493000 | 499018 |
| &nbsp;&nbsp; Fixed until 01/18/2034, <br>5.47% <sup>(B)</sup>, 01/18/2035<br>| 371000 | 379552 |
| &nbsp;&nbsp; Fixed until 04/18/2029, <br>5.66% <sup>(B)</sup>, 04/18/2030<br>| 1433000 | 1488472 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/01/2034, <br>5.78% <sup>(B)</sup>, 03/01/2035<br>| 819000 | 850488 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 01/22/2034, <br>5.68% <sup>(B)</sup>, 01/22/2035<br>| 104000 | 108056 |
| &nbsp;&nbsp; Fixed until 08/18/2033, <br>5.94% <sup>(B)</sup>, 08/18/2034<br>| 587000 | 620975 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 01/26/2033, <br>5.12% <sup>(B)</sup>, 01/26/2034<br>| 978000 | 978612 |
| &nbsp;&nbsp; Fixed until 10/30/2028, <br>7.16% <sup>(B)</sup>, 10/30/2029<br>| 287000 | 310444 |
| UBS Group AG |  |  |
| &nbsp;&nbsp; Fixed until 09/06/2044, <br>5.38% <sup>(B)</sup>, 09/06/2045 <sup>(A)</sup> <br>| 400000 | 385641 |
| &nbsp;&nbsp; Fixed until 08/12/2032, <br>6.54% <sup>(B)</sup>, 08/12/2033 <sup>(A)</sup> <br>| 751000 | 816853 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp; Fixed until 01/24/2030, <br>5.24% <sup>(B)</sup>, 01/24/2031<br>| 642000 | 658588 |
| &nbsp;&nbsp; Fixed until 07/25/2033, <br>5.56% <sup>(B)</sup>, 07/25/2034<br>| 832000 | 858647 |
|  |  | 21265459 |
| **Beverages - 0.1%**  | **Beverages - 0.1%**  | **Beverages - 0.1%**  |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.44%, 10/06/2048 | 588000 | 500020 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica Aegon Core Bond VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Biotechnology - 0.5%**  | **Biotechnology - 0.5%**  | **Biotechnology - 0.5%**  |
| Amgen, Inc. |  |  |
| 2.80%, 08/15/2041 | $356000 | $257221 |
| 5.60%, 03/02/2043 | 340000 | 337285 |
| CSL Finance PLC |  |  |
| 4.63%, 04/27/2042 <sup>(A)</sup> <br>| 353000 | 312122 |
| Gilead Sciences, Inc. |  |  |
| 5.10%, 06/15/2035 | 591000 | 598567 |
| Royalty Pharma PLC |  |  |
| 2.20%, 09/02/2030 | 464000 | 411314 |
|  |  | 1916509 |
| **Building Products - 0.4%**  | **Building Products - 0.4%**  | **Building Products - 0.4%**  |
| Amrize Finance U.S. LLC |  |  |
| 4.75%, 09/22/2046 <sup>(A)</sup> <br>| 220000 | 186691 |
| 5.40%, 04/07/2035 <sup>(A)</sup> <br>| 403000 | 408909 |
| Owens Corning |  |  |
| 4.30%, 07/15/2047 | 573000 | 461772 |
| Vulcan Materials Co. |  |  |
| 5.35%, 12/01/2034 | 450000 | 458085 |
|  |  | 1515457 |
| **Chemicals - 0.2%**  | **Chemicals - 0.2%**  | **Chemicals - 0.2%**  |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/2028 | 362000 | 367123 |
| OCP SA |  |  |
| 6.75%, 05/02/2034 <sup>(A)</sup> <br>| 367000 | 380135 |
|  |  | 747258 |
| **Commercial Services & Supplies - 1.2%**  | **Commercial Services & Supplies - 1.2%**  | **Commercial Services & Supplies - 1.2%**  |
| ADT Security Corp. |  |  |
| 4.13%, 08/01/2029 <sup>(A)</sup> <br>| 387000 | 373857 |
| Ashtead Capital, Inc. |  |  |
| 5.55%, 05/30/2033 <sup>(A)</sup> <br>| 334000 | 337315 |
| 5.80%, 04/15/2034 <sup>(A)</sup> <br>| 230000 | 235395 |
| Element Fleet Management Corp. |  |  |
| 5.04%, 03/25/2030 <sup>(A)</sup> <br>| 1047000 | 1056201 |
| Equifax, Inc. |  |  |
| 5.10%, 12/15/2027 | 288000 | 292591 |
| GXO Logistics, Inc. |  |  |
| 2.65%, 07/15/2031 | 1236000 | 1075486 |
| 6.50%, 05/06/2034 | 347000 | 362967 |
| Quanta Services, Inc. |  |  |
| 2.90%, 10/01/2030 | 667000 | 614880 |
| 5.25%, 08/09/2034 | 31000 | 31380 |
| Veralto Corp. |  |  |
| 5.45%, 09/18/2033 | 380000 | 391913 |
|  |  | 4771985 |
| **Communications Equipment - 0.7%**  | **Communications Equipment - 0.7%**  | **Communications Equipment - 0.7%**  |
| T-Mobile USA, Inc. |  |  |
| 3.50%, 04/15/2031 | 595000 | 558655 |
| 3.88%, 04/15/2030 | 376000 | 365178 |
| 5.15%, 04/15/2034 | 614000 | 621831 |
| Verizon Communications, Inc. |  |  |
| 1.68%, 10/30/2030 | 666000 | 576243 |
| 2.99%, 10/30/2056 | 1142000 | 687316 |
|  |  | 2809223 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Construction & Engineering - 0.1%**  | **Construction & Engineering - 0.1%**  | **Construction & Engineering - 0.1%**  |
| Sitios Latinoamerica SAB de CV |  |  |
| 6.00%, 11/25/2029 <sup>(A)</sup> <br>| $442000 | $450062 |
| **Consumer Staples Distribution & Retail - 0.3%**  | **Consumer Staples Distribution & Retail - 0.3%**  | **Consumer Staples Distribution & Retail - 0.3%**  |
| 7-Eleven, Inc. |  |  |
| 1.80%, 02/10/2031 <sup>(A)</sup> <br>| 682000 | 577633 |
| Lowe's Cos., Inc. |  |  |
| 3.75%, 04/01/2032 | 788000 | 743181 |
|  |  | 1320814 |
| **Distributors - 0.1%**  | **Distributors - 0.1%**  | **Distributors - 0.1%**  |
| LKQ Corp. |  |  |
| 6.25%, 06/15/2033 | 337000 | 355097 |
| **Diversified REITs - 1.1%**  | **Diversified REITs - 1.1%**  | **Diversified REITs - 1.1%**  |
| Safehold GL Holdings LLC |  |  |
| 6.10%, 04/01/2034 | 460000 | 478801 |
| SBA Tower Trust |  |  |
| 6.60%, 11/15/2052 <sup>(A)</sup> <br>| 2168000 | 2227985 |
| VICI Properties LP |  |  |
| 4.95%, 02/15/2030 | 598000 | 601498 |
| Weyerhaeuser Co. |  |  |
| 4.00%, 04/15/2030 | 638000 | 622277 |
| WP Carey, Inc. |  |  |
| 5.38%, 06/30/2034 | 486000 | 490301 |
|  |  | 4420862 |
| **Electric Utilities - 1.0%**  | **Electric Utilities - 1.0%**  | **Electric Utilities - 1.0%**  |
| Chile Electricity Lux MPC II SARL |  |  |
| 5.58%, 10/20/2035 <sup>(A)</sup> <br>| 628536 | 628587 |
| Cleveland Electric Illuminating Co. |  |  |
| 5.95%, 12/15/2036 | 58000 | 60429 |
| CMS Energy Corp. |  |  |
| 2.95%, 02/15/2027 | 81000 | 79073 |
| 4.88%, 03/01/2044 | 103000 | 91845 |
| DTE Electric Co. |  |  |
| 4.30%, 07/01/2044 | 1041000 | 878012 |
| Duke Energy Corp. |  |  |
| 3.75%, 09/01/2046 | 1018000 | 753774 |
| Duke Energy Progress LLC |  |  |
| 3.60%, 09/15/2047 | 706000 | 517209 |
| NRG Energy, Inc. |  |  |
| 6.00%, 02/01/2033 <sup>(A)</sup> <br>| 140000 | 141395 |
| Oncor Electric Delivery Co. LLC |  |  |
| 5.30%, 06/01/2042 | 38000 | 36317 |
| Pacific Gas & Electric Co. |  |  |
| 3.75%, 08/15/2042 | 70000 | 49902 |
| Public Service Co. of Oklahoma |  |  |
| 6.63%, 11/15/2037 | 125000 | 135870 |
| Vistra Operations Co. LLC |  |  |
| 6.88%, 04/15/2032 <sup>(A)</sup> <br>| 408000 | 426557 |
|  |  | 3798970 |
| **Electronic Equipment, Instruments & Components - 0.5%**  | **Electronic Equipment, Instruments & Components - 0.5%**  | **Electronic Equipment, Instruments & Components - 0.5%**  |
| Arrow Electronics, Inc. |  |  |
| 5.88%, 04/10/2034 | 300000 | 309804 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Aegon Core Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Keysight Technologies, Inc. |  |  |
| 4.60%, 04/06/2027 | $509000 | $511001 |
| 4.95%, 10/15/2034 | 244000 | 241230 |
| Sensata Technologies, Inc. |  |  |
| 4.38%, 02/15/2030 <sup>(A)</sup> <br>| 471000 | 449666 |
| Tyco Electronics Group SA |  |  |
| 5.00%, 05/09/2035 | 691000 | 688159 |
|  |  | 2199860 |
| **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  |
| Schlumberger Holdings Corp. |  |  |
| 3.90%, 05/17/2028 <sup>(A)</sup> <br>| 527000 | 521691 |
| **Financial Services - 1.3%**  | **Financial Services - 1.3%**  | **Financial Services - 1.3%**  |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust |  |  |
| 4.45%, 04/03/2026 | 864000 | 862540 |
| 4.95%, 09/10/2034 | 400000 | 391269 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/15/2028, <br>5.74% <sup>(B)</sup>, 05/15/2029<br>| 174000 | 177098 |
| American Express Co. |  |  |
| &nbsp;&nbsp; Fixed until 04/25/2029, <br>5.53% <sup>(B)</sup>, 04/25/2030<br>| 577000 | 599816 |
| Aviation Capital Group LLC |  |  |
| 1.95%, 01/30/2026 <sup>(A)</sup> <br>| 322000 | 316893 |
| Avolon Holdings Funding Ltd. |  |  |
| 5.50%, 01/15/2026 <sup>(A)</sup> <br>| 391000 | 391601 |
| 5.75%, 11/15/2029 <sup>(A)</sup> <br>| 895000 | 921291 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 01/30/2035, <br>6.18% <sup>(B)</sup>, 01/30/2036<br>| 179000 | 182230 |
| Charles Schwab Corp. |  |  |
| &nbsp;&nbsp; Fixed until 05/19/2033, <br>5.85% <sup>(B)</sup>, 05/19/2034<br>| 258000 | 274076 |
| Citadel LP |  |  |
| 6.00%, 01/23/2030 <sup>(A)</sup> <br>| 157000 | 162322 |
| LPL Holdings, Inc. |  |  |
| 5.70%, 05/20/2027 | 303000 | 308675 |
| Rocket Cos., Inc. |  |  |
| 6.13%, 08/01/2030 <sup>(A)</sup> <br>| 490000 | 499325 |
|  |  | 5087136 |
| **Food Products - 1.8%**  | **Food Products - 1.8%**  | **Food Products - 1.8%**  |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP |  |  |
| 6.25%, 03/15/2033 <sup>(A)</sup> <br>| 88000 | 90713 |
| BAT Capital Corp. |  |  |
| 5.63%, 08/15/2035 | 921000 | 937183 |
| Bunge Ltd. Finance Corp. |  |  |
| 4.65%, 09/17/2034 | 692000 | 671425 |
| Cargill, Inc. |  |  |
| 5.13%, 02/11/2035 <sup>(A)</sup> <br>| 543000 | 546897 |
| Imperial Brands Finance PLC |  |  |
| 5.63%, 07/01/2035 <sup>(A)</sup> <br>| 765000 | 767596 |
| J.M. Smucker Co. |  |  |
| 6.50%, 11/15/2043 | 296000 | 314010 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| &nbsp;&nbsp; JBS USA Holding LUX SARL/JBS USA <br> Foods Group Holdings, Inc./JBS USA <br>Food Co. |  |  |
| 5.50%, 01/15/2036 <sup>(A)</sup><sup>(C)</sup> <br>| $971000 | $972427 |
| Kroger Co. |  |  |
| 5.00%, 09/15/2034 | 376000 | 373311 |
| Philip Morris International, Inc. |  |  |
| 4.90%, 11/01/2034 | 751000 | 747424 |
| 5.63%, 11/17/2029 | 571000 | 599571 |
| Sysco Corp. |  |  |
| 5.40%, 03/23/2035 | 374000 | 380413 |
| Viterra Finance BV |  |  |
| 4.90%, 04/21/2027 <sup>(A)</sup> <br>| 634000 | 635638 |
|  |  | 7036608 |
| **Gas Utilities - 0.3%**  | **Gas Utilities - 0.3%**  | **Gas Utilities - 0.3%**  |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.75%, 05/01/2035 <sup>(A)</sup> <br>| 956000 | 1034795 |
| **Health Care Equipment & Supplies - 0.3%**  | **Health Care Equipment & Supplies - 0.3%**  | **Health Care Equipment & Supplies - 0.3%**  |
| Alcon Finance Corp. |  |  |
| 5.75%, 12/06/2052 <sup>(A)</sup> <br>| 324000 | 321567 |
| GE HealthCare Technologies, Inc. |  |  |
| 4.80%, 08/14/2029 | 451000 | 457610 |
| 5.50%, 06/15/2035 | 360000 | 368653 |
|  |  | 1147830 |
| **Health Care Providers & Services - 0.9%**  | **Health Care Providers & Services - 0.9%**  | **Health Care Providers & Services - 0.9%**  |
| Centene Corp. |  |  |
| 3.38%, 02/15/2030 | 422000 | 388676 |
| Cigna Group |  |  |
| 2.40%, 03/15/2030 | 536000 | 489111 |
| HCA, Inc. |  |  |
| 5.60%, 04/01/2034 | 463000 | 473717 |
| 6.00%, 04/01/2054 | 460000 | 450019 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co. |  |  |
| 5.88%, 06/15/2054 <sup>(A)</sup> <br>| 227000 | 221091 |
| Laboratory Corp. of America Holdings |  |  |
| 4.80%, 10/01/2034 | 673000 | 657919 |
| UnitedHealth Group, Inc. |  |  |
| 5.15%, 07/15/2034 <sup>(D)</sup> <br>| 432000 | 436362 |
| 5.20%, 04/15/2063 | 542000 | 482959 |
|  |  | 3599854 |
| **Hotels, Restaurants & Leisure - 0.4%**  | **Hotels, Restaurants & Leisure - 0.4%**  | **Hotels, Restaurants & Leisure - 0.4%**  |
| Carnival Corp. |  |  |
| 6.13%, 02/15/2033 <sup>(A)</sup> <br>| 419000 | 428701 |
| Hyatt Hotels Corp. |  |  |
| 5.25%, 06/30/2029 | 468000 | 476090 |
| MGM Resorts International |  |  |
| 6.13%, 09/15/2029 | 628000 | 638768 |
|  |  | 1543559 |
| **Household Durables - 0.1%**  | **Household Durables - 0.1%**  | **Household Durables - 0.1%**  |
| Whirlpool Corp. |  |  |
| 6.13%, 06/15/2030 | 239000 | 241101 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Aegon Core Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Insurance - 2.1%**  | **Insurance - 2.1%**  | **Insurance - 2.1%**  |
| Allstate Corp. |  |  |
| 5.05%, 06/24/2029 | $966000 | $991335 |
| 5.25%, 03/30/2033 | 302000 | 309619 |
| American International Group, Inc. |  |  |
| 5.45%, 05/07/2035 | 282000 | 289198 |
| Aon North America, Inc. |  |  |
| 5.75%, 03/01/2054 | 561000 | 552832 |
| Brown & Brown, Inc. |  |  |
| 5.25%, 06/23/2032 | 202000 | 206020 |
| 5.55%, 06/23/2035 | 780000 | 795395 |
| Constellation Insurance, Inc. |  |  |
| 6.80%, 01/24/2030 <sup>(A)</sup> <br>| 1614000 | 1604786 |
| Corebridge Financial, Inc. |  |  |
| 5.75%, 01/15/2034 | 345000 | 358427 |
| Fortitude Group Holdings LLC |  |  |
| 6.25%, 04/01/2030 <sup>(A)</sup> <br>| 272000 | 279836 |
| Markel Group, Inc. |  |  |
| 5.00%, 05/20/2049 | 96000 | 84168 |
| 6.00%, 05/16/2054 | 369000 | 368481 |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG |  |  |
| &nbsp;&nbsp; Fixed until 11/23/2031, <br>5.88% <sup>(B)</sup>, 05/23/2042 <sup>(A)</sup> <br>| 600000 | 613500 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/01/2030, <br>3.70% <sup>(B)</sup>, 10/01/2050<br>| 718000 | 654906 |
| RenaissanceRe Holdings Ltd. |  |  |
| 5.80%, 04/01/2035 | 139000 | 142812 |
| RGA Global Funding |  |  |
| 5.05%, 12/06/2031 <sup>(A)</sup> <br>| 906000 | 907969 |
|  |  | 8159284 |
| **Internet & Catalog Retail - 0.4%**  | **Internet & Catalog Retail - 0.4%**  | **Internet & Catalog Retail - 0.4%**  |
| Expedia Group, Inc. |  |  |
| 5.40%, 02/15/2035 | 727000 | 732011 |
| Meta Platforms, Inc. |  |  |
| 4.80%, 05/15/2030 | 550000 | 566260 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/2034 | 282000 | 276991 |
|  |  | 1575262 |
| **IT Services - 0.3%**  | **IT Services - 0.3%**  | **IT Services - 0.3%**  |
| Dell International LLC/EMC Corp. |  |  |
| 4.85%, 02/01/2035 | 710000 | 685148 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.00%, 10/15/2034 | 748000 | 725574 |
|  |  | 1410722 |
| **Machinery - 0.4%**  | **Machinery - 0.4%**  | **Machinery - 0.4%**  |
| Eaton Capital ULC |  |  |
| 4.45%, 05/09/2030 | 365000 | 366710 |
| Huntington Ingalls Industries, Inc. |  |  |
| 2.04%, 08/16/2028 | 914000 | 850958 |
| Ingersoll Rand, Inc. |  |  |
| 5.45%, 06/15/2034 | 457000 | 469964 |
|  |  | 1687632 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Media - 0.2%**  | **Media - 0.2%**  | **Media - 0.2%**  |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 4.80%, 03/01/2050 | $515000 | $412035 |
| Comcast Corp. |  |  |
| 2.94%, 11/01/2056 | 295000 | 173210 |
| NBCUniversal Media LLC |  |  |
| 4.45%, 01/15/2043 | 362000 | 311799 |
|  |  | 897044 |
| **Metals & Mining - 0.6%**  | **Metals & Mining - 0.6%**  | **Metals & Mining - 0.6%**  |
| Anglo American Capital PLC |  |  |
| 4.50%, 03/15/2028 <sup>(A)</sup> <br>| 972000 | 972099 |
| ArcelorMittal SA |  |  |
| 6.55%, 11/29/2027 | 745000 | 776577 |
| Glencore Funding LLC |  |  |
| 2.63%, 09/23/2031 <sup>(A)</sup> <br>| 618000 | 542510 |
|  |  | 2291186 |
| **Mortgage Real Estate Investment Trusts - 0.1%**  | **Mortgage Real Estate Investment Trusts - 0.1%**  | **Mortgage Real Estate Investment Trusts - 0.1%**  |
| Starwood Property Trust, Inc. |  |  |
| 6.00%, 04/15/2030 <sup>(A)</sup> <br>| 284000 | 287250 |
| **Office REITs - 0.1%**  | **Office REITs - 0.1%**  | **Office REITs - 0.1%**  |
| COPT Defense Properties LP |  |  |
| 2.00%, 01/15/2029 | 355000 | 323430 |
| **Oil, Gas & Consumable Fuels - 2.5%**  | **Oil, Gas & Consumable Fuels - 2.5%**  | **Oil, Gas & Consumable Fuels - 2.5%**  |
| Boardwalk Pipelines LP |  |  |
| 3.40%, 02/15/2031 | 322000 | 297445 |
| Cheniere Energy Partners LP |  |  |
| 5.55%, 10/30/2035 <sup>(A)</sup><sup>(C)</sup> <br>| 730000 | 735739 |
| Chevron USA, Inc. |  |  |
| 3.25%, 10/15/2029 | 456000 | 442289 |
| Diamondback Energy, Inc. |  |  |
| 5.40%, 04/18/2034 | 788000 | 790332 |
| Ecopetrol SA |  |  |
| 7.75%, 02/01/2032 | 574000 | 564100 |
| Enbridge, Inc. |  |  |
| 4.90%, 06/20/2030 | 504000 | 509047 |
| 5.63%, 04/05/2034 | 655000 | 672957 |
| Energy Transfer LP |  |  |
| 5.15%, 02/01/2043 | 367000 | 321139 |
| 5.55%, 02/15/2028 | 318000 | 327172 |
| 5.95%, 10/01/2043 | 339000 | 322047 |
| EQT Corp. |  |  |
| 6.38%, 04/01/2029 <sup>(A)</sup> <br>| 234000 | 241370 |
| Greensaif Pipelines Bidco SARL |  |  |
| 5.85%, 02/23/2036 <sup>(A)</sup> <br>| 336000 | 339359 |
| Hess Midstream Operations LP |  |  |
| 6.50%, 06/01/2029 <sup>(A)</sup> <br>| 316000 | 324977 |
| Occidental Petroleum Corp. |  |  |
| 5.20%, 08/01/2029 | 310000 | 310997 |
| ONEOK, Inc. |  |  |
| 6.10%, 11/15/2032 | 738000 | 780463 |
| Ovintiv, Inc. |  |  |
| 6.25%, 07/15/2033 | 486000 | 501766 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Aegon Core Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Petroleos Mexicanos |  |  |
| 6.84%, 01/23/2030 | $585000 | $565165 |
| 7.69%, 01/23/2050 | 290000 | 228110 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20%, 03/15/2028 | 309000 | 307364 |
| Shell Finance U.S., Inc. |  |  |
| 3.75%, 09/12/2046 | 428000 | 329928 |
| Shell International Finance BV |  |  |
| 2.50%, 09/12/2026 | 323000 | 317392 |
| Western Midstream Operating LP |  |  |
| 6.15%, 04/01/2033 | 501000 | 521395 |
| Williams Cos., Inc. |  |  |
| 5.40%, 03/04/2044 | 59000 | 55430 |
|  |  | 9805983 |
| **Paper & Forest Products - 0.1%**  | **Paper & Forest Products - 0.1%**  | **Paper & Forest Products - 0.1%**  |
| Georgia-Pacific LLC |  |  |
| 4.95%, 06/30/2032 <sup>(A)</sup> <br>| 381000 | 385573 |
| **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  |
| American Airlines Pass-Through Trust |  |  |
| 3.20%, 12/15/2029 | 252512 | 242026 |
| **Personal Care Products - 0.2%**  | **Personal Care Products - 0.2%**  | **Personal Care Products - 0.2%**  |
| Kenvue, Inc. |  |  |
| 5.00%, 03/22/2030 | 810000 | 834518 |
| **Pharmaceuticals - 1.1%**  | **Pharmaceuticals - 1.1%**  | **Pharmaceuticals - 1.1%**  |
| Bayer U.S. Finance II LLC |  |  |
| 4.38%, 12/15/2028 <sup>(A)</sup> <br>| 575000 | 569646 |
| Bristol-Myers Squibb Co. |  |  |
| 5.65%, 02/22/2064 | 222000 | 215541 |
| Cardinal Health, Inc. |  |  |
| 5.45%, 02/15/2034 | 366000 | 376608 |
| CVS Health Corp. |  |  |
| 5.25%, 01/30/2031 | 249000 | 254577 |
| 6.00%, 06/01/2044 | 543000 | 536702 |
| &nbsp;&nbsp; Fixed until 12/10/2029, <br>7.00% <sup>(B)</sup>, 03/10/2055<br>| 718000 | 740553 |
| Merck & Co., Inc. |  |  |
| 5.00%, 05/17/2053 | 232000 | 213281 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.11%, 05/19/2043 | 542000 | 516860 |
| Takeda U.S. Financing, Inc. |  |  |
| 5.20%, 07/07/2035 <sup>(C)</sup> <br>| 692000 | 692073 |
| Viatris, Inc. |  |  |
| 2.30%, 06/22/2027 | 310000 | 295392 |
|  |  | 4411233 |
| **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  |
| American Homes 4 Rent LP |  |  |
| 5.50%, 02/01/2034 | 607000 | 617147 |
| **Retail REITs - 0.2%**  | **Retail REITs - 0.2%**  | **Retail REITs - 0.2%**  |
| NNN REIT, Inc. |  |  |
| 4.60%, 02/15/2031 | 919000 | 914100 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Semiconductors & Semiconductor Equipment - 1.4%**  | **Semiconductors & Semiconductor Equipment - 1.4%**  | **Semiconductors & Semiconductor Equipment - 1.4%**  |
| Advanced Micro Devices, Inc. |  |  |
| 3.92%, 06/01/2032 | $779000 | $751764 |
| Broadcom, Inc. |  |  |
| 3.14%, 11/15/2035 <sup>(A)</sup> <br>| 609000 | 513654 |
| Foundry JV Holdco LLC |  |  |
| 5.88%, 01/25/2034 <sup>(A)</sup> <br>| 696000 | 707225 |
| 5.90%, 01/25/2033 <sup>(A)</sup> <br>| 668000 | 692503 |
| KLA Corp. |  |  |
| 3.30%, 03/01/2050 | 580000 | 401832 |
| Microchip Technology, Inc. |  |  |
| 5.05%, 03/15/2029 | 581000 | 590262 |
| Micron Technology, Inc. |  |  |
| 5.30%, 01/15/2031 | 616000 | 630822 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 3.25%, 11/30/2051 | 382000 | 245660 |
| 3.40%, 05/01/2030 | 671000 | 635105 |
| QUALCOMM, Inc. |  |  |
| 3.25%, 05/20/2050 | 408000 | 279680 |
|  |  | 5448507 |
| **Software - 1.0%**  | **Software - 1.0%**  | **Software - 1.0%**  |
| AppLovin Corp. |  |  |
| 5.50%, 12/01/2034 | 568000 | 576688 |
| Cadence Design Systems, Inc. |  |  |
| 4.70%, 09/10/2034 | 364000 | 359608 |
| Fair Isaac Corp. |  |  |
| 6.00%, 05/15/2033 <sup>(A)</sup> <br>| 272000 | 274493 |
| Fiserv, Inc. |  |  |
| 5.45%, 03/02/2028 | 515000 | 529214 |
| Intuit, Inc. |  |  |
| 5.50%, 09/15/2053 | 227000 | 225374 |
| Oracle Corp. |  |  |
| 3.65%, 03/25/2041 | 412000 | 324801 |
| 6.90%, 11/09/2052 | 530000 | 589540 |
| Roper Technologies, Inc. |  |  |
| 4.90%, 10/15/2034 | 528000 | 520694 |
| Synopsys, Inc. |  |  |
| 5.15%, 04/01/2035 | 368000 | 370922 |
| 5.70%, 04/01/2055 | 265000 | 263478 |
|  |  | 4034812 |
| **Transportation Infrastructure - 0.3%**  | **Transportation Infrastructure - 0.3%**  | **Transportation Infrastructure - 0.3%**  |
| Canadian Pacific Railway Co. |  |  |
| 2.45%, 12/02/2031 | 1146000 | 1005987 |
| United Parcel Service, Inc. |  |  |
| 5.25%, 05/14/2035 | 372000 | 379360 |
|  |  | 1385347 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $117,671,873)**<br>|  | 119101373 |
| **U.S. GOVERNMENT OBLIGATIONS - 29.7%**  | **U.S. GOVERNMENT OBLIGATIONS - 29.7%**  | **U.S. GOVERNMENT OBLIGATIONS - 29.7%**  |
| **U.S. Treasury - 28.0%**  | **U.S. Treasury - 28.0%**  | **U.S. Treasury - 28.0%**  |
| U.S. Treasury Bonds |  |  |
| 1.25%, 05/15/2050 | 2388000 | 1146986 |
| 1.38%, 11/15/2040 | 3183700 | 2028241 |
| 1.88%, 11/15/2051 | 1041800 | 579583 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Aegon Core Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **U.S. Treasury (continued)** | **U.S. Treasury (continued)** | **U.S. Treasury (continued)** |
| U.S. Treasury Bonds (continued) |  |  |
| 2.00%, 02/15/2050 | $773500 | $454189 |
| 2.25%, 05/15/2041 - 02/15/2052 | 4869900 | 3176681 |
| 2.38%, 05/15/2051 | 1119300 | 709750 |
| 2.50%, 02/15/2045 - 05/15/2046 | 4616000 | 3216506 |
| 2.75%, 08/15/2047 - 11/15/2047 | 3635600 | 2589283 |
| 2.88%, 08/15/2045 - 05/15/2049 | 1630500 | 1181418 |
| 3.00%, 08/15/2048 - 08/15/2052 | 3300800 | 2428178 |
| 3.13%, 05/15/2048 | 513000 | 389219 |
| 3.50%, 02/15/2039 | 2903000 | 2621205 |
| 3.63%, 02/15/2044 - 05/15/2053 | 1706100 | 1417184 |
| 4.00%, 11/15/2052 | 1172000 | 1024996 |
| 4.13%, 08/15/2044 | 735000 | 673358 |
| 4.25%, 05/15/2039 - 08/15/2054 | 2310200 | 2141910 |
| 4.50%, 11/15/2054 | 382000 | 364034 |
| 4.63%, 05/15/2044 - 02/15/2055 | 4305000 | 4193753 |
| 4.75%, 11/15/2043 - 05/15/2055 | 4295300 | 4271756 |
| 5.00%, 05/15/2045 | 939000 | 964529 |
| 5.25%, 02/15/2029 | 736800 | 776806 |
| U.S. Treasury Notes |  |  |
| 0.63%, 05/15/2030 - 08/15/2030 | 4780000 | 4096021 |
| 0.88%, 06/30/2026 | 3524000 | 3416766 |
| 1.25%, 11/30/2026 | 1204000 | 1160919 |
| 1.38%, 11/15/2031 | 2544000 | 2176611 |
| 1.50%, 01/31/2027 - 02/15/2030 | 10286500 | 9365145 |
| 1.63%, 02/15/2026 - 05/15/2031 | 4573300 | 4316645 |
| 1.88%, 02/15/2032 | 3487000 | 3063112 |
| 2.25%, 11/15/2027 | 452700 | 437757 |
| 2.63%, 01/31/2026 - 02/15/2029 | 2772000 | 2731753 |
| 2.88%, 05/15/2032 | 1962000 | 1830638 |
| 3.50%, 01/31/2028 | 2822000 | 2807670 |
| 3.63%, 05/31/2028 | 1286000 | 1283287 |
| 3.75%, 12/31/2030 | 1681000 | 1672661 |
| 3.88%, 04/30/2030 - 08/15/2034 | 2047000 | 2036765 |
| 4.00%, 01/15/2027 - 05/31/2030 | 6682500 | 6715455 |
| 4.13%, 09/30/2027 - 11/15/2032 | 13440300 | 13561733 |
| 4.25%, 01/31/2030 - 05/15/2035 | 5605400 | 5667221 |
| 4.38%, 08/31/2028 | 2382000 | 2428989 |
| 4.50%, 05/31/2029 | 2010000 | 2064804 |
| 4.63%, 04/30/2029 - 02/15/2035 | 3634100 | 3749015 |
|  |  | 110932532 |
| **U.S. Treasury Inflation-Protected Securities - 1.7%**  | **U.S. Treasury Inflation-Protected Securities - 1.7%**  | **U.S. Treasury Inflation-Protected Securities - 1.7%**  |
| U.S. Treasury Inflation-Protected Indexed <br> Bonds |  |  |
| 1.75%, 01/15/2028 | 986035 | 998605 |
| 2.50%, 01/15/2029 | 3690628 | 3839895 |
| U.S. Treasury Inflation-Protected Indexed <br> Notes |  |  |
| 0.13%, 07/15/2030 | 2011704 | 1889673 |
|  |  | 6728173 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $119,865,357)**<br>|  | 117660705 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 23.7%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 23.7%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 23.7%**  |
| Federal Home Loan Mortgage Corp. |  |  |
| 3.00%, 02/01/2052 | $799767 | $692427 |
| 3.50%, 06/01/2042 - 06/01/2043 | 403085 | 375617 |
| 4.00%, 06/01/2042 - 01/01/2046 | 706618 | 673111 |
| 4.50%, 06/01/2048 | 321230 | 312467 |
| 5.50%, 04/01/2053 - 07/01/2053 | 2326812 | 2331297 |
| 6.00%, 12/01/2034 | 29443 | 29972 |
| 1-Month SOFR Average + 0.66%, |  |  |
| 4.97% <sup>(B)</sup>, 03/15/2044 | 2328 | 2317 |
| 1-Year RFUCC Treasury + 1.69%, |  |  |
| 6.32% <sup>(B)</sup>, 12/01/2036 | 1883 | 1912 |
| 6-Month RFUCC Treasury + 1.77%, |  |  |
| 6.41% <sup>(B)</sup>, 10/01/2036 | 10093 | 10272 |
| 1-Year CMT + 2.25%, |  |  |
| 6.50% <sup>(B)</sup>, 01/01/2035 - 05/01/2036 | 12111 | 12507 |
| 6.93% <sup>(B)</sup>, 02/01/2036 | 14197 | 14599 |
| 1-Year RFUCC Treasury + 1.67%, |  |  |
| 6.51% <sup>(B)</sup>, 11/01/2036 | 10319 | 10471 |
| 6-Month RFUCC Treasury + 1.84%, |  |  |
| 6.54% <sup>(B)</sup>, 03/01/2037 | 3672 | 3734 |
| 6-Month RFUCC Treasury + 1.79%, |  |  |
| 6.56% <sup>(B)</sup>, 07/01/2036 | 10631 | 10834 |
| 6-Month RFUCC Treasury + 2.11%, |  |  |
| 6.82% <sup>(B)</sup>, 02/01/2037 | 10809 | 11027 |
| 1-Year CMT + 2.37%, |  |  |
| 6.87% <sup>(B)</sup>, 09/01/2034 | 7244 | 7444 |
| 1-Year RFUCC Treasury + 1.95%, |  |  |
| 6.94% <sup>(B)</sup>, 06/01/2036 | 17266 | 17806 |
| 1-Year CMT + 2.36%, |  |  |
| 7.36% <sup>(B)</sup>, 10/01/2036 | 3884 | 4000 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br>Certificates |  |  |
| 3.01%, 07/25/2025 | 181315 | 180769 |
| Federal Home Loan Mortgage Corp. <br> REMICS |  |  |
| &nbsp;&nbsp; (3.33) \* 1-Month SOFR Average + <br> 17.12%,<br>|  |  |
| 2.77% <sup>(B)</sup>, 02/15/2040 | 19805 | 19480 |
| &nbsp;&nbsp; (2.00) \* 1-Month SOFR Average + <br> 13.06%,<br>|  |  |
| 4.45% <sup>(B)</sup>, 07/15/2033 | 11608 | 12149 |
| (1.25) \* 1-Month SOFR Average + 9.98%, |  |  |
| 4.60% <sup>(B)</sup>, 07/15/2032 | 9839 | 9976 |
| 1-Month SOFR Average + 0.46%, |  |  |
| 4.77% <sup>(B)</sup>, 06/15/2043 | 295190 | 289450 |
| 1-Month SOFR Average + 0.51%, |  |  |
| 4.82% <sup>(B)</sup>, 10/15/2041 | 55551 | 55244 |
| 4.86% <sup>(B)</sup>, 07/15/2037 | 37111 | 36638 |
| 1-Month SOFR Average + 0.55%, |  |  |
| 4.86% <sup>(B)</sup>, 02/15/2037 | 2160 | 2140 |
| 5.50%, 04/15/2033 - 05/15/2038 | 4730 | 4807 |
| 6.00%, 11/15/2032 | 8652 | 9023 |
| 6.50%, 08/15/2031 - 07/15/2036 | 62585 | 65361 |
| 7.00%, 10/15/2030 - 05/15/2032 | 54563 | 57171 |
| 7.25%, 12/15/2030 | 7305 | 7621 |
| 7.50%, 08/15/2030 | 7884 | 8197 |
| 8.00%, 01/15/2030 | 27070 | 28275 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Aegon Core Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br> REMICS (continued)<br>|  |  |
| &nbsp;&nbsp; (3.62) \* 1-Month SOFR Average + <br> 26.80%,<br>|  |  |
| 5.50% <sup>(B)</sup>, 05/15/2041 | $17368 | $16607 |
| &nbsp;&nbsp; (1.83) \* 1-Month SOFR Average + <br> 14.55%,<br>|  |  |
| 6.66% <sup>(B)</sup>, 09/15/2033 | 1698 | 1846 |
| Federal Home Loan Mortgage Corp. <br> REMICS, Interest Only STRIPS |  |  |
| (1.00) \* 1-Month SOFR Average + 5.89%, |  |  |
| 1.58% <sup>(B)</sup>, 11/15/2037 - 02/15/2039 | 33557 | 2848 |
| (1.00) \* 1-Month SOFR Average + 6.09%, |  |  |
| 1.78% <sup>(B)</sup>, 06/15/2038 | 80768 | 9087 |
| (1.00) \* 1-Month SOFR Average + 6.26%, |  |  |
| 1.95% <sup>(B)</sup>, 10/15/2037 | 145957 | 13061 |
| (1.00) \* 1-Month SOFR Average + 6.31%, |  |  |
| 2.00% <sup>(B)</sup>, 11/15/2037 | 18723 | 1509 |
| 2.08% <sup>(B)</sup>, 01/15/2040 | 17737 | 1512 |
| (1.00) \* 1-Month SOFR Average + 6.69%, |  |  |
| 2.38% <sup>(B)</sup>, 04/15/2038 | 15090 | 1560 |
| (1.00) \* 1-Month SOFR Average + 6.99%, |  |  |
| 2.68% <sup>(B)</sup>, 07/15/2036 | 5771 | 612 |
| (1.00) \* 1-Month SOFR Average + 7.89%, |  |  |
| 3.58% <sup>(B)</sup>, 03/15/2032 | 6567 | 635 |
| Federal Home Loan Mortgage Corp. <br> REMICS, Principal Only STRIPS |  |  |
| 12/15/2032 - 01/15/2040 | 50978 | 43678 |
| Federal Home Loan Mortgage Corp. <br> Structured Pass-Through Certificates |  |  |
| 12-MTA + 1.20%, |  |  |
| 5.60% <sup>(B)</sup>, 10/25/2044 | 59592 | 54559 |
| 7.00%, 02/25/2043 | 25552 | 26515 |
| Federal Home Loan Mortgage Corp., <br> Interest Only STRIPS |  |  |
| 5.00%, 09/15/2035 | 12046 | 1787 |
| Federal National Mortgage Association |  |  |
| 2.50%, 12/01/2051 - 07/01/2061 | 2634898 | 2171215 |
| 3.00%, 01/01/2043 - 07/01/2060 | 1571728 | 1365588 |
| 3.50%, 08/01/2032 - 03/01/2060 | 1509846 | 1393511 |
| 4.00%, 07/01/2042 - 08/01/2048 | 1198838 | 1139259 |
| 4.50%, 08/01/2052 | 2257608 | 2163558 |
| 5.00%, 03/01/2053 - 02/01/2054 | 8916803 | 8783258 |
| 5.50%, 03/01/2053 - 01/01/2058 | 3291099 | 3333005 |
| 6.00%, 10/01/2033 - 06/01/2054 | 1616195 | 1644438 |
| 6.50%, 01/01/2036 | 6609 | 6587 |
| 8.00%, 11/01/2037 | 3024 | 3146 |
| 1-Year CMT + 2.23%, |  |  |
| 6.52% <sup>(B)</sup>, 01/01/2036 | 5626 | 5792 |
| Federal National Mortgage Association <br> REMICS |  |  |
| (1.33) \* 1-Month SOFR Average + 7.31%, |  |  |
| 1.56% <sup>(B)</sup>, 08/25/2033 | 18109 | 16928 |
| &nbsp;&nbsp; (2.50) \* 1-Month SOFR Average + <br> 13.46%,<br>|  |  |
| 2.68% <sup>(B)</sup>, 07/25/2033 | 5359 | 5198 |
| &nbsp;&nbsp; (1.88) \* 1-Month SOFR Average + <br> 11.06%,<br>|  |  |
| 2.97% <sup>(B)</sup>, 07/25/2035 | 30713 | 29343 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp; Federal National Mortgage Association <br> REMICS (continued)<br>|  |  |
| &nbsp;&nbsp; (2.75) \* 1-Month SOFR Average + <br> 16.19%,<br>|  |  |
| 4.35% <sup>(B)</sup>, 05/25/2034 | $2773 | $2917 |
| 1-Month SOFR Average + 0.36%, |  |  |
| 4.54% <sup>(B)</sup>, 06/27/2036 | 9721 | 9802 |
| 1-Month SOFR Average + 0.41%, |  |  |
| 4.72% <sup>(B)</sup>, 08/25/2041 | 7981 | 7966 |
| 1-Month SOFR Average + 0.46%, |  |  |
| 4.77% <sup>(B)</sup>, 04/25/2035 - 08/25/2036 | 20731 | 20539 |
| &nbsp;&nbsp; (1.67) \* 1-Month SOFR Average + <br> 12.31%,<br>|  |  |
| 5.13% <sup>(B)</sup>, 09/25/2033 | 2296 | 2366 |
| 5.13% <sup>(B)</sup>, 10/25/2042 | 8588 | 8673 |
| 6.00%, 08/25/2037 | 8038 | 8481 |
| 6.50%, 05/25/2044 | 21663 | 22248 |
| 7.00%, 03/25/2031 - 11/25/2031 | 34910 | 36334 |
| &nbsp;&nbsp; (2.00) \* 1-Month SOFR Average + <br> 13.77%,<br>|  |  |
| 5.16% <sup>(B)</sup>, 03/25/2038 | 2569 | 2486 |
| &nbsp;&nbsp; (4.00) \* 1-Month SOFR Average + <br> 23.54%,<br>|  |  |
| 6.32% <sup>(B)</sup>, 05/25/2034 | 2354 | 2497 |
| &nbsp;&nbsp; (2.50) \* 1-Month SOFR Average + <br> 17.09%,<br>|  |  |
| 6.33% <sup>(B)</sup>, 07/25/2035 | 19682 | 21192 |
| &nbsp;&nbsp; (1.83) \* 1-Month SOFR Average + <br> 14.27%,<br>|  |  |
| 6.38% <sup>(B)</sup>, 12/25/2032 | 1427 | 1464 |
| &nbsp;&nbsp; (2.00) \* 1-Month SOFR Average + <br> 15.27%,<br>|  |  |
| 6.67% <sup>(B)</sup>, 11/25/2031 | 5566 | 6120 |
| &nbsp;&nbsp; (2.75) \* 1-Month SOFR Average + <br> 19.21%,<br>|  |  |
| 7.37% <sup>(B)</sup>, 04/25/2034 - 05/25/2034 | 23121 | 25224 |
| &nbsp;&nbsp; (3.67) \* 1-Month SOFR Average + <br> 24.15%,<br>|  |  |
| 8.36% <sup>(B)</sup>, 03/25/2036 | 6543 | 7720 |
| &nbsp;&nbsp; (4.00) \* 1-Month SOFR Average + <br> 25.74%,<br>|  |  |
| 8.52% <sup>(B)</sup>, 10/25/2036 | 1922 | 2352 |
| &nbsp;&nbsp; (4.00) \* 1-Month SOFR Average + <br> 26.10%,<br>|  |  |
| 8.88% <sup>(B)</sup>, 12/25/2036 | 1208 | 1342 |
| &nbsp;&nbsp; (6.67) \* 1-Month SOFR Average + <br> 53.24%,<br>|  |  |
| 10.00% <sup>(B)</sup>, 03/25/2032 | 606 | 636 |
| &nbsp;&nbsp; (3.25) \* 1-Month SOFR Average + <br> 24.82%,<br>|  |  |
| 10.82% <sup>(B)</sup>, 02/25/2032 | 864 | 1011 |
| Federal National Mortgage Association <br> REMICS, Interest Only STRIPS |  |  |
| 0.90% <sup>(B)</sup>, 08/25/2042 | 113141 | 4275 |
| 1.72% <sup>(B)</sup>, 01/25/2038 | 9120 | 535 |
| 1.88% <sup>(B)</sup>, 04/25/2041 | 12206 | 809 |
| 6.50%, 05/25/2033 | 6280 | 865 |
| 7.00%, 06/25/2033 | 8387 | 1020 |
| (1.00) \* 1-Month SOFR Average + 5.74%, |  |  |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Aegon Core Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp; Federal National Mortgage Association <br> REMICS, Interest Only <br> STRIPS (continued)<br>|  |  |
| 1.43% <sup>(B)</sup>, 09/25/2038 | $48273 | $3418 |
| (1.00) \* 1-Month SOFR Average + 5.80%, |  |  |
| 1.49% <sup>(B)</sup>, 02/25/2038 | 22015 | 1763 |
| (1.00) \* 1-Month SOFR Average + 5.99%, |  |  |
| 1.68% <sup>(B)</sup>, 06/25/2037 | 13420 | 1063 |
| (1.00) \* 1-Month SOFR Average + 6.07%, |  |  |
| 1.76% <sup>(B)</sup>, 12/25/2039 | 3750 | 282 |
| (1.00) \* 1-Month SOFR Average + 6.09%, |  |  |
| 1.78% <sup>(B)</sup>, 03/25/2038 | 4920 | 365 |
| (1.00) \* 1-Month SOFR Average + 6.31%, |  |  |
| 2.00% <sup>(B)</sup>, 04/25/2040 | 5771 | 371 |
| (1.00) \* 1-Month SOFR Average + 6.42%, |  |  |
| 2.11% <sup>(B)</sup>, 01/25/2041 | 94989 | 11719 |
| (1.00) \* 1-Month SOFR Average + 6.43%, |  |  |
| 2.12% <sup>(B)</sup>, 09/25/2037 | 14963 | 1230 |
| (1.00) \* 1-Month SOFR Average + 6.44%, |  |  |
| 2.13% <sup>(B)</sup>, 02/25/2039 | 8245 | 665 |
| (1.00) \* 1-Month SOFR Average + 6.47%, |  |  |
| 2.16% <sup>(B)</sup>, 06/25/2036 | 8853 | 695 |
| (1.00) \* 1-Month SOFR Average + 6.59%, |  |  |
| 2.28% <sup>(B)</sup>, 03/25/2036 | 178282 | 16964 |
| (1.00) \* 1-Month SOFR Average + 7.04%, |  |  |
| 2.73% <sup>(B)</sup>, 07/25/2037 | 26050 | 3543 |
| Federal National Mortgage Association <br> REMICS, Principal Only STRIPS |  |  |
| 12/25/2032 - 10/25/2043 | 312707 | 246594 |
| Federal National Mortgage Association <br> Whole Loan |  |  |
| 1-Month SOFR Average + 0.37%, |  |  |
| 4.68% <sup>(B)</sup>, 11/25/2046 | 31927 | 31668 |
| Federal National Mortgage Association, <br> Principal Only STRIPS |  |  |
| 08/25/2032 - 01/25/2033 | 10774 | 9838 |
| Government National Mortgage <br> Association REMICS |  |  |
| 1.65%, 01/20/2063 | 13 | 12 |
| (2.00) \* 1-Month Term SOFR + 13.17%, |  |  |
| 4.54% <sup>(B)</sup>, 10/20/2037 | 7644 | 7641 |
| 1-Month Term SOFR + 0.41%, |  |  |
| 4.75% <sup>(B)</sup>, 08/20/2060 | 30 | 29 |
| 1-Month Term SOFR + 0.54%, |  |  |
| 4.88% <sup>(B)</sup>, 04/20/2060 | 453 | 450 |
| 1-Month Term SOFR + 0.56%, |  |  |
| 4.90% <sup>(B)</sup>, 03/20/2060 | 3610 | 3586 |
| 1-Month Term SOFR + 0.63%, |  |  |
| 4.96% <sup>(B)</sup>, 10/20/2062 | 16519 | 16554 |
| 1-Month Term SOFR + 0.66%, |  |  |
| 5.00% <sup>(B)</sup>, 07/20/2062 | 446 | 445 |
| 1-Month Term SOFR + 0.69%, |  |  |
| 5.03% <sup>(B)</sup>, 09/20/2062 | 816 | 816 |
| 1-Month Term SOFR + 0.81%, |  |  |
| 5.15% <sup>(B)</sup>, 05/20/2061 | 925 | 925 |
| (2.41) \* 1-Month Term SOFR + 16.16%, |  |  |
| 5.77% <sup>(B)</sup>, 06/17/2035 | 2604 | 2817 |
| (3.00) \* 1-Month Term SOFR + 19.86%, |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp; Government National Mortgage <br> Association REMICS (continued)<br>|  |  |
| 6.91% <sup>(B)</sup>, 09/20/2037 | $3158 | $3430 |
| (2.20) \* 1-Month Term SOFR + 16.47%, |  |  |
| 6.98% <sup>(B)</sup>, 05/18/2034 | 37 | 39 |
| (2.75) \* 1-Month Term SOFR + 19.35%, |  |  |
| 7.49% <sup>(B)</sup>, 04/16/2034 | 10235 | 11275 |
| (4.91) \* 1-Month Term SOFR + 28.90%, |  |  |
| 7.70% <sup>(B)</sup>, 09/20/2034 | 5359 | 5944 |
| (3.50) \* 1-Month Term SOFR + 22.87%, |  |  |
| 7.76% <sup>(B)</sup>, 04/20/2037 | 10108 | 11146 |
| &nbsp;&nbsp; Government National Mortgage <br> Association REMICS, Interest Only <br>STRIPS |  |  |
| (1.00) \* 1-Month Term SOFR + 5.59%, |  |  |
| 1.27% <sup>(B)</sup>, 12/20/2038 | 14294 | 813 |
| (1.00) \* 1-Month Term SOFR + 5.72%, |  |  |
| 1.40% <sup>(B)</sup>, 02/20/2038 | 22482 | 325 |
| (1.00) \* 1-Month Term SOFR + 5.89%, |  |  |
| 1.57% <sup>(B)</sup>, 11/20/2037 | 21197 | 173 |
| (1.00) \* 1-Month Term SOFR + 5.97%, |  |  |
| 1.65% <sup>(B)</sup>, 06/20/2039 | 12922 | 1032 |
| (1.00) \* 1-Month Term SOFR + 5.99%, |  |  |
| 1.67% <sup>(B)</sup>, 10/20/2034 | 24380 | 1315 |
| 1.67% <sup>(B)</sup>, 02/16/2039 | 7241 | 25 |
| (1.00) \* 1-Month Term SOFR + 6.09%, |  |  |
| 1.77% <sup>(B)</sup>, 03/20/2037 - 06/20/2038 | 47006 | 2100 |
| (1.00) \* 1-Month Term SOFR + 6.16%, |  |  |
| 1.84% <sup>(B)</sup>, 04/20/2039 | 13896 | 988 |
| (1.00) \* 1-Month Term SOFR + 6.19%, |  |  |
| 1.87% <sup>(B)</sup>, 09/20/2035 - 03/20/2039 | 42710 | 3539 |
| (1.00) \* 1-Month Term SOFR + 6.29%, |  |  |
| 1.97% <sup>(B)</sup>, 05/16/2038 | 36752 | 1846 |
| (1.00) \* 1-Month Term SOFR + 6.36%, |  |  |
| 2.04% <sup>(B)</sup>, 06/16/2037 | 13945 | 226 |
| (1.00) \* 1-Month Term SOFR + 6.44%, |  |  |
| 2.12% <sup>(B)</sup>, 11/20/2037 - 12/20/2037 | 19463 | 113 |
| (1.00) \* 1-Month Term SOFR + 6.64%, |  |  |
| 2.32% <sup>(B)</sup>, 07/20/2037 | 36400 | 1590 |
| (1.00) \* 1-Month Term SOFR + 6.70%, |  |  |
| 2.38% <sup>(B)</sup>, 04/16/2037 | 12203 | 984 |
| 6.50%, 03/20/2039 | 10086 | 725 |
| &nbsp;&nbsp; Government National Mortgage <br> Association REMICS, Principal Only <br>STRIPS |  |  |
| 06/16/2033 - 01/20/2038 | 22082 | 18933 |
| KGS-Alpha SBA COOF Trust, Interest Only <br> STRIPS |  |  |
| 0.93% <sup>(B)</sup>, 08/25/2038 <sup>(A)</sup> <br>| 110333 | 2023 |
| 1.44% <sup>(B)</sup>, 03/25/2039 <sup>(A)</sup> <br>| 101204 | 2818 |
| 3.02% <sup>(B)</sup>, 04/25/2040 <sup>(A)</sup> <br>| 32736 | 1879 |
| Tennessee Valley Authority |  |  |
| 5.88%, 04/01/2036 | 1459000 | 1613036 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.00%, 07/01/2039 - 07/01/2054 <sup>(C)</sup> <br>| 6673000 | 5508407 |
| 2.50%, 07/01/2039 - 07/01/2055 <sup>(C)</sup> <br>| 17276000 | 14448150 |
| 3.00%, 07/01/2039 - 07/01/2054 <sup>(C)</sup> <br>| 11486000 | 10040110 |
| 3.50%, 07/01/2039 - 07/01/2054 <sup>(C)</sup> <br>| 6014000 | 5530210 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Aegon Core Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, <br> TBA (continued)<br>|  |  |
| 4.00%, 07/01/2054 <sup>(C)</sup> <br>| $6101000 | $5672263 |
| 4.50%, 07/01/2054 <sup>(C)</sup> <br>| 5941000 | 5682100 |
| 5.00%, 07/01/2054 <sup>(C)</sup> <br>| 4437000 | 4347817 |
| 5.50%, 07/01/2054 <sup>(C)</sup> <br>| 9430000 | 9427843 |
| 6.00%, 07/01/2054 <sup>(C)</sup> <br>| 3328000 | 3381657 |
| Vendee Mortgage Trust |  |  |
| 7.50%, 02/15/2027 | 24240 | 24583 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $94,661,049)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $94,661,049)** | 93856541 |
| **MORTGAGE-BACKED SECURITIES - 5.6%**  | **MORTGAGE-BACKED SECURITIES - 5.6%**  | **MORTGAGE-BACKED SECURITIES - 5.6%**  |
| Alternative Loan Trust |  |  |
| &nbsp;&nbsp; Series 2004-2CB, Class 1A9, <br>5.75% , 03/25/2034<br>| 65539 | 67105 |
| &nbsp;&nbsp; Series 2005-28CB, Class 1A4, <br>5.50% , 08/25/2035<br>| 58903 | 50508 |
| &nbsp;&nbsp; Series 2005-54CB, Class 1A11, <br>5.50% , 11/25/2035<br>| 16581 | 12718 |
| Alternative Loan Trust, Interest Only <br> STRIPS |  |  |
| &nbsp;&nbsp; Series 2005-20CB, Class 3A8, <br>(1.00) \* 1-Month Term SOFR + 4.64%, <br>0.32% <sup>(B)</sup>, 07/25/2035<br>| 109304 | 5293 |
| &nbsp;&nbsp; Series 2005-22T1, Class A2, <br>(1.00) \* 1-Month Term SOFR + 4.96%, <br>0.64% <sup>(B)</sup>, 06/25/2035<br>| 303195 | 20644 |
| BAMLL Commercial Mortgage Securities <br> Trust |  |  |
| &nbsp;&nbsp; Series 2014-520M, Class C, <br>4.35% <sup>(B)</sup>, 08/15/2046 <sup>(A)</sup> <br>| 200000 | 137290 |
| Banc of America Funding Trust, Principal <br> Only STRIPS |  |  |
| &nbsp;&nbsp; Series 2004-1, <br>03/25/2034<br>| 5801 | 4208 |
| &nbsp;&nbsp; Series 2005-7, Class 30, <br>11/25/2035<br>| 5374 | 5506 |
| &nbsp;&nbsp; Series 2005-8, Class 30, <br>01/25/2036<br>| 1691 | 1102 |
| Bear Stearns ARM Trust |  |  |
| &nbsp;&nbsp; Series 2006-1, Class A1, <br>1-Year CMT + 2.25%, <br>6.53% <sup>(B)</sup>, 02/25/2036<br>| 10193 | 9706 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp; Series 2024-NQM2, Class A1, <br>6.29% <sup>(B)</sup>, 02/25/2064 <sup>(A)</sup> <br>| 420217 | 424059 |
| &nbsp;&nbsp; Series 2024-NQM3, Class A1, <br>6.19% <sup>(B)</sup>, 03/25/2064 <sup>(A)</sup> <br>| 184433 | 186198 |
| &nbsp;&nbsp; Series 2024-NQM7, Class A1, <br>5.55% <sup>(B)</sup>, 10/27/2064 <sup>(A)</sup> <br>| 1596588 | 1601404 |
| &nbsp;&nbsp; Series 2025-NQM1, Class A1, <br>5.60% <sup>(B)</sup>, 12/25/2064 <sup>(A)</sup> <br>| 529751 | 532763 |
| Chase Mortgage Finance Trust |  |  |
| &nbsp;&nbsp; Series 2007-A1, Class 1A3, <br>6.55% <sup>(B)</sup>, 02/25/2037<br>| 8744 | 8684 |
| &nbsp;&nbsp; Series 2007-A2, Class 2A1, <br>6.61% <sup>(B)</sup>, 06/25/2035<br>| 6425 | 6403 |
| CHL Mortgage Pass-Through Trust |  |  |
| &nbsp;&nbsp; Series 2004-3, Class A26, <br>5.50% , 04/25/2034<br>| 18621 | 18594 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp; CHL Mortgage Pass-Through <br> Trust (continued)<br>|  |  |
| &nbsp;&nbsp; Series 2004-3, Class A4, <br>5.75% , 04/25/2034<br>| $11172 | $11114 |
| &nbsp;&nbsp; Series 2004-7, Class 2A1, <br>5.42% <sup>(B)</sup>, 06/25/2034<br>| 6277 | 5772 |
| &nbsp;&nbsp; Series 2004-HYB1, Class 2A, <br>5.26% <sup>(B)</sup>, 05/20/2034<br>| 4850 | 4636 |
| &nbsp;&nbsp; Series 2005-22, Class 2A1, <br>5.20% <sup>(B)</sup>, 11/25/2035<br>| 41885 | 34646 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp; Series 2003-1, Class 2A5, <br>5.25% , 10/25/2033<br>| 1943 | 1857 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2024-2, Class A1, <br>6.13% <sup>(B)</sup>, 04/25/2069 <sup>(A)</sup> <br>| 982157 | 989711 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2015-CR25, Class A4, <br>3.76% , 08/10/2048<br>| 146919 | 146595 |
| Credit Suisse First Boston Mortgage <br> Securities Corp. |  |  |
| &nbsp;&nbsp; Series 2003-21, Class 1A4, <br>5.25% , 09/25/2033<br>| 4915 | 4916 |
| FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2018-W5FX, Class BFX, <br>3.79% <sup>(B)</sup>, 04/25/2028 <sup>(A)</sup> <br>| 900000 | 852110 |
| GSMPS Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2005-RP2, Class 1AF, <br>1-Month Term SOFR + 0.46%, <br>4.78% <sup>(B)</sup>, 03/25/2035 <sup>(A)</sup> <br>| 67203 | 62977 |
| &nbsp;&nbsp; Series 2005-RP3, Class 1AF, <br>1-Month Term SOFR + 0.46%, <br>4.78% <sup>(B)</sup>, 09/25/2035 <sup>(A)</sup> <br>| 47454 | 40758 |
| GSR Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2004-6F, Class 2A4, <br>5.50% , 05/25/2034<br>| 9780 | 9903 |
| &nbsp;&nbsp; Series 2004-8F, Class 2A3, <br>6.00% , 09/25/2034<br>| 4697 | 4811 |
| &nbsp;&nbsp; Series 2005-7F, Class 3A9, <br>6.00% , 09/25/2035<br>| 14267 | 14245 |
| &nbsp;&nbsp; Series 2006-1F, Class 2A4, <br>6.00% , 02/25/2036<br>| 31456 | 13153 |
| Hudson Yards Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-SPRL, Class A, <br>5.65% <sup>(B)</sup>, 01/13/2040 <sup>(A)</sup> <br>| 820000 | 845298 |
| Impac Secured Assets Trust |  |  |
| &nbsp;&nbsp; Series 2006-1, Class 2A1, <br>1-Month Term SOFR + 0.81%, <br>5.13% <sup>(B)</sup>, 05/25/2036<br>| 9668 | 8911 |
| JPMorgan Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2006-A2, Class 5A3, <br>7.11% <sup>(B)</sup>, 11/25/2033<br>| 2635 | 2614 |
| Ladder Capital Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2013-GCP, Class A2, <br>3.99% , 02/15/2036 <sup>(A)</sup> <br>| 154000 | 145763 |
| Manhattan West Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2020-1MW, Class A, <br>2.13% , 09/10/2039 <sup>(A)</sup> <br>| 600000 | 567418 |
| &nbsp;&nbsp; Series 2020-1MW, Class B, <br>2.41% <sup>(B)</sup>, 09/10/2039 <sup>(A)</sup> <br>| 826000 | 776271 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Aegon Core Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| MASTR Adjustable Rate Mortgages Trust |  |  |
| &nbsp;&nbsp; Series 2004-13, Class 2A1, <br>6.83% <sup>(B)</sup>, 04/21/2034<br>| $7592 | $7490 |
| &nbsp;&nbsp; Series 2004-13, Class 3A7, <br>6.04% <sup>(B)</sup>, 11/21/2034<br>| 4191 | 4042 |
| &nbsp;&nbsp; Series 2004-3, Class 4A2, <br>4.30% <sup>(B)</sup>, 04/25/2034<br>| 4435 | 3974 |
| MASTR Resecuritization Trust, Principal <br> Only STRIPS |  |  |
| &nbsp;&nbsp; Series 2005, Class 3, <br>05/28/2035 <sup>(A)</sup> <br>| 3354 | 2623 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| &nbsp;&nbsp; Series 2003-E, Class A1, <br>1-Month Term SOFR + 0.73%, <br>5.05% <sup>(B)</sup>, 10/25/2028<br>| 41033 | 39043 |
| &nbsp;&nbsp; Series 2004-1, Class 2A1, <br>5.41% <sup>(B)</sup>, 12/25/2034<br>| 11827 | 11152 |
| &nbsp;&nbsp; Series 2004-A, Class A1, <br>1-Month Term SOFR + 0.57%, <br>4.89% <sup>(B)</sup>, 04/25/2029<br>| 30155 | 27855 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp; Series 2019-1A, Class A1A, <br>3.75% <sup>(B)</sup>, 04/25/2058 <sup>(A)</sup> <br>| 548161 | 538822 |
| MFA Trust |  |  |
| &nbsp;&nbsp; Series 2021-RPL1, Class A1, <br>1.13% <sup>(B)</sup>, 07/25/2060 <sup>(A)</sup> <br>| 585606 | 532452 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2017-1A, Class A1, <br>4.00% <sup>(B)</sup>, 02/25/2057 <sup>(A)</sup> <br>| 74209 | 72127 |
| &nbsp;&nbsp; Series 2017-3A, Class A1, <br>4.00% <sup>(B)</sup>, 04/25/2057 <sup>(A)</sup> <br>| 277778 | 268118 |
| &nbsp;&nbsp; Series 2019-5A, Class A1B, <br>3.50% <sup>(B)</sup>, 08/25/2059 <sup>(A)</sup> <br>| 228776 | 217228 |
| Nomura Asset Acceptance Corp. <br> Alternative Loan Trust |  |  |
| &nbsp;&nbsp; Series 2003-A1, Class A2, <br>6.00% , 05/25/2033<br>| 1929 | 1957 |
| &nbsp;&nbsp; Series 2003-A1, Class A5, <br>7.00% , 04/25/2033<br>| 9691 | 9736 |
| OBX Trust |  |  |
| &nbsp;&nbsp; Series 2023-NQM4, Class A1, <br>6.11% <sup>(B)</sup>, 03/25/2063 <sup>(A)</sup> <br>| 624622 | 626235 |
| &nbsp;&nbsp; Series 2024-NQM4, Class A1, <br>6.07% <sup>(B)</sup>, 01/25/2064 <sup>(A)</sup> <br>| 299416 | 301465 |
| &nbsp;&nbsp; Series 2024-NQM6, Class A1, <br>6.45% <sup>(B)</sup>, 02/25/2064 <sup>(A)</sup> <br>| 237452 | 240458 |
| &nbsp;&nbsp; Series 2025-NQM2, Class A1, <br>5.60% <sup>(B)</sup>, 11/25/2064 <sup>(A)</sup> <br>| 622079 | 624303 |
| PHH Alternative Mortgage Trust, Interest <br> Only STRIPS |  |  |
| &nbsp;&nbsp; Series 2007-2, Class 2X, <br>6.00% , 05/25/2037<br>| 45468 | 8332 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2003-1, Class 1A, <br>1-Month Term SOFR + 0.87%, <br>5.19% <sup>(B)</sup>, 04/20/2033<br>| 21842 | 20544 |
| &nbsp;&nbsp; Series 2004-11, Class A1, <br>1-Month Term SOFR + 0.71%, <br>5.03% <sup>(B)</sup>, 12/20/2034<br>| 10435 | 9446 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| Sequoia Mortgage Trust (continued) |  |  |
| &nbsp;&nbsp; Series 2004-8, Class A1, <br>1-Month Term SOFR + 0.81%, <br>5.13% <sup>(B)</sup>, 09/20/2034<br>| $62774 | $54823 |
| &nbsp;&nbsp; Series 2004-9, Class A1, <br>1-Month Term SOFR + 0.79%, <br>5.11% <sup>(B)</sup>, 10/20/2034<br>| 35097 | 32180 |
| Structured Adjustable Rate Mortgage Loan <br> Trust |  |  |
| &nbsp;&nbsp; Series 2004-1, Class 4A4, <br>6.52% <sup>(B)</sup>, 02/25/2034<br>| 38804 | 37786 |
| Structured Asset Mortgage Investments II <br> Trust |  |  |
| &nbsp;&nbsp; Series 2003-AR4, Class A1, <br>1-Month Term SOFR + 0.81%, <br>5.13% <sup>(B)</sup>, 01/19/2034<br>| 80046 | 76127 |
| &nbsp;&nbsp; Series 2004-AR1, Class 1A1, <br>1-Month Term SOFR + 0.81%, <br>5.13% <sup>(B)</sup>, 03/19/2034<br>| 57610 | 54286 |
| &nbsp;&nbsp; Series 2004-AR5, Class 1A1, <br>1-Month Term SOFR + 0.77%, <br>5.09% <sup>(B)</sup>, 10/19/2034<br>| 8176 | 7825 |
| &nbsp;&nbsp; Series 2005-AR5, Class A3, <br>1-Month Term SOFR + 0.61%, <br>4.93% <sup>(B)</sup>, 07/19/2035<br>| 25371 | 24846 |
| Thornburg Mortgage Securities Trust |  |  |
| &nbsp;&nbsp; Series 2004-4, Class 3A, <br>5.54% <sup>(B)</sup>, 12/25/2044<br>| 16020 | 15454 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2017-4, Class A1, <br>2.75% <sup>(B)</sup>, 06/25/2057 <sup>(A)</sup> <br>| 828763 | 807445 |
| &nbsp;&nbsp; Series 2017-6, Class A1, <br>2.75% <sup>(B)</sup>, 10/25/2057 <sup>(A)</sup> <br>| 436189 | 427215 |
| &nbsp;&nbsp; Series 2018-1, Class A1, <br>3.00% <sup>(B)</sup>, 01/25/2058 <sup>(A)</sup> <br>| 545100 | 537758 |
| &nbsp;&nbsp; Series 2018-4, Class A1, <br>3.00% <sup>(B)</sup>, 06/25/2058 <sup>(A)</sup> <br>| 1426217 | 1349760 |
| &nbsp;&nbsp; Series 2019-4, Class A1, <br>2.90% <sup>(B)</sup>, 10/25/2059 <sup>(A)</sup> <br>| 1266942 | 1215817 |
| &nbsp;&nbsp; Series 2020-4, Class A1, <br>1.75% , 10/25/2060 <sup>(A)</sup> <br>| 2881481 | 2609954 |
| &nbsp;&nbsp; Series 2021-R1, Class A1, <br>2.92% <sup>(B)</sup>, 11/30/2060 <sup>(A)</sup> <br>| 1256802 | 1094278 |
| &nbsp;&nbsp; Series 2022-1, Class A1, <br>3.75% <sup>(B)</sup>, 07/25/2062 <sup>(A)</sup> <br>| 564160 | 536259 |
| &nbsp;&nbsp; Series 2023-1, Class A1, <br>3.75% , 01/25/2063 <sup>(A)</sup> <br>| 1072245 | 1035970 |
| Wachovia Bank Commercial Mortgage <br> Trust, Interest Only STRIPS |  |  |
| &nbsp;&nbsp; Series 2006-C24, Class XC, <br>0.00% , 03/15/2045 <sup>(A)</sup><sup>(E)</sup> <br>| 3355 | 0 |
| WaMu Mortgage Pass-Through Certificates <br> Trust |  |  |
| &nbsp;&nbsp; Series 2003-AR11, Class A6, <br>6.69% <sup>(B)</sup>, 10/25/2033<br>| 22062 | 20952 |
| &nbsp;&nbsp; Series 2003-AR6, Class A1, <br>6.38% <sup>(B)</sup>, 06/25/2033<br>| 3998 | 3929 |
| &nbsp;&nbsp; Series 2003-S3, Class 1A4, <br>5.50% , 06/25/2033<br>| 15201 | 14999 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Aegon Core Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates <br> Trust (continued)<br>|  |  |
| &nbsp;&nbsp; Series 2003-S9, Class A8, <br>5.25% , 10/25/2033<br>| $12782 | $12667 |
| &nbsp;&nbsp; Series 2004-AR3, Class A2, <br>5.39% <sup>(B)</sup>, 06/25/2034<br>| 3247 | 3043 |
| Washington Mutual Mortgage Pass-<br> Through Certificates Trust |  |  |
| &nbsp;&nbsp; Series 2005-4, Class CB7, <br>5.50% , 06/25/2035<br>| 44372 | 40984 |
| &nbsp;&nbsp; Washington Mutual Mortgage Pass-<br> Through Certificates Trust, Interest Only <br>STRIPS |  |  |
| &nbsp;&nbsp; Series 2005-2, Class 1A4, <br>(1.00) \* 1-Month Term SOFR + 4.94%, <br>0.62% <sup>(B)</sup>, 04/25/2035<br>| 157345 | 7715 |
| &nbsp;&nbsp; Series 2005-3, Class CX, <br>5.50% , 05/25/2035<br>| 60275 | 9385 |
| &nbsp;&nbsp; Washington Mutual MSC Mortgage Pass-<br> Through Certificates Trust, Principal Only <br>STRIPS |  |  |
| &nbsp;&nbsp; Series 2003-MS7, Class P, <br>03/25/2033<br>| 99 | 79 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2016-C35, Class A4, <br>2.93% , 07/15/2048<br>| 1103000 | 1082132 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>**(Cost $22,372,532)**<br>|  | 22316734 |
| **ASSET-BACKED SECURITIES - 3.7%**  | **ASSET-BACKED SECURITIES - 3.7%**  | **ASSET-BACKED SECURITIES - 3.7%**  |
| 321 Henderson Receivables VI LLC |  |  |
| &nbsp;&nbsp; Series 2010-1A, Class A, <br>5.56%, 07/15/2059 <sup>(A)</sup> <br>| 393008 | 394090 |
| Accelerated LLC |  |  |
| &nbsp;&nbsp; Series 2021-1H, Class A, <br>1.35%, 10/20/2040 <sup>(A)</sup> <br>| 64259 | 59742 |
| &nbsp;&nbsp; Series 2021-1H, Class B, <br>1.90%, 10/20/2040 <sup>(A)</sup> <br>| 490304 | 457213 |
| Avis Budget Rental Car Funding <br> AESOP LLC |  |  |
| &nbsp;&nbsp; Series 2023-7A, Class A, <br>5.90%, 08/21/2028 <sup>(A)</sup> <br>| 1080000 | 1109662 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-A, Class A, <br>5.77%, 11/15/2038 <sup>(A)</sup> <br>| 639768 | 651548 |
| Chase Funding Trust |  |  |
| &nbsp;&nbsp; Series 2003-6, Class 1A7, <br>4.83% <sup>(B)</sup>, 11/25/2034<br>| 11799 | 11668 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp; Series 2013-2A, Class A1L2, <br>3-Month Term SOFR + 1.26%, <br>5.53% <sup>(B)</sup>, 10/18/2030 <sup>(A)</sup> <br>| 505801 | 506103 |
| Diameter Capital CLO 1 Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A1R, <br>3-Month Term SOFR + 1.39%, <br>5.65% <sup>(B)</sup>, 10/15/2037 <sup>(A)</sup> <br>| 1900000 | 1905158 |
| First National Master Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-1, Class A, <br>5.13%, 04/15/2029<br>| 1370000 | 1376705 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Goodgreen Trust |  |  |
| &nbsp;&nbsp; Series 2017-1A, Class A, <br>3.74%, 10/15/2052 <sup>(A)</sup> <br>| $61658 | $56773 |
| Hero Funding Trust |  |  |
| &nbsp;&nbsp; Series 2017-1A, Class A2, <br>4.46%, 09/20/2047 <sup>(A)</sup> <br>| 163730 | 151167 |
| &nbsp;&nbsp; Series 2017-3A, Class A2, <br>3.95%, 09/20/2048 <sup>(A)</sup> <br>| 180878 | 163511 |
| Hertz Vehicle Financing III LLC |  |  |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>5.94%, 02/25/2028 <sup>(A)</sup> <br>| 955000 | 970295 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp; Series 2024-1B, Class A, <br>5.75%, 09/15/2039 <sup>(A)</sup> <br>| 247365 | 251412 |
| &nbsp;&nbsp; Series 2024-2A, Class A, <br>5.50%, 03/25/2038 <sup>(A)</sup> <br>| 227445 | 231676 |
| &nbsp;&nbsp; Series 2024-3A, Class A, <br>4.98%, 08/27/2040 <sup>(A)</sup> <br>| 390249 | 394100 |
| HINNT LLC |  |  |
| &nbsp;&nbsp; Series 2024-A, Class A, <br>5.49%, 03/15/2043 <sup>(A)</sup> <br>| 257674 | 261971 |
| MVW LLC |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>4.93%, 10/20/2040 <sup>(A)</sup> <br>| 522852 | 526768 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.32%, 02/20/2043 <sup>(A)</sup> <br>| 545622 | 555455 |
| QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>5.44%, 05/25/2055 <sup>(A)</sup> <br>| 1120000 | 1134981 |
| Renew Financial |  |  |
| &nbsp;&nbsp; Series 2017-1A, Class A, <br>3.67%, 09/20/2052 <sup>(A)</sup> <br>| 84002 | 77910 |
| SCF Equipment Trust LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A3, <br>5.11%, 11/21/2033 <sup>(A)</sup> <br>| 820000 | 836464 |
| Securitized Asset-Backed Receivables LLC <br> Trust |  |  |
| &nbsp;&nbsp; Series 2006-CB1, Class AF2, <br>2.84% <sup>(B)</sup>, 01/25/2036<br>| 12352 | 10545 |
| Sierra Timeshare Receivables <br> Funding LLC |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.20%, 01/20/2040 <sup>(A)</sup> <br>| 620380 | 625472 |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>5.80%, 04/20/2040 <sup>(A)</sup> <br>| 222281 | 227138 |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>6.10%, 09/20/2040 <sup>(A)</sup> <br>| 250367 | 258025 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.15%, 01/20/2043 <sup>(A)</sup> <br>| 501314 | 504691 |
| &nbsp;&nbsp; Series 2025-1A, Class A, <br>4.81%, 01/21/2042 <sup>(A)</sup> <br>| 833598 | 838273 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $14,420,246)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $14,420,246)** | 14548516 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.7%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.7%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.7%**  |
| **Colombia - 0.1%**  | **Colombia - 0.1%**  | **Colombia - 0.1%**  |
| Colombia Government International Bonds |  |  |
| 3.13%, 04/15/2031 | 447000 | 366592 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Aegon Core Bond VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Dominican Republic - 0.2%**  | **Dominican Republic - 0.2%**  | **Dominican Republic - 0.2%**  |
| Dominican Republic International Bonds |  |  |
| 6.60%, 06/01/2036 <sup>(A)</sup> <br>| $857000 | $861671 |
| **Mexico - 0.3%**  | **Mexico - 0.3%**  | **Mexico - 0.3%**  |
| Mexico Government International Bonds |  |  |
| 3.75%, 01/11/2028 | 1053000 | 1030203 |
| **Peru - 0.1%**  | **Peru - 0.1%**  | **Peru - 0.1%**  |
| Corp. Financiera de Desarrollo SA |  |  |
| 5.50%, 05/06/2030 <sup>(A)</sup> <br>| 392000 | 396096 |
| &nbsp;&nbsp; **Total Foreign Government Obligations** <br>**(Cost $2,604,533)**<br>|  | 2654562 |
| **COMMERCIAL PAPER - 14.7%**  | **COMMERCIAL PAPER - 14.7%**  | **COMMERCIAL PAPER - 14.7%**  |
| **Banks - 5.3%**  | **Banks - 5.3%**  | **Banks - 5.3%**  |
| CAFCO LLC |  |  |
| 4.42% <sup>(F)</sup>, 09/10/2025 <sup>(A)</sup> <br>| 4200000 | 4163174 |
| DBS Bank Ltd. |  |  |
| 4.49% <sup>(F)</sup>, 08/04/2025 <sup>(A)</sup> <br>| 4000000 | 3983116 |
| Macquarie Bank Ltd. |  |  |
| 4.53% <sup>(F)</sup>, 08/19/2025 <sup>(A)</sup> <br>| 4370000 | 4343092 |
| National Bank of Canada |  |  |
| 4.47% <sup>(F)</sup>, 07/31/2025 <sup>(A)</sup> <br>| 4000000 | 3985013 |
| Sheffield Receivables Co. LLC |  |  |
| 4.49% <sup>(F)</sup>, 09/10/2025 <sup>(A)</sup> <br>| 840000 | 832628 |
| Swedbank AB |  |  |
| 4.40% <sup>(F)</sup>, 09/02/2025 <sup>(A)</sup> <br>| 3750000 | 3721283 |
|  |  | 21028306 |
| **Capital Markets - 0.6%**  | **Capital Markets - 0.6%**  | **Capital Markets - 0.6%**  |
| Lexington Parker Capital Co. LLC |  |  |
| 4.51% <sup>(F)</sup>, 08/19/2025 <sup>(A)</sup> <br>| 2286000 | 2272062 |
| **Electrical Equipment - 0.6%**  | **Electrical Equipment - 0.6%**  | **Electrical Equipment - 0.6%**  |
| Emerson Electric Co. |  |  |
| 4.40% <sup>(F)</sup>, 08/18/2025 <sup>(A)</sup> <br>| 2400000 | 2385823 |
| **Financial Services - 8.2%**  | **Financial Services - 8.2%**  | **Financial Services - 8.2%**  |
| Barton Capital SA |  |  |
| 4.48% <sup>(F)</sup>, 08/13/2025 <sup>(A)</sup> <br>| 2700000 | 2685453 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.58% <sup>(F)</sup>, 07/21/2025 <sup>(A)</sup> <br>| 4200000 | 4189288 |
| Glencove Funding LLC |  |  |
| 4.50% <sup>(F)</sup>, 09/02/2025 <sup>(A)</sup> <br>| 3750000 | 3720725 |
| GTA Funding LLC |  |  |
| 4.51% <sup>(F)</sup>, 08/28/2025 <sup>(A)</sup> <br>| 3750000 | 3723020 |
| Liberty Street Funding LLC |  |  |
| 4.43% <sup>(F)</sup>, 09/02/2025 <sup>(A)</sup> <br>| 3750000 | 3720782 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Mainbeach Funding LLC |  |  |
| 4.50% <sup>(F)</sup>, 08/27/2025 <sup>(A)</sup> <br>| $3600000 | $3574422 |
| Manhattan Asset Funding Co. LLC |  |  |
| 4.51% <sup>(F)</sup>, 12/11/2025 <sup>(A)</sup> <br>| 2700000 | 2646782 |
| Mont Blanc Capital Corp. |  |  |
| 4.46% <sup>(F)</sup>, 08/15/2025 <sup>(A)</sup> <br>| 4100000 | 4077001 |
| Nieuw Amsterdam Receivables Corp. BV |  |  |
| 4.48% <sup>(F)</sup>, 08/13/2025 <sup>(A)</sup> <br>| 4200000 | 4177605 |
|  |  | 32515078 |
| &nbsp;&nbsp; **Total Commercial Paper** <br>**(Cost $58,211,555)**<br>|  | 58201269 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.9%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.9%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.9%**  |
| U.S. Treasury Bills |  |  |
| 4.16% <sup>(F)</sup>, 10/09/2025 | 1640000 | 1620945 |
| 4.19% <sup>(F)</sup>, 10/16/2025 | 5959000 | 5884754 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $7,509,049)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $7,509,049)** | 7505699 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.1%**  | **OTHER INVESTMENT COMPANY - 0.1%**  | **OTHER INVESTMENT COMPANY - 0.1%**  |
| **Securities Lending Collateral - 0.1%**  | **Securities Lending Collateral - 0.1%**  | **Securities Lending Collateral - 0.1%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.31% <sup>(F)</sup> <br>| 450485 | 450485 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $450,485)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $450,485)** | 450485 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.6%**  | **REPURCHASE AGREEMENT - 2.6%**  | **REPURCHASE AGREEMENT - 2.6%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(F)</sup>, dated 06/30/2025, to be <br> repurchased at $10,205,270 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.63%, due 06/15/2027, and <br> with a value of $10,409,009.<br>| $10204760 | 10204760 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $10,204,760)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $10,204,760)** | 10204760 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $447,971,439)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $447,971,439)** | 446500644 |
| **Net Other Assets (Liabilities) - (12.8)%** | **Net Other Assets (Liabilities) - (12.8)%** | (50495179) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$396005465** |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Aegon Core Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(G)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Corporate Debt Securities | $— | &nbsp;&nbsp; $119101373 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $119101373 |
| U.S. Government Obligations |  | &nbsp;&nbsp; 117660705 | &nbsp;&nbsp; — | &nbsp;&nbsp; 117660705 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 93856541 | &nbsp;&nbsp; — | &nbsp;&nbsp; 93856541 |
| Mortgage-Backed Securities |  | &nbsp;&nbsp; 22316734 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22316734 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 14548516 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14548516 |
| Foreign Government Obligations |  | &nbsp;&nbsp; 2654562 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2654562 |
| Commercial Paper |  | &nbsp;&nbsp; 58201269 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58201269 |
| Short-Term U.S. Government Obligations |  | &nbsp;&nbsp; 7505699 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7505699 |
| Other Investment Company | 450485 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 450485 |
| Repurchase Agreement |  | &nbsp;&nbsp; 10204760 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10204760 |
| **Total Investments** | **$450485** | &nbsp;&nbsp; **$446050159** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$446500644** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At June 30, 2025, the total value of 144A securities is $124,125,011, representing 31.3% of the* *Portfolio's net assets.* 

<sup>(B)</sup> *Floating or variable rate security. The rate disclosed is as of June 30, 2025. For securities based on a published reference rate and spread, the* *reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,* *where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and* *are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

<sup>(C)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after June 30, 2025. Security* *may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(D)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $441,570, collateralized by cash collateral of $450,485. The amount* *on loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall from the* *brokers.* 

<sup>(E)</sup> *Rounds to less than $1 or $(1).*

<sup>(F)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(G)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *CLO* | *Collateralized Loan Obligation* |
| *CMT* | *Constant Maturity Treasury* |
| *MTA* | *Month Treasury Average* |
| *REIT* | *Real Estate Investment Trust* |
| *RFUCC* | *Refinitiv USD IBOR Consumer Cash Fallbacks* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |
| *TBA* | *To Be Announced* |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Aegon Core Bond VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $437,766,679) (including <br> securities loaned of $441,570)<br>| &nbsp;&nbsp; $436295884 |
| Repurchase agreement, at value (cost $10,204,760) | &nbsp;&nbsp; 10204760 |
| Cash | &nbsp;&nbsp; 61 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 797494 |
| Net income from securities lending | &nbsp;&nbsp; 28 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 19873614 |
| Interest | &nbsp;&nbsp; 2849348 |
| Prepaid expenses | &nbsp;&nbsp; 1487 |
| Total assets | &nbsp;&nbsp; 470022676 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 450485 |
| Cash collateral at broker for: |  |
| TBA commitments | &nbsp;&nbsp; 674392 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 7057690 |
| When-issued, delayed-delivery, forward and TBA <br> commitments purchased<br>| &nbsp;&nbsp; 65535291 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 31324 |
| Investment management fees | &nbsp;&nbsp; 134777 |
| Distribution and service fees | &nbsp;&nbsp; 50513 |
| Transfer agent costs | &nbsp;&nbsp; 417 |
| Trustee and CCO fees | &nbsp;&nbsp; 1747 |
| Audit and tax fees  | &nbsp;&nbsp; 22327 |
| Custody fees | &nbsp;&nbsp; 12666 |
| Legal fees | &nbsp;&nbsp; 1447 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 36350 |
| Other accrued expenses | &nbsp;&nbsp; 7785 |
| Total liabilities | &nbsp;&nbsp; 74017211 |
| **Net assets**  | &nbsp;&nbsp; $396005465 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $344635 |
| Additional paid-in capital | &nbsp;&nbsp; 439253394 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (43592564)<br>|
| **Net assets** | &nbsp;&nbsp; $396005465 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $156777181 |
| Service Class | &nbsp;&nbsp; 239228284 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 14353034 |
| Service Class | &nbsp;&nbsp; 20110435 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $10.92 |
| Service Class | 11.90 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | &nbsp;&nbsp; $9261192 |
| Net income from securities lending | &nbsp;&nbsp; 1334 |
| Total investment income  | &nbsp;&nbsp; 9262526 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 801738 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 302859 |
| Transfer agent costs | &nbsp;&nbsp; 2124 |
| Trustee and CCO fees | &nbsp;&nbsp; 9511 |
| Audit and tax fees | &nbsp;&nbsp; 23415 |
| Custody fees | &nbsp;&nbsp; 46560 |
| Legal fees | &nbsp;&nbsp; 15319 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 37469 |
| Other | &nbsp;&nbsp; 18192 |
| Total expenses | &nbsp;&nbsp; 1257187 |
| **Net investment income (loss)** | &nbsp;&nbsp; 8005339 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; (2760170)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 7953644 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 5193474 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $13198813 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Aegon Core Bond VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $8005339 | &nbsp;&nbsp; $17603530 |
| Net realized gain (loss) | &nbsp;&nbsp; (2760170)<br>| &nbsp;&nbsp; (2904384)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 7953644 | &nbsp;&nbsp; (12318857)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 13198813 | &nbsp;&nbsp; 2380289 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (8395460)<br>|
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (12261090)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (20656550)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 79692007 | &nbsp;&nbsp; 92548153 |
| Service Class | &nbsp;&nbsp; 6611252 | &nbsp;&nbsp; 20416770 |
|  | &nbsp;&nbsp; 86303259 | &nbsp;&nbsp; 112964923 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 8395460 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 12261090 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 20656550 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (46857872)<br>| &nbsp;&nbsp; (185913535)<br>|
| Service Class | &nbsp;&nbsp; (29752456)<br>| &nbsp;&nbsp; (34871282)<br>|
|  | &nbsp;&nbsp; (76610328)<br>| &nbsp;&nbsp; (220784817)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; 9692931 | &nbsp;&nbsp; (87163344)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 22891744 | &nbsp;&nbsp; (105439605)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 373113721 | &nbsp;&nbsp; 478553326 |
| End of period/year | &nbsp;&nbsp; $396005465 | &nbsp;&nbsp; $373113721 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 7359086 | &nbsp;&nbsp; 8477840 |
| Service Class | &nbsp;&nbsp; 564376 | &nbsp;&nbsp; 1749136 |
|  | &nbsp;&nbsp; 7923462 | &nbsp;&nbsp; 10226976 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 782429 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1047062 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1829491 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (4364468)<br>| &nbsp;&nbsp; (17374280)<br>|
| Service Class | &nbsp;&nbsp; (2556271)<br>| &nbsp;&nbsp; (2959565)<br>|
|  | &nbsp;&nbsp; (6920739)<br>| &nbsp;&nbsp; (20333845)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; 2994618 | &nbsp;&nbsp; (8114011)<br>|
| Service Class | &nbsp;&nbsp; (1991895)<br>| &nbsp;&nbsp; (163367)<br>|
|  | &nbsp;&nbsp; 1002723 | &nbsp;&nbsp; (8277378)<br>|

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Aegon Core Bond VP**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $10.64 | &nbsp;&nbsp; $12.63 | &nbsp;&nbsp; $13.65 | &nbsp;&nbsp; $13.23 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.23 | 0.48 | 0.48 | 0.31 | 0.27 | 0.32 |
| Net realized and unrealized gain (loss) | 0.17 | &nbsp;&nbsp; (0.32)<br>| 0.15 | &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (0.40)<br>| 0.66 |
| Total investment operations | 0.40 | 0.16 | 0.63 | &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; (0.13)<br>| 0.98 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.52)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.04)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.56)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $10.92 | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $10.64 | &nbsp;&nbsp; $12.63 | &nbsp;&nbsp; $13.65 |
| **Total return**<sup>(B)</sup> <br>| 3.80 %<sup>(C)</sup><br>| 1.38<br> %<br>| 6.04<br> %<br>| &nbsp;&nbsp; (12.77)%<br>| &nbsp;&nbsp; (1.03)%<br>| 7.46<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $156777 | &nbsp;&nbsp; $119508 | &nbsp;&nbsp; $213566 | &nbsp;&nbsp; $117521 | &nbsp;&nbsp; $146690 | &nbsp;&nbsp; $161281 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.50 %<sup>(D)</sup><br>| 0.51<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.50 %<sup>(D)</sup><br>| 0.51 %<sup>(E)</sup><br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>|
| Net investment income (loss) to average net assets | 4.35 %<sup>(D)</sup><br>| 4.45<br> %<br>| 4.49<br> %<br>| 2.70<br> %<br>| 2.08<br> %<br>| 2.37<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 41 %<sup>(C)</sup><br>| &nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp; 90<br> %<br>| &nbsp;&nbsp; 116<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 30<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $11.47 | &nbsp;&nbsp; $11.90 | &nbsp;&nbsp; $11.51 | &nbsp;&nbsp; $13.62 | &nbsp;&nbsp; $14.65 | &nbsp;&nbsp; $14.17 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.24 | 0.50 | 0.49 | 0.30 | 0.26 | 0.31 |
| Net realized and unrealized gain (loss) | 0.19 | &nbsp;&nbsp; (0.35)<br>| 0.16 | &nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp; (0.44)<br>| 0.70 |
| Total investment operations | 0.43 | 0.15 | 0.65 | &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (0.18)<br>| 1.01 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.49)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.04)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.53)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $11.90 | &nbsp;&nbsp; $11.47 | &nbsp;&nbsp; $11.90 | &nbsp;&nbsp; $11.51 | &nbsp;&nbsp; $13.62 | &nbsp;&nbsp; $14.65 |
| **Total return**<sup>(B)</sup> <br>| 3.75 %<sup>(C)</sup><br>| 1.18<br> %<br>| 5.78<br> %<br>| &nbsp;&nbsp; (12.99)%<br>| &nbsp;&nbsp; (1.27)%<br>| 7.16<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $239228 | &nbsp;&nbsp; $253606 | &nbsp;&nbsp; $264987 | &nbsp;&nbsp; $276136 | &nbsp;&nbsp; $360914 | &nbsp;&nbsp; $376623 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.75 %<sup>(D)</sup><br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.77<br> %<br>| 0.77<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.75 %<sup>(D)</sup><br>| 0.76 %<sup>(E)</sup><br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.77<br> %<br>| 0.77<br> %<br>|
| Net investment income (loss) to average net assets | 4.10 %<sup>(D)</sup><br>| 4.21<br> %<br>| 4.25<br> %<br>| 2.41<br> %<br>| 1.83<br> %<br>| 2.11<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 41 %<sup>(C)</sup><br>| &nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp; 90<br> %<br>| &nbsp;&nbsp; 116<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 30<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica Aegon Core Bond VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

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

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

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

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

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

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

There were no commissions recaptured during the period ended June 30, 2025, by the Portfolio.

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

**3. INVESTMENT VALUATION**

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

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

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

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

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

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

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

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

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

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

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

*Short-term notes:* The Portfolio normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

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

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

**4. SECURITIES AND OTHER INVESTMENTS**

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

REITs held at June 30, 2025, if any, are identified within the Schedule of Investments.

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

TIPS held at June 30, 2025, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income within the Statement of Operations, with a corresponding adjustment to Investments, at cost within the Statement of Assets and Liabilities.

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

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

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Portfolio's other assets. Unsettled TBA

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Portfolio and the counterparty. Cash collateral that has been pledged to cover the obligations of a Portfolio and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Portfolio, if any, is disclosed within the Schedule of Investments. Typically, a Portfolio is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Portfolio are not fully collateralized, contractually or otherwise, a Portfolio bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at June 30, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Portfolio based on the Portfolio's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Portfolio agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Portfolio had no amounts outstanding as of June 30, 2025, or at any time during the period then ended.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

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

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

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $450485 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $450485 |
| **Total Borrowings** | **$450485** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$450485** |

---

**6. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

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

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Portfolio's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Portfolio. Increased redemptions could cause the Portfolio to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Portfolio or a counterparty to a financial contract with the Portfolio is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Portfolio. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Portfolio's assets can decline as can the value of the Portfolio's distributions.

**Liquidity risk:** The Portfolio may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Portfolio is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Portfolio may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Portfolio to sell. This may prevent the Portfolio from limiting losses.

**Counterparty risk:** The Portfolio could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Portfolio do not fulfill their contractual obligations. In addition, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Portfolio has more contractual exposure to a counterparty.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase portfolio losses, increase costs, reduce opportunities for gains, increase portfolio volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Portfolio. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Portfolio's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Portfolio. In certain cases, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Portfolio to certain operational and legal risks. The Portfolio may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on portfolios using derivatives. Rule 18f-4 could have an adverse impact on the Portfolio's performance and its ability to implement its investment strategies and may increase costs related to the Portfolio's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Portfolio will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Focused investing risk:** To the extent the Portfolio invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Portfolio will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Portfolio invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Portfolio will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Portfolio.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Portfolio, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

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

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.420<br> % <br>|
| Over $1 billion up to $2 billion | 0.380 |
| Over $2 billion up to $3.5 billion | 0.365 |
| Over $3.5 billion up to $5 billion | 0.360 |
| Over $5 billion | 0.355 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.54<br> % <br>| May 1, 2026 |
| Service Class | 0.79 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

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

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

As of June 30, 2025, there are no amounts available for recapture by TAM.

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

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

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCL has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2026. Prior to TCL seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

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

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Initial Class | 0.15<br> % <br>|
| Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $52671086 | &nbsp;&nbsp; $73733650 | &nbsp;&nbsp; $69810483 | &nbsp;&nbsp; $56569781 |

---

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

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

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $447971439 | &nbsp;&nbsp; $4525308 | &nbsp;&nbsp; $(5996103)<br>| &nbsp;&nbsp; $(1470795)<br>|

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 32**

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**Transamerica Aegon Core Bond VP** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica Aegon Core Bond VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and Aegon USA Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

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

**Nature, Extent and Quality of the Services Provided**

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

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

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 33**

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**Transamerica Aegon Core Bond VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Portfolio's benchmark, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was above the median for its peer universe for the past 3-year period and in line with the median for the past 1-, 5- and 10-year periods. The Board also noted that the performance of Service Class Shares of the Portfolio was above the benchmark that TAM utilizes to measure performance of the Portfolio for the past 3- and 5-year periods and below the benchmark for the past 1- and 10-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Portfolio on November 1, 2022 pursuant to its current investment strategies. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were in line with the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

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

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 34**

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**Transamerica Aegon Core Bond VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

With respect to the Sub-Adviser, the Board noted that information about the Sub-Adviser's revenues and expenses was incorporated into the profitability analysis for TAM and its affiliates with respect to the Portfolio. As a result, the Board focused on profitability information for TAM and its affiliates and the Sub-Adviser in the aggregate.

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

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio.

**Other Considerations**

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

**Conclusion**

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 35**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817img6cfadbfb3.gif)

Visit **transamerica.com**

![](g897817imgf5ab06ad4.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

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![](g897817imgfa5e3e9e1.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica Aegon High Yield Bond VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817imge5d891fa2.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_dd06db9d-8d99-4560-909d-f8a8d48b2ef1_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_dd06db9d-8d99-4560-909d-f8a8d48b2ef1_SOI-RunningFooter-241_1) | 2 |
| [Statement of Assets and Liabilities](#xx_dd06db9d-8d99-4560-909d-f8a8d48b2ef1_FS-RunningFooter-241_1) | 11 |
| [Statement of Operations](#xx_dd06db9d-8d99-4560-909d-f8a8d48b2ef1_FS-RunningFooter-241_1) | 11 |
| [Statement of Changes in Net Assets](#xx_dd06db9d-8d99-4560-909d-f8a8d48b2ef1_FS-RunningFooter-241_2) | 12 |
| [Financial Highlights](#xx_dd06db9d-8d99-4560-909d-f8a8d48b2ef1_FS-RunningFooter-241_3) | 13 |
| [Notes to Financial Statements](#xx_dd06db9d-8d99-4560-909d-f8a8d48b2ef1_NTF-RunningFooter-241_1) | 14 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_dd06db9d-8d99-4560-909d-f8a8d48b2ef1_DWA-RunningFooter-241_1)**<br> **[Companies](#xx_dd06db9d-8d99-4560-909d-f8a8d48b2ef1_DWA-RunningFooter-241_1)**<br>| 25 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_dd06db9d-8d99-4560-909d-f8a8d48b2ef1_PD-RunningFooter-241_1)** | 26 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_dd06db9d-8d99-4560-909d-f8a8d48b2ef1_DTO-RunningFooter-241_1)**<br> **[Companies](#xx_dd06db9d-8d99-4560-909d-f8a8d48b2ef1_DTO-RunningFooter-241_1)**<br>| 27 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_dd06db9d-8d99-4560-909d-f8a8d48b2ef1_Mgmtagmt-RunningFooter-241_1)** | 28 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Aegon High Yield Bond VP**

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**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 94.9%**  | **CORPORATE DEBT SECURITIES - 94.9%**  | **CORPORATE DEBT SECURITIES - 94.9%**  |
| **Aerospace & Defense - 1.0%**  | **Aerospace & Defense - 1.0%**  | **Aerospace & Defense - 1.0%**  |
| TransDigm, Inc. |  |  |
| 4.88%, 05/01/2029 | $937000 | $920679 |
| 6.38%, 03/01/2029 <sup>(A)</sup> <br>| 274000 | 281108 |
| 6.88%, 12/15/2030 <sup>(A)</sup> <br>| 385000 | 399471 |
| 7.13%, 12/01/2031 <sup>(A)</sup> <br>| 85000 | 89056 |
| Triumph Group, Inc. |  |  |
| 9.00%, 03/15/2028 <sup>(A)</sup> <br>| 700000 | 731528 |
|  |  | 2421842 |
| **Automobile Components - 1.9%**  | **Automobile Components - 1.9%**  | **Automobile Components - 1.9%**  |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| 6.75%, 05/15/2028 - 02/15/2030 <sup>(A)</sup> <br>| 756000 | 781692 |
| 8.50%, 05/15/2027 <sup>(A)</sup> <br>| 846000 | 849706 |
| Goodyear Tire & Rubber Co. |  |  |
| 4.88%, 03/15/2027 | 361000 | 359203 |
| 5.00%, 05/31/2026 | 253000 | 252983 |
| 5.00%, 07/15/2029 <sup>(B)</sup> <br>| 434000 | 424193 |
| Phinia, Inc. |  |  |
| 6.63%, 10/15/2032 <sup>(A)</sup> <br>| 676000 | 686534 |
| ZF North America Capital, Inc. |  |  |
| 6.75%, 04/23/2030 <sup>(A)</sup> <br>| 530000 | 508966 |
| 6.88%, 04/14/2028 <sup>(A)</sup> <br>| 435000 | 436316 |
| 7.13%, 04/14/2030 <sup>(A)</sup> <br>| 303000 | 296257 |
|  |  | 4595850 |
| **Automobiles - 1.5%**  | **Automobiles - 1.5%**  | **Automobiles - 1.5%**  |
| Ford Motor Co. |  |  |
| 6.10%, 08/19/2032 <sup>(B)</sup> <br>| 140000 | 139803 |
| Ford Motor Credit Co. LLC |  |  |
| 2.70%, 08/10/2026 | 245000 | 238537 |
| 4.00%, 11/13/2030 | 625000 | 570593 |
| 4.39%, 01/08/2026 | 676000 | 672979 |
| 6.95%, 03/06/2026 | 541000 | 546218 |
| 7.35%, 11/04/2027 - 03/06/2030 | 973000 | 1021976 |
| Wabash National Corp. |  |  |
| 4.50%, 10/15/2028 <sup>(A)</sup> <br>| 709000 | 641390 |
|  |  | 3831496 |
| **Banks - 1.2%**  | **Banks - 1.2%**  | **Banks - 1.2%**  |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 11/02/2025, <br>7.33% <sup>(C)</sup>, 11/02/2026<br>| 600000 | 604981 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp; Fixed until 06/01/2031, <br>4.20% <sup>(C)</sup>, 06/01/2032 <sup>(A)</sup> <br>| 972000 | 894054 |
| 5.71%, 01/15/2026 <sup>(A)</sup> <br>| 651000 | 652442 |
| 7.00%, 11/21/2025 <sup>(A)</sup> <br>| 200000 | 201577 |
| &nbsp;&nbsp; Fixed until 11/21/2032, <br>8.25% <sup>(C)</sup>, 11/21/2033 <sup>(A)</sup> <br>| 411000 | 477088 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 08/15/2032, <br>7.95% <sup>(C)</sup>, 11/15/2033<br>| 200000 | 229158 |
|  |  | 3059300 |
| **Beverages - 0.6%**  | **Beverages - 0.6%**  | **Beverages - 0.6%**  |
| Primo Water Holdings, Inc./Triton Water <br> Holdings, Inc. |  |  |
| 4.38%, 04/30/2029 <sup>(A)</sup> <br>| 1412000 | 1368976 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Building Products - 3.8%**  | **Building Products - 3.8%**  | **Building Products - 3.8%**  |
| Boise Cascade Co. |  |  |
| 4.88%, 07/01/2030 <sup>(A)</sup><sup>(B)</sup> <br>| $1182000 | $1150013 |
| Builders FirstSource, Inc. |  |  |
| 4.25%, 02/01/2032 <sup>(A)</sup> <br>| 1305000 | 1209030 |
| 5.00%, 03/01/2030 <sup>(A)</sup> <br>| 137000 | 134482 |
| 6.38%, 06/15/2032 <sup>(A)</sup> <br>| 461000 | 473801 |
| 6.75%, 05/15/2035 <sup>(A)</sup> <br>| 145000 | 149294 |
| Camelot Return Merger Sub, Inc. |  |  |
| 8.75%, 08/01/2028 <sup>(A)</sup> <br>| 116000 | 106977 |
| Cornerstone Building Brands, Inc. |  |  |
| 6.13%, 01/15/2029 <sup>(A)</sup> <br>| 448000 | 324881 |
| 9.50%, 08/15/2029 <sup>(A)</sup> <br>| 344000 | 316247 |
| EMRLD Borrower LP/Emerald Co-Issuer, <br> Inc. |  |  |
| 6.63%, 12/15/2030 <sup>(A)</sup> <br>| 1570000 | 1604810 |
| 6.75%, 07/15/2031 <sup>(A)</sup> <br>| 179000 | 185264 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/2032 <sup>(A)</sup> <br>| 810000 | 832939 |
| 6.75%, 03/01/2033 <sup>(A)</sup> <br>| 228000 | 235256 |
| Smyrna Ready Mix Concrete LLC |  |  |
| 8.88%, 11/15/2031 <sup>(A)</sup> <br>| 2595000 | 2720746 |
|  |  | 9443740 |
| **Chemicals - 2.4%**  | **Chemicals - 2.4%**  | **Chemicals - 2.4%**  |
| ASP Unifrax Holdings, Inc. |  |  |
| 5.25%, 09/30/2028 <sup>(A)</sup> <br>| 368000 | 138460 |
| Avient Corp. |  |  |
| 6.25%, 11/01/2031 <sup>(A)</sup> <br>| 147000 | 148374 |
| 7.13%, 08/01/2030 <sup>(A)</sup> <br>| 943000 | 972623 |
| Celanese U.S. Holdings LLC |  |  |
| 7.05%, 11/15/2030 | 705000 | 741982 |
| NOVA Chemicals Corp. |  |  |
| 7.00%, 12/01/2031 <sup>(A)</sup> <br>| 1133000 | 1187047 |
| 9.00%, 02/15/2030 <sup>(A)</sup> <br>| 553000 | 597216 |
| Olin Corp. |  |  |
| 6.63%, 04/01/2033 <sup>(A)</sup> <br>| 1371000 | 1349365 |
| Olympus Water U.S. Holding Corp. |  |  |
| 7.25%, 06/15/2031 <sup>(A)</sup> <br>| 425000 | 433500 |
| Trinseo Luxco Finance SPV SARL/Trinseo <br> NA Finance SPV LLC |  |  |
| &nbsp;&nbsp; PIK Rate 2.50%, Cash Rate 5.13%, <br>05/03/2029 <sup>(A)</sup><sup>(D)</sup> <br>| 567800 | 336422 |
|  |  | 5904989 |
| **Commercial Services & Supplies - 7.2%**  | **Commercial Services & Supplies - 7.2%**  | **Commercial Services & Supplies - 7.2%**  |
| Albion Financing 1 SARL/Aggreko <br> Holdings, Inc. |  |  |
| 7.00%, 05/21/2030 <sup>(A)</sup> <br>| 344000 | 351061 |
| Allied Universal Holdco LLC |  |  |
| 7.88%, 02/15/2031 <sup>(A)</sup> <br>| 1420000 | 1483463 |
| Avis Budget Car Rental LLC/Avis Budget <br> Finance, Inc. |  |  |
| 5.75%, 07/15/2027 <sup>(A)</sup> <br>| 562000 | 560409 |
| 8.00%, 02/15/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 1250000 | 1294675 |
| 8.38%, 06/15/2032 <sup>(A)</sup> <br>| 70000 | 73235 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica Aegon High Yield Bond VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Axon Enterprise, Inc. |  |  |
| 6.13%, 03/15/2030 <sup>(A)</sup> <br>| $125000 | $128545 |
| 6.25%, 03/15/2033 <sup>(A)</sup> <br>| 255000 | 262564 |
| Benteler International AG |  |  |
| 10.50%, 05/15/2028 <sup>(A)</sup> <br>| 760000 | 799876 |
| Enviri Corp. |  |  |
| 5.75%, 07/31/2027 <sup>(A)</sup> <br>| 1363000 | 1345230 |
| EquipmentShare.com, Inc. |  |  |
| 8.00%, 03/15/2033 <sup>(A)</sup> <br>| 770000 | 806648 |
| 8.63%, 05/15/2032 <sup>(A)</sup> <br>| 290000 | 308180 |
| 9.00%, 05/15/2028 <sup>(A)</sup> <br>| 1044000 | 1102913 |
| Garda World Security Corp. |  |  |
| 6.00%, 06/01/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 612000 | 597345 |
| 8.38%, 11/15/2032 <sup>(A)</sup> <br>| 205000 | 210578 |
| GFL Environmental, Inc. |  |  |
| 6.75%, 01/15/2031 <sup>(A)</sup> <br>| 340000 | 355784 |
| Herc Holdings, Inc. |  |  |
| 5.50%, 07/15/2027 <sup>(A)</sup> <br>| 1449000 | 1449130 |
| 6.63%, 06/15/2029 <sup>(A)</sup> <br>| 798000 | 818747 |
| 7.00%, 06/15/2030 <sup>(A)</sup> <br>| 328000 | 342549 |
| 7.25%, 06/15/2033 <sup>(A)</sup> <br>| 344000 | 360444 |
| Hertz Corp. |  |  |
| 4.63%, 12/01/2026 <sup>(A)</sup> <br>| 69000 | 61826 |
| 5.00%, 12/01/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 507000 | 355896 |
| 12.63%, 07/15/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 911000 | 952686 |
| Madison IAQ LLC |  |  |
| 5.88%, 06/30/2029 <sup>(A)</sup> <br>| 1031000 | 1014271 |
| Reworld Holding Corp. |  |  |
| 4.88%, 12/01/2029 <sup>(A)</sup> <br>| 501000 | 476623 |
| 5.00%, 09/01/2030 | 416000 | 393178 |
| United Rentals North America, Inc. |  |  |
| 3.75%, 01/15/2032 | 395000 | 362830 |
| 4.00%, 07/15/2030 | 622000 | 593561 |
| 5.50%, 05/15/2027 | 77000 | 77027 |
| 6.00%, 12/15/2029 <sup>(A)</sup> <br>| 802000 | 821392 |
|  |  | 17760666 |
| **Communications Equipment - 4.0%**  | **Communications Equipment - 4.0%**  | **Communications Equipment - 4.0%**  |
| Altice Financing SA |  |  |
| 9.63%, 07/15/2027 <sup>(A)</sup> <br>| 504000 | 433440 |
| CommScope LLC |  |  |
| 8.25%, 03/01/2027 <sup>(A)</sup><sup>(B)</sup> <br>| 609000 | 606653 |
| 9.50%, 12/15/2031 <sup>(A)</sup> <br>| 1007000 | 1054543 |
| GoTo Group, Inc. |  |  |
| 5.50%, 05/01/2028 <sup>(A)</sup> <br>| 1004617 | 684904 |
| Iliad Holding SASU |  |  |
| 7.00%, 10/15/2028 - 04/15/2032 <sup>(A)</sup> <br>| 1145000 | 1169777 |
| 8.50%, 04/15/2031 <sup>(A)</sup> <br>| 728000 | 778687 |
| Level 3 Financing, Inc. |  |  |
| 3.63%, 01/15/2029 <sup>(A)</sup> <br>| 418000 | 357390 |
| 3.75%, 07/15/2029 <sup>(A)</sup> <br>| 1226000 | 1031372 |
| 6.88%, 06/30/2033 <sup>(A)</sup> <br>| 855000 | 869982 |
| 11.00%, 11/15/2029 <sup>(A)</sup> <br>| 670684 | 769334 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Communications Equipment (continued)** | **Communications Equipment (continued)** | **Communications Equipment (continued)** |
| Vmed O2 U.K. Financing I PLC |  |  |
| 4.75%, 07/15/2031 <sup>(A)</sup> <br>| $1029000 | $951852 |
| 7.75%, 04/15/2032 <sup>(A)</sup> <br>| 1176000 | 1222037 |
|  |  | 9929971 |
| **Construction & Engineering - 1.3%**  | **Construction & Engineering - 1.3%**  | **Construction & Engineering - 1.3%**  |
| Ashton Woods USA LLC/Ashton Woods <br> Finance Co. |  |  |
| 6.63%, 01/15/2028 <sup>(A)</sup> <br>| 794000 | 797278 |
| Beazer Homes USA, Inc. |  |  |
| 7.25%, 10/15/2029 <sup>(B)</sup> <br>| 640000 | 646047 |
| 7.50%, 03/15/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 509000 | 516014 |
| Century Communities, Inc. |  |  |
| 6.75%, 06/01/2027 | 956000 | 957377 |
| KB Home |  |  |
| 7.25%, 07/15/2030 | 326000 | 337289 |
|  |  | 3254005 |
| **Consumer Staples Distribution & Retail - 1.4%**  | **Consumer Staples Distribution & Retail - 1.4%**  | **Consumer Staples Distribution & Retail - 1.4%**  |
| 1011778 BC ULC/New Red Finance, Inc. |  |  |
| 3.88%, 01/15/2028 <sup>(A)</sup> <br>| 204000 | 198708 |
| 4.00%, 10/15/2030 <sup>(A)</sup> <br>| 636000 | 592668 |
| Bath & Body Works, Inc. |  |  |
| 6.63%, 10/01/2030 <sup>(A)</sup> <br>| 171000 | 176241 |
| 6.75%, 07/01/2036 | 497000 | 505237 |
| 6.88%, 11/01/2035 | 236000 | 244763 |
| 7.50%, 06/15/2029 | 549000 | 563203 |
| Walgreens Boots Alliance, Inc. |  |  |
| 8.13%, 08/15/2029 | 1012000 | 1073303 |
|  |  | 3354123 |
| **Containers & Packaging - 4.8%**  | **Containers & Packaging - 4.8%**  | **Containers & Packaging - 4.8%**  |
| ARD Finance SA |  |  |
| &nbsp;&nbsp; PIK Rate 7.25%, Cash Rate 6.50%, <br>06/30/2027 <sup>(A)</sup><sup>(D)</sup> <br>| 506840 | 21541 |
| &nbsp;&nbsp; Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging <br>Finance PLC |  |  |
| 6.00%, 06/15/2027 <sup>(A)</sup> <br>| 275000 | 275845 |
| Ardagh Packaging Finance PLC/Ardagh <br> Holdings USA, Inc. |  |  |
| 4.13%, 08/15/2026 <sup>(A)</sup><sup>(B)</sup> <br>| 937000 | 879721 |
| Ball Corp. |  |  |
| 2.88%, 08/15/2030 | 1447000 | 1304449 |
| 6.00%, 06/15/2029 | 57000 | 58435 |
| 6.88%, 03/15/2028 | 709000 | 725532 |
| Cascades, Inc./Cascades USA, Inc. |  |  |
| 5.38%, 01/15/2028 <sup>(A)</sup> <br>| 1222000 | 1211541 |
| 6.75%, 07/15/2030 <sup>(A)</sup> <br>| 661000 | 664246 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.63%, 04/15/2029 <sup>(A)</sup> <br>| 178000 | 180578 |
| 6.75%, 04/15/2032 <sup>(A)</sup> <br>| 227000 | 232963 |
| Graphic Packaging International LLC |  |  |
| 3.50%, 03/15/2028 - 03/01/2029 <sup>(A)</sup> <br>| 997000 | 952256 |
| 3.75%, 02/01/2030 <sup>(A)</sup> <br>| 404000 | 378739 |
| 6.38%, 07/15/2032 <sup>(A)</sup> <br>| 674000 | 688205 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Aegon High Yield Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
| Mauser Packaging Solutions Holding Co. |  |  |
| 7.88%, 04/15/2027 <sup>(A)</sup> <br>| $446000 | $453311 |
| 9.25%, 04/15/2027 <sup>(A)</sup> <br>| 148000 | 146962 |
| OI European Group BV |  |  |
| 4.75%, 02/15/2030 <sup>(A)</sup> <br>| 303000 | 291469 |
| Owens-Brockway Glass Container, Inc. |  |  |
| 7.25%, 05/15/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 439000 | 449892 |
| 7.38%, 06/01/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 440000 | 448286 |
| Sealed Air Corp. |  |  |
| 6.50%, 07/15/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 136000 | 140932 |
| 6.88%, 07/15/2033 <sup>(A)</sup> <br>| 887000 | 957645 |
| Sealed Air Corp./Sealed Air Corp. U.S. |  |  |
| 6.13%, 02/01/2028 <sup>(A)</sup> <br>| 364000 | 369337 |
| 7.25%, 02/15/2031 <sup>(A)</sup> <br>| 553000 | 582020 |
| Trivium Packaging Finance BV |  |  |
| 8.25%, 07/15/2030 <sup>(A)</sup> <br>| 202000 | 213612 |
| 12.25%, 01/15/2031 <sup>(A)</sup> <br>| 239000 | 256192 |
|  |  | 11883709 |
| **Diversified REITs - 0.2%**  | **Diversified REITs - 0.2%**  | **Diversified REITs - 0.2%**  |
| Iron Mountain Information Management <br> Services, Inc. |  |  |
| 5.00%, 07/15/2032 <sup>(A)</sup> <br>| 505000 | 484229 |
| **Electric Utilities - 2.1%**  | **Electric Utilities - 2.1%**  | **Electric Utilities - 2.1%**  |
| Calpine Corp. |  |  |
| 3.75%, 03/01/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 531000 | 503743 |
| 5.00%, 02/01/2031 <sup>(A)</sup> <br>| 140000 | 138493 |
| 5.13%, 03/15/2028 <sup>(A)</sup> <br>| 472000 | 471471 |
| Clearway Energy Operating LLC |  |  |
| 3.75%, 02/15/2031 <sup>(A)</sup> <br>| 320000 | 293830 |
| 4.75%, 03/15/2028 <sup>(A)</sup> <br>| 583000 | 576054 |
| NRG Energy, Inc. |  |  |
| 5.75%, 01/15/2028 | 268000 | 269356 |
| 6.00%, 02/01/2033 <sup>(A)</sup> <br>| 729000 | 736265 |
| Vistra Operations Co. LLC |  |  |
| 4.38%, 05/01/2029 <sup>(A)</sup> <br>| 177000 | 172506 |
| 5.00%, 07/31/2027 <sup>(A)</sup> <br>| 771000 | 770053 |
| 5.63%, 02/15/2027 <sup>(A)</sup> <br>| 176000 | 176120 |
| 6.88%, 04/15/2032 <sup>(A)</sup> <br>| 1004000 | 1049664 |
|  |  | 5157555 |
| **Electrical Equipment - 0.9%**  | **Electrical Equipment - 0.9%**  | **Electrical Equipment - 0.9%**  |
| Energizer Holdings, Inc. |  |  |
| 4.38%, 03/31/2029 <sup>(A)</sup> <br>| 502000 | 474799 |
| 6.50%, 12/31/2027 <sup>(A)</sup><sup>(B)</sup> <br>| 660000 | 667515 |
| WESCO Distribution, Inc. |  |  |
| 6.38%, 03/15/2029 - 03/15/2033 <sup>(A)</sup> <br>| 650000 | 669335 |
| 6.63%, 03/15/2032 <sup>(A)</sup> <br>| 195000 | 202638 |
| 7.25%, 06/15/2028 <sup>(A)</sup> <br>| 219000 | 221719 |
|  |  | 2236006 |
| **Electronic Equipment, Instruments & Components - 0.4%**  | **Electronic Equipment, Instruments & Components - 0.4%**  | **Electronic Equipment, Instruments & Components - 0.4%**  |
| Sensata Technologies BV |  |  |
| 4.00%, 04/15/2029 <sup>(A)</sup> <br>| 412000 | 391845 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Sensata Technologies, Inc. |  |  |
| 4.38%, 02/15/2030 <sup>(A)</sup> <br>| $301000 | $287366 |
| 6.63%, 07/15/2032 <sup>(A)</sup> <br>| 428000 | 440476 |
|  |  | 1119687 |
| **Energy Equipment & Services - 0.7%**  | **Energy Equipment & Services - 0.7%**  | **Energy Equipment & Services - 0.7%**  |
| Archrock Partners LP/Archrock Partners <br> Finance Corp. |  |  |
| 6.25%, 04/01/2028 <sup>(A)</sup> <br>| 754000 | 756496 |
| 6.63%, 09/01/2032 <sup>(A)</sup> <br>| 885000 | 901671 |
|  |  | 1658167 |
| **Financial Services - 3.0%**  | **Financial Services - 3.0%**  | **Financial Services - 3.0%**  |
| Azorra Finance Ltd. |  |  |
| 7.25%, 01/15/2031 <sup>(A)</sup><sup>(E)</sup> <br>| 1225000 | 1250630 |
| ILFC E-Capital Trust I |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 0.00%, <br>6.43% <sup>(C)</sup>, 12/21/2065 <sup>(A)</sup> <br>| 2208000 | 1846195 |
| ILFC E-Capital Trust II |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 0.00%, <br>6.68% <sup>(C)</sup>, 12/21/2065 <sup>(A)</sup> <br>| 959000 | 814632 |
| Macquarie Airfinance Holdings Ltd. |  |  |
| 6.50%, 03/26/2031 <sup>(A)</sup> <br>| 65000 | 68791 |
| 8.13%, 03/30/2029 <sup>(A)</sup> <br>| 1084000 | 1133842 |
| Rocket Cos., Inc. |  |  |
| 6.13%, 08/01/2030 <sup>(A)</sup> <br>| 899000 | 916108 |
| United Wholesale Mortgage LLC |  |  |
| 5.50%, 04/15/2029 <sup>(A)</sup> <br>| 291000 | 282461 |
| 5.75%, 06/15/2027 <sup>(A)</sup> <br>| 398000 | 397045 |
| UWM Holdings LLC |  |  |
| 6.63%, 02/01/2030 <sup>(A)</sup> <br>| 813000 | 813840 |
|  |  | 7523544 |
| **Food Products - 2.9%**  | **Food Products - 2.9%**  | **Food Products - 2.9%**  |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP |  |  |
| 3.50%, 03/15/2029 <sup>(A)</sup> <br>| 837000 | 792957 |
| 4.63%, 01/15/2027 <sup>(A)</sup> <br>| 791000 | 786027 |
| 6.50%, 02/15/2028 <sup>(A)</sup><sup>(B)</sup> <br>| 858000 | 878445 |
| Chobani LLC/Chobani Finance Corp., Inc. |  |  |
| 7.63%, 07/01/2029 <sup>(A)</sup> <br>| 768000 | 800304 |
| Darling Ingredients, Inc. |  |  |
| 5.25%, 04/15/2027 <sup>(A)</sup> <br>| 210000 | 209584 |
| 6.00%, 06/15/2030 <sup>(A)</sup> <br>| 613000 | 621094 |
| Post Holdings, Inc. |  |  |
| 4.50%, 09/15/2031 <sup>(A)</sup> <br>| 339000 | 314663 |
| 4.63%, 04/15/2030 <sup>(A)</sup> <br>| 713000 | 685360 |
| 5.50%, 12/15/2029 <sup>(A)</sup> <br>| 833000 | 829180 |
| 6.25%, 02/15/2032 - 10/15/2034 <sup>(A)</sup> <br>| 443000 | 452799 |
| 6.38%, 03/01/2033 <sup>(A)</sup> <br>| 779000 | 786102 |
|  |  | 7156515 |
| **Gas Utilities - 0.2%**  | **Gas Utilities - 0.2%**  | **Gas Utilities - 0.2%**  |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.50%, 05/01/2033 <sup>(A)</sup> <br>| 142000 | 152057 |
| 7.75%, 05/01/2035 <sup>(A)</sup> <br>| 227000 | 245710 |
|  |  | 397767 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Aegon High Yield Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Health Care Equipment & Supplies - 1.0%**  | **Health Care Equipment & Supplies - 1.0%**  | **Health Care Equipment & Supplies - 1.0%**  |
| Medline Borrower LP |  |  |
| 3.88%, 04/01/2029 <sup>(A)</sup> <br>| $1030000 | $988018 |
| Medline Borrower LP/Medline Co-Issuer, <br> Inc. |  |  |
| 6.25%, 04/01/2029 <sup>(A)</sup> <br>| 443000 | 455087 |
| Sotera Health Holdings LLC |  |  |
| 7.38%, 06/01/2031 <sup>(A)</sup> <br>| 1068000 | 1111193 |
|  |  | 2554298 |
| **Health Care Providers & Services - 4.7%**  | **Health Care Providers & Services - 4.7%**  | **Health Care Providers & Services - 4.7%**  |
| Acadia Healthcare Co., Inc. |  |  |
| 5.00%, 04/15/2029 <sup>(A)</sup> <br>| 990000 | 960362 |
| CHS/Community Health Systems, Inc. |  |  |
| 5.25%, 05/15/2030 <sup>(A)</sup> <br>| 853000 | 756396 |
| 5.63%, 03/15/2027 <sup>(A)</sup> <br>| 235000 | 231470 |
| 6.88%, 04/15/2029 <sup>(A)</sup> <br>| 63000 | 50233 |
| 10.88%, 01/15/2032 <sup>(A)</sup> <br>| 715000 | 757805 |
| DaVita, Inc. |  |  |
| 3.75%, 02/15/2031 <sup>(A)</sup> <br>| 1232000 | 1120505 |
| 4.63%, 06/01/2030 <sup>(A)</sup> <br>| 400000 | 383249 |
| Encompass Health Corp. |  |  |
| 4.50%, 02/01/2028 | 553000 | 548022 |
| 4.63%, 04/01/2031 <sup>(B)</sup> <br>| 60000 | 58064 |
| 4.75%, 02/01/2030 | 218000 | 215233 |
| 5.75%, 09/15/2025 | 287000 | 286715 |
| Heartland Dental LLC/Heartland Dental <br> Finance Corp. |  |  |
| 10.50%, 04/30/2028 <sup>(A)</sup> <br>| 575000 | 607137 |
| IQVIA, Inc. |  |  |
| 6.25%, 06/01/2032 <sup>(A)</sup> <br>| 1077000 | 1105237 |
| Kedrion SpA |  |  |
| 6.50%, 09/01/2029 <sup>(A)</sup> <br>| 776000 | 742660 |
| LifePoint Health, Inc. |  |  |
| 11.00%, 10/15/2030 <sup>(A)</sup> <br>| 660000 | 728109 |
| Tenet Healthcare Corp. |  |  |
| 4.25%, 06/01/2029 | 672000 | 651717 |
| 4.63%, 06/15/2028 | 28000 | 27649 |
| 5.13%, 11/01/2027 | 647000 | 645965 |
| 6.13%, 10/01/2028 - 06/15/2030 | 1652000 | 1661522 |
|  |  | 11538050 |
| **Health Care REITs - 0.3%**  | **Health Care REITs - 0.3%**  | **Health Care REITs - 0.3%**  |
| MPT Operating Partnership LP/MPT <br> Finance Corp. |  |  |
| 3.50%, 03/15/2031 <sup>(B)</sup> <br>| 841000 | 594552 |
| 5.00%, 10/15/2027 <sup>(B)</sup> <br>| 167000 | 154256 |
| 8.50%, 02/15/2032 <sup>(A)</sup> <br>| 100000 | 104655 |
|  |  | 853463 |
| **Hotel & Resort REITs - 1.0%**  | **Hotel & Resort REITs - 1.0%**  | **Hotel & Resort REITs - 1.0%**  |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK <br> Domestic Property LLC/PK Finance <br>Co-Issuer |  |  |
| 5.88%, 10/01/2028 <sup>(A)</sup> <br>| 375000 | 374524 |
| 7.00%, 02/01/2030 <sup>(A)</sup> <br>| 1064000 | 1094258 |
| Pebblebrook Hotel LP/PEB Finance Corp. |  |  |
| 6.38%, 10/15/2029 <sup>(A)</sup> <br>| 624000 | 627353 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Hotel & Resort REITs (continued)** | **Hotel & Resort REITs (continued)** | **Hotel & Resort REITs (continued)** |
| RHP Hotel Properties LP/RHP Finance <br> Corp. |  |  |
| 6.50%, 06/15/2033 <sup>(A)</sup> <br>| $287000 | $295250 |
|  |  | 2391385 |
| **Hotels, Restaurants & Leisure - 9.3%**  | **Hotels, Restaurants & Leisure - 9.3%**  | **Hotels, Restaurants & Leisure - 9.3%**  |
| Amer Sports Co. |  |  |
| 6.75%, 02/16/2031 <sup>(A)</sup> <br>| 941000 | 979428 |
| Boyne USA, Inc. |  |  |
| 4.75%, 05/15/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 1082000 | 1049911 |
| Caesars Entertainment, Inc. |  |  |
| 4.63%, 10/15/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 601000 | 573676 |
| 6.50%, 02/15/2032 <sup>(A)</sup> <br>| 335000 | 343749 |
| 7.00%, 02/15/2030 <sup>(A)</sup> <br>| 77000 | 79740 |
| Carnival Corp. |  |  |
| 6.00%, 05/01/2029 <sup>(A)</sup> <br>| 1423000 | 1437859 |
| 6.13%, 02/15/2033 <sup>(A)</sup> <br>| 366000 | 374474 |
| Churchill Downs, Inc. |  |  |
| 5.75%, 04/01/2030 <sup>(A)</sup> <br>| 842000 | 844744 |
| 6.75%, 05/01/2031 <sup>(A)</sup> <br>| 669000 | 687613 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 4.88%, 01/15/2030 | 595000 | 592324 |
| 5.75%, 05/01/2028 <sup>(A)</sup> <br>| 69000 | 69156 |
| 5.88%, 04/01/2029 <sup>(A)</sup> <br>| 81000 | 82731 |
| &nbsp;&nbsp; Hilton Grand Vacations <br> Borrower LLC/Hilton Grand Vacations <br>Borrower, Inc. |  |  |
| 4.88%, 07/01/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 903000 | 832075 |
| 5.00%, 06/01/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 433000 | 416480 |
| International Game Technology PLC |  |  |
| 4.13%, 04/15/2026 <sup>(A)</sup> <br>| 227000 | 226859 |
| 5.25%, 01/15/2029 <sup>(A)</sup> <br>| 217000 | 215054 |
| 6.25%, 01/15/2027 <sup>(A)</sup> <br>| 214000 | 216531 |
| Light & Wonder International, Inc. |  |  |
| 7.00%, 05/15/2028 <sup>(A)</sup> <br>| 700000 | 702039 |
| 7.50%, 09/01/2031 <sup>(A)</sup> <br>| 423000 | 442632 |
| MGM Resorts International |  |  |
| 4.75%, 10/15/2028 <sup>(B)</sup> <br>| 633000 | 625407 |
| 5.50%, 04/15/2027 | 514000 | 516780 |
| 6.13%, 09/15/2029 | 667000 | 678436 |
| 6.50%, 04/15/2032 | 899000 | 913667 |
| NCL Corp. Ltd. |  |  |
| 5.88%, 03/15/2026 - 02/15/2027 <sup>(A)</sup> <br>| 517000 | 518614 |
| 6.75%, 02/01/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 712000 | 727400 |
| 8.13%, 01/15/2029 <sup>(A)</sup> <br>| 383000 | 403751 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 07/15/2027 <sup>(A)</sup> <br>| 450000 | 452660 |
| 5.63%, 09/30/2031 <sup>(A)</sup> <br>| 172000 | 173051 |
| 6.00%, 02/01/2033 <sup>(A)</sup> <br>| 332000 | 338400 |
| 6.25%, 03/15/2032 <sup>(A)</sup> <br>| 171000 | 175767 |
| Station Casinos LLC |  |  |
| 4.50%, 02/15/2028 <sup>(A)</sup> <br>| 1416000 | 1388535 |
| 6.63%, 03/15/2032 <sup>(A)</sup> <br>| 404000 | 413095 |
| Travel & Leisure Co. |  |  |
| 4.50%, 12/01/2029 <sup>(A)</sup> <br>| 392000 | 378852 |
| 6.00%, 04/01/2027 | 926000 | 934220 |
| 6.60%, 10/01/2025 | 148000 | 147781 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Aegon High Yield Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Vail Resorts, Inc. |  |  |
| 6.50%, 05/15/2032 <sup>(A)</sup> <br>| $534000 | $551755 |
| Viking Cruises Ltd. |  |  |
| 5.88%, 09/15/2027 <sup>(A)</sup> <br>| 1274000 | 1274712 |
| 7.00%, 02/15/2029 <sup>(A)</sup> <br>| 710000 | 716227 |
| 9.13%, 07/15/2031 <sup>(A)</sup> <br>| 251000 | 270327 |
| Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp. |  |  |
| 7.13%, 02/15/2031 <sup>(A)</sup> <br>| 1105000 | 1178439 |
|  |  | 22944951 |
| **Household Durables - 0.9%**  | **Household Durables - 0.9%**  | **Household Durables - 0.9%**  |
| Newell Brands, Inc. |  |  |
| 6.63%, 05/15/2032 <sup>(B)</sup> <br>| 1325000 | 1263994 |
| 8.50%, 06/01/2028 <sup>(A)</sup> <br>| 245000 | 257302 |
| Whirlpool Corp. |  |  |
| 6.50%, 06/15/2033 | 731000 | 733341 |
|  |  | 2254637 |
| **Household Products - 0.3%**  | **Household Products - 0.3%**  | **Household Products - 0.3%**  |
| Central Garden & Pet Co. |  |  |
| 4.13%, 04/30/2031 <sup>(A)</sup> <br>| 706000 | 655405 |
| **Insurance - 2.8%**  | **Insurance - 2.8%**  | **Insurance - 2.8%**  |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |
| 6.75%, 07/01/2032 <sup>(A)</sup> <br>| 738000 | 748460 |
| Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer |  |  |
| 6.50%, 10/01/2031 <sup>(A)</sup> <br>| 1062000 | 1081752 |
| 6.75%, 10/15/2027 <sup>(A)</sup> <br>| 367000 | 366783 |
| Constellation Insurance, Inc. |  |  |
| 6.80%, 01/24/2030 <sup>(A)</sup> <br>| 1978000 | 1966708 |
| Hartford Insurance Group, Inc. |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 2.39%, <br>6.71% <sup>(C)</sup>, 02/12/2067 <sup>(A)</sup> <br>| 1116000 | 1037882 |
| HUB International Ltd. |  |  |
| 7.25%, 06/15/2030 <sup>(A)</sup> <br>| 735000 | 768101 |
| 7.38%, 01/31/2032 <sup>(A)</sup> <br>| 274000 | 286694 |
| Lincoln National Corp. |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 2.62%, <br>6.94% <sup>(C)</sup>, 05/17/2066<br>| 840000 | 715165 |
|  |  | 6971545 |
| **Internet & Catalog Retail - 0.5%**  | **Internet & Catalog Retail - 0.5%**  | **Internet & Catalog Retail - 0.5%**  |
| ION Trading Technologies SARL |  |  |
| 9.50%, 05/30/2029 <sup>(A)</sup> <br>| 1133000 | 1163592 |
| **IT Services - 1.0%**  | **IT Services - 1.0%**  | **IT Services - 1.0%**  |
| Crowdstrike Holdings, Inc. |  |  |
| 3.00%, 02/15/2029 | 793000 | 749164 |
| NCR Voyix Corp. |  |  |
| 5.00%, 10/01/2028 <sup>(A)</sup> <br>| 967000 | 957202 |
| 5.13%, 04/15/2029 <sup>(A)</sup> <br>| 341000 | 335864 |
| Western Digital Corp. |  |  |
| 4.75%, 02/15/2026 | 426000 | 424879 |
|  |  | 2467109 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Machinery - 1.2%**  | **Machinery - 1.2%**  | **Machinery - 1.2%**  |
| Chart Industries, Inc. |  |  |
| 7.50%, 01/01/2030 <sup>(A)</sup> <br>| $1193000 | $1248983 |
| GrafTech Finance, Inc. |  |  |
| 4.63%, 12/23/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 329000 | 225365 |
| GrafTech Global Enterprises, Inc. |  |  |
| 9.88%, 12/23/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 239000 | 188810 |
| SPX Flow, Inc. |  |  |
| 8.75%, 04/01/2030 <sup>(A)</sup><sup>(B)</sup> <br>| 1274000 | 1321854 |
|  |  | 2985012 |
| **Media - 8.6%**  | **Media - 8.6%**  | **Media - 8.6%**  |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp. |  |  |
| 4.50%, 08/15/2030 <sup>(A)</sup> <br>| 378000 | 360378 |
| 4.50%, 05/01/2032 | 848000 | 789694 |
| 4.75%, 03/01/2030 <sup>(A)</sup> <br>| 985000 | 954270 |
| 5.00%, 02/01/2028 <sup>(A)</sup> <br>| 423000 | 419102 |
| 5.38%, 06/01/2029 <sup>(A)</sup> <br>| 461000 | 459314 |
| 5.50%, 05/01/2026 <sup>(A)</sup> <br>| 348000 | 347872 |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 6.48%, 10/23/2045 | 1532000 | 1517968 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.50%, 06/01/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 316000 | 292268 |
| 7.75%, 04/15/2028 <sup>(A)</sup><sup>(B)</sup> <br>| 85000 | 80325 |
| 9.00%, 09/15/2028 <sup>(A)</sup> <br>| 699000 | 732428 |
| CSC Holdings LLC |  |  |
| 4.13%, 12/01/2030 <sup>(A)</sup> <br>| 248000 | 174967 |
| 4.50%, 11/15/2031 <sup>(A)</sup> <br>| 662000 | 465839 |
| 5.75%, 01/15/2030 <sup>(A)</sup> <br>| 2670000 | 1320544 |
| 6.50%, 02/01/2029 <sup>(A)</sup> <br>| 460000 | 374024 |
| 7.50%, 04/01/2028 <sup>(A)</sup> <br>| 500000 | 371145 |
| 11.75%, 01/31/2029 <sup>(A)</sup> <br>| 600000 | 570694 |
| DISH DBS Corp. |  |  |
| 5.75%, 12/01/2028 <sup>(A)</sup> <br>| 243000 | 210347 |
| 7.38%, 07/01/2028 | 360000 | 259991 |
| 7.75%, 07/01/2026 | 218000 | 193647 |
| DISH Network Corp. |  |  |
| 11.75%, 11/15/2027 <sup>(A)</sup> <br>| 354000 | 364912 |
| Gray Media, Inc. |  |  |
| 4.75%, 10/15/2030 <sup>(A)</sup><sup>(B)</sup> <br>| 587000 | 443185 |
| 5.38%, 11/15/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 1030000 | 772331 |
| iHeartCommunications, Inc. |  |  |
| 7.75%, 08/15/2030 <sup>(A)</sup> <br>| 501960 | 387137 |
| 9.13%, 05/01/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 440250 | 361555 |
| 10.88%, 05/01/2030 <sup>(A)</sup> <br>| 917908 | 449775 |
| LCPR Senior Secured Financing DAC |  |  |
| 5.13%, 07/15/2029 <sup>(A)</sup> <br>| 741000 | 436497 |
| 6.75%, 10/15/2027 <sup>(A)</sup> <br>| 1426000 | 960539 |
| Sirius XM Radio LLC |  |  |
| 4.13%, 07/01/2030 <sup>(A)</sup> <br>| 464000 | 427826 |
| 5.00%, 08/01/2027 <sup>(A)</sup> <br>| 29000 | 28752 |
| 5.50%, 07/01/2029 <sup>(A)</sup> <br>| 357000 | 354650 |
| TEGNA, Inc. |  |  |
| 4.63%, 03/15/2028 | 460000 | 447046 |
| 4.75%, 03/15/2026 <sup>(A)</sup> <br>| 244000 | 243532 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Aegon High Yield Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Univision Communications, Inc. |  |  |
| 6.63%, 06/01/2027 <sup>(A)</sup> <br>| $521000 | $519579 |
| 8.00%, 08/15/2028 <sup>(A)</sup> <br>| 403000 | 408956 |
| 8.50%, 07/31/2031 <sup>(A)</sup> <br>| 328000 | 328363 |
| Virgin Media Finance PLC |  |  |
| 5.00%, 07/15/2030 <sup>(A)</sup> <br>| 983000 | 898315 |
| Virgin Media Secured Finance PLC |  |  |
| 4.50%, 08/15/2030 <sup>(A)</sup> <br>| 585000 | 543693 |
| 5.50%, 05/15/2029 <sup>(A)</sup> <br>| 1139000 | 1120301 |
| VZ Secured Financing BV |  |  |
| 5.00%, 01/15/2032 <sup>(A)</sup> <br>| 2115000 | 1881522 |
|  |  | 21273283 |
| **Metals & Mining - 4.2%**  | **Metals & Mining - 4.2%**  | **Metals & Mining - 4.2%**  |
| Advanced Drainage Systems, Inc. |  |  |
| 5.00%, 09/30/2027 <sup>(A)</sup> <br>| 198000 | 196436 |
| 6.38%, 06/15/2030 <sup>(A)</sup> <br>| 238000 | 243416 |
| Big River Steel LLC/BRS Finance Corp. |  |  |
| 6.63%, 01/31/2029 <sup>(A)</sup> <br>| 1475000 | 1486906 |
| Cleveland-Cliffs, Inc. |  |  |
| 6.88%, 11/01/2029 <sup>(A)</sup> <br>| 638000 | 628136 |
| 7.00%, 03/15/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 1417000 | 1335751 |
| 7.50%, 09/15/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 635000 | 612429 |
| Constellium SE |  |  |
| 5.63%, 06/15/2028 <sup>(A)</sup> <br>| 1551000 | 1541927 |
| 6.38%, 08/15/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 388000 | 394452 |
| FMG Resources August 2006 Pty. Ltd. |  |  |
| 5.88%, 04/15/2030 <sup>(A)</sup> <br>| 657000 | 665222 |
| 6.13%, 04/15/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 698000 | 709989 |
| Mineral Resources Ltd. |  |  |
| 8.13%, 05/01/2027 <sup>(A)</sup> <br>| 834000 | 833557 |
| 9.25%, 10/01/2028 <sup>(A)</sup> <br>| 99000 | 101317 |
| Novelis Corp. |  |  |
| 4.75%, 01/30/2030 <sup>(A)</sup> <br>| 1065000 | 1020469 |
| 6.88%, 01/30/2030 <sup>(A)</sup><sup>(B)</sup> <br>| 714000 | 738227 |
|  |  | 10508234 |
| **Mortgage Real Estate Investment Trusts - 1.0%**  | **Mortgage Real Estate Investment Trusts - 1.0%**  | **Mortgage Real Estate Investment Trusts - 1.0%**  |
| &nbsp;&nbsp; Ladder Capital Finance <br> Holdings LLLP/Ladder Capital Finance <br>Corp. |  |  |
| 4.25%, 02/01/2027 <sup>(A)</sup> <br>| 364000 | 358870 |
| 5.25%, 10/01/2025 <sup>(A)</sup> <br>| 632000 | 631742 |
| 7.00%, 07/15/2031 <sup>(A)</sup> <br>| 302000 | 315798 |
| Starwood Property Trust, Inc. |  |  |
| 6.00%, 04/15/2030 <sup>(A)</sup> <br>| 793000 | 802074 |
| 6.50%, 07/01/2030 <sup>(A)</sup> <br>| 388000 | 400750 |
|  |  | 2509234 |
| **Oil, Gas & Consumable Fuels - 10.5%**  | **Oil, Gas & Consumable Fuels - 10.5%**  | **Oil, Gas & Consumable Fuels - 10.5%**  |
| Aethon United BR LP/Aethon United <br> Finance Corp. |  |  |
| 7.50%, 10/01/2029 <sup>(A)</sup> <br>| 642000 | 673416 |
| Antero Midstream Partners LP/Antero <br> Midstream Finance Corp. |  |  |
| 5.38%, 06/15/2029 <sup>(A)</sup> <br>| 643000 | 638169 |
| 6.63%, 02/01/2032 <sup>(A)</sup> <br>| 393000 | 405910 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Civitas Resources, Inc. |  |  |
| 5.00%, 10/15/2026 <sup>(A)</sup> <br>| $364000 | $359441 |
| 8.63%, 11/01/2030 <sup>(A)</sup> <br>| 28000 | 28427 |
| 8.75%, 07/01/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 940000 | 950443 |
| 9.63%, 06/15/2033 <sup>(A)</sup> <br>| 478000 | 490036 |
| Comstock Resources, Inc. |  |  |
| 5.88%, 01/15/2030 <sup>(A)</sup> <br>| 592000 | 575021 |
| Crescent Energy Finance LLC |  |  |
| 8.38%, 01/15/2034 <sup>(A)</sup><sup>(E)</sup> <br>| 573000 | 573358 |
| EQT Corp. |  |  |
| 6.38%, 04/01/2029 <sup>(A)</sup> <br>| 735000 | 758149 |
| Expand Energy Corp. |  |  |
| 4.75%, 02/01/2032 | 273000 | 265461 |
| 5.38%, 03/15/2030 | 517000 | 518450 |
| Genesis Energy LP/Genesis Energy <br> Finance Corp. |  |  |
| 7.88%, 05/15/2032 | 154000 | 160121 |
| 8.00%, 05/15/2033 | 675000 | 705727 |
| 8.88%, 04/15/2030 | 407000 | 432145 |
| Harvest Midstream I LP |  |  |
| 7.50%, 05/15/2032 <sup>(A)</sup> <br>| 851000 | 898800 |
| Hess Midstream Operations LP |  |  |
| 5.13%, 06/15/2028 <sup>(A)</sup> <br>| 628000 | 623594 |
| 6.50%, 06/01/2029 <sup>(A)</sup> <br>| 178000 | 183057 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| 7.25%, 02/15/2035 <sup>(A)</sup> <br>| 996000 | 973940 |
| Matador Resources Co. |  |  |
| 6.25%, 04/15/2033 <sup>(A)</sup> <br>| 558000 | 553875 |
| 6.50%, 04/15/2032 <sup>(A)</sup> <br>| 184000 | 184096 |
| Murphy Oil Corp. |  |  |
| 6.00%, 10/01/2032 | 555000 | 529131 |
| NuStar Logistics LP |  |  |
| 5.63%, 04/28/2027 | 742000 | 748440 |
| Occidental Petroleum Corp. |  |  |
| 6.45%, 09/15/2036 | 1194000 | 1221608 |
| 6.63%, 09/01/2030 | 632000 | 668264 |
| 7.15%, 05/15/2028 | 433000 | 452281 |
| Parkland Corp. |  |  |
| 4.50%, 10/01/2029 <sup>(A)</sup> <br>| 341000 | 327798 |
| 4.63%, 05/01/2030 <sup>(A)</sup> <br>| 77000 | 73732 |
| 5.88%, 07/15/2027 <sup>(A)</sup> <br>| 531000 | 531314 |
| 6.63%, 08/15/2032 <sup>(A)</sup> <br>| 24000 | 24530 |
| PBF Holding Co. LLC/PBF Finance Corp. |  |  |
| 7.88%, 09/15/2030 <sup>(A)</sup> <br>| 657000 | 589845 |
| 9.88%, 03/15/2030 <sup>(A)</sup> <br>| 370000 | 359883 |
| Permian Resources Operating LLC |  |  |
| 6.25%, 02/01/2033 <sup>(A)</sup> <br>| 426000 | 429953 |
| 7.00%, 01/15/2032 <sup>(A)</sup> <br>| 936000 | 970334 |
| SM Energy Co. |  |  |
| 6.50%, 07/15/2028 | 77000 | 77673 |
| 6.63%, 01/15/2027 | 832000 | 832711 |
| 6.75%, 09/15/2026 | 152000 | 152072 |
| 7.00%, 08/01/2032 <sup>(A)</sup> <br>| 657000 | 647403 |
| Summit Midstream Holdings LLC |  |  |
| 8.63%, 10/31/2029 <sup>(A)</sup> <br>| 285000 | 291565 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Aegon High Yield Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Sunoco LP |  |  |
| 6.25%, 07/01/2033 <sup>(A)</sup> <br>| $244000 | $248074 |
| Targa Resources Partners LP/Targa <br> Resources Partners Finance Corp. |  |  |
| 4.88%, 02/01/2031 | 145000 | 143837 |
| 5.00%, 01/15/2028 | 150000 | 150106 |
| 5.50%, 03/01/2030 | 666000 | 675909 |
| 6.50%, 07/15/2027 | 255000 | 255167 |
| Venture Global LNG, Inc. |  |  |
| 9.50%, 02/01/2029 <sup>(A)</sup> <br>| 959000 | 1044713 |
| 9.88%, 02/01/2032 <sup>(A)</sup> <br>| 1090000 | 1177160 |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.50%, 01/15/2034 | 267000 | 267000 |
| Vital Energy, Inc. |  |  |
| 9.75%, 10/15/2030 | 991000 | 896982 |
| Western Midstream Operating LP |  |  |
| 5.30%, 03/01/2048 | 1122000 | 936315 |
| 5.45%, 04/01/2044 | 251000 | 218801 |
|  |  | 25894237 |
| **Paper & Forest Products - 1.0%**  | **Paper & Forest Products - 1.0%**  | **Paper & Forest Products - 1.0%**  |
| Domtar Corp. |  |  |
| 6.75%, 10/01/2028 <sup>(A)</sup> <br>| 928000 | 840652 |
| Magnera Corp. |  |  |
| 4.75%, 11/15/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 1465000 | 1294607 |
| 7.25%, 11/15/2031 <sup>(A)</sup> <br>| 388000 | 365845 |
|  |  | 2501104 |
| **Pharmaceuticals - 2.6%**  | **Pharmaceuticals - 2.6%**  | **Pharmaceuticals - 2.6%**  |
| 1261229 BC Ltd. |  |  |
| 10.00%, 04/15/2032 <sup>(A)</sup> <br>| 389000 | 392411 |
| AdaptHealth LLC |  |  |
| 4.63%, 08/01/2029 <sup>(A)</sup> <br>| 66000 | 62214 |
| 5.13%, 03/01/2030 <sup>(A)</sup> <br>| 150000 | 142518 |
| 6.13%, 08/01/2028 <sup>(A)</sup> <br>| 1031000 | 1029688 |
| Bausch Health Americas, Inc. |  |  |
| 8.50%, 01/31/2027 <sup>(A)</sup> <br>| 532000 | 506730 |
| Bausch Health Cos., Inc. |  |  |
| 5.25%, 01/30/2030 - 02/15/2031 <sup>(A)</sup> <br>| 456000 | 281997 |
| 7.00%, 01/15/2028 <sup>(A)</sup> <br>| 161000 | 136045 |
| 11.00%, 09/30/2028 <sup>(A)</sup> <br>| 586000 | 580140 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp; Fixed until 09/10/2034, <br>6.75% <sup>(C)</sup>, 12/10/2054<br>| 857000 | 858866 |
| &nbsp;&nbsp; Fixed until 12/10/2029, <br>7.00% <sup>(C)</sup>, 03/10/2055<br>| 565000 | 582747 |
| Grifols SA |  |  |
| 4.75%, 10/15/2028 <sup>(A)</sup> <br>| 413000 | 397028 |
| Organon & Co./Organon Foreign Debt Co-<br> Issuer BV |  |  |
| 4.13%, 04/30/2028 <sup>(A)</sup> <br>| 685000 | 658814 |
| 5.13%, 04/30/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 453000 | 393139 |
| 6.75%, 05/15/2034 <sup>(A)</sup> <br>| 359000 | 344764 |
|  |  | 6367101 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Real Estate Management & Development - 0.5%**  | **Real Estate Management & Development - 0.5%**  | **Real Estate Management & Development - 0.5%**  |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| 6.75%, 05/15/2028 <sup>(A)</sup> <br>| $902000 | $909704 |
| 8.88%, 09/01/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 399000 | 428460 |
|  |  | 1338164 |
| **Software - 1.0%**  | **Software - 1.0%**  | **Software - 1.0%**  |
| Ellucian Holdings, Inc. |  |  |
| 6.50%, 12/01/2029 <sup>(A)</sup> <br>| 315000 | 322149 |
| Helios Software Holdings, Inc./ION <br> Corporate Solutions Finance SARL |  |  |
| 8.75%, 05/01/2029 <sup>(A)</sup> <br>| 1295000 | 1332095 |
| Rackspace Finance LLC |  |  |
| 3.50%, 05/15/2028 <sup>(A)</sup> <br>| 426685 | 171525 |
| UKG, Inc. |  |  |
| 6.88%, 02/01/2031 <sup>(A)</sup> <br>| 562000 | 583117 |
|  |  | 2408886 |
| **Specialized REITs - 0.7%**  | **Specialized REITs - 0.7%**  | **Specialized REITs - 0.7%**  |
| Iron Mountain, Inc. |  |  |
| 4.50%, 02/15/2031 <sup>(A)</sup> <br>| 83000 | 79082 |
| 5.25%, 03/15/2028 <sup>(A)</sup> <br>| 994000 | 989659 |
| 6.25%, 01/15/2033 <sup>(A)</sup> <br>| 329000 | 338280 |
| 7.00%, 02/15/2029 <sup>(A)</sup> <br>| 346000 | 358179 |
|  |  | 1765200 |
| **Textiles, Apparel & Luxury Goods - 0.3%**  | **Textiles, Apparel & Luxury Goods - 0.3%**  | **Textiles, Apparel & Luxury Goods - 0.3%**  |
| Under Armour, Inc. |  |  |
| 7.25%, 07/15/2030 <sup>(A)</sup> <br>| 673000 | 681551 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $235,036,013)**<br>|  | 234568578 |
| **LOAN ASSIGNMENTS - 2.9%**  | **LOAN ASSIGNMENTS - 2.9%**  | **LOAN ASSIGNMENTS - 2.9%**  |
| **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  |
| &nbsp;&nbsp; Clarios Global LP <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.83% <sup>(C)</sup>, 05/06/2030<br>| 432735 | 430031 |
| **Commercial Services & Supplies - 0.9%**  | **Commercial Services & Supplies - 0.9%**  | **Commercial Services & Supplies - 0.9%**  |
| &nbsp;&nbsp; Garda World Security Corp. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.31% <sup>(C)</sup>, 02/01/2029<br>| 883790 | 881580 |
| &nbsp;&nbsp; Madison IAQ LLC <br>Term Loan, <br>6-Month Term SOFR + 2.50%, <br>6.76% <sup>(C)</sup>, 06/21/2028<br>| 972461 | 972948 |
| &nbsp;&nbsp; WW International, Inc. <br>Takeback Term Loan, <br>3-Month Term SOFR + 6.80%, <br>11.12% <sup>(C)</sup>, 06/25/2030<br>| 447802 | 402381 |
|  |  | 2256909 |
| **Containers & Packaging - 0.2%**  | **Containers & Packaging - 0.2%**  | **Containers & Packaging - 0.2%**  |
| &nbsp;&nbsp; Anchor Glass Container Corp. <br>Term Loan, <br>3-Month Term SOFR + 2.75%, 3-Month <br> Term SOFR + 5.00%, <br>7.32% <sup>(C)</sup>, 12/07/2025 <sup>(F)</sup> <br>| 892874 | 635429 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Aegon High Yield Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Hotels, Restaurants & Leisure - 0.3%**  | **Hotels, Restaurants & Leisure - 0.3%**  | **Hotels, Restaurants & Leisure - 0.3%**  |
| &nbsp;&nbsp; Caesars Entertainment, Inc. <br>Term Loan B1, <br>1-Month Term SOFR + 2.25%, <br>6.58% <sup>(C)</sup>, 02/06/2031<br>| $765313 | $763877 |
| **IT Services - 0.3%**  | **IT Services - 0.3%**  | **IT Services - 0.3%**  |
| &nbsp;&nbsp; Sandisk Corp. <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.32% <sup>(C)</sup>, 02/20/2032<br>| 641250 | 635639 |
| **Media - 0.2%**  | **Media - 0.2%**  | **Media - 0.2%**  |
| &nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.00%, <br>8.44% <sup>(C)</sup>, 08/23/2028 <sup>(E)</sup> <br>| 500000 | 495625 |
| **Software - 0.8%**  | **Software - 0.8%**  | **Software - 0.8%**  |
| Rackspace Finance LLC |  |  |
| &nbsp;&nbsp; 1st Lien Term Loan, <br>1-Month Term SOFR + 2.75%, <br>7.18% <sup>(C)</sup>, 05/15/2028<br>| 893018 | 404091 |
| &nbsp;&nbsp; 1st Lien Term Loan, <br>1-Month Term SOFR + 6.25%, <br>10.68% <sup>(C)</sup>, 05/15/2028<br>| 230709 | 231286 |
| &nbsp;&nbsp; UKG, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.31% <sup>(C)</sup>, 02/10/2031<br>| 1288393 | 1292553 |
|  |  | 1927930 |
| &nbsp;&nbsp; **Total Loan Assignments** <br>**(Cost $7,592,417)**<br>|  | 7145440 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 0.2%**  | **COMMON STOCKS - 0.2%**  | **COMMON STOCKS - 0.2%**  |
| **Diversified Consumer Services - 0.1%**  | **Diversified Consumer Services - 0.1%**  | **Diversified Consumer Services - 0.1%**  |
| WW International, Inc. <sup>(G)</sup> <br>| 8763 | 264643 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Oil, Gas & Consumable Fuels - 0.0%**  | **Oil, Gas & Consumable Fuels - 0.0%**  | **Oil, Gas & Consumable Fuels - 0.0%**  |
| Ultra Resources, Inc. <sup>(G)(H)(I)(J)</sup> <br>| 123 | $0 |
| **Software - 0.1%**  | **Software - 0.1%**  | **Software - 0.1%**  |
| Avaya Holdings Corp. <sup>(G)</sup><sup>(I)</sup> <br>| 33145 | 240301 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $400,277)**<br>|  | 504944 |
| **OTHER INVESTMENT COMPANY - 9.0%**  | **OTHER INVESTMENT COMPANY - 9.0%**  | **OTHER INVESTMENT COMPANY - 9.0%**  |
| **Securities Lending Collateral - 9.0%**  | **Securities Lending Collateral - 9.0%**  | **Securities Lending Collateral - 9.0%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.31% <sup>(K)</sup> <br>| 22162188 | 22162188 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $22,162,188)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $22,162,188)** | 22162188 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.5%**  | **REPURCHASE AGREEMENT - 0.5%**  | **REPURCHASE AGREEMENT - 0.5%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(K)</sup>, dated 06/30/2025, to be <br> repurchased at $1,260,066 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.63%, due 06/15/2027, and <br> with a value of $1,285,319.<br>| $1260003 | 1260003 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,260,003)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,260,003)** | 1260003 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $266,450,898)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $266,450,898)** | 265641153 |
| **Net Other Assets (Liabilities) - (7.5)%** | **Net Other Assets (Liabilities) - (7.5)%** | (18624533) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$247016620** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(L)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs** <sup>(M)</sup> <br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Corporate Debt Securities | $— | &nbsp;&nbsp; $234568578 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $234568578 |
| Loan Assignments |  | &nbsp;&nbsp; 7145440 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7145440 |
| Common Stocks | 264643 | &nbsp;&nbsp; 240301 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 504944 |
| Other Investment Company | 22162188 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22162188 |
| Repurchase Agreement |  | &nbsp;&nbsp; 1260003 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1260003 |
| **Total Investments** | **$22426831** | &nbsp;&nbsp; **$243214322** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$265641153** |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica Aegon High Yield Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At June 30, 2025, the total value of 144A securities is $191,636,693, representing 77.6% of the* *Portfolio's net assets.* 

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $22,192,775, collateralized by cash collateral of $22,162,188 and* *non-cash collateral, such as U.S. government securities of $490,155. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(C)</sup> *Floating or variable rate security. The rate disclosed is as of June 30, 2025. For securities based on a published reference rate and spread, the* *reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,* *where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and* *are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

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

<sup>(E)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after June 30, 2025. Security* *may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(F)</sup> *Restricted security. At June 30, 2025, the total value of such securities held by the Portfolio is as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value as** <br>**Percentage of** <br>**Net Assets**<br>|
| Loan Assignments | Anchor Glass Container Corp. <br>Term Loan, 3-Month Term <br> SOFR + 2.75%, 3-Month <br> Term SOFR + 5.00%, <br> 7.32%, 12/07/2025<br>| 08/11/2023 - 05/14/2025 | &nbsp;&nbsp; $754923 | &nbsp;&nbsp; $635429 | 0.3<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(G)</sup> *Non-income producing security.*

<sup>(H)</sup> *Security is Level 3 of the fair value hierarchy and is valued based on unobservable inputs (see note 3). At June 30, 2025, the total value of the securities* *is $0, representing less than 0.0% of the Portfolio's net assets.* 

<sup>(I)</sup> *Fair valued as determined in good faith in accordance with TAM's procedures. At June 30, 2025, the total value of the securities is $240,301,* *representing 0.1% of the Portfolio's net assets.* 

<sup>(J)</sup> *Security deemed worthless.*

<sup>(K)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(L)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(M)</sup> *Level 3 security was not considered significant to the Portfolio.*

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust* <br> *SOFR* *Secured Overnight Financing Rate*

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica Aegon High Yield Bond VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $265,190,895) (including <br> securities loaned of $22,192,775)<br>| &nbsp;&nbsp; $264381150 |
| Repurchase agreement, at value (cost $1,260,003) | &nbsp;&nbsp; 1260003 |
| Cash | &nbsp;&nbsp; 1566458 |
| Receivables and other assets: |  |
| When-issued, delayed-delivery, forward and TBA <br> commitments sold<br>| &nbsp;&nbsp; 1604503 |
| Net income from securities lending | &nbsp;&nbsp; 21159 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 126320 |
| Interest | &nbsp;&nbsp; 4064262 |
| Prepaid expenses | &nbsp;&nbsp; 1113 |
| Total assets | &nbsp;&nbsp; 273024968 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 22162188 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 1263422 |
| When-issued, delayed-delivery, forward and TBA <br> commitments purchased<br>| &nbsp;&nbsp; 2367919 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 17708 |
| Investment management fees | &nbsp;&nbsp; 114859 |
| Distribution and service fees | &nbsp;&nbsp; 23854 |
| Transfer agent costs | &nbsp;&nbsp; 281 |
| Trustee and CCO fees | &nbsp;&nbsp; 1209 |
| Audit and tax fees  | &nbsp;&nbsp; 18979 |
| Custody fees | &nbsp;&nbsp; 9666 |
| Legal fees | &nbsp;&nbsp; 3323 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 19464 |
| Other accrued expenses | &nbsp;&nbsp; 5476 |
| Total liabilities | &nbsp;&nbsp; 26008348 |
| **Net assets**  | &nbsp;&nbsp; $247016620 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $335652 |
| Additional paid-in capital | &nbsp;&nbsp; 255069556 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (8388588)<br>|
| **Net assets** | &nbsp;&nbsp; $247016620 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $133469828 |
| Service Class | &nbsp;&nbsp; 113546792 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 18316720 |
| Service Class | &nbsp;&nbsp; 15248472 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $7.29 |
| Service Class | 7.45 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | &nbsp;&nbsp; $8826405 |
| Net income from securities lending | &nbsp;&nbsp; 138279 |
| Total investment income  | &nbsp;&nbsp; 8964684 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 687182 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 141669 |
| Transfer agent costs | &nbsp;&nbsp; 1437 |
| Trustee and CCO fees | &nbsp;&nbsp; 6309 |
| Audit and tax fees | &nbsp;&nbsp; 20127 |
| Custody fees | &nbsp;&nbsp; 30056 |
| Legal fees | &nbsp;&nbsp; 12905 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 19786 |
| Other | &nbsp;&nbsp; 9041 |
| Total expenses | &nbsp;&nbsp; 928512 |
| **Net investment income (loss)** | &nbsp;&nbsp; 8036172 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; (2684669)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 4974371 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 2289702 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $10325874 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica Aegon High Yield Bond VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $8036172 | &nbsp;&nbsp; $16184501 |
| Net realized gain (loss) | &nbsp;&nbsp; (2684669)<br>| &nbsp;&nbsp; (4568960)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 4974371 | &nbsp;&nbsp; 6213173 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 10325874 | &nbsp;&nbsp; 17828714 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (7050701)<br>|
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (5530239)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (12580940)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 2772835 | &nbsp;&nbsp; 5352872 |
| Service Class | &nbsp;&nbsp; 3060462 | &nbsp;&nbsp; 5493475 |
|  | &nbsp;&nbsp; 5833297 | &nbsp;&nbsp; 10846347 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 7050701 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 5530239 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 12580940 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (15782091)<br>| &nbsp;&nbsp; (11063104)<br>|
| Service Class | &nbsp;&nbsp; (10532621)<br>| &nbsp;&nbsp; (18505487)<br>|
|  | &nbsp;&nbsp; (26314712)<br>| &nbsp;&nbsp; (29568591)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (20481415)<br>| &nbsp;&nbsp; (6141304)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (10155541)<br>| &nbsp;&nbsp; (893530)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 257172161 | &nbsp;&nbsp; 258065691 |
| End of period/year | &nbsp;&nbsp; $247016620 | &nbsp;&nbsp; $257172161 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 392067 | &nbsp;&nbsp; 774148 |
| Service Class | &nbsp;&nbsp; 422592 | &nbsp;&nbsp; 776312 |
|  | &nbsp;&nbsp; 814659 | &nbsp;&nbsp; 1550460 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1027799 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 787783 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1815582 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (2278131)<br>| &nbsp;&nbsp; (1597482)<br>|
| Service Class | &nbsp;&nbsp; (1463440)<br>| &nbsp;&nbsp; (2614243)<br>|
|  | &nbsp;&nbsp; (3741571)<br>| &nbsp;&nbsp; (4211725)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (1886064)<br>| &nbsp;&nbsp; 204465 |
| Service Class | &nbsp;&nbsp; (1040848)<br>| &nbsp;&nbsp; (1050148)<br>|
|  | &nbsp;&nbsp; (2926912)<br>| &nbsp;&nbsp; (845683)<br>|

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica Aegon High Yield Bond VP**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $6.98 | &nbsp;&nbsp; $6.84 | &nbsp;&nbsp; $6.45 | &nbsp;&nbsp; $7.72 | &nbsp;&nbsp; $7.65 | &nbsp;&nbsp; $7.78 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.23 | 0.45 | 0.40 | 0.37 | 0.36 | 0.39 |
| Net realized and unrealized gain (loss) | 0.08 | 0.05 | 0.30 | &nbsp;&nbsp; (1.22)<br>| 0.13 | &nbsp;&nbsp; (0.04)<br>|
| Total investment operations | 0.31 | 0.50 | 0.70 | &nbsp;&nbsp; (0.85)<br>| 0.49 | 0.35 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.48)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $7.29 | &nbsp;&nbsp; $6.98 | &nbsp;&nbsp; $6.84 | &nbsp;&nbsp; $6.45 | &nbsp;&nbsp; $7.72 | &nbsp;&nbsp; $7.65 |
| **Total return**<sup>(B)</sup> <br>| 4.44 %<sup>(C)</sup><br>| 7.43<br> %<br>| 11.11<br> %<br>| &nbsp;&nbsp; (11.12)%<br>| 6.35<br> %<br>| 5.04<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $133470 | &nbsp;&nbsp; $140918 | &nbsp;&nbsp; $136822 | &nbsp;&nbsp; $66793 | &nbsp;&nbsp; $83291 | &nbsp;&nbsp; $96601 |
| Expenses to average net assets | 0.63 %<sup>(D)</sup><br>| 0.63<br> %<br>| 0.65<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.63<br> %<br>|
| Net investment income (loss) to average net assets | 6.59 %<sup>(D)</sup><br>| 6.42<br> %<br>| 6.02<br> %<br>| 5.35<br> %<br>| 4.68<br> %<br>| 5.34<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 16 %<sup>(C)</sup><br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $7.14 | &nbsp;&nbsp; $6.99 | &nbsp;&nbsp; $6.58 | &nbsp;&nbsp; $7.87 | &nbsp;&nbsp; $7.78 | &nbsp;&nbsp; $7.91 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.23 | 0.44 | 0.39 | 0.36 | 0.35 | 0.38 |
| Net realized and unrealized gain (loss) | 0.08 | 0.05 | 0.31 | &nbsp;&nbsp; (1.25)<br>| 0.14 | &nbsp;&nbsp; (0.05)<br>|
| Total investment operations | 0.31 | 0.49 | 0.70 | &nbsp;&nbsp; (0.89)<br>| 0.49 | 0.33 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.46)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $7.45 | &nbsp;&nbsp; $7.14 | &nbsp;&nbsp; $6.99 | &nbsp;&nbsp; $6.58 | &nbsp;&nbsp; $7.87 | &nbsp;&nbsp; $7.78 |
| **Total return**<sup>(B)</sup> <br>| 4.34 %<sup>(C)</sup><br>| 7.15<br> %<br>| 10.87<br> %<br>| &nbsp;&nbsp; (11.45)%<br>| 6.25<br> %<br>| 4.68<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $113547 | &nbsp;&nbsp; $116254 | &nbsp;&nbsp; $121244 | &nbsp;&nbsp; $119435 | &nbsp;&nbsp; $160658 | &nbsp;&nbsp; $160615 |
| Expenses to average net assets | 0.88 %<sup>(D)</sup><br>| 0.88<br> %<br>| 0.90<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>| 0.88<br> %<br>|
| Net investment income (loss) to average net assets | 6.34 %<sup>(D)</sup><br>| 6.17<br> %<br>| 5.74<br> %<br>| 5.09<br> %<br>| 4.42<br> %<br>| 5.08<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 16 %<sup>(C)</sup><br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Aegon High Yield Bond VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

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

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

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

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

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Aegon High Yield Bond VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

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

There were no commissions recaptured during the period ended June 30, 2025, by the Portfolio.

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

**3. INVESTMENT VALUATION**

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

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

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

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Aegon High Yield Bond VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

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

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

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

*Loan assignments:* Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

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

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

*Restricted securities:* Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Aegon High Yield Bond VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS**

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

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

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

The Portfolio held no unfunded loan participations at June 30, 2025. Open funded loan participations and assignments at June 30, 2025, if any, are included within the Schedule of Investments.

**Payment in-kind ("PIK") securities:** PIKs give the issuer the option of making interest payments in either cash or additional debt securities at each interest payment date. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a "dirty price") and require a pro-rata adjustment from Total distributable earnings (loss) to Interest within the Statement of Assets and Liabilities.

PIKs held at June 30, 2025, if any, are identified within the Schedule of Investments.

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

REITs held at June 30, 2025, if any, are identified within the Schedule of Investments.

**Restricted securities**: The Portfolio may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at June 30, 2025, if any, are identified within the Schedule of Investments.

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica Aegon High Yield Bond VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

When-issued, delayed-delivery, forward and TBA commitment transactions held at June 30, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Portfolio based on the Portfolio's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Portfolio agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica Aegon High Yield Bond VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

The Portfolio had no amounts outstanding as of June 30, 2025, or at any time during the period then ended.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

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

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

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of June 30, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $22162188 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22162188 |
| **Total Borrowings** | **$22162188** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$22162188** |

---

**6. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**High-yield debt securities risk:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the Portfolio.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Portfolio or a counterparty to a financial contract with the Portfolio is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Portfolio's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Portfolio. Increased redemptions could cause the Portfolio to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

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

**Liquidity risk:** The Portfolio may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Portfolio is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Portfolio may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Portfolio to sell. This may prevent the Portfolio from limiting losses.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Portfolio's assets can decline as can the value of the Portfolio's distributions.

**Distressed or defaulted securities risk:** Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers' continuing ability to make principal and interest payments. The Portfolio may incur costs to protect its investment, and the Portfolio could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**Counterparty risk:** The Portfolio could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Portfolio do not fulfill their contractual obligations. In addition, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Portfolio has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Portfolio will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Focused investing risk:** To the extent the Portfolio invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Portfolio will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Portfolio could receive for any particular portfolio investment may differ from the Portfolio's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect portfolio investments more broadly during periods of market volatility. Investors who purchase or redeem portfolio shares on days when the Portfolio is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Portfolio had not fair-valued securities or had used a different valuation methodology. The Portfolio's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Portfolio invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Portfolio will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Portfolio.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

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

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Portfolio, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

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

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1.25 billion | 0.554<br> % <br>|
| Over $1.25 billion up to $2 billion | 0.544 |
| Over $2 billion | 0.520 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.70<br> % <br>| May 1, 2026 |
| Service Class | 0.95 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

As of June 30, 2025, there are no amounts available for recapture by TAM.

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

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

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCL has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2026. Prior to TCL seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

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

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Initial Class | 0.15<br> % <br>|
| Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $38591704 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51043236 | &nbsp;&nbsp; $— |

---

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

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $266450898 | &nbsp;&nbsp; $5827481 | &nbsp;&nbsp; $(6637226)<br>| &nbsp;&nbsp; $(809745)<br>|

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica Aegon High Yield Bond VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and Aegon USA Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

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

**Nature, Extent and Quality of the Services Provided**

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

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

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was in line with the median for its peer universe for the past 1-year period and below the median for its peer universe for the past 3-, 5- and 10-year periods. The Board also noted that the performance of Service Class Shares of the Portfolio was below the benchmark that TAM utilizes to measure performance of the Portfolio for the past 1-, 3-, 5- and 10-year periods.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were below the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

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

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 29**

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**Transamerica Aegon High Yield Bond VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that information about the Sub-Adviser's revenues and expenses was incorporated into the profitability analysis for TAM and its affiliates with respect to the Portfolio. As a result, the Board focused on profitability information for TAM and its affiliates and the Sub-Adviser in the aggregate.Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Portfolio was not excessive.

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

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio.

**Other Considerations**

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

**Conclusion**

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 30**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817imgf1a2ed0b3.gif)

Visit **transamerica.com**

![](g897817img34e8c6424.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

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![](g897817img413dfef91.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica Aegon Sustainable Equity Income VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817img07e8e4052.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_4b958d4c-03af-4738-9398-e3ca251c76fb_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_4b958d4c-03af-4738-9398-e3ca251c76fb_SOI-RunningFooter-224_1) | 2 |
| [Statement of Assets and Liabilities](#xx_4b958d4c-03af-4738-9398-e3ca251c76fb_FS-RunningFooter-224_1) | 4 |
| [Statement of Operations](#xx_4b958d4c-03af-4738-9398-e3ca251c76fb_FS-RunningFooter-224_1) | 4 |
| [Statement of Changes in Net Assets](#xx_4b958d4c-03af-4738-9398-e3ca251c76fb_FS-RunningFooter-224_2) | 5 |
| [Financial Highlights](#xx_4b958d4c-03af-4738-9398-e3ca251c76fb_SCF-RunningFooter-224_1) | 6 |
| [Notes to Financial Statements](#xx_4b958d4c-03af-4738-9398-e3ca251c76fb_NTF-RunningFooter-224_1) | 7 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_4b958d4c-03af-4738-9398-e3ca251c76fb_DWA-RunningFooter-224_1)**<br> **[Companies](#xx_4b958d4c-03af-4738-9398-e3ca251c76fb_DWA-RunningFooter-224_1)**<br>| 16 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_4b958d4c-03af-4738-9398-e3ca251c76fb_PD-RunningFooter-224_1)** | 17 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_4b958d4c-03af-4738-9398-e3ca251c76fb_DTO-RunningFooter-224_1)**<br> **[Companies](#xx_4b958d4c-03af-4738-9398-e3ca251c76fb_DTO-RunningFooter-224_1)**<br>| 18 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_4b958d4c-03af-4738-9398-e3ca251c76fb_Mgmtagmt-RunningFooter-224_1)** | 19 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Aegon Sustainable Equity Income VP**

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**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.0%**  | **COMMON STOCKS - 99.0%**  | **COMMON STOCKS - 99.0%**  |
| **Banks - 7.1%**  | **Banks - 7.1%**  | **Banks - 7.1%**  |
| Bank of America Corp. | 363415 | $17196798 |
| Citizens Financial Group, Inc. | 205709 | 9205478 |
| U.S. Bancorp | 175017 | 7919519 |
|  |  | 34321795 |
| **Biotechnology - 3.7%**  | **Biotechnology - 3.7%**  | **Biotechnology - 3.7%**  |
| Gilead Sciences, Inc. | 163525 | 18130017 |
| **Capital Markets - 8.8%**  | **Capital Markets - 8.8%**  | **Capital Markets - 8.8%**  |
| CME Group, Inc. | 67550 | 18618131 |
| Moody's Corp. | 16101 | 8076100 |
| Morgan Stanley | 113430 | 15977750 |
|  |  | 42671981 |
| **Chemicals - 2.0%**  | **Chemicals - 2.0%**  | **Chemicals - 2.0%**  |
| Linde PLC | 21086 | 9893129 |
| **Commercial Services & Supplies - 3.1%**  | **Commercial Services & Supplies - 3.1%**  | **Commercial Services & Supplies - 3.1%**  |
| Republic Services, Inc. | 61290 | 15114727 |
| **Communications Equipment - 4.5%**  | **Communications Equipment - 4.5%**  | **Communications Equipment - 4.5%**  |
| Cisco Systems, Inc. | 311898 | 21639483 |
| **Consumer Staples Distribution & Retail - 1.4%**  | **Consumer Staples Distribution & Retail - 1.4%**  | **Consumer Staples Distribution & Retail - 1.4%**  |
| Costco Wholesale Corp. | 6979 | 6908791 |
| **Containers & Packaging - 1.3%**  | **Containers & Packaging - 1.3%**  | **Containers & Packaging - 1.3%**  |
| Packaging Corp. of America | 34391 | 6480984 |
| **Diversified Telecommunication Services - 1.2%**  | **Diversified Telecommunication Services - 1.2%**  | **Diversified Telecommunication Services - 1.2%**  |
| TELUS Corp. | 363199 | 5832976 |
| **Electrical Equipment - 2.3%**  | **Electrical Equipment - 2.3%**  | **Electrical Equipment - 2.3%**  |
| Schneider Electric SE, ADR | 207134 | 11056813 |
| **Ground Transportation - 1.5%**  | **Ground Transportation - 1.5%**  | **Ground Transportation - 1.5%**  |
| Union Pacific Corp. | 31123 | 7160780 |
| **Health Care Equipment & Supplies - 3.3%**  | **Health Care Equipment & Supplies - 3.3%**  | **Health Care Equipment & Supplies - 3.3%**  |
| Medtronic PLC | 103108 | 8987924 |
| Stryker Corp. | 17042 | 6742327 |
|  |  | 15730251 |
| **Health Care Providers & Services - 3.7%**  | **Health Care Providers & Services - 3.7%**  | **Health Care Providers & Services - 3.7%**  |
| Elevance Health, Inc. | 14686 | 5712267 |
| Quest Diagnostics, Inc. | 69113 | 12414768 |
|  |  | 18127035 |
| **Household Durables - 1.1%**  | **Household Durables - 1.1%**  | **Household Durables - 1.1%**  |
| D.R. Horton, Inc. | 42744 | 5510556 |
| **Household Products - 5.3%**  | **Household Products - 5.3%**  | **Household Products - 5.3%**  |
| Colgate-Palmolive Co. | 178874 | 16259647 |
| Kimberly-Clark Corp. | 72833 | 9389630 |
|  |  | 25649277 |
| **Insurance - 6.7%**  | **Insurance - 6.7%**  | **Insurance - 6.7%**  |
| Cincinnati Financial Corp. | 65031 | 9684416 |
| MetLife, Inc. | 192633 | 15491546 |
| Progressive Corp. | 27596 | 7364269 |
|  |  | 32540231 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **IT Services - 1.1%**  | **IT Services - 1.1%**  | **IT Services - 1.1%**  |
| Accenture PLC, Class A | 18519 | $5535144 |
| **Machinery - 3.1%**  | **Machinery - 3.1%**  | **Machinery - 3.1%**  |
| IDEX Corp. | 44793 | 7864307 |
| Xylem, Inc. | 55281 | 7151150 |
|  |  | 15015457 |
| **Media - 1.3%**  | **Media - 1.3%**  | **Media - 1.3%**  |
| Omnicom Group, Inc. | 86730 | 6239356 |
| **Metals & Mining - 1.7%**  | **Metals & Mining - 1.7%**  | **Metals & Mining - 1.7%**  |
| Steel Dynamics, Inc. | 63450 | 8122234 |
| **Oil, Gas & Consumable Fuels - 1.4%**  | **Oil, Gas & Consumable Fuels - 1.4%**  | **Oil, Gas & Consumable Fuels - 1.4%**  |
| ONEOK, Inc. | 81645 | 6664681 |
| **Pharmaceuticals - 2.7%**  | **Pharmaceuticals - 2.7%**  | **Pharmaceuticals - 2.7%**  |
| Bristol-Myers Squibb Co. | 144381 | 6683397 |
| Merck & Co., Inc. | 80538 | 6375388 |
|  |  | 13058785 |
| **Professional Services - 4.9%**  | **Professional Services - 4.9%**  | **Professional Services - 4.9%**  |
| Automatic Data Processing, Inc. | 42671 | 13159736 |
| RELX PLC, ADR | 194016 | 10542830 |
|  |  | 23702566 |
| **Semiconductors & Semiconductor Equipment - 9.8%**  | **Semiconductors & Semiconductor Equipment - 9.8%**  | **Semiconductors & Semiconductor Equipment - 9.8%**  |
| Broadcom, Inc. | 62271 | 17165001 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR<br>| 61442 | 13915999 |
| Texas Instruments, Inc. | 78111 | 16217406 |
|  |  | 47298406 |
| **Software - 3.1%**  | **Software - 3.1%**  | **Software - 3.1%**  |
| Microsoft Corp. | 29968 | 14906383 |
| **Specialized REITs - 4.0%**  | **Specialized REITs - 4.0%**  | **Specialized REITs - 4.0%**  |
| American Tower Corp. | 27170 | 6005113 |
| Digital Realty Trust, Inc. | 41342 | 7207151 |
| Weyerhaeuser Co. | 230448 | 5920209 |
|  |  | 19132473 |
| **Specialty Retail - 2.7%**  | **Specialty Retail - 2.7%**  | **Specialty Retail - 2.7%**  |
| Home Depot, Inc. | 34961 | 12818101 |
| **Trading Companies & Distributors - 5.1%**  | **Trading Companies & Distributors - 5.1%**  | **Trading Companies & Distributors - 5.1%**  |
| United Rentals, Inc. | 13507 | 10176174 |
| Watsco, Inc. | 15673 | 6921510 |
| WESCO International, Inc. | 40855 | 7566346 |
|  |  | 24664030 |
| **Water Utilities - 1.1%**  | **Water Utilities - 1.1%**  | **Water Utilities - 1.1%**  |
| Essential Utilities, Inc. | 144690 | 5373787 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $376,422,922)**<br>|  | 479300229 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica Aegon Sustainable Equity Income VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.8%**  | **REPURCHASE AGREEMENT - 0.8%**  | **REPURCHASE AGREEMENT - 0.8%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(A)</sup>, dated 06/30/2025, to be <br> repurchased at $3,880,154 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.63%, due 06/15/2027, and <br> with a value of $3,957,611.<br>| $3879960 | $3879960 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $3,879,960)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $3,879,960)** | 3879960 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $380,302,882)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $380,302,882)** | 483180189 |
| **Net Other Assets (Liabilities) - 0.2%** | **Net Other Assets (Liabilities) - 0.2%** | 798220 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$483978409** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(B)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $479300229 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $479300229 |
| Repurchase Agreement |  | &nbsp;&nbsp; 3879960 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3879960 |
| **Total Investments** | **$479300229** | &nbsp;&nbsp; **$3879960** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$483180189** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(B)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*ADR* *American Depositary Receipt* <br> *REIT* *Real Estate Investment Trust*

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica Aegon Sustainable Equity Income VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $376,422,922) | &nbsp;&nbsp; $479300229 |
| Repurchase agreement, at value (cost $3,879,960) | &nbsp;&nbsp; 3879960 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 580064 |
| Dividends  | &nbsp;&nbsp; 766819 |
| Interest | &nbsp;&nbsp; 194 |
| Prepaid expenses | &nbsp;&nbsp; 2109 |
| Total assets | &nbsp;&nbsp; 484529375 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 166178 |
| Investment management fees | &nbsp;&nbsp; 267410 |
| Distribution and service fees | &nbsp;&nbsp; 34215 |
| Transfer agent costs | &nbsp;&nbsp; 561 |
| Trustee and CCO fees | &nbsp;&nbsp; 2121 |
| Audit and tax fees  | &nbsp;&nbsp; 10614 |
| Custody fees | &nbsp;&nbsp; 4309 |
| Legal fees | &nbsp;&nbsp; 6376 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 49071 |
| Other accrued expenses | &nbsp;&nbsp; 10111 |
| Total liabilities | &nbsp;&nbsp; 550966 |
| **Net assets**  | &nbsp;&nbsp; $483978409 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $217834 |
| Additional paid-in capital | &nbsp;&nbsp; 355288281 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 128472294 |
| **Net assets** | &nbsp;&nbsp; $483978409 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $319196930 |
| Service Class | &nbsp;&nbsp; 164781479 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 14373985 |
| Service Class | &nbsp;&nbsp; 7409382 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $22.21 |
| Service Class | 22.24 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $5794445 |
| Interest income | &nbsp;&nbsp; 27731 |
| Net income from securities lending | &nbsp;&nbsp; 6797 |
| Withholding taxes on foreign income | &nbsp;&nbsp; (67688)<br>|
| Total investment income  | &nbsp;&nbsp; 5761285 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 1568228 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 200667 |
| Transfer agent costs | &nbsp;&nbsp; 2759 |
| Trustee and CCO fees | &nbsp;&nbsp; 11930 |
| Audit and tax fees | &nbsp;&nbsp; 12146 |
| Custody fees | &nbsp;&nbsp; 14007 |
| Legal fees | &nbsp;&nbsp; 24692 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 54194 |
| Other | &nbsp;&nbsp; 17929 |
| Total expenses | &nbsp;&nbsp; 1906552 |
| **Net investment income (loss)** | &nbsp;&nbsp; 3854733 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 9650858 |
| Foreign currency transactions | &nbsp;&nbsp; (936)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 9649922 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 14702949 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 1837 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 14704786 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 24354708 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $28209441 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica Aegon Sustainable Equity Income VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $3854733 | &nbsp;&nbsp; $7541512 |
| Net realized gain (loss) | &nbsp;&nbsp; 9649922 | &nbsp;&nbsp; 35419292 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 14704786 | &nbsp;&nbsp; 33083812 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 28209441 | &nbsp;&nbsp; 76044616 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (6655257)<br>|
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (3066788)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (9722045)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 2866674 | &nbsp;&nbsp; 4222219 |
| Service Class | &nbsp;&nbsp; 3985334 | &nbsp;&nbsp; 4067106 |
|  | &nbsp;&nbsp; 6852008 | &nbsp;&nbsp; 8289325 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 6655257 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 3066788 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 9722045 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (22367429)<br>| &nbsp;&nbsp; (39393278)<br>|
| Service Class | &nbsp;&nbsp; (13474448)<br>| &nbsp;&nbsp; (31145698)<br>|
|  | &nbsp;&nbsp; (35841877)<br>| &nbsp;&nbsp; (70538976)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (28989869)<br>| &nbsp;&nbsp; (52527606)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (780428)<br>| &nbsp;&nbsp; 13794965 |
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 484758837 | &nbsp;&nbsp; 470963872 |
| End of period/year | &nbsp;&nbsp; $483978409 | &nbsp;&nbsp; $484758837 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 134454 | &nbsp;&nbsp; 213974 |
| Service Class | &nbsp;&nbsp; 185280 | &nbsp;&nbsp; 198585 |
|  | &nbsp;&nbsp; 319734 | &nbsp;&nbsp; 412559 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 321355 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 147584 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 468939 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (1054657)<br>| &nbsp;&nbsp; (1951711)<br>|
| Service Class | &nbsp;&nbsp; (634608)<br>| &nbsp;&nbsp; (1538855)<br>|
|  | &nbsp;&nbsp; (1689265)<br>| &nbsp;&nbsp; (3490566)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (920203)<br>| &nbsp;&nbsp; (1416382)<br>|
| Service Class | &nbsp;&nbsp; (449328)<br>| &nbsp;&nbsp; (1192686)<br>|
|  | &nbsp;&nbsp; (1369531)<br>| &nbsp;&nbsp; (2609068)<br>|

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica Aegon Sustainable Equity Income VP**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $20.92 | &nbsp;&nbsp; $18.26 | &nbsp;&nbsp; $17.57 | &nbsp;&nbsp; $21.11 | &nbsp;&nbsp; $17.60 | &nbsp;&nbsp; $22.57 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.18 | 0.33 | 0.36 | 0.34 | 0.34 | 0.43 |
| Net realized and unrealized gain (loss) | 1.11 | 2.76 | 0.72 | &nbsp;&nbsp; (2.80)<br>| 3.60 | &nbsp;&nbsp; (2.48)<br>|
| Total investment operations | 1.29 | 3.09 | 1.08 | &nbsp;&nbsp; (2.46)<br>| 3.94 | &nbsp;&nbsp; (2.05)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.58)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.34)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (2.92)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $22.21 | &nbsp;&nbsp; $20.92 | &nbsp;&nbsp; $18.26 | &nbsp;&nbsp; $17.57 | &nbsp;&nbsp; $21.11 | &nbsp;&nbsp; $17.60 |
| **Total return**<sup>(B)</sup> <br>| 6.17 %<sup>(C)</sup><br>| 16.93<br> %<br>| 6.28<br> %<br>| &nbsp;&nbsp; (11.63)%<br>| 22.42<br> %<br>| &nbsp;&nbsp; (7.35)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $319197 | &nbsp;&nbsp; $319923 | &nbsp;&nbsp; $305197 | &nbsp;&nbsp; $365350 | &nbsp;&nbsp; $448361 | &nbsp;&nbsp; $440332 |
| Expenses to average net assets | 0.72 %<sup>(D)</sup><br>| 0.72<br> %<br>| 0.73<br> %<br>| 0.69<br> %<br>| 0.69<br> %<br>| 0.74<br> %<br>|
| Net investment income (loss) to average net assets | 1.71 %<sup>(D)</sup><br>| 1.62<br> %<br>| 2.07<br> %<br>| 1.86<br> %<br>| 1.70<br> %<br>| 2.40<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 5 %<sup>(C)</sup><br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 135<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $20.97 | &nbsp;&nbsp; $18.31 | &nbsp;&nbsp; $17.61 | &nbsp;&nbsp; $21.14 | &nbsp;&nbsp; $17.63 | &nbsp;&nbsp; $22.59 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.15 | 0.28 | 0.32 | 0.30 | 0.29 | 0.38 |
| Net realized and unrealized gain (loss) | 1.12 | 2.76 | 0.72 | &nbsp;&nbsp; (2.81)<br>| 3.60 | &nbsp;&nbsp; (2.47)<br>|
| Total investment operations | 1.27 | 3.04 | 1.04 | &nbsp;&nbsp; (2.51)<br>| 3.89 | &nbsp;&nbsp; (2.09)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.53)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.34)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (2.87)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $22.24 | &nbsp;&nbsp; $20.97 | &nbsp;&nbsp; $18.31 | &nbsp;&nbsp; $17.61 | &nbsp;&nbsp; $21.14 | &nbsp;&nbsp; $17.63 |
| **Total return**<sup>(B)</sup> <br>| 6.06 %<sup>(C)</sup><br>| 16.60<br> %<br>| 6.00<br> %<br>| &nbsp;&nbsp; (11.84)%<br>| 22.12<br> %<br>| &nbsp;&nbsp; (7.59)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $164781 | &nbsp;&nbsp; $164836 | &nbsp;&nbsp; $165767 | &nbsp;&nbsp; $178192 | &nbsp;&nbsp; $235078 | &nbsp;&nbsp; $225731 |
| Expenses to average net assets | 0.97 %<sup>(D)</sup><br>| 0.97<br> %<br>| 0.98<br> %<br>| 0.94<br> %<br>| 0.94<br> %<br>| 0.99<br> %<br>|
| Net investment income (loss) to average net assets | 1.46 %<sup>(D)</sup><br>| 1.37<br> %<br>| 1.83<br> %<br>| 1.61<br> %<br>| 1.45<br> %<br>| 2.16<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 5 %<sup>(C)</sup><br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 135<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica Aegon Sustainable Equity Income VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

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

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

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

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

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica Aegon Sustainable Equity Income VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

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

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

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

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

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

There were no commissions recaptured during the period ended June 30, 2025, by the Portfolio.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica Aegon Sustainable Equity Income VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

**3. INVESTMENT VALUATION**

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

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

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

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

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

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

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica Aegon Sustainable Equity Income VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS**

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

REITs held at June 30, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the period ended June 30, 2025, the Portfolio has not entered into any secured borrowing arrangements.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Portfolio based on the Portfolio's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Portfolio agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Portfolio had no amounts outstanding as of June 30, 2025, or at any time during the period then ended.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

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

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

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

**6. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Dividend paying stock risk:** There can be no assurance that the issuers of the stocks held by the Portfolio will pay dividends in the future or that, if dividends are paid, they will not decrease. The Portfolio's emphasis on dividend paying stocks could cause the Portfolio's share price and total return to fluctuate more than, or cause the Portfolio to underperform, similar Portfolios that invest without consideration of an issuer's track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks tend to go through cycles of over- or under-performing the stock market in general.

**Sustainability investing risk:** Applying sustainability criteria to the sub-adviser's investment analysis for the Portfolio may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, the Portfolio may forgo some investment opportunities available to funds that do not apply sustainability investing principals or that apply different sustainability criteria. Applying sustainability criteria may impact the Portfolio's exposure to risks associated with certain issuers, asset classes, industries and sectors, which may impact the Portfolio's investment performance. The relevance and weightings of sustainability criteria to the sub-adviser's

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

investment process may vary significantly across issuers, asset classes, industries and sectors. Securities of companies meeting the sub-adviser's sustainability criteria at the time of investment may shift into and out of favor depending on market and economic conditions, and a company's sustainability practices, or the sub-adviser's assessment of such practices, may change over time. The Portfolio's performance may at times be better or worse than the performance of similar funds that do not utilize sustainability investing principals or that apply different sustainability criteria. "Sustainability" is not a uniformly defined characteristic and applying sustainability criteria involves subjective assessments. There may be significant differences in views in what constitutes positive or negative sustainability characteristics of a company. The sub-adviser's sustainability assessment of a company may differ from that of other funds or investors. The Portfolio's investments may include securities of issuers that derive revenue from non-sustainable activities. Sustainability ratings and assessments of issuers can vary across third party data providers, and sustainability data may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability characteristics. Data inputs may include information self-reported by companies or from third party data providers. Regulation of sustainability investing in the U.S. and abroad is evolving. Regulatory change regarding the definition and/or use of sustainability criteria could have a material adverse effect on the Portfolio's ability to invest in accordance with its sustainability strategy.

**Focused investing risk:** To the extent the Portfolio invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Portfolio will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Portfolio invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Portfolio will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Portfolio.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

**Transamerica Series Trust**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

With respect to the Portfolio TAM has entered into a sub-advisory agreement with Aegon Asset Management UK plc ("AAM UK"), a wholly-owned subsidiary of Aegon Ltd. AAM UK provides day-to-day portfolio management services to the Portfolio, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, AAM UK, TFS and TCL are affiliates of Aegon Ltd.

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.663<br> % <br>|
| Over $500 million up to $1 billion | 0.580 |
| Over $1 billion up to $1.5 billion | 0.550 |
| Over $1.5 billion | 0.530 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.73<br> % <br>| May 1, 2026 |
| Service Class | 0.98 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

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

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

As of June 30, 2025, there are no amounts available for recapture by TAM.

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

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

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCL has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2026. Prior to TCL seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

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

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Initial Class | 0.15<br> % <br>|
| Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $22463966 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51293860 | &nbsp;&nbsp; $— |

---

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

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

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $380302882 | &nbsp;&nbsp; $125750308 | &nbsp;&nbsp; $(22873001)<br>| &nbsp;&nbsp; $102877307 |

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica Aegon Sustainable Equity Income VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and Aegon Asset Management UK plc (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

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

**Nature, Extent and Quality of the Services Provided**

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

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

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica Aegon Sustainable Equity Income VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was above the median for its peer universe for the past 1-year period and below the median for the past 3-, 5- and 10-year periods. The Board also noted that the performance of Service Class Shares of the Portfolio was above the benchmark that TAM utilizes to measure performance of the Portfolio for the past 1-year period and below the benchmark for the past 3-, 5- and 10-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Portfolio on December 1, 2020 pursuant to its current investment strategies.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

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

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Aegon Sustainable Equity Income VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that information about the Sub-Adviser's revenues and expenses was incorporated into the profitability analysis for TAM and its affiliates with respect to the Portfolio. As a result, the Board focused on profitability information for TAM and its affiliates and the Sub-Adviser in the aggregate.

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

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio.

**Other Considerations**

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

**Conclusion**

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

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Visit **transamerica.com**

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Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

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------

![](g897817img67c1f4b71.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica Aegon U.S. Government Securities VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817img570ff62d2.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_4504e089-1a86-4f35-8a13-35f4c9af135c_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_4504e089-1a86-4f35-8a13-35f4c9af135c_SOI-RunningFooter-217_1) | 2 |
| [Statement of Assets and Liabilities](#xx_4504e089-1a86-4f35-8a13-35f4c9af135c_FS-RunningFooter-217_1) | 6 |
| [Statement of Operations](#xx_4504e089-1a86-4f35-8a13-35f4c9af135c_FS-RunningFooter-217_1) | 6 |
| [Statement of Changes in Net Assets](#xx_4504e089-1a86-4f35-8a13-35f4c9af135c_FS-RunningFooter-217_2) | 7 |
| [Financial Highlights](#xx_4504e089-1a86-4f35-8a13-35f4c9af135c_FS-RunningFooter-217_3) | 8 |
| [Notes to Financial Statements](#xx_4504e089-1a86-4f35-8a13-35f4c9af135c_NTF-RunningFooter-217_1) | 9 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_4504e089-1a86-4f35-8a13-35f4c9af135c_DWA-RunningFooter-217_1)**<br> **[Companies](#xx_4504e089-1a86-4f35-8a13-35f4c9af135c_DWA-RunningFooter-217_1)**<br>| 22 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_4504e089-1a86-4f35-8a13-35f4c9af135c_PD-RunningFooter-217_1)** | 23 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_4504e089-1a86-4f35-8a13-35f4c9af135c_DTO-RunningFooter-217_1)**<br> **[Companies](#xx_4504e089-1a86-4f35-8a13-35f4c9af135c_DTO-RunningFooter-217_1)**<br>| 24 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_4504e089-1a86-4f35-8a13-35f4c9af135c_Mgmtagmt-RunningFooter-217_1)** | 25 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Aegon U.S. Government Securities VP**

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**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 55.8%**  | **U.S. GOVERNMENT OBLIGATIONS - 55.8%**  | **U.S. GOVERNMENT OBLIGATIONS - 55.8%**  |
| **U.S. Treasury - 53.6%**  | **U.S. Treasury - 53.6%**  | **U.S. Treasury - 53.6%**  |
| U.S. Treasury Bonds |  |  |
| 1.13%, 05/15/2040 | $2562600 | $1593216 |
| 1.88%, 02/15/2051 | 2132800 | 1198034 |
| 2.00%, 02/15/2050 | 2531500 | 1486465 |
| 2.25%, 02/15/2052 | 650900 | 397583 |
| 2.38%, 02/15/2042 - 11/15/2049 | 5261000 | 3673464 |
| 2.50%, 02/15/2045 - 05/15/2046 | 1692200 | 1181182 |
| 2.88%, 05/15/2049 - 05/15/2052 | 3538800 | 2525992 |
| 3.00%, 11/15/2045 - 08/15/2052 | 3282000 | 2430036 |
| 3.38%, 08/15/2042 - 11/15/2048 | 1721000 | 1398243 |
| 3.63%, 08/15/2043 | 588000 | 505864 |
| 4.13%, 08/15/2053 | 392200 | 350330 |
| 4.25%, 08/15/2054 | 749500 | 684446 |
| 4.38%, 08/15/2043 | 1396600 | 1331189 |
| 4.50%, 02/15/2044 - 11/15/2054 | 1824500 | 1758647 |
| 4.63%, 05/15/2044 - 02/15/2055 | 1061000 | 1034970 |
| 4.75%, 02/15/2045 - 05/15/2055 | 1745700 | 1734448 |
| 5.00%, 05/15/2045 | 445000 | 457098 |
| U.S. Treasury Notes |  |  |
| 0.63%, 12/31/2027 | 1226000 | 1136636 |
| 1.25%, 11/30/2026 | 5224000 | 5037079 |
| 1.75%, 01/31/2029 | 1828900 | 1708593 |
| 1.88%, 02/28/2027 - 02/15/2032 | 3274000 | 2970730 |
| 2.38%, 03/31/2029 | 1573600 | 1499346 |
| 2.50%, 03/31/2027 | 751000 | 734953 |
| 2.63%, 05/31/2027 | 4151000 | 4065224 |
| 2.88%, 05/15/2032 | 825000 | 769764 |
| 3.13%, 08/31/2027 | 2619000 | 2586774 |
| 3.25%, 06/30/2027 - 06/30/2029 | 3943000 | 3889113 |
| 3.38%, 09/15/2027 | 1821000 | 1808410 |
| 3.50%, 09/30/2026 - 01/31/2028 | 7826000 | 7785866 |
| 3.63%, 08/31/2029 - 09/30/2031 | 856000 | 845004 |
| 3.88%, 10/15/2027 - 04/30/2030 | 15985600 | 16055539 |
| 4.00%, 12/15/2027 - 02/15/2034 | 8559200 | 8626822 |
| 4.13%, 01/31/2027 - 11/15/2032 | 13831000 | 13961786 |
| 4.25%, 01/31/2026 - 05/15/2035 | 6560500 | 6619189 |
| 4.50%, 03/31/2026 - 12/31/2031 | 3674900 | 3706445 |
| 4.63%, 09/30/2028 - 02/15/2035 | 7803000 | 8054905 |
|  |  | 115603385 |
| **U.S. Treasury Inflation-Protected Securities - 2.2%**  | **U.S. Treasury Inflation-Protected Securities - 2.2%**  | **U.S. Treasury Inflation-Protected Securities - 2.2%**  |
| U.S. Treasury Inflation-Protected Indexed <br> Bonds |  |  |
| 1.50%, 02/15/2053 | 755356 | 597934 |
| U.S. Treasury Inflation-Protected Indexed <br> Notes |  |  |
| 1.25%, 04/15/2028 | 1259742 | 1257371 |
| 1.75%, 01/15/2034 | 2903017 | 2877601 |
|  |  | 4732906 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $123,211,246)**<br>|  | 120336291 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 34.3%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 34.3%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 34.3%**  |
| Federal Farm Credit Banks Funding Corp. |  |  |
| 2.04%, 09/24/2029 | 10000000 | 9253950 |
| 4.25%, 02/24/2028 | 5000000 | 5052185 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| Federal Home Loan Banks |  |  |
| 4.75%, 12/10/2032 | $5000000 | $5185408 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br>Certificates |  |  |
| 3.01%, 07/25/2025 | 679590 | 677544 |
| 3.19% <sup>(A)</sup>, 09/25/2027 | 3994159 | 3920232 |
| Federal National Mortgage Association |  |  |
| 0.88%, 08/05/2030 <sup>(B)</sup> <br>| 8300000 | 7170981 |
| 1.90%, 01/25/2036 | 5000000 | 3753032 |
| Government National Mortgage <br> Association |  |  |
| 4.26% <sup>(A)</sup>, 06/20/2062 | 207885 | 206400 |
| 4.63% <sup>(A)</sup>, 07/20/2061 | 7576 | 7479 |
| 4.70% <sup>(A)</sup>, 10/20/2061 | 6063 | 5989 |
| Resolution Funding Corp., Principal Only <br> STRIPS |  |  |
| 04/15/2030 | 5000000 | 4122879 |
| SLM Student Loan Trust |  |  |
| 3-Month SOFR Average + 0.43%, |  |  |
| 4.79% <sup>(A)</sup>, 01/25/2041 | 1899022 | 1829500 |
| Tennessee Valley Authority |  |  |
| 4.38%, 08/01/2034 <sup>(B)</sup> <br>| 5000000 | 4967536 |
| 4.88%, 05/15/2035 - 01/15/2048 | 10000000 | 9749537 |
| 5.25%, 02/01/2055 | 6000000 | 5852473 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 3.50%, 07/01/2039 <sup>(C)</sup> <br>| 7602000 | 7335122 |
| 4.00%, 07/01/2039 <sup>(C)</sup> <br>| 4991000 | 4881302 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $76,585,798)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $76,585,798)** | 73971549 |
| **CORPORATE DEBT SECURITIES - 3.1%**  | **CORPORATE DEBT SECURITIES - 3.1%**  | **CORPORATE DEBT SECURITIES - 3.1%**  |
| **Automobiles - 0.3%**  | **Automobiles - 0.3%**  | **Automobiles - 0.3%**  |
| Hyundai Capital America |  |  |
| 4.90%, 06/23/2028 <sup>(D)</sup> <br>| 675000 | 679846 |
| **Banks - 0.5%**  | **Banks - 0.5%**  | **Banks - 0.5%**  |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 02/13/2030, <br>2.50% <sup>(A)</sup>, 02/13/2031<br>| 713000 | 651227 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 01/18/2034, <br>5.47% <sup>(A)</sup>, 01/18/2035<br>| 414000 | 423543 |
|  |  | 1074770 |
| **Food Products - 0.3%**  | **Food Products - 0.3%**  | **Food Products - 0.3%**  |
| Cargill, Inc. |  |  |
| 5.13%, 10/11/2032 <sup>(D)</sup> <br>| 511000 | 521599 |
| **Health Care Providers & Services - 0.6%**  | **Health Care Providers & Services - 0.6%**  | **Health Care Providers & Services - 0.6%**  |
| Cigna Group |  |  |
| 5.25%, 02/15/2034 | 593000 | 602420 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co. |  |  |
| 5.45%, 06/15/2034 <sup>(D)</sup> <br>| 601000 | 610660 |
|  |  | 1213080 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica Aegon U.S. Government Securities VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Internet & Catalog Retail - 0.2%**  | **Internet & Catalog Retail - 0.2%**  | **Internet & Catalog Retail - 0.2%**  |
| Alphabet, Inc. |  |  |
| 5.30%, 05/15/2065 | $500000 | $489571 |
| **Paper & Forest Products - 0.5%**  | **Paper & Forest Products - 0.5%**  | **Paper & Forest Products - 0.5%**  |
| Georgia-Pacific LLC |  |  |
| 4.40%, 06/30/2028 <sup>(D)</sup> <br>| 1000000 | 1005018 |
| **Pharmaceuticals - 0.5%**  | **Pharmaceuticals - 0.5%**  | **Pharmaceuticals - 0.5%**  |
| AbbVie, Inc. |  |  |
| 5.05%, 03/15/2034 | 616000 | 627188 |
| Takeda U.S. Financing, Inc. |  |  |
| 5.20%, 07/07/2035 <sup>(C)</sup> <br>| 500000 | 500053 |
|  |  | 1127241 |
| **Semiconductors & Semiconductor Equipment - 0.2%**  | **Semiconductors & Semiconductor Equipment - 0.2%**  | **Semiconductors & Semiconductor Equipment - 0.2%**  |
| Foundry JV Holdco LLC |  |  |
| 6.15%, 01/25/2032 <sup>(D)</sup> <br>| 450000 | 473509 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $6,525,877)**<br>|  | 6584634 |
| **ASSET-BACKED SECURITIES - 2.1%**  | **ASSET-BACKED SECURITIES - 2.1%**  | **ASSET-BACKED SECURITIES - 2.1%**  |
| Chase Issuance Trust |  |  |
| &nbsp;&nbsp; Series 2023-A1, Class A, <br>5.16%, 09/15/2028<br>| 1000000 | 1011557 |
| Citibank Credit Card Issuance Trust |  |  |
| &nbsp;&nbsp; Series 2023-A1, Class A1, <br>5.23%, 12/08/2027<br>| 1100000 | 1103325 |
| Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp; Series 2020-2, Class A, <br>1.06%, 04/15/2033 <sup>(D)</sup> <br>| 1200000 | 1187888 |
| Toyota Auto Loan Extended Note Trust |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A, <br>1.07%, 02/27/2034 <sup>(D)</sup> <br>| 1200000 | 1173660 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $4,456,422)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $4,456,422)** | 4476430 |
| **FOREIGN GOVERNMENT OBLIGATION - 1.2%**  | **FOREIGN GOVERNMENT OBLIGATION - 1.2%**  | **FOREIGN GOVERNMENT OBLIGATION - 1.2%**  |
| **Supranational - 1.2%**  | **Supranational - 1.2%**  | **Supranational - 1.2%**  |
| &nbsp;&nbsp; International Bank for Reconstruction & <br> Development<br>|  |  |
| 4.00%, 05/06/2032 | 2500000 | 2492849 |
| &nbsp;&nbsp; **Total Foreign Government Obligation** <br>**(Cost $2,489,479)**<br>|  | 2492849 |
| **MORTGAGE-BACKED SECURITIES - 0.9%**  | **MORTGAGE-BACKED SECURITIES - 0.9%**  | **MORTGAGE-BACKED SECURITIES - 0.9%**  |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2012-CR4, Class A3, <br>2.85% , 10/15/2045<br>| 84389 | 80611 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| Eleven Madison Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2015-11MD, Class A, <br>3.67% <sup>(A)</sup>, 09/10/2035 <sup>(D)</sup> <br>| $2000000 | $1974167 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>**(Cost $2,117,301)**<br>|  | 2054778 |
| **MUNICIPAL GOVERNMENT OBLIGATION - 0.1%**  | **MUNICIPAL GOVERNMENT OBLIGATION - 0.1%**  | **MUNICIPAL GOVERNMENT OBLIGATION - 0.1%**  |
| **Vermont - 0.1%**  | **Vermont - 0.1%**  | **Vermont - 0.1%**  |
| Vermont Student Assistance Corp., <br> Revenue Bonds, |  |  |
| &nbsp;&nbsp; Class A, 1-Month SOFR Average + <br> 0.70%,<br>|  |  |
| 5.13% <sup>(A)</sup>, 07/28/2034 | 132643 | 131439 |
| &nbsp;&nbsp; **Total Municipal Government Obligation** <br>**(Cost $132,643)**<br>|  | 131439 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 5.7%**  | **OTHER INVESTMENT COMPANY - 5.7%**  | **OTHER INVESTMENT COMPANY - 5.7%**  |
| **Securities Lending Collateral - 5.7%**  | **Securities Lending Collateral - 5.7%**  | **Securities Lending Collateral - 5.7%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.31% <sup>(E)</sup> <br>| 12370545 | 12370545 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $12,370,545)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $12,370,545)** | 12370545 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS - 6.3%**  | **REPURCHASE AGREEMENTS - 6.3%**  | **REPURCHASE AGREEMENTS - 6.3%**  |
| &nbsp;&nbsp; Barclays Bank PLC, <br>4.25% <sup>(E)</sup>, dated 06/30/2025, to be <br> repurchased at $12,001,417 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligations, 1.50% - 4.38%, <br> due 11/30/2028 - 08/15/2043, and with total <br> value of $12,192,102.<br>| $12000000 | 12000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(E)</sup>, dated 06/30/2025, to be <br> repurchased at $1,622,233 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.63%, due 06/15/2027, and <br> with a value of $1,654,608.<br>| 1622152 | 1622152 |
| &nbsp;&nbsp; **Total Repurchase Agreements** <br>**(Cost $13,622,152)** | &nbsp;&nbsp; **Total Repurchase Agreements** <br>**(Cost $13,622,152)** | 13622152 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $241,511,463)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $241,511,463)** | 236040667 |
| **Net Other Assets (Liabilities) - (9.5)%** | **Net Other Assets (Liabilities) - (9.5)%** | (20540658) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$215500009** |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica Aegon U.S. Government Securities VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

**FUTURES CONTRACTS:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  |
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Value** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| 5-Year U.S. Treasury Notes | 119 | &nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp; $12811355 | &nbsp;&nbsp;&nbsp; $12971000 | &nbsp;&nbsp;&nbsp; $159645 | &nbsp;&nbsp;&nbsp; $— |
| 10-Year U.S. Treasury Notes | 17 | &nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp; 1867516 | &nbsp;&nbsp;&nbsp; 1906125 | &nbsp;&nbsp;&nbsp; 38609 | &nbsp;&nbsp;&nbsp; — |
| 30-Year U.S. Treasury Bonds | 40 | &nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp; 4424784 | &nbsp;&nbsp;&nbsp; 4618750 | &nbsp;&nbsp;&nbsp; 193966 | &nbsp;&nbsp;&nbsp; — |
| **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$392220** | &nbsp;&nbsp;&nbsp; **$—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Futures Contracts**  | **Short Futures Contracts**  | **Short Futures Contracts**  | **Short Futures Contracts**  | **Short Futures Contracts**  | **Short Futures Contracts**  | **Short Futures Contracts**  |
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Value** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| 10-Year U.S. Treasury Ultra Notes | (41)<br>| &nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp; $(4563717)<br>| &nbsp;&nbsp;&nbsp; $(4684891)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(121174)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp; **$392220** | &nbsp;&nbsp;&nbsp; **$(121174)**<br>|

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(F)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| U.S. Government Obligations | $— | &nbsp;&nbsp; $120336291 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $120336291 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 73971549 | &nbsp;&nbsp; — | &nbsp;&nbsp; 73971549 |
| Corporate Debt Securities |  | &nbsp;&nbsp; 6584634 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6584634 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 4476430 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4476430 |
| Foreign Government Obligation |  | &nbsp;&nbsp; 2492849 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2492849 |
| Mortgage-Backed Securities |  | &nbsp;&nbsp; 2054778 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2054778 |
| Municipal Government Obligation |  | &nbsp;&nbsp; 131439 | &nbsp;&nbsp; — | &nbsp;&nbsp; 131439 |
| Other Investment Company | 12370545 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12370545 |
| Repurchase Agreements |  | &nbsp;&nbsp; 13622152 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13622152 |
| **Total Investments** | **$12370545** | &nbsp;&nbsp; **$223670122** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$236040667** |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(G)</sup> <br>| $392220 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $392220 |
| **Total Other Financial Instruments** | **$392220** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$392220** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(G)</sup> <br>| $(121174)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(121174)<br>|
| **Total Other Financial Instruments** | **$(121174)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(121174)**<br>|

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Floating or variable rate security. The rate disclosed is as of June 30, 2025. For securities based on a published reference rate and spread, the* *reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,* *where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and* *are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $12,122,761, collateralized by cash collateral of $12,370,545. The* *amount on loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall* *from the brokers.* 

<sup>(C)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after June 30, 2025. Security* *may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(D)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At June 30, 2025, the total value of 144A securities is $7,626,347, representing 3.5% of the* *Portfolio's net assets.* 

<sup>(E)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica Aegon U.S. Government Securities VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

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

<sup>(F)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(G)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *SOFR* | *Secured Overnight Financing Rate* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |
| *TBA* | *To Be Announced* |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica Aegon U.S. Government Securities VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $227,889,311) (including <br> securities loaned of $12,122,761)<br>| &nbsp;&nbsp; $222418515 |
| Repurchase agreement, at value (cost $13,622,152) | &nbsp;&nbsp; 13622152 |
| Cash | &nbsp;&nbsp; 6556 |
| Cash collateral pledged at broker for: |  |
| Futures contracts | &nbsp;&nbsp; 286218 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 6190328 |
| Net income from securities lending | &nbsp;&nbsp; 2239 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 52765 |
| Interest | &nbsp;&nbsp; 1720940 |
| Variation margin receivable on futures contracts | &nbsp;&nbsp; 43036 |
| Prepaid expenses | &nbsp;&nbsp; 872 |
| Total assets | &nbsp;&nbsp; 244343621 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 12370545 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 2034750 |
| When-issued, delayed-delivery, forward and TBA <br> commitments purchased<br>| &nbsp;&nbsp; 12570145 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 1690002 |
| Investment management fees | &nbsp;&nbsp; 93238 |
| Distribution and service fees | &nbsp;&nbsp; 35554 |
| Transfer agent costs | &nbsp;&nbsp; 236 |
| Trustee and CCO fees | &nbsp;&nbsp; 1077 |
| Audit and tax fees  | &nbsp;&nbsp; 15984 |
| Custody fees | &nbsp;&nbsp; 4569 |
| Legal fees | &nbsp;&nbsp; 1997 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 19279 |
| Other accrued expenses | &nbsp;&nbsp; 6236 |
| Total liabilities | &nbsp;&nbsp; 28843612 |
| **Net assets**  | &nbsp;&nbsp; $215500009 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $229389 |
| Additional paid-in capital | &nbsp;&nbsp; 251403646 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (36133026)<br>|
| **Net assets** | &nbsp;&nbsp; $215500009 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $56182422 |
| Service Class | &nbsp;&nbsp; 159317587 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 6157588 |
| Service Class | &nbsp;&nbsp; 16781344 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $9.12 |
| Service Class | 9.49 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | &nbsp;&nbsp; $4262808 |
| Net income from securities lending | &nbsp;&nbsp; 16684 |
| Total investment income  | &nbsp;&nbsp; 4279492 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 579309 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 210317 |
| Transfer agent costs | &nbsp;&nbsp; 1267 |
| Trustee and CCO fees | &nbsp;&nbsp; 5628 |
| Audit and tax fees | &nbsp;&nbsp; 16797 |
| Custody fees | &nbsp;&nbsp; 15763 |
| Legal fees | &nbsp;&nbsp; 9946 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 18842 |
| Other | &nbsp;&nbsp; 9547 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 867416 |
| Expenses waived and/or reimbursed: |  |
| Initial Class | &nbsp;&nbsp; (6779)<br>|
| Service Class | &nbsp;&nbsp; (19984)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Initial Class | &nbsp;&nbsp; 18 |
| Net expenses | &nbsp;&nbsp; 840671 |
| **Net investment income (loss)** | &nbsp;&nbsp; 3438821 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; (4683354)<br>|
| Futures contracts | &nbsp;&nbsp; (70474)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (4753828)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 7778484 |
| Futures contracts | &nbsp;&nbsp; 668696 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 8447180 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 3693352 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $7132173 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica Aegon U.S. Government Securities VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $3438821 | &nbsp;&nbsp; $7153814 |
| Net realized gain (loss) | &nbsp;&nbsp; (4753828)<br>| &nbsp;&nbsp; (10980255)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 8447180 | &nbsp;&nbsp; 4331479 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 7132173 | &nbsp;&nbsp; 505038 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (2162451)<br>|
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (6108387)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (8270838)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 3045901 | &nbsp;&nbsp; 9786035 |
| Service Class | &nbsp;&nbsp; 40466957 | &nbsp;&nbsp; 23826968 |
|  | &nbsp;&nbsp; 43512858 | &nbsp;&nbsp; 33613003 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 2162451 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 6108387 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 8270838 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (6614587)<br>| &nbsp;&nbsp; (13792283)<br>|
| Service Class | &nbsp;&nbsp; (53078636)<br>| &nbsp;&nbsp; (106468741)<br>|
|  | &nbsp;&nbsp; (59693223)<br>| &nbsp;&nbsp; (120261024)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (16180365)<br>| &nbsp;&nbsp; (78377183)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (9048192)<br>| &nbsp;&nbsp; (86142983)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 224548201 | &nbsp;&nbsp; 310691184 |
| End of period/year | &nbsp;&nbsp; $215500009 | &nbsp;&nbsp; $224548201 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 339772 | &nbsp;&nbsp; 1081926 |
| Service Class | &nbsp;&nbsp; 4296039 | &nbsp;&nbsp; 2514747 |
|  | &nbsp;&nbsp; 4635811 | &nbsp;&nbsp; 3596673 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 239209 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 648449 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 887658 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (737513)<br>| &nbsp;&nbsp; (1535384)<br>|
| Service Class | &nbsp;&nbsp; (5661745)<br>| &nbsp;&nbsp; (11300433)<br>|
|  | &nbsp;&nbsp; (6399258)<br>| &nbsp;&nbsp; (12835817)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (397741)<br>| &nbsp;&nbsp; (214249)<br>|
| Service Class | &nbsp;&nbsp; (1365706)<br>| &nbsp;&nbsp; (8137237)<br>|
|  | &nbsp;&nbsp; (1763447)<br>| &nbsp;&nbsp; (8351486)<br>|

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica Aegon U.S. Government Securities VP**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $8.82 | &nbsp;&nbsp; $9.12 | &nbsp;&nbsp; $8.93 | &nbsp;&nbsp; $10.38 | &nbsp;&nbsp; $11.69 | &nbsp;&nbsp; $10.92 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.14 | 0.26 | 0.22 | 0.15 | 0.12 | 0.15 |
| Net realized and unrealized gain (loss) | 0.16 | &nbsp;&nbsp; (0.22)<br>| 0.13 | &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (0.39)<br>| 0.83 |
| Total investment operations | 0.30 | 0.04 | 0.35 | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (0.27)<br>| 0.98 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.20)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.21)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $9.12 | &nbsp;&nbsp; $8.82 | &nbsp;&nbsp; $9.12 | &nbsp;&nbsp; $8.93 | &nbsp;&nbsp; $10.38 | &nbsp;&nbsp; $11.69 |
| **Total return**<sup>(B)</sup> <br>| 3.40 %<sup>(C)</sup><br>| 0.33<br> %<br>| 4.00<br> %<br>| &nbsp;&nbsp; (13.03)%<br>| &nbsp;&nbsp; (2.39)%<br>| 8.97<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $56182 | &nbsp;&nbsp; $57816 | &nbsp;&nbsp; $61715 | &nbsp;&nbsp; $63432 | &nbsp;&nbsp; $81905 | &nbsp;&nbsp; $105166 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.58 %<sup>(D)</sup><br>| 0.58<br> %<br>| 0.61<br> %<br>| 0.59<br> %<br>| 0.60<br> %<br>| 0.59<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.56 %<sup>(D)</sup><br>| 0.56<br> %<br>| 0.60<br> %<br>| 0.59<br> %<br>| 0.60<br> %<br>| 0.59<br> %<br>|
| Net investment income (loss) to average net assets | 3.24 %<sup>(D)</sup><br>| 2.89<br> %<br>| 2.43<br> %<br>| 1.56<br> %<br>| 1.06<br> %<br>| 1.32<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 58 %<sup>(C)</sup><br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 128<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $9.47 | &nbsp;&nbsp; $9.27 | &nbsp;&nbsp; $10.78 | &nbsp;&nbsp; $12.07 | &nbsp;&nbsp; $11.28 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.14 | 0.25 | 0.20 | 0.13 | 0.09 | 0.13 |
| Net realized and unrealized gain (loss) | 0.16 | &nbsp;&nbsp; (0.23)<br>| 0.14 | &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (0.39)<br>| 0.84 |
| Total investment operations | 0.30 | 0.02 | 0.34 | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (0.30)<br>| 0.97 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (0.18)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $9.47 | &nbsp;&nbsp; $9.27 | &nbsp;&nbsp; $10.78 | &nbsp;&nbsp; $12.07 |
| **Total return**<sup>(B)</sup> <br>| 3.26 %<sup>(C)</sup><br>| 0.16<br> %<br>| 3.69<br> %<br>| &nbsp;&nbsp; (13.30)%<br>| &nbsp;&nbsp; (2.53)%<br>| 8.66<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $159318 | &nbsp;&nbsp; $166732 | &nbsp;&nbsp; $248976 | &nbsp;&nbsp; $313902 | &nbsp;&nbsp; $225327 | &nbsp;&nbsp; $321870 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.83 %<sup>(D)</sup><br>| 0.83<br> %<br>| 0.86<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>| 0.84<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.81 %<sup>(D)</sup><br>| 0.81<br> %<br>| 0.85<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>| 0.84<br> %<br>|
| Net investment income (loss) to average net assets | 3.00 %<sup>(D)</sup><br>| 2.63<br> %<br>| 2.18<br> %<br>| 1.37<br> %<br>| 0.81<br> %<br>| 1.04<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 58 %<sup>(C)</sup><br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 128<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica Aegon U.S. Government Securities VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

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

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

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

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

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica Aegon U.S. Government Securities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

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

There were no commissions recaptured during the period ended June 30, 2025, by the Portfolio.

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

**3. INVESTMENT VALUATION**

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

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

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

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

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

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

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

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica Aegon U.S. Government Securities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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

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

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

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

**4. SECURITIES AND OTHER INVESTMENTS**

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

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica Aegon U.S. Government Securities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

When-issued, delayed-delivery, forward and TBA commitment transactions held at June 30, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Portfolio based on the Portfolio's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Portfolio agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Portfolio had no amounts outstanding as of June 30, 2025, or at any time during the period then ended.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Aegon U.S. Government Securities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| U.S. Government Agency Obligations | $12370545 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12370545 |
| **Total Borrowings** | **$12370545** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$12370545** |

---

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

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

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

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

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

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

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

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Aegon U.S. Government Securities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

Open futures contracts at June 30, 2025, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of June 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts: <br>Total distributable earnings <br> (accumulated losses) <sup>(A)(B)</sup> <br>| $392220 | $— | $— | $— | $— | $392220 |
| **Total** | **$392220** | **$—** | **$—** | **$—** | **$—** | **$392220** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts: <br>Total distributable earnings <br> (accumulated losses) <sup>(A)(B)</sup> <br>| $(121174)<br>| $— | $— | $— | $— | $(121174)<br>|
| **Total** | **$(121174)**<br>| **$—** | **$—** | **$—** | **$—** | **$(121174)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.*

<sup>(B)</sup> *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation* *margin is reported within the Statement of Assets and Liabilities.* 

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Aegon U.S. Government Securities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

The following is a summary of the location and the effect of derivative investments within the Statement of Operations, categorized by primary market risk exposure as of June 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts  | $(70474)<br>| $— | $— | $— | $— | $(70474)<br>|
| **Total** | **$(70474)**<br>| **$—** | **$—** | **$—** | **$—** | **$(70474)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts  | $668696 | $— | $— | $— | $— | $668696 |
| **Total** | **$668696** | **$—** | **$—** | **$—** | **$—** | **$668696** |

---

The following is a summary of the ending monthly average volume on derivative activity during the period ended June 30, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $27073937 |
| Average notional value of contracts — short | (2647694)<br>|

---

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

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

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

**7. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Portfolio's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Portfolio. Increased redemptions could cause the Portfolio to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**U.S. government securities risk:** U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Not withstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Portfolio or a counterparty to a financial contract with the Portfolio is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Portfolio. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase portfolio losses, increase costs, reduce opportunities for gains, increase portfolio volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Portfolio. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Portfolio's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Portfolio. In certain cases, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Portfolio to certain operational and legal risks. The Portfolio may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on portfolios using derivatives. Rule 18f-4 could have an adverse impact on the Portfolio's performance and its ability to implement its investment strategies and may increase costs related to the Portfolio's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Counterparty risk:** The Portfolio could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Portfolio do not fulfill their contractual obligations. In addition, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Portfolio has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Portfolio will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**To Be Announced (TBA) transactions risk:** Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the Portfolio may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the Portfolio to further losses.

**Dollar rolls risk:** The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the Portfolio is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the Portfolio sells securities becomes insolvent, the Portfolio's ability to purchase or repurchase securities may be restricted.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

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

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Portfolio, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

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

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $250 million | 0.515<br> % <br>|
| Over $250 million up to $500 million | 0.510 |
| Over $500 million up to $1 billion | 0.480 |
| Over $1 billion | 0.470 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.56<br> % <br>| May 1, 2026 |
| Service Class | 0.81 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica Aegon U.S. Government Securities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

For the 36-month period ended June 30, 2025, the balances available for recapture by TAM for the Portfolio are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** | **2023** | **2024** | **2025** | **Total** |
| Initial Class | $— | $2830 | $12013 | $6779 | $21622 |
| Service Class |  | 13723 | 39964 | 19984 | 73671 |

---

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

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

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCL has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2026. Prior to TCL seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

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

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Initial Class | 0.15<br> % <br>|
| Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**9. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $12097938 | &nbsp;&nbsp; $106824402 | &nbsp;&nbsp; $3802431 | &nbsp;&nbsp; $127604434 |

---

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Aegon U.S. Government Securities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $241511463 | &nbsp;&nbsp; $1956757 | &nbsp;&nbsp; $(7156507)<br>| &nbsp;&nbsp; $(5199750)<br>|

---

**11. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Aegon U.S. Government Securities VP** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**Transamerica Aegon U.S. Government Securities VP** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 23**

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**Transamerica Aegon U.S. Government Securities VP** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 24**

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**Transamerica Aegon U.S. Government Securities VP** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica Aegon U.S. Government Securities VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and Aegon USA Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

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

**Nature, Extent and Quality of the Services Provided**

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

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

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 25**

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**Transamerica Aegon U.S. Government Securities VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was below the median for its peer universe and below the benchmark that TAM utilizes to measure performance of the Portfolio, each for the past 1-, 3-, 5- and 10-year periods. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

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

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 26**

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**Transamerica Aegon U.S. Government Securities VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that information about the Sub-Adviser's revenues and expenses was incorporated into the profitability analysis for TAM and its affiliates with respect to the Portfolio. As a result, the Board focused on profitability information for TAM and its affiliates and the Sub-Adviser in the aggregate.

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

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio.

**Other Considerations**

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

**Conclusion**

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 27**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817img7be55d563.gif)

Visit **transamerica.com**

![](g897817imge2d410a54.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

![](g897817img733820a05.gif)

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![](g897817img9d2b3a0a1.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica American Funds Managed Risk VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817img26c9f8942.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_5732aea7-5505-4ab4-80ea-5e5cb38bbc07_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_5732aea7-5505-4ab4-80ea-5e5cb38bbc07_SOI-RunningFooter-203_1) | 2 |
| [Statement of Assets and Liabilities](#xx_5732aea7-5505-4ab4-80ea-5e5cb38bbc07_FS-RunningFooter-203_1) | 3 |
| [Statement of Operations](#xx_5732aea7-5505-4ab4-80ea-5e5cb38bbc07_FS-RunningFooter-203_1) | 3 |
| [Statement of Changes in Net Assets](#xx_5732aea7-5505-4ab4-80ea-5e5cb38bbc07_sSOC-RunningFooter-203_1) | 4 |
| [Financial Highlights](#xx_5732aea7-5505-4ab4-80ea-5e5cb38bbc07_SCF-RunningFooter-203_1) | 5 |
| [Notes to Financial Statements](#xx_5732aea7-5505-4ab4-80ea-5e5cb38bbc07_NTF-RunningFooter-203_1) | 6 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_5732aea7-5505-4ab4-80ea-5e5cb38bbc07_DWA-RunningFooter-203_1)**<br> **[Companies](#xx_5732aea7-5505-4ab4-80ea-5e5cb38bbc07_DWA-RunningFooter-203_1)**<br>| 16 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_5732aea7-5505-4ab4-80ea-5e5cb38bbc07_PD-RunningFooter-203_1)** | 17 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_5732aea7-5505-4ab4-80ea-5e5cb38bbc07_DTO-RunningFooter-203_1)**<br> **[Companies](#xx_5732aea7-5505-4ab4-80ea-5e5cb38bbc07_DTO-RunningFooter-203_1)**<br>| 18 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_5732aea7-5505-4ab4-80ea-5e5cb38bbc07_Mgmtagmt-RunningFooter-203_1)** | 19 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica American Funds Managed Risk VP**

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**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANY - 97.4%**  | **INVESTMENT COMPANY - 97.4%**  | **INVESTMENT COMPANY - 97.4%**  |
| **U.S. Mixed Allocation Fund - 97.4%**  | **U.S. Mixed Allocation Fund - 97.4%**  | **U.S. Mixed Allocation Fund - 97.4%**  |
| &nbsp;&nbsp; American Funds Insurance Series - Asset <br> Allocation Fund<br>| 31196885 | $813302784 |
| &nbsp;&nbsp; **Total Investment Company** <br>**(Cost $737,602,789)**<br>|  | 813302784 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.7%**  | **REPURCHASE AGREEMENT - 2.7%**  | **REPURCHASE AGREEMENT - 2.7%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(A)</sup>, dated 06/30/2025, to be <br> repurchased at $22,407,099 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.63%, due 06/15/2027, and <br> with a value of $22,854,151.<br>| $22405978 | 22405978 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $22,405,978)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $22,405,978)** | 22405978 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $760,008,767)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $760,008,767)** | 835708762 |
| **Net Other Assets (Liabilities) - (0.1)%** | **Net Other Assets (Liabilities) - (0.1)%** | (1127638) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$834581124** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(B)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investment Company | $813302784 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $813302784 |
| Repurchase Agreement |  | &nbsp;&nbsp; 22405978 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22405978 |
| **Total Investments** | **$813302784** | &nbsp;&nbsp; **$22405978** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$835708762** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(B)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica American Funds Managed Risk VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $737,602,789) | &nbsp;&nbsp; $813302784 |
| Repurchase agreement, at value (cost $22,405,978) | &nbsp;&nbsp; 22405978 |
| Receivables and other assets: |  |
| Interest | &nbsp;&nbsp; 1120 |
| Prepaid expenses | &nbsp;&nbsp; 3746 |
| Other assets | &nbsp;&nbsp; 121 |
| Total assets | &nbsp;&nbsp; 835713749 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 353493 |
| Investment management fees | &nbsp;&nbsp; 369663 |
| Distribution and service fees | &nbsp;&nbsp; 174369 |
| Transfer agent costs | &nbsp;&nbsp; 1008 |
| Trustee and CCO fees | &nbsp;&nbsp; 4008 |
| Audit and tax fees  | &nbsp;&nbsp; 11233 |
| Custody fees | &nbsp;&nbsp; 11012 |
| Legal fees | &nbsp;&nbsp; 2630 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 190351 |
| Other accrued expenses | &nbsp;&nbsp; 14858 |
| Total liabilities | &nbsp;&nbsp; 1132625 |
| **Net assets**  | &nbsp;&nbsp; $834581124 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $669907 |
| Additional paid-in capital | &nbsp;&nbsp; 654317188 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 179594029 |
| **Net assets** | &nbsp;&nbsp; $834581124 |
| **Shares outstanding** | &nbsp;&nbsp; 66990711 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $12.46 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $8252627 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 312648 |
| Total investment income  | &nbsp;&nbsp; 8565275 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 2205322 |
| Distribution and service fees | &nbsp;&nbsp; 1040246 |
| Transfer agent costs | &nbsp;&nbsp; 4877 |
| Trustee and CCO fees | &nbsp;&nbsp; 21098 |
| Audit and tax fees | &nbsp;&nbsp; 13371 |
| Custody fees | &nbsp;&nbsp; 40990 |
| Legal fees | &nbsp;&nbsp; 34363 |
| Other | &nbsp;&nbsp; 23535 |
| Total expenses | &nbsp;&nbsp; 3383802 |
| **Net investment income (loss)** | &nbsp;&nbsp; 5181473 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 12447683 |
| Capital gain distributions received from unaffiliated <br> investment companies<br>| &nbsp;&nbsp; 51132438 |
| Futures contracts | &nbsp;&nbsp; (20287384)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 43292737 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; (11626957)<br>|
| Futures contracts | &nbsp;&nbsp; (771229)<br>|
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 395 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (12397791)<br>|
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 30894946 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $36076419 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica American Funds Managed Risk VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $5181473 | &nbsp;&nbsp; $13294558 |
| Net realized gain (loss) | &nbsp;&nbsp; 43292737 | &nbsp;&nbsp; 45772454 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (12397791)<br>| &nbsp;&nbsp; 61757082 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 36076419 | &nbsp;&nbsp; 120824094 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (27395397)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (27395397)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 976522 | &nbsp;&nbsp; 4716953 |
| Dividends and/or distributions reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 27395397 |
| Cost of shares redeemed | &nbsp;&nbsp; (74109323)<br>| &nbsp;&nbsp; (141972248)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (73132801)<br>| &nbsp;&nbsp; (109859898)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (37056382)<br>| &nbsp;&nbsp; (16431201)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 871637506 | &nbsp;&nbsp; 888068707 |
| End of period/year | &nbsp;&nbsp; $834581124 | &nbsp;&nbsp; $871637506 |
| **Capital share transactions - shares:** |  |  |
| Shares issued | &nbsp;&nbsp; 81549 | &nbsp;&nbsp; 415821 |
| Shares reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 2361672 |
| Shares redeemed | &nbsp;&nbsp; (6205831)<br>| &nbsp;&nbsp; (12287039)<br>|
| Net increase (decrease) in shares outstanding | &nbsp;&nbsp; (6124282)<br>| &nbsp;&nbsp; (9509546)<br>|

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica American Funds Managed Risk VP**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $11.92 | &nbsp;&nbsp; $10.75 | &nbsp;&nbsp; $11.58 | &nbsp;&nbsp; $13.34 | &nbsp;&nbsp; $11.90 | &nbsp;&nbsp; $11.91 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.07 | 0.17 | 0.18 | 0.24 | 0.17 | 0.11 |
| Net realized and unrealized gain (loss) | 0.47 | 1.37 | 0.92 | &nbsp;&nbsp; (1.77)<br>| 1.38 | 0.37 |
| Total investment operations | 0.54 | 1.54 | 1.10 | &nbsp;&nbsp; (1.53)<br>| 1.55 | 0.48 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.49)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $12.46 | &nbsp;&nbsp; $11.92 | &nbsp;&nbsp; $10.75 | &nbsp;&nbsp; $11.58 | &nbsp;&nbsp; $13.34 | &nbsp;&nbsp; $11.90 |
| **Total return**<sup>(B)</sup> <br>| 4.53 %<sup>(C)</sup><br>| 14.37<br> %<br>| 10.39<br> %<br>| &nbsp;&nbsp; (11.42)%<br>| 13.08<br> %<br>| 4.29<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $834581 | &nbsp;&nbsp; $871638 | &nbsp;&nbsp; $888069 | &nbsp;&nbsp; $900545 | &nbsp;&nbsp; $1106790 | &nbsp;&nbsp; $1061238 |
| Expenses to average net assets<sup>(D)</sup> <br>| 0.81 %<sup>(E)</sup><br>| 0.81<br> %<br>| 0.81<br> %<br>| 0.81<br> %<br>| 0.82<br> %<br>| 0.84<br> %<br>|
| Net investment income (loss) to average net assets | 1.25 %<sup>(E)</sup><br>| 1.48<br> %<br>| 1.60<br> %<br>| 1.99<br> %<br>| 1.32<br> %<br>| 0.96<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 4 %<sup>(C)</sup><br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; 9<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

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

<sup>(E)</sup> *Annualized.*

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica American Funds Managed Risk VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

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

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in the American Funds Insurance Series Asset Allocation Fund SM (hereafter referred to as "Underlying Portfolio"). The shareholder reports of the Underlying Portfolio, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Portfolio's shareholder reports are not covered by this report.

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

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

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

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

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica American Funds Managed Risk VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

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

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

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

There were no commissions recaptured during the period ended June 30, 2025, by the Portfolio.

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica American Funds Managed Risk VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION**

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

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

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

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

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

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

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the period ended June 30, 2025, the Portfolio has not entered into any secured borrowing arrangements.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica American Funds Managed Risk VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Portfolio based on the Portfolio's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Portfolio agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Portfolio had no amounts outstanding as of June 30, 2025, or at any time during the period then ended.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

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

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

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

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

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

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

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica American Funds Managed Risk VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

The following is a summary of the location and the effect of derivative investments within the Statement of Operations, categorized by primary market risk exposure as of June 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts | $— | $(212163)<br>| $(20075221)<br>| $— | $— | $(20287384)<br>|
| **Total** | **$—** | **$(212163)**<br>| **$(20075221)**<br>| **$—** | **$—** | **$(20287384)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts  | $— | $(7736)<br>| $(763493)<br>| $— | $— | $(771229)<br>|
| **Total** | **$—** | **$(7736)**<br>| **$(763493)**<br>| **$—** | **$—** | **$(771229)**<br>|

---

The following is a summary of the ending monthly average volume on derivative activity during the period ended June 30, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — short | $(57106378)<br>|

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

**6. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Managed risk strategy risk:** The Portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in up markets, may increase transaction costs and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. Managing the Portfolio pursuant to the strategy may result in the Portfolio not achieving its stated asset mix goal due to unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a managed risk strategy.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's and Underlying Portfolio's asset allocation and reallocation from time to time. These actions may be unsuccessful in maximizing return and/or avoiding investment losses.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

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

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase portfolio losses, increase costs, reduce opportunities for gains, increase portfolio volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Portfolio. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Portfolio's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Portfolio. In certain cases, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Portfolio to certain operational and legal risks. The Portfolio may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on portfolios using derivatives. Rule 18f-4 could have an adverse impact on the Portfolio's performance and its ability to implement its investment strategies and may increase costs related to the Portfolio's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Underlying Portfolio risk:** Because the Portfolio invests its assets in the Underlying Portfolio, its ability to achieve its investment objective depends largely on the performance of the Underlying Portfolio in which it invests. The Underlying Portfolio in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the Underlying Portfolio's shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of the Underlying Portfolio will be achieved. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the Underlying Portfolio in which it invests.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Non-diversification risk:** As a "non-diversified" Portfolio, the Portfolio may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Investing in a smaller number of issuers will make the Portfolio more susceptible to the risks associated with investing in those issuers.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**7. INVESTMENT CONCENTRATION**

Throughout the period, the Portfolio can have investments that account for a significant percentage of the Portfolio's total assets. As of June 30, 2025, the most recent financial statements are included within this report for the following investments:

---

| | |
|:---|:---|
| **Investment** | **Percentage of** <br> **Total Assets**<br>|
| American Funds Insurance Series – Asset Allocation Fund | 97.32<br> % <br>|

---

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $2 billion | 0.53<br> % <br>|
| Over $2 billion up to $4 billion | 0.52 |
| Over $4 billion up to $6 billion | 0.50 |
| Over $6 billion up to $8 billion | 0.49 |
| Over $8 billion up to $10 billion | 0.48 |
| Over $10 billion | 0.46 |

---

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Service Class | 0.85<br> % <br>| May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

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

As of June 30, 2025, there are no amounts available for recapture by TAM.

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

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

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

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

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $35238000 | &nbsp;&nbsp; $126525372 |

---

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

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

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $760008767 | &nbsp;&nbsp; $75699995 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $75699995 |

---

**11. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Series Trust**

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**Page 15**

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Series Trust**

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Series Trust**

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**Page 17**

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica American Funds Managed Risk VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and Milliman Financial Risk Management LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

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

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Portfolio; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser.

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

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was above the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Service Class Shares of the Portfolio was below the benchmark that TAM utilizes to measure performance of the Portfolio for the past 1-, 3- and 5-year periods.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Portfolio.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica American Funds Managed Risk VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

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

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio.

**Other Considerations**

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

**Conclusion**

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

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Visit **transamerica.com**

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Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

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![](g897817imgf9dda9891.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica BlackRock Government Money Market VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817img515755022.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_7929414b-33ae-48d7-99d7-ec0bac5fdfb3_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_7929414b-33ae-48d7-99d7-ec0bac5fdfb3_SOI-RunningFooter-221_1) | 2 |
| [Statement of Assets and Liabilities](#xx_7929414b-33ae-48d7-99d7-ec0bac5fdfb3_FS-RunningFooter-221_1) | 5 |
| [Statement of Operations](#xx_7929414b-33ae-48d7-99d7-ec0bac5fdfb3_FS-RunningFooter-221_1) | 5 |
| [Statement of Changes in Net Assets](#xx_7929414b-33ae-48d7-99d7-ec0bac5fdfb3_FS-RunningFooter-221_2) | 6 |
| [Financial Highlights](#xx_7929414b-33ae-48d7-99d7-ec0bac5fdfb3_FS-RunningFooter-221_3) | 7 |
| [Notes to Financial Statements](#xx_7929414b-33ae-48d7-99d7-ec0bac5fdfb3_NTF-RunningFooter-221_1) | 9 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_7929414b-33ae-48d7-99d7-ec0bac5fdfb3_DWA-RunningFooter-221_1)**<br> **[Companies](#xx_7929414b-33ae-48d7-99d7-ec0bac5fdfb3_DWA-RunningFooter-221_1)**<br>| 18 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_7929414b-33ae-48d7-99d7-ec0bac5fdfb3_PD-RunningFooter-221_1)** | 19 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_7929414b-33ae-48d7-99d7-ec0bac5fdfb3_DTO-RunningFooter-221_1)**<br> **[Companies](#xx_7929414b-33ae-48d7-99d7-ec0bac5fdfb3_DTO-RunningFooter-221_1)**<br>| 20 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_7929414b-33ae-48d7-99d7-ec0bac5fdfb3_Mgmtagmt-RunningFooter-221_1)** | 21 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica BlackRock Government Money Market VP**

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**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 11.6%**  | **U.S. GOVERNMENT OBLIGATIONS - 11.6%**  | **U.S. GOVERNMENT OBLIGATIONS - 11.6%**  |
| **U.S. Treasury - 11.6%**  | **U.S. Treasury - 11.6%**  | **U.S. Treasury - 11.6%**  |
| U.S. Treasury Floating Rate Notes |  |  |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.10%, 4.34% <sup>(A)</sup>, 01/31/2027<br>| $15275000 | $15274354 |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.13%, 4.37% <sup>(A)</sup>, 07/31/2025<br>| 17375000 | 17374870 |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.15%, 4.39% <sup>(A)</sup>, 04/30/2026<br>| 11100000 | 11100576 |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.17%, 4.41% <sup>(A)</sup>, 10/31/2025<br>| 3065000 | 3064686 |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.18%, 4.42% <sup>(A)</sup>, 07/31/2026<br>| 7085000 | 7080953 |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.21%, 4.45% <sup>(A)</sup>, 10/31/2026<br>| 12890000 | 12890000 |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.25%, 4.49% <sup>(A)</sup>, 01/31/2026<br>| 8825000 | 8825000 |
| U.S. Treasury Notes |  |  |
| 0.38%, 11/30/2025 - 01/31/2026 | 2225000 | 2183640 |
| 0.50%, 02/28/2026 | 500000 | 488381 |
| 0.88%, 06/30/2026 | 350000 | 338907 |
| 4.25%, 12/31/2025 | 1385000 | 1385104 |
| 4.63%, 02/28/2026 - 06/30/2026 | 3075000 | 3088203 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $83,094,674)**<br>|  | 83094674 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.2%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.2%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.2%**  |
| Federal Farm Credit Banks Funding Corp. |  |  |
| 3-Month SOFR + 0.08%, |  |  |
| 4.38% <sup>(A)</sup>, 02/01/2027 | 1700000 | 1700000 |
| 3-Month SOFR + 0.07%, |  |  |
| 4.46% <sup>(A)</sup>, 11/17/2025 - 03/26/2027 | 1890000 | 1890000 |
| 3-Month SOFR + 0.10%, |  |  |
| 4.49% <sup>(A)</sup>, 06/24/2026 - 06/26/2026 | 1695000 | 1695000 |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.27%,<br>|  |  |
| 4.51% <sup>(A)</sup>, 10/16/2026 | 3500000 | 3500000 |
| 3-Month SOFR + 0.14%, |  |  |
| 4.53% <sup>(A)</sup>, 10/15/2026 - 12/23/2026 | 6700000 | 6699559 |
| Federal Home Loan Banks |  |  |
| 4.25%, 05/22/2026 | 5100000 | 5098482 |
| 4.34%, 04/17/2026 | 7530000 | 7530000 |
| 4.35%, 06/05/2026 | 2800000 | 2799207 |
| 4.38%, 03/23/2026 | 3100000 | 3100000 |
| 3-Month SOFR + 0.07%, |  |  |
| 4.46% <sup>(A)</sup>, 03/25/2027 | 1520000 | 1520000 |
| 3-Month SOFR + 0.16%, |  |  |
| 4.55% <sup>(A)</sup>, 07/21/2025 | 7050000 | 7050000 |
| Federal Home Loan Mortgage Corp. |  |  |
| 0.38%, 09/23/2025 | 2400000 | 2379127 |
| 3-Month SOFR + 0.12%, |  |  |
| 4.51% <sup>(A)</sup>, 05/05/2027 | 1200000 | 1200000 |
| 3-Month SOFR + 0.14%, |  |  |
| 4.53% <sup>(A)</sup>, 09/23/2026 - 10/16/2026 | 3700000 | 3700000 |
| Federal National Mortgage Association |  |  |
| 3-Month SOFR + 0.12%, |  |  |
| 4.51% <sup>(A)</sup>, 07/29/2026 | 6540000 | 6540000 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp; Federal National Mortgage <br> Association (continued)<br>|  |  |
| 3-Month SOFR + 0.14%, |  |  |
| 4.53% <sup>(A)</sup>, 08/21/2026 - 12/11/2026 | $9845000 | $9845000 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $66,246,375)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $66,246,375)** | 66246375 |
| **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.3%**  | **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.3%**  | **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.3%**  |
| Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes |
| 4.12% <sup>(B)</sup>, 12/01/2025 | 5000000 | 4916063 |
| 4.30% <sup>(B)</sup>, 07/11/2025 | 9585000 | 9573791 |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| 4.13% <sup>(B)</sup>, 11/07/2025 | 1800000 | 1798941 |
| 4.39% <sup>(B)</sup>, 09/19/2025 - 12/30/2025 | 18840000 | 18840000 |
| &nbsp;&nbsp; 3-Month SOFR - 0.01%, 4.39% <sup>(A)</sup>, <br> 10/06/2025<br>| 900000 | 900000 |
| &nbsp;&nbsp; 3-Month SOFR + 0.01%, 4.40% <sup>(A)</sup>, <br> 07/09/2025 - 02/17/2026<br>| 21865000 | 21865000 |
| &nbsp;&nbsp; 3-Month SOFR + 0.02%, 4.41% <sup>(A)</sup>, <br> 12/12/2025<br>| 1800000 | 1800000 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Agency Obligations** <br>**(Cost $59,693,795)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Agency Obligations** <br>**(Cost $59,693,795)** | 59693795 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 30.6%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 30.6%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 30.6%**  |
| U.S. Treasury Bills |  |  |
| 4.15% <sup>(B)</sup>, 05/14/2026 | 6041100 | 5832043 |
| 4.16% <sup>(B)</sup>, 06/11/2026 | 5325300 | 5124226 |
| 4.18% <sup>(B)</sup>, 03/19/2026 | 12200000 | 11849826 |
| 4.21% <sup>(B)</sup>, 10/30/2025 - 11/06/2025 | 2300000 | 2268009 |
| 4.23% <sup>(B)</sup>, 09/04/2025 - 11/06/2025 | 6531200 | 6467849 |
| 4.24% <sup>(B)</sup>, 09/18/2025 - 10/30/2025 | 4630000 | 4579764 |
| 4.25% <sup>(B)</sup>, 10/23/2025 | 900000 | 888287 |
| 4.26% <sup>(B)</sup>, 07/31/2025 - 01/02/2026 | 10685000 | 10511810 |
| 4.27% <sup>(B)</sup>, 10/02/2025 - 12/26/2025 | 5755000 | 5648232 |
| 4.28% <sup>(B)</sup>, 09/04/2025 - 12/11/2025 | 13500000 | 13394753 |
| 4.29% <sup>(B)</sup>, 07/01/2025 - 11/20/2025 | 22927200 | 22779830 |
| 4.30% <sup>(B)</sup>, 09/25/2025 - 12/26/2025 | 27362300 | 26846969 |
| 4.31% <sup>(B)</sup>, 08/05/2025 - 11/28/2025 | 25100000 | 24843678 |
| 4.32% <sup>(B)</sup>, 08/05/2025 - 08/26/2025 | 27100000 | 26986646 |
| 4.33% <sup>(B)</sup>, 08/26/2025 - 10/30/2025 | 9798800 | 9730429 |
| 4.34% <sup>(B)</sup>, 09/30/2025 - 11/28/2025 | 7706500 | 7614664 |
| 4.35% <sup>(B)</sup>, 09/23/2025 | 9200000 | 9109196 |
| 4.36% <sup>(B)</sup>, 08/12/2025 - 09/16/2025 | 4400000 | 4360509 |
| 4.37% <sup>(B)</sup>, 08/12/2025 | 13315000 | 13249000 |
| 4.44% <sup>(B)</sup>, 11/28/2025 | 1300000 | 1277455 |
| 5.09% <sup>(B)</sup>, 07/10/2025 | 6000000 | 5992837 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $219,356,012)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $219,356,012)** | 219356012 |
| **REPURCHASE AGREEMENTS - 42.4%**  | **REPURCHASE AGREEMENTS - 42.4%**  | **REPURCHASE AGREEMENTS - 42.4%**  |
| &nbsp;&nbsp; Barclays Capital, Inc., <br>4.39% <sup>(B)</sup>, dated 06/30/2025, to be <br> repurchased at $40,004,878 on 07/01/2025. <br> Collateralized by U.S. Government <br> Obligations, 0.00% - 1.38%, <br> due 07/15/2033 - 08/15/2033, and with a <br> total value of $40,800,039.<br>| 40000000 | 40000000 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica BlackRock Government Money Market VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
| &nbsp;&nbsp; BNP Paribas SA, <br>4.39% <sup>(B)</sup>, dated 06/30/2025, to be <br> repurchased at $30,003,658 on 07/01/2025. <br> Collateralized by U.S. Government <br> Obligations, 0.00% - 4.50%, <br> due 04/30/2027 - 11/15/2054, and with a <br> total value of $30,600,000.<br>| $30000000 | $30000000 |
| &nbsp;&nbsp; BNP Paribas SA, <br>4.40% <sup>(B)</sup>, dated 06/30/2025, to be <br> repurchased at $20,002,444 on 07/01/2025. <br> Collateralized by U.S. Government Agency <br> Obligations, 2.00% - 6.52%, <br> due 03/01/2030 - 04/01/2055, and with a <br> total value of $20,447,802.<br>| 20000000 | 20000000 |
| &nbsp;&nbsp; Citigroup Global Markets, Inc., <br>4.39% <sup>(B)</sup>, dated 06/30/2025, to be <br> repurchased at $50,006,097 on 07/01/2025. <br> Collateralized by U.S. Government <br> Obligations, 2.25% - 4.13%, <br> due 11/15/2025 - 02/29/2032, and with a <br> total value of $51,000,050.<br>| 50000000 | 50000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(B)</sup>, dated 06/30/2025, to be <br> repurchased at $169,543 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 06/30/2027, and <br> with a value of $173,101.<br>| 169535 | 169535 |
| &nbsp;&nbsp; Goldman Sachs & Co., <br>4.39% <sup>(B)</sup>, dated 06/30/2025, to be <br> repurchased at $19,002,317 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.50%, due 12/31/2031, and <br> with a value of $19,380,061.<br>| 19000000 | 19000000 |
| &nbsp;&nbsp; Goldman Sachs & Co., <br>4.40% <sup>(B)</sup>, dated 06/30/2025, to be <br> repurchased at $10,001,222 on 07/01/2025. <br> Collateralized by U.S. Government Agency <br> Obligations, 2.50% - 7.50%, <br> due 07/20/2052 - 12/20/2064 and with a <br> total value of $10,200,000.<br>| 10000000 | 10000000 |
| &nbsp;&nbsp; JPMorgan Chase & Co., <br>4.39% <sup>(B)</sup>, dated 06/30/2025, to be <br> repurchased at $15,001,829 on 07/01/2025. <br> Collateralized by U.S. Government <br> Obligations, 3.13% - 4.38%, <br> due 08/31/2029 - 02/15/2038, and with a <br> total value of $15,300,046.<br>| 15000000 | 15000000 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
| &nbsp;&nbsp; JPMorgan Chase & Co., <br>4.40% <sup>(B)</sup>, dated 06/30/2025, to be <br> repurchased at $15,001,833 on 07/01/2025. <br> Collateralized by U.S. Government Agency <br> Obligations, 4.00% - 6.50%, <br> due 10/20/2039 - 12/15/2066 and with a <br> total value of $15,300,001.<br>| $15000000 | $15000000 |
| &nbsp;&nbsp; Merrill Lynch & Co., Inc., <br>4.39% <sup>(B)</sup>, dated 06/30/2025, to be <br> repurchased at $10,001,219 on 07/01/2025. <br> Collateralized by U.S. Government <br> Obligations, 0.00%, due 02/15/2036 - <br> 05/15/2055, and with a total value of <br> $10,200,000.<br>| 10000000 | 10000000 |
| &nbsp;&nbsp; Merrill Lynch & Co., Inc., <br>4.40% <sup>(B)</sup>, dated 06/30/2025, to be <br> repurchased at $40,004,889 on 07/01/2025. <br> Collateralized by U.S. Government <br> Obligations, 0.00%, due 08/15/2050 - <br> 02/15/2053, and with a total value of <br> $40,800,001.<br>| 40000000 | 40000000 |
| &nbsp;&nbsp; Toronto-Dominion Bank, <br>4.40% <sup>(B)</sup>, dated 06/30/2025, to be <br> repurchased at $25,003,056 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 0.88%, due 09/30/2026, and <br> with a value of $25,500,095.<br>| 25000000 | 25000000 |
| &nbsp;&nbsp; Toronto-Dominion Bank, <br>4.41% <sup>(B)</sup>, dated 06/30/2025, to be <br> repurchased at $30,003,675 on 07/01/2025. <br> Collateralized by U.S. Government Agency <br> Obligations, 5.50% - 6.50%, <br> due 07/01/2053 - 04/01/2054, and with a <br> total value of $30,900,001.<br>| 30000000 | 30000000 |
| &nbsp;&nbsp; **Total Repurchase Agreements** <br>**(Cost $304,169,535)** | &nbsp;&nbsp; **Total Repurchase Agreements** <br>**(Cost $304,169,535)** | 304169535 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $732,560,391)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $732,560,391)** | 732560391 |
| **Net Other Assets (Liabilities) - (2.1)%** | **Net Other Assets (Liabilities) - (2.1)%** | (14723593) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$717836798** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(C)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| U.S. Government Obligations | $— | &nbsp;&nbsp; $83094674 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $83094674 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 66246375 | &nbsp;&nbsp; — | &nbsp;&nbsp; 66246375 |
| Short-Term U.S. Government Agency Obligations |  | &nbsp;&nbsp; 59693795 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59693795 |
| Short-Term U.S. Government Obligations |  | &nbsp;&nbsp; 219356012 | &nbsp;&nbsp; — | &nbsp;&nbsp; 219356012 |
| Repurchase Agreements |  | &nbsp;&nbsp; 304169535 | &nbsp;&nbsp; — | &nbsp;&nbsp; 304169535 |
| **Total Investments** | **$—** | &nbsp;&nbsp; **$732560391** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$732560391** |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica BlackRock Government Money Market VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Floating or variable rate security. The rate disclosed is as of June 30, 2025. For securities based on a published reference rate and spread, the* *reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,* *where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and* *are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

<sup>(B)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(C)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*SOFR* *Secured Overnight Financing Rate*

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica BlackRock Government Money Market VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $428,390,856) | &nbsp;&nbsp; $428390856 |
| Repurchase agreement, at value (cost $304,169,535) | &nbsp;&nbsp; 304169535 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 109689 |
| Interest | &nbsp;&nbsp; 1304389 |
| Due from transfer agent | &nbsp;&nbsp; 468 |
| Prepaid expenses | &nbsp;&nbsp; 3108 |
| Total assets | &nbsp;&nbsp; 733978045 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 13865590 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 1928772 |
| Investment management fees | &nbsp;&nbsp; 146370 |
| Distribution and service fees | &nbsp;&nbsp; 108863 |
| Transfer agent costs | &nbsp;&nbsp; 806 |
| Trustee and CCO fees | &nbsp;&nbsp; 3874 |
| Audit and tax fees  | &nbsp;&nbsp; 10003 |
| Custody fees | &nbsp;&nbsp; 18897 |
| Legal fees | &nbsp;&nbsp; 3111 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 36727 |
| Other accrued expenses | &nbsp;&nbsp; 18234 |
| Total liabilities | &nbsp;&nbsp; 16141247 |
| **Net assets**  | &nbsp;&nbsp; $717836798 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $7178375 |
| Additional paid-in capital | &nbsp;&nbsp; 710658041 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 382 |
| **Net assets** | &nbsp;&nbsp; $717836798 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $204142790 |
| Service Class | &nbsp;&nbsp; 513694008 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 204143888 |
| Service Class | &nbsp;&nbsp; 513693610 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $1.00 |
| Service Class | 1.00 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | &nbsp;&nbsp; $15942695 |
| Total investment income  | &nbsp;&nbsp; 15942695 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 870917 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 652430 |
| Transfer agent costs | &nbsp;&nbsp; 4137 |
| Trustee and CCO fees | &nbsp;&nbsp; 18543 |
| Audit and tax fees | &nbsp;&nbsp; 12022 |
| Custody fees | &nbsp;&nbsp; 54902 |
| Legal fees | &nbsp;&nbsp; 30110 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 38294 |
| Other | &nbsp;&nbsp; 28343 |
| Total expenses | &nbsp;&nbsp; 1709698 |
| **Net investment income (loss)** | &nbsp;&nbsp; 14232997 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $14232997 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica BlackRock Government Money Market VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $14232997 | &nbsp;&nbsp; $37691754 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 14232997 | &nbsp;&nbsp; 37691754 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (4180085)<br>| &nbsp;&nbsp; (10374255)<br>|
| Service Class | &nbsp;&nbsp; (10052912)<br>| &nbsp;&nbsp; (27317499)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (14232997)<br>| &nbsp;&nbsp; (37691754)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 40843353 | &nbsp;&nbsp; 62405267 |
| Service Class | &nbsp;&nbsp; 112921853 | &nbsp;&nbsp; 165466688 |
|  | &nbsp;&nbsp; 153765206 | &nbsp;&nbsp; 227871955 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 4180553 | &nbsp;&nbsp; 10374333 |
| Service Class | &nbsp;&nbsp; 10053037 | &nbsp;&nbsp; 27318184 |
|  | &nbsp;&nbsp; 14233590 | &nbsp;&nbsp; 37692517 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (50821440)<br>| &nbsp;&nbsp; (75367301)<br>|
| Service Class | &nbsp;&nbsp; (141177723)<br>| &nbsp;&nbsp; (286920320)<br>|
|  | &nbsp;&nbsp; (191999163)<br>| &nbsp;&nbsp; (362287621)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (24000367)<br>| &nbsp;&nbsp; (96723149)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (24000367)<br>| &nbsp;&nbsp; (96723149)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 741837165 | &nbsp;&nbsp; 838560314 |
| End of period/year | &nbsp;&nbsp; $717836798 | &nbsp;&nbsp; $741837165 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 40843353 | &nbsp;&nbsp; 62405267 |
| Service Class | &nbsp;&nbsp; 112921853 | &nbsp;&nbsp; 165466688 |
|  | &nbsp;&nbsp; 153765206 | &nbsp;&nbsp; 227871955 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 4180553 | &nbsp;&nbsp; 10374333 |
| Service Class | &nbsp;&nbsp; 10053037 | &nbsp;&nbsp; 27318184 |
|  | &nbsp;&nbsp; 14233590 | &nbsp;&nbsp; 37692517 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (50821440)<br>| &nbsp;&nbsp; (75367301)<br>|
| Service Class | &nbsp;&nbsp; (141177723)<br>| &nbsp;&nbsp; (286920320)<br>|
|  | &nbsp;&nbsp; (191999163)<br>| &nbsp;&nbsp; (362287621)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (5797534)<br>| &nbsp;&nbsp; (2587701)<br>|
| Service Class | &nbsp;&nbsp; (18202833)<br>| &nbsp;&nbsp; (94135448)<br>|
|  | &nbsp;&nbsp; (24000367)<br>| &nbsp;&nbsp; (96723149)<br>|

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica BlackRock Government Money Market VP**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.02 | 0.05 | 0.05 | 0.01 | 0.00 <br><sup>(B)</sup><br>| 0.00 <br><sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.00 <br><sup>(B)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total investment operations | 0.02 | 0.05 | 0.05 | 0.01 | 0.00 <br><sup>(B)</sup><br>| 0.00 <br><sup>(B)</sup><br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>(B)</sup><br>| &nbsp;&nbsp; (0.00 )<sup>(B)</sup><br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Total return**<sup>(C)</sup> <br>| 2.05 %<sup>(D)</sup><br>| 5.03<br> %<br>| 4.87<br> %<br>| 1.39<br> %<br>| 0.00<br> %<br>| 0.29<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $204143 | &nbsp;&nbsp; $209940 | &nbsp;&nbsp; $212528 | &nbsp;&nbsp; $218990 | &nbsp;&nbsp; $197487 | &nbsp;&nbsp; $228116 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.29 %<sup>(E)</sup><br>| 0.29<br> %<br>| 0.29<br> %<br>| 0.28<br> %<br>| 0.29<br> %<br>| 0.37<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.29 %<sup>(E)</sup><br>| 0.29<br> %<br>| 0.29 %<sup>(F)</sup><br>| 0.24 %<sup>(F)</sup><br>| 0.07 %<sup>(F)</sup><br>| 0.25 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 4.10 %<sup>(E)</sup><br>| 4.93<br> %<br>| 4.75<br> %<br>| 1.42<br> %<br>| 0.00 %<sup>(G)</sup><br>| 0.25<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class for competitive* *reasons such as to maintain the expense ratio, or when appropriate, to maintain the yield from becoming negative. Any such voluntary waiver or* *expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time. Transamerica Asset* *Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long* *as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses* *exceeding the contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements* *for more information.* 

<sup>(G)</sup> *Rounds to less than 0.01% or (0.01)%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica BlackRock Government Money Market VP**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.02 | 0.05 | 0.05 | 0.01 | 0.00 <br><sup>(B)</sup><br>| 0.00 <br><sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.00 <br><sup>(B)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total investment operations | 0.02 | 0.05 | 0.05 | 0.01 | 0.00 <br><sup>(B)</sup><br>| 0.00 <br><sup>(B)</sup><br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>(B)</sup><br>| &nbsp;&nbsp; (0.00 )<sup>(B)</sup><br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Total return**<sup>(C)</sup> <br>| 1.93 %<sup>(D)</sup><br>| 4.76<br> %<br>| 4.67<br> %<br>| 1.39<br> %<br>| 0.00<br> %<br>| 0.25<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $513694 | &nbsp;&nbsp; $531897 | &nbsp;&nbsp; $626032 | &nbsp;&nbsp; $670946 | &nbsp;&nbsp; $552199 | &nbsp;&nbsp; $671955 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.54 %<sup>(E)</sup><br>| 0.54<br> %<br>| 0.54<br> %<br>| 0.53<br> %<br>| 0.54<br> %<br>| 0.62<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.54 %<sup>(E)</sup><br>| 0.54<br> %<br>| 0.48 %<sup>(F)</sup><br>| 0.24 %<sup>(F)</sup><br>| 0.07 %<sup>(F)</sup><br>| 0.27 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 3.85 %<sup>(E)</sup><br>| 4.68<br> %<br>| 4.56<br> %<br>| 1.47<br> %<br>| 0.00 %<sup>(G)</sup><br>| 0.17<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class for competitive* *reasons such as to maintain the expense ratio, or when appropriate, to maintain the yield from becoming negative. Any such voluntary waiver or* *expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time. Transamerica Asset* *Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long* *as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses* *exceeding the contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements* *for more information.* 

<sup>(G)</sup> *Rounds to less than 0.01% or (0.01)%.*

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica BlackRock Government Money Market VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

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

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

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

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

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica BlackRock Government Money Market VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

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

There were no commissions recaptured during the period ended June 30, 2025, by the Portfolio.

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

**3. INVESTMENT VALUATION**

In accordance with Rule 2a-7 under the 1940 Act, money market instruments are valued at amortized cost, which approximates market value. This method involves valuing portfolio securities at their cost and thereafter assuming a constant amortization to maturity of any discount or premium. The Portfolio's use of amortized cost is subject to its compliance with certain conditions as specified by Rule 2a-7 under the 1940 Act.

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

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica BlackRock Government Money Market VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

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

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

*Short-term notes:* The Portfolio values all security positions using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the period ended June 30, 2025, the Portfolio has not entered into any secured borrowing arrangements.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica BlackRock Government Money Market VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**5. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** Factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, lack of liquidity or other disruptions in the bond markets, or other adverse market events and conditions could cause the value of your investment in the Portfolio, or its yield, to decline. While the Portfolio seeks to maintain a $1.00 share price, when market prices fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments and the Portfolio's ability to preserve the value of your investment at $1.00 per share, and generally for economies and markets in the U.S. and elsewhere.

**Government money market fund risk:** The Portfolio operates as a "government" money market portfolio under applicable federal regulations and invests in U.S. government securities. Circumstances could arise that would prevent the payment of interest or principal on U.S. government securities, which could adversely affect their value and the Portfolio's ability to preserve the value of your investment at $1.00 per share. Changes in the rules governing money market funds are likely to result in an increased demand for U.S. government securities, which could affect the availability of such instruments for investment and the Portfolio's ability to pursue its investment strategies. The Portfolio does not currently intend to avail itself of the ability to impose "liquidity fees" on portfolio redemptions, as permitted under Rule 2a-7. However, the Board reserves the right, with notice to shareholders, to change this policy.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica BlackRock Government Money Market VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**Interest rate risk:** The interest rates on short-term obligations held in the Portfolio will vary, rising or falling with short-term interest rates generally. The Portfolio's yield will tend to lag behind general changes in interest rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Portfolio. The U.S. Federal Reserve has raised interest rates from historically low levels. Any additional interest rate increases in the future may cause the value of fixed-income securities to decrease. During periods of extremely low or negative short-term interest rates, the Portfolio may not be able to maintain a positive yield or total return or be able to preserve the value of your investment at $1.00 per share.

**U.S. government securities risk:** U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Not withstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

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

**Credit risk:** An issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Portfolio or a counterparty to a financial contract with the Portfolio may be unable or unwilling to meet its financial obligations or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) to be less creditworthy, or the value of assets underlying a security may decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Counterparty risk:** The Portfolio could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Portfolio do not fulfill their contractual obligations. In addition, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Portfolio has more contractual exposure to a counterparty.

**Repurchase agreements risk:** In a repurchase agreement, the Portfolio purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the Portfolio at a later date, and at a specified price. The securities purchased serve as the Portfolio's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the Portfolio is entitled to sell the securities, but the Portfolio may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the Portfolio will not have a right to the securities, or the immediate right to sell the securities.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Management risk:** The Portfolio is subject to the risk that the investment manager's or sub-adviser's judgments and decisions may be incorrect or otherwise may not produce the desired results. The sub-adviser's judgment about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry or sector, or about the economy or interest rates, may be incorrect. The Portfolio is also subject to the risk of imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, or the analyses employed or relied on, by the sub-adviser, if such tools, resources, information or data are used incorrectly, fail to produce the desired results or otherwise do not work as intended, or if the sub-adviser's investment style fails to produce the desired results. Any of these things could cause the Portfolio to lag relevant benchmarks or other funds with similar objectives.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.24<br> % <br>|
| Over $1 billion up to $3 billion | 0.22 |
| Over $3 billion | 0.21 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.38<br> % <br>| May 1, 2026 |
| Service Class | 0.63 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

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

**Transamerica Series Trust**

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**Page 14**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Additionally, TAM or any of its affiliates may voluntarily waive fees and/or reimburse expenses of one or more classes of the Portfolio to such level(s) as the Trust's officers may reasonably determine from time to time in an effort to prevent the Portfolio's yield from falling below zero. Any such voluntary waiver or expense reimbursement is in addition to any contractual expense limitation arrangements in effect from time to time and may be discontinued by TAM or its affiliates at any time. TAM is entitled to reimbursement by the applicable class(es) of the Portfolio of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual expense cap for the class. TAM or its affiliates may request that financial intermediaries reduce or waive amounts payable to those intermediaries with respect to services rendered to the Portfolio or its shareholders, and those reductions or waivers may reduce the amounts waived and/or reimbursed by TAM under the contractual and/or voluntary waiver arrangements with respect to the Portfolio. There can be no assurance that the Portfolio will be able to prevent a negative yield.

Voluntarily waived and/or reimbursed expenses related to the maintenance of the yield are included in Expenses waived and/or reimbursed, and amounts recaptured by TAM under the voluntary yield waiver are included in Recapture of previously waived and/or reimbursed fees, in each case included in the Statement of Operations included in this shareholder report. The actual expense ratio of each class of the Portfolio, including any amounts waived and/or reimbursed and any amounts recaptured under the voluntary yield waiver, are shown in the "Ratio and supplemental data" section in the Portfolio's Financial Highlights in this shareholder report.

For the 36-month period ended June 30, 2025, the amounts waived by TAM due to the maintenance of the yield are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** |
|  | **2022** | **2023** | **2024** | **2025** | **Total** |
| Initial Class | $76738 | $— | $— | $— | $76738 |
| Service Class | 221781 |  |  |  | 221781 |

---

As of June 30, 2025, the balances available for recapture by TAM due to the maintenance of the yield are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** | **2023** | **2024** | **2025** | **Total** |
| Initial Class | $76738 | $— | $— | $— | $76738 |
| Service Class | 221781 |  |  |  | 221781 |

---

For the 36-month period ended June 30, 2025, the amounts waived from financial intermediaries are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** |
|  | **2022** <sup>(A)</sup> <br>| **2023** <sup>(A)</sup> <br>| **2024** <sup>(A)</sup> <br>| **2025** <sup>(A)</sup> <br>| **Total** |
| Service Class | $1574004 | $411092 | $— | $— | $1985096 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Not subject to recapture.*

For the 36-month period ended June 30, 2025, there are no amounts waived by TAM due to the operating expense limitation.

As of June 30, 2025, there are no amounts available for recapture by TAM due to the operating expense limitation.

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

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

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCL has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2026. Prior to

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica BlackRock Government Money Market VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

TCL seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

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

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Initial Class | 0.15<br> % <br>|
| Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

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

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

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $732560391 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

**8. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica BlackRock Government Money Market VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. OPERATING SEGMENTS (continued)**

allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica BlackRock Government Money Market VP** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica BlackRock Government Money Market VP** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica BlackRock Government Money Market VP** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica BlackRock Government Money Market VP** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica BlackRock Government Money Market VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and BlackRock Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

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

**Nature, Extent and Quality of the Services Provided**

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

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

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds, as prepared by Broadridge, for various

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica BlackRock Government Money Market VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds, and further noted the relatively close spread in performance among the money market funds in the peer universe over certain periods.

The Board noted that the performance of Service Class Shares of the Portfolio was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Portfolio on November 1, 2018 pursuant to its current investment strategies. The Trustees noted that the Portfolio transitioned from a "prime" money market portfolio to a "government" money market portfolio on May 1, 2016.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was below the median for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio was in line with the median for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

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

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**Transamerica BlackRock Government Money Market VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Portfolio.

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

**Economies of Scale** 

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio.

**Other Considerations**

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

**Conclusion** 

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 23**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817imge92955cc3.gif)

Visit **transamerica.com**

![](g897817img61b446914.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

![](g897817img66fdb07a5.gif)

------

![](g897817imgfd0caa471.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica BlackRock iShares Active Asset Allocation -Conservative

VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817img781f74f82.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_78d93daa-1714-4eef-92de-394c4ee050da_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_78d93daa-1714-4eef-92de-394c4ee050da_SOI-RunningFooter-193_1) | 2 |
| [Statement of Assets and Liabilities](#xx_78d93daa-1714-4eef-92de-394c4ee050da_FS-RunningFooter-193_1) | 3 |
| [Statement of Operations](#xx_78d93daa-1714-4eef-92de-394c4ee050da_FS-RunningFooter-193_1) | 3 |
| [Statement of Changes in Net Assets](#xx_78d93daa-1714-4eef-92de-394c4ee050da_FS-RunningFooter-193_2) | 4 |
| [Financial Highlights](#xx_78d93daa-1714-4eef-92de-394c4ee050da_FS-RunningFooter-193_3) | 5 |
| [Notes to Financial Statements](#xx_78d93daa-1714-4eef-92de-394c4ee050da_NTF-RunningFooter-193_1) | 7 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_78d93daa-1714-4eef-92de-394c4ee050da_DWA-RunningFooter-193_1)**<br> **[Companies](#xx_78d93daa-1714-4eef-92de-394c4ee050da_DWA-RunningFooter-193_1)**<br>| 16 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_78d93daa-1714-4eef-92de-394c4ee050da_PD-RunningFooter-193_1)** | 17 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_78d93daa-1714-4eef-92de-394c4ee050da_DTO-RunningFooter-193_1)**<br> **[Companies](#xx_78d93daa-1714-4eef-92de-394c4ee050da_DTO-RunningFooter-193_1)**<br>| 18 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_78d93daa-1714-4eef-92de-394c4ee050da_Mgmtagmt-RunningFooter-193_1)** | 19 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative VP**

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**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 98.3%**  | **EXCHANGE-TRADED FUNDS - 98.3%**  | **EXCHANGE-TRADED FUNDS - 98.3%**  |
| **International Equity Funds - 14.3%**  | **International Equity Funds - 14.3%**  | **International Equity Funds - 14.3%**  |
| iShares Core MSCI EAFE ETF <sup>(A)</sup> <br>| 42152 | $3518849 |
| iShares MSCI EAFE ETF <sup>(A)</sup> <br>| 222718 | 19908762 |
| iShares MSCI Japan ETF <sup>(A)(B)</sup> <br>| 56135 | 4208441 |
|  |  | 27636052 |
| **U.S. Equity Funds - 25.1%**  | **U.S. Equity Funds - 25.1%**  | **U.S. Equity Funds - 25.1%**  |
| iShares Core S&P 500 ETF <sup>(A)</sup> <br>| 65928 | 40934695 |
| iShares Russell 2000 ETF <sup>(A)</sup> <br>| 35816 | 7728735 |
|  |  | 48663430 |
| **U.S. Fixed Income Funds - 58.9%**  | **U.S. Fixed Income Funds - 58.9%**  | **U.S. Fixed Income Funds - 58.9%**  |
| iShares 7-10 Year Treasury Bond ETF <sup>(A)</sup> <br>| 58202 | 5574006 |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 646884 | 64170893 |
| &nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond ETF <sup>(A)</sup> <br>| 80445 | 8817576 |
| iShares Short Treasury Bond ETF <sup>(A)</sup> <br>| 237513 | 26226185 |
| iShares U.S. Treasury Bond ETF <sup>(A)</sup> <br>| 399952 | 9190897 |
|  |  | 113979557 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $191,907,041)**<br>|  | 190279039 |
| **OTHER INVESTMENT COMPANY - 0.5%**  | **OTHER INVESTMENT COMPANY - 0.5%**  | **OTHER INVESTMENT COMPANY - 0.5%**  |
| **Securities Lending Collateral - 0.5%**  | **Securities Lending Collateral - 0.5%**  | **Securities Lending Collateral - 0.5%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.31% <sup>(C)</sup> <br>| 912951 | 912951 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $912,951)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $912,951)** | 912951 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.2%**  | **REPURCHASE AGREEMENT - 1.2%**  | **REPURCHASE AGREEMENT - 1.2%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(C)</sup>, dated 06/30/2025, to be <br> repurchased at $2,272,991 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.63%, due 06/15/2027, and <br> with a value of $2,318,377.<br>| $2272878 | $2272878 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $2,272,878)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $2,272,878)** | 2272878 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $195,092,870)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $195,092,870)** | 193464868 |
| **Net Other Assets (Liabilities) - 0.0%\*** | **Net Other Assets (Liabilities) - 0.0%\*** | 59556 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$193524424** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $190279039 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $190279039 |
| Other Investment Company | 912951 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 912951 |
| Repurchase Agreement |  | &nbsp;&nbsp; 2272878 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2272878 |
| **Total Investments** | **$191191990** | &nbsp;&nbsp; **$2272878** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$193464868** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

<sup>(A)</sup> *The shareholder reports for the iShares ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $4,166,308, collateralized by cash collateral of $912,951 and* *non-cash collateral, such as U.S. government securities of $3,338,384. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $192,819,992) <br> (including securities loaned of $4,166,308)<br>| &nbsp;&nbsp; $191191990 |
| Repurchase agreement, at value (cost $2,272,878) | &nbsp;&nbsp; 2272878 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 1149010 |
| Net income from securities lending | &nbsp;&nbsp; 1318 |
| Interest | &nbsp;&nbsp; 114 |
| Prepaid expenses | &nbsp;&nbsp; 867 |
| Total assets | &nbsp;&nbsp; 194616177 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 912951 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 29115 |
| Investment management fees | &nbsp;&nbsp; 72927 |
| Distribution and service fees | &nbsp;&nbsp; 39786 |
| Transfer agent costs | &nbsp;&nbsp; 246 |
| Trustee and CCO fees | &nbsp;&nbsp; 1001 |
| Audit and tax fees  | &nbsp;&nbsp; 9009 |
| Custody fees | &nbsp;&nbsp; 897 |
| Legal fees | &nbsp;&nbsp; 995 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 15910 |
| Other accrued expenses | &nbsp;&nbsp; 8916 |
| Total liabilities | &nbsp;&nbsp; 1091753 |
| **Net assets**  | &nbsp;&nbsp; $193524424 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $201537 |
| Additional paid-in capital | &nbsp;&nbsp; 206384358 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (13061471)<br>|
| **Net assets** | &nbsp;&nbsp; $193524424 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $4205208 |
| Service Class | &nbsp;&nbsp; 189319216 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 434534 |
| Service Class | &nbsp;&nbsp; 19719145 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $9.68 |
| Service Class | 9.60 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $2773053 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 44834 |
| Net income from securities lending | &nbsp;&nbsp; 22853 |
| Total investment income  | &nbsp;&nbsp; 2840740 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 488700 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 239149 |
| Transfer agent costs | &nbsp;&nbsp; 1151 |
| Trustee and CCO fees | &nbsp;&nbsp; 5009 |
| Audit and tax fees | &nbsp;&nbsp; 9818 |
| Custody fees | &nbsp;&nbsp; 2825 |
| Legal fees | &nbsp;&nbsp; 8348 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 16252 |
| Other | &nbsp;&nbsp; 13629 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 784881 |
| Expenses waived and/or reimbursed: |  |
| Initial Class | &nbsp;&nbsp; (1073)<br>|
| Service Class | &nbsp;&nbsp; (49317)<br>|
| Net expenses | &nbsp;&nbsp; 734491 |
| **Net investment income (loss)** | &nbsp;&nbsp; 2106249 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 1721154 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 1695371 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 3416525 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $5522774 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative VP**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $2106249 | &nbsp;&nbsp; $4914909 |
| Net realized gain (loss) | &nbsp;&nbsp; 1721154 | &nbsp;&nbsp; 5269944 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1695371 | &nbsp;&nbsp; 3786114 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 5522774 | &nbsp;&nbsp; 13970967 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (105896)<br>|
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (4741892)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (4847788)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 138043 | &nbsp;&nbsp; 325300 |
| Service Class | &nbsp;&nbsp; 1222864 | &nbsp;&nbsp; 3454632 |
|  | &nbsp;&nbsp; 1360907 | &nbsp;&nbsp; 3779932 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 105896 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 4741892 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 4847788 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (302091)<br>| &nbsp;&nbsp; (553029)<br>|
| Service Class | &nbsp;&nbsp; (18945176)<br>| &nbsp;&nbsp; (40280762)<br>|
|  | &nbsp;&nbsp; (19247267)<br>| &nbsp;&nbsp; (40833791)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (17886360)<br>| &nbsp;&nbsp; (32206071)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (12363586)<br>| &nbsp;&nbsp; (23082892)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 205888010 | &nbsp;&nbsp; 228970902 |
| End of period/year | &nbsp;&nbsp; $193524424 | &nbsp;&nbsp; $205888010 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 14639 | &nbsp;&nbsp; 35288 |
| Service Class | &nbsp;&nbsp; 130281 | &nbsp;&nbsp; 373287 |
|  | &nbsp;&nbsp; 144920 | &nbsp;&nbsp; 408575 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 11170 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 503386 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 514556 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (31959)<br>| &nbsp;&nbsp; (59555)<br>|
| Service Class | &nbsp;&nbsp; (2021517)<br>| &nbsp;&nbsp; (4354731)<br>|
|  | &nbsp;&nbsp; (2053476)<br>| &nbsp;&nbsp; (4414286)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (17320)<br>| &nbsp;&nbsp; (13097)<br>|
| Service Class | &nbsp;&nbsp; (1891236)<br>| &nbsp;&nbsp; (3478058)<br>|
|  | &nbsp;&nbsp; (1908556)<br>| &nbsp;&nbsp; (3491155)<br>|

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative VP**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $9.02 | &nbsp;&nbsp; $8.33 | &nbsp;&nbsp; $11.56 | &nbsp;&nbsp; $11.23 | &nbsp;&nbsp; $10.89 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.11 | 0.23 | 0.20 | 0.15 | 0.15 | 0.14 |
| Net realized and unrealized gain (loss) | 0.18 | 0.38 | 0.64 | &nbsp;&nbsp; (1.84)<br>| 0.52 | 0.60 |
| Total investment operations | 0.29 | 0.61 | 0.84 | &nbsp;&nbsp; (1.69)<br>| 0.67 | 0.74 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.24)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.40)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $9.68 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $9.02 | &nbsp;&nbsp; $8.33 | &nbsp;&nbsp; $11.56 | &nbsp;&nbsp; $11.23 |
| **Total return**<sup>(B)</sup> <br>| 3.09 %<sup>(C)</sup><br>| 6.71<br> %<br>| 10.21<br> %<br>| &nbsp;&nbsp; (15.06)%<br>| 5.98<br> %<br>| 6.99<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $4205 | &nbsp;&nbsp; $4245 | &nbsp;&nbsp; $4194 | &nbsp;&nbsp; $3956 | &nbsp;&nbsp; $5046 | &nbsp;&nbsp; $4631 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.56 %<sup>(E)</sup><br>| 0.55<br> %<br>| 0.56<br> %<br>| 0.54<br> %<br>| 0.58<br> %<br>| 0.59<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.51 %<sup>(E)</sup>(F)<br>| 0.50 %<sup>(F)</sup><br>| 0.51 %<sup>(F)</sup><br>| 0.49 %<sup>(F)</sup><br>| 0.57 %<sup>(F)</sup><br>| 0.59<br> %<br>|
| Net investment income (loss) to average net assets | 2.41 %<sup>(E)</sup><br>| 2.51<br> %<br>| 2.34<br> %<br>| 1.52<br> %<br>| 1.31<br> %<br>| 1.31<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 74 %<sup>(C)</sup><br>| &nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp; 137<br> %<br>| &nbsp;&nbsp; 145<br> %<br>| &nbsp;&nbsp; 146<br> %<br>| &nbsp;&nbsp; 82<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

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

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative VP**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $9.33 | &nbsp;&nbsp; $8.96 | &nbsp;&nbsp; $8.27 | &nbsp;&nbsp; $11.48 | &nbsp;&nbsp; $11.15 | &nbsp;&nbsp; $10.82 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.10 | 0.21 | 0.18 | 0.12 | 0.12 | 0.11 |
| Net realized and unrealized gain (loss) | 0.17 | 0.37 | 0.64 | &nbsp;&nbsp; (1.83)<br>| 0.52 | 0.59 |
| Total investment operations | 0.27 | 0.58 | 0.82 | &nbsp;&nbsp; (1.71)<br>| 0.64 | 0.70 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.37)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $9.60 | &nbsp;&nbsp; $9.33 | &nbsp;&nbsp; $8.96 | &nbsp;&nbsp; $8.27 | &nbsp;&nbsp; $11.48 | &nbsp;&nbsp; $11.15 |
| **Total return**<sup>(B)</sup> <br>| 2.89 %<sup>(C)</sup><br>| 6.47<br> %<br>| 9.96<br> %<br>| &nbsp;&nbsp; (15.29)%<br>| 5.74<br> %<br>| 6.65<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $189319 | &nbsp;&nbsp; $201643 | &nbsp;&nbsp; $224777 | &nbsp;&nbsp; $235739 | &nbsp;&nbsp; $319876 | &nbsp;&nbsp; $343723 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.81 %<sup>(E)</sup><br>| 0.80<br> %<br>| 0.81<br> %<br>| 0.79<br> %<br>| 0.83<br> %<br>| 0.84<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.76 %<sup>(E)</sup>(F)<br>| 0.75 %<sup>(F)</sup><br>| 0.76 %<sup>(F)</sup><br>| 0.74 %<sup>(F)</sup><br>| 0.82 %<sup>(F)</sup><br>| 0.84<br> %<br>|
| Net investment income (loss) to average net assets | 2.15 %<sup>(E)</sup><br>| 2.23<br> %<br>| 2.07<br> %<br>| 1.26<br> %<br>| 1.03<br> %<br>| 1.04<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 74 %<sup>(C)</sup><br>| &nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp; 137<br> %<br>| &nbsp;&nbsp; 145<br> %<br>| &nbsp;&nbsp; 146<br> %<br>| &nbsp;&nbsp; 82<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

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

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative VP**

------

**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

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

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a combination of underlying exchange-traded funds ("ETFs") advised by an affiliate of the Portfolio's sub-adviser (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

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

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

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

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

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal,

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

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

**3. INVESTMENT VALUATION**

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

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

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

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

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

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

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Exchange-Traded Funds | $912951 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $912951 |
| **Total Borrowings** | **$912951** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$912951** |

---

**5. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect.

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

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**Managed risk strategy risk:** The Portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in up markets, may increase transaction costs and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. Managing the Portfolio pursuant to the strategy may result in the Portfolio not achieving its stated asset mix goal due to unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a managed risk strategy.

**Tactical and strategic asset allocation risk:** The Portfolio's tactical asset allocation strategy involves making short-term adjustments to the Portfolio's asset mix, utilizing the sub-adviser's research on various risk and return considerations, in an effort to optimize returns relative to risks as market and economic conditions change. The Portfolio's strategic asset allocation strategy is similar, but with a somewhat longer-term outlook. These strategies tend to produce higher turnover than those that adhere to a longer term outlook, which may result in higher transaction costs. These strategies may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other portfolios using other asset management strategies.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

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

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

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.5000<br> % <br>|
| Over $500 million up to $1 billion | 0.4900 |
| Over $1 billion up to $2.5 billion | 0.4725 |
| Over $2.5 billion up to $3.5 billion | 0.4650 |
| Over $3.5 billion up to $4.5 billion | 0.4525 |
| Over $4.5 billion | 0.4400 |

---

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.55<br> % <br>| May 1, 2026 |
| Service Class | 0.80 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

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

As of June 30, 2025, there are no amounts available for recapture by TAM.

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

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

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCL has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2026. Prior to TCL seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Initial Class | 0.15<br> % <br>|
| Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $141796109 | &nbsp;&nbsp; $155167146 |

---

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

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

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $195092870 | &nbsp;&nbsp; $4047195 | &nbsp;&nbsp; $(5675197)<br>| &nbsp;&nbsp; $(1628002)<br>|

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. OPERATING SEGMENTS (continued)**

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

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**Page 15**

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative VP** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative VP** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative VP** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica BlackRock iShares Active Asset Allocation – Conservative VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and BlackRock Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

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

**Nature, Extent and Quality of the Services Provided**

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative VP** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of Service Class Shares of the Portfolio was above the benchmark that TAM utilizes to measure performance of the Portfolio for the past 1-year period, and below the benchmark for the past 3-, 5- and 10-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Portfolio on November 1, 2021 pursuant to its current investment strategies. .

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were in line with the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

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

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Portfolio.

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

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Portfolio.

**Other Considerations**

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

**Conclusion**

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817imgbf1f50043.gif)

Visit **transamerica.com**

![](g897817img0b67360e4.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

![](g897817img11e6bdab5.gif)

------

![](g897817img90355d261.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica BlackRock iShares Active Asset Allocation -Moderate

Growth VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817img52d86a5d2.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_c46d424d-7c9f-45e9-9555-61291fb57de7_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_c46d424d-7c9f-45e9-9555-61291fb57de7_SOI-RunningFooter-194_1) | 2 |
| [Statement of Assets and Liabilities](#xx_c46d424d-7c9f-45e9-9555-61291fb57de7_FS-RunningFooter-194_1) | 3 |
| [Statement of Operations](#xx_c46d424d-7c9f-45e9-9555-61291fb57de7_FS-RunningFooter-194_1) | 3 |
| [Statement of Changes in Net Assets](#xx_c46d424d-7c9f-45e9-9555-61291fb57de7_FS-RunningFooter-194_2) | 4 |
| [Financial Highlights](#xx_c46d424d-7c9f-45e9-9555-61291fb57de7_FS-RunningFooter-194_3) | 5 |
| [Notes to Financial Statements](#xx_c46d424d-7c9f-45e9-9555-61291fb57de7_NTF-RunningFooter-194_1) | 7 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_c46d424d-7c9f-45e9-9555-61291fb57de7_DWA-RunningFooter-194_1)**<br> **[Companies](#xx_c46d424d-7c9f-45e9-9555-61291fb57de7_DWA-RunningFooter-194_1)**<br>| 15 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_c46d424d-7c9f-45e9-9555-61291fb57de7_PD-RunningFooter-194_1)** | 16 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_c46d424d-7c9f-45e9-9555-61291fb57de7_DTO-RunningFooter-194_1)**<br> **[Companies](#xx_c46d424d-7c9f-45e9-9555-61291fb57de7_DTO-RunningFooter-194_1)**<br>| 17 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_c46d424d-7c9f-45e9-9555-61291fb57de7_Mgmtagmt-RunningFooter-194_1)** | 18 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate Growth VP**

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**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 97.5%**  | **EXCHANGE-TRADED FUNDS - 97.5%**  | **EXCHANGE-TRADED FUNDS - 97.5%**  |
| **International Equity Funds - 23.4%**  | **International Equity Funds - 23.4%**  | **International Equity Funds - 23.4%**  |
| iShares Core MSCI EAFE ETF <sup>(A)</sup> <br>| 158294 | $13214383 |
| iShares MSCI EAFE ETF <sup>(A)</sup> <br>| 627141 | 56060134 |
| iShares MSCI Japan ETF <sup>(A)(B)</sup> <br>| 93654 | 7021241 |
|  |  | 76295758 |
| **U.S. Equity Funds - 50.1%**  | **U.S. Equity Funds - 50.1%**  | **U.S. Equity Funds - 50.1%**  |
| iShares Core S&P 500 ETF <sup>(A)</sup> <br>| 226618 | 140707116 |
| iShares Russell 2000 ETF <sup>(A)</sup> <br>| 105530 | 22772319 |
|  |  | 163479435 |
| **U.S. Fixed Income Funds - 24.0%**  | **U.S. Fixed Income Funds - 24.0%**  | **U.S. Fixed Income Funds - 24.0%**  |
| iShares 7-10 Year Treasury Bond ETF <sup>(A)</sup> <br>| 7703 | 737716 |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 300750 | 29834400 |
| &nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond ETF <sup>(A)</sup> <br>| 54345 | 5956755 |
| iShares Short Treasury Bond ETF <sup>(A)</sup> <br>| 359830 | 39732429 |
| iShares U.S. Treasury Bond ETF <sup>(A)</sup> <br>| 97269 | 2235242 |
|  |  | 78496542 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $293,578,737)**<br>|  | 318271735 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.0%**  | **REPURCHASE AGREEMENT - 2.0%**  | **REPURCHASE AGREEMENT - 2.0%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(C)</sup>, dated 06/30/2025, to be <br> repurchased at $6,665,321 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.63%, due 06/15/2027, and <br> with a value of $6,798,294.<br>| $6664988 | $6664988 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $6,664,988)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $6,664,988)** | 6664988 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $300,243,725)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $300,243,725)** | 324936723 |
| **Net Other Assets (Liabilities) - 0.5%** | **Net Other Assets (Liabilities) - 0.5%** | 1681375 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$326618098** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $318271735 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $318271735 |
| Repurchase Agreement |  | &nbsp;&nbsp; 6664988 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6664988 |
| **Total Investments** | **$318271735** | &nbsp;&nbsp; **$6664988** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$324936723** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $6,946,795, collateralized by non-cash collateral, such as U.S.* *government securities of $7,088,567. The amount on loan indicated may not correspond with the securities on loan identified because a security with* *pending sales are in the process of recall from the brokers.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate Growth VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $293,578,737) <br> (including securities loaned of $6,946,795)<br>| &nbsp;&nbsp; $318271735 |
| Repurchase agreement, at value (cost $6,664,988) | &nbsp;&nbsp; 6664988 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 2887645 |
| Net income from securities lending | &nbsp;&nbsp; 3006 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 42467 |
| Interest | &nbsp;&nbsp; 333 |
| Prepaid expenses | &nbsp;&nbsp; 1500 |
| Total assets | &nbsp;&nbsp; 327871674 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 882410 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 138796 |
| Investment management fees | &nbsp;&nbsp; 122651 |
| Distribution and service fees | &nbsp;&nbsp; 63091 |
| Transfer agent costs | &nbsp;&nbsp; 428 |
| Trustee and CCO fees | &nbsp;&nbsp; 1684 |
| Audit and tax fees  | &nbsp;&nbsp; 9484 |
| Custody fees | &nbsp;&nbsp; 1279 |
| Legal fees | &nbsp;&nbsp; 1405 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 21539 |
| Other accrued expenses | &nbsp;&nbsp; 10809 |
| Total liabilities | &nbsp;&nbsp; 1253576 |
| **Net assets**  | &nbsp;&nbsp; $326618098 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $280498 |
| Additional paid-in capital | &nbsp;&nbsp; 313336680 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 13000920 |
| **Net assets** | &nbsp;&nbsp; $326618098 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $25262560 |
| Service Class | &nbsp;&nbsp; 301355538 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 2152516 |
| Service Class | &nbsp;&nbsp; 25897288 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $11.74 |
| Service Class | 11.64 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $3826230 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 119305 |
| Net income from securities lending | &nbsp;&nbsp; 30980 |
| Total investment income  | &nbsp;&nbsp; 3976515 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 825415 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 381117 |
| Transfer agent costs | &nbsp;&nbsp; 1959 |
| Trustee and CCO fees | &nbsp;&nbsp; 8479 |
| Audit and tax fees | &nbsp;&nbsp; 10526 |
| Custody fees | &nbsp;&nbsp; 4258 |
| Legal fees | &nbsp;&nbsp; 13964 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 24671 |
| Other | &nbsp;&nbsp; 16681 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 1287070 |
| Expenses waived and/or reimbursed: |  |
| Initial Class | &nbsp;&nbsp; (6516)<br>|
| Service Class | &nbsp;&nbsp; (78587)<br>|
| Net expenses | &nbsp;&nbsp; 1201967 |
| **Net investment income (loss)** | &nbsp;&nbsp; 2774548 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 33393036 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; (29441953)<br>|
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 3951083 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $6725631 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate Growth VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $2774548 | &nbsp;&nbsp; $5907870 |
| Net realized gain (loss) | &nbsp;&nbsp; 33393036 | &nbsp;&nbsp; 17610228 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (29441953)<br>| &nbsp;&nbsp; 19622831 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 6725631 | &nbsp;&nbsp; 43140929 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (466398)<br>|
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (5251293)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (5717691)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 251941 | &nbsp;&nbsp; 949466 |
| Service Class | &nbsp;&nbsp; 1960392 | &nbsp;&nbsp; 7908542 |
|  | &nbsp;&nbsp; 2212333 | &nbsp;&nbsp; 8858008 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 466398 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 5251293 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 5717691 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (1731310)<br>| &nbsp;&nbsp; (2216812)<br>|
| Service Class | &nbsp;&nbsp; (30549515)<br>| &nbsp;&nbsp; (63971610)<br>|
|  | &nbsp;&nbsp; (32280825)<br>| &nbsp;&nbsp; (66188422)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (30068492)<br>| &nbsp;&nbsp; (51612723)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (23342861)<br>| &nbsp;&nbsp; (14189485)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 349960959 | &nbsp;&nbsp; 364150444 |
| End of period/year | &nbsp;&nbsp; $326618098 | &nbsp;&nbsp; $349960959 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 21833 | &nbsp;&nbsp; 86398 |
| Service Class | &nbsp;&nbsp; 170715 | &nbsp;&nbsp; 717504 |
|  | &nbsp;&nbsp; 192548 | &nbsp;&nbsp; 803902 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 40805 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 462669 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 503474 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (151131)<br>| &nbsp;&nbsp; (200078)<br>|
| Service Class | &nbsp;&nbsp; (2683634)<br>| &nbsp;&nbsp; (5783203)<br>|
|  | &nbsp;&nbsp; (2834765)<br>| &nbsp;&nbsp; (5983281)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (129298)<br>| &nbsp;&nbsp; (72875)<br>|
| Service Class | &nbsp;&nbsp; (2512919)<br>| &nbsp;&nbsp; (4603030)<br>|
|  | &nbsp;&nbsp; (2642217)<br>| &nbsp;&nbsp; (4675905)<br>|

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate Growth VP**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $11.48 | &nbsp;&nbsp; $10.36 | &nbsp;&nbsp; $8.93 | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp; $10.86 | &nbsp;&nbsp; $11.54 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.11 | 0.21 | 0.18 | 0.15 | 0.14 | 0.08 |
| Net realized and unrealized gain (loss) | 0.15 | 1.11 | 1.41 | &nbsp;&nbsp; (2.24)<br>| 0.72 | &nbsp;&nbsp; (0.31)<br>|
| Total investment operations | 0.26 | 1.32 | 1.59 | &nbsp;&nbsp; (2.09)<br>| 0.86 | &nbsp;&nbsp; (0.23)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.45)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $11.74 | &nbsp;&nbsp; $11.48 | &nbsp;&nbsp; $10.36 | &nbsp;&nbsp; $8.93 | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp; $10.86 |
| **Total return**<sup>(B)</sup> <br>| 2.26 %<sup>(C)</sup><br>| 12.79<br> %<br>| 17.94<br> %<br>| &nbsp;&nbsp; (18.16)%<br>| 7.94<br> %<br>| &nbsp;&nbsp; (1.85)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $25263 | &nbsp;&nbsp; $26194 | &nbsp;&nbsp; $24404 | &nbsp;&nbsp; $21899 | &nbsp;&nbsp; $27300 | &nbsp;&nbsp; $26178 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.55 %<sup>(E)</sup><br>| 0.54<br> %<br>| 0.56<br> %<br>| 0.53<br> %<br>| 0.58<br> %<br>| 0.58<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.50 %<sup>(E)</sup>(F)<br>| 0.49 %<sup>(F)</sup><br>| 0.51 %<sup>(F)</sup><br>| 0.48 %<sup>(F)</sup><br>| 0.57 %<sup>(F)</sup><br>| 0.58<br> %<br>|
| Net investment income (loss) to average net assets | 1.93 %<sup>(E)</sup><br>| 1.88<br> %<br>| 1.87<br> %<br>| 1.52<br> %<br>| 1.29<br> %<br>| 0.79<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 119 %<sup>(C)</sup><br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp; 309<br> %<br>| &nbsp;&nbsp; 268<br> %<br>| &nbsp;&nbsp; 105<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

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

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate Growth VP**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $11.40 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $8.87 | &nbsp;&nbsp; $11.54 | &nbsp;&nbsp; $10.78 | &nbsp;&nbsp; $11.45 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.09 | 0.18 | 0.15 | 0.12 | 0.11 | 0.06 |
| Net realized and unrealized gain (loss) | 0.15 | 1.11 | 1.41 | &nbsp;&nbsp; (2.21)<br>| 0.71 | &nbsp;&nbsp; (0.31)<br>|
| Total investment operations | 0.24 | 1.29 | 1.56 | &nbsp;&nbsp; (2.09)<br>| 0.82 | &nbsp;&nbsp; (0.25)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.20)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.42)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $11.64 | &nbsp;&nbsp; $11.40 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $8.87 | &nbsp;&nbsp; $11.54 | &nbsp;&nbsp; $10.78 |
| **Total return**<sup>(B)</sup> <br>| 2.11 %<sup>(C)</sup><br>| 12.51<br> %<br>| 17.62<br> %<br>| &nbsp;&nbsp; (18.31)%<br>| 7.62<br> %<br>| &nbsp;&nbsp; (2.08)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $301355 | &nbsp;&nbsp; $323767 | &nbsp;&nbsp; $339746 | &nbsp;&nbsp; $321870 | &nbsp;&nbsp; $456616 | &nbsp;&nbsp; $489266 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.80 %<sup>(E)</sup><br>| 0.79<br> %<br>| 0.81<br> %<br>| 0.78<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.75 %<sup>(E)</sup>(F)<br>| 0.74 %<sup>(F)</sup><br>| 0.76 %<sup>(F)</sup><br>| 0.73 %<sup>(F)</sup><br>| 0.82 %<sup>(F)</sup><br>| 0.83<br> %<br>|
| Net investment income (loss) to average net assets | 1.66 %<sup>(E)</sup><br>| 1.60<br> %<br>| 1.61<br> %<br>| 1.24<br> %<br>| 1.00<br> %<br>| 0.53<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 119 %<sup>(C)</sup><br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp; 309<br> %<br>| &nbsp;&nbsp; 268<br> %<br>| &nbsp;&nbsp; 105<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

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

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate Growth VP**

------

**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

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

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a combination of underlying exchange-traded funds ("ETFs") advised by an affiliate of the Portfolio's sub-adviser (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

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

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

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

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

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal,

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate Growth VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

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

**3. INVESTMENT VALUATION**

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

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

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

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate Growth VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the period ended June 30, 2025, the Portfolio has not entered into any secured borrowing arrangements.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate Growth VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

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

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

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

**5. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions,

**Transamerica Series Trust**

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**Page 10**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

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

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**Managed risk strategy risk:** The Portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in up markets, may increase transaction costs and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. Managing the Portfolio pursuant to the strategy may result in the Portfolio not achieving its stated asset mix goal due to unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a managed risk strategy.

**Tactical and strategic asset allocation risk:** The Portfolio's tactical asset allocation strategy involves making short-term adjustments to the Portfolio's asset mix, utilizing the sub-adviser's research on various risk and return considerations, in an effort to optimize returns relative to risks as market and economic conditions change. The Portfolio's strategic asset allocation strategy is similar, but with a somewhat longer-term outlook. These strategies tend to produce higher turnover than those that adhere to a longer term outlook, which

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

may result in higher transaction costs. These strategies may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other portfolios using other asset management strategies.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.5000<br> % <br>|
| Over $500 million up to $1 billion | 0.4900 |
| Over $1 billion up to $2.5 billion | 0.4725 |
| Over $2.5 billion up to $3.5 billion | 0.4650 |
| Over $3.5 billion up to $4.5 billion | 0.4525 |
| Over $4.5 billion | 0.4400 |

---

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.55<br> % <br>| May 1, 2026 |
| Service Class | 0.80 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

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

As of June 30, 2025, there are no amounts available for recapture by TAM.

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

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

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCL has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2026. Prior to TCL seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

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

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Initial Class | 0.15<br> % <br>|
| Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**Transamerica Series Trust**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $383161104 | &nbsp;&nbsp; $408589497 |

---

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

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

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $300243725 | &nbsp;&nbsp; $25993660 | &nbsp;&nbsp; $(1300662)<br>| &nbsp;&nbsp; $24692998 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and BlackRock Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

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

**Nature, Extent and Quality of the Services Provided**

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

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

**Transamerica Series Trust**

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**Page 18**

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was above the median for its peer universe for the past 1- and 3-year periods and below the median for the past 5- and 10-year periods. The Board also noted that the performance of Service Class Shares of the Portfolio was above the benchmark that TAM utilizes to measure performance of the Portfolio for the past 1-year period and below the benchmark for the past 3-, 5- and 10-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Portfolio on November 1, 2021 pursuant to its current investment strategies.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were in line with the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

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

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate Growth VP** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Portfolio.

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

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Portfolio.

**Other Considerations**

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

**Conclusion**

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817imgbcebaa293.gif)

Visit **transamerica.com**

![](g897817imgf82512124.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

![](g897817imgcb1529805.gif)

------

![](g897817img340705ce1.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica BlackRock iShares Active Asset Allocation -Moderate

VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817imgb648957c2.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_4c646be8-c243-44fe-8aa1-5ac63526be3c_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_4c646be8-c243-44fe-8aa1-5ac63526be3c_SOI-RunningFooter-195_1) | 2 |
| [Statement of Assets and Liabilities](#xx_4c646be8-c243-44fe-8aa1-5ac63526be3c_FS-RunningFooter-195_1) | 3 |
| [Statement of Operations](#xx_4c646be8-c243-44fe-8aa1-5ac63526be3c_FS-RunningFooter-195_1) | 3 |
| [Statement of Changes in Net Assets](#xx_4c646be8-c243-44fe-8aa1-5ac63526be3c_FS-RunningFooter-195_2) | 4 |
| [Financial Highlights](#xx_4c646be8-c243-44fe-8aa1-5ac63526be3c_FS-RunningFooter-195_3) | 5 |
| [Notes to Financial Statements](#xx_4c646be8-c243-44fe-8aa1-5ac63526be3c_NTF-RunningFooter-195_1) | 7 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_4c646be8-c243-44fe-8aa1-5ac63526be3c_DWA-RunningFooter-195_1)**<br> **[Companies](#xx_4c646be8-c243-44fe-8aa1-5ac63526be3c_DWA-RunningFooter-195_1)**<br>| 16 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_4c646be8-c243-44fe-8aa1-5ac63526be3c_PD-RunningFooter-195_1)** | 17 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_4c646be8-c243-44fe-8aa1-5ac63526be3c_DTO-RunningFooter-195_1)**<br> **[Companies](#xx_4c646be8-c243-44fe-8aa1-5ac63526be3c_DTO-RunningFooter-195_1)**<br>| 18 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_4c646be8-c243-44fe-8aa1-5ac63526be3c_Mgmtagmt-RunningFooter-195_1)** | 19 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate VP**

------

**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 96.8%**  | **EXCHANGE-TRADED FUNDS - 96.8%**  | **EXCHANGE-TRADED FUNDS - 96.8%**  |
| **International Equity Funds - 18.3%**  | **International Equity Funds - 18.3%**  | **International Equity Funds - 18.3%**  |
| iShares Core MSCI EAFE ETF <sup>(A)</sup> <br>| 224893 | $18774068 |
| iShares MSCI EAFE ETF <sup>(A)</sup> <br>| 1323632 | 118319464 |
| iShares MSCI Japan ETF <sup>(A)(B)</sup> <br>| 240679 | 18043705 |
|  |  | 155137237 |
| **U.S. Equity Funds - 35.0%**  | **U.S. Equity Funds - 35.0%**  | **U.S. Equity Funds - 35.0%**  |
| iShares Core S&P 500 ETF <sup>(A)</sup> <br>| 409600 | 254320640 |
| iShares Russell 2000 ETF <sup>(A)</sup> <br>| 195580 | 42204208 |
|  |  | 296524848 |
| **U.S. Fixed Income Funds - 43.5%**  | **U.S. Fixed Income Funds - 43.5%**  | **U.S. Fixed Income Funds - 43.5%**  |
| iShares 7-10 Year Treasury Bond ETF <sup>(A)</sup> <br>| 51682 | 4949585 |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 2164924 | 214760461 |
| &nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond ETF <sup>(A)(B)</sup> <br>| 247256 | 27101730 |
| iShares Short Treasury Bond ETF <sup>(A)</sup> <br>| 897553 | 99107802 |
| iShares U.S. Treasury Bond ETF <sup>(A)</sup> <br>| 947479 | 21773068 |
|  |  | 367692646 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $792,053,801)**<br>|  | 819354731 |
| **OTHER INVESTMENT COMPANY - 1.9%**  | **OTHER INVESTMENT COMPANY - 1.9%**  | **OTHER INVESTMENT COMPANY - 1.9%**  |
| **Securities Lending Collateral - 1.9%**  | **Securities Lending Collateral - 1.9%**  | **Securities Lending Collateral - 1.9%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.31% <sup>(C)</sup> <br>| 16069974 | 16069974 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $16,069,974)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $16,069,974)** | 16069974 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.6%**  | **REPURCHASE AGREEMENT - 2.6%**  | **REPURCHASE AGREEMENT - 2.6%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(C)</sup>, dated 06/30/2025, to be <br> repurchased at $21,659,450 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.63%, due 06/15/2027, and <br> with a value of $22,091,709.<br>| $21658367 | $21658367 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $21,658,367)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $21,658,367)** | 21658367 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $829,782,142)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $829,782,142)** | 857083072 |
| **Net Other Assets (Liabilities) - (1.3)%** | **Net Other Assets (Liabilities) - (1.3)%** | (10926316) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$846156756** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $819354731 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $819354731 |
| Other Investment Company | 16069974 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16069974 |
| Repurchase Agreement |  | &nbsp;&nbsp; 21658367 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21658367 |
| **Total Investments** | **$835424705** | &nbsp;&nbsp; **$21658367** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$857083072** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $29,760,979, collateralized by cash collateral of $16,069,974 and* *non-cash collateral, such as U.S. government securities of $14,314,986. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $808,123,775) <br> (including securities loaned of $29,760,979)<br>| &nbsp;&nbsp; $835424705 |
| Repurchase agreement, at value (cost $21,658,367) | &nbsp;&nbsp; 21658367 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 7402516 |
| Net income from securities lending | &nbsp;&nbsp; 12232 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 90 |
| Interest | &nbsp;&nbsp; 1083 |
| Prepaid expenses | &nbsp;&nbsp; 3809 |
| Total assets | &nbsp;&nbsp; 864502802 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 16069974 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 1423743 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 276016 |
| Investment management fees | &nbsp;&nbsp; 315236 |
| Distribution and service fees | &nbsp;&nbsp; 176860 |
| Transfer agent costs | &nbsp;&nbsp; 1053 |
| Trustee and CCO fees | &nbsp;&nbsp; 4266 |
| Audit and tax fees  | &nbsp;&nbsp; 11224 |
| Custody fees | &nbsp;&nbsp; 3505 |
| Legal fees | &nbsp;&nbsp; 3284 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 42537 |
| Other accrued expenses | &nbsp;&nbsp; 18348 |
| Total liabilities | &nbsp;&nbsp; 18346046 |
| **Net assets**  | &nbsp;&nbsp; $846156756 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $782960 |
| Additional paid-in capital | &nbsp;&nbsp; 859857533 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (14483737)<br>|
| **Net assets** | &nbsp;&nbsp; $846156756 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $2558107 |
| Service Class | &nbsp;&nbsp; 843598649 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 234073 |
| Service Class | &nbsp;&nbsp; 78061920 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $10.93 |
| Service Class | 10.81 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $11144532 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 260475 |
| Net income from securities lending | &nbsp;&nbsp; 114173 |
| Total investment income  | &nbsp;&nbsp; 11519180 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 2113310 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 1062464 |
| Transfer agent costs | &nbsp;&nbsp; 5012 |
| Trustee and CCO fees | &nbsp;&nbsp; 21791 |
| Audit and tax fees | &nbsp;&nbsp; 13603 |
| Custody fees | &nbsp;&nbsp; 10222 |
| Legal fees | &nbsp;&nbsp; 35709 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 42112 |
| Other | &nbsp;&nbsp; 28593 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 3332816 |
| Expenses waived and/or reimbursed: |  |
| Initial Class | &nbsp;&nbsp; (641)<br>|
| Service Class | &nbsp;&nbsp; (219097)<br>|
| Net expenses | &nbsp;&nbsp; 3113078 |
| **Net investment income (loss)** | &nbsp;&nbsp; 8406102 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 41446328 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; (29277391)<br>|
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 12168937 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $20575039 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate VP**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $8406102 | &nbsp;&nbsp; $18398081 |
| Net realized gain (loss) | &nbsp;&nbsp; 41446328 | &nbsp;&nbsp; 34510388 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (29277391)<br>| &nbsp;&nbsp; 29389367 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 20575039 | &nbsp;&nbsp; 82297836 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (47885)<br>|
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (16825304)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (16873189)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 49864 | &nbsp;&nbsp; 311226 |
| Service Class | &nbsp;&nbsp; 1543640 | &nbsp;&nbsp; 5539502 |
|  | &nbsp;&nbsp; 1593504 | &nbsp;&nbsp; 5850728 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 47885 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 16825304 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 16873189 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (88510)<br>| &nbsp;&nbsp; (273343)<br>|
| Service Class | &nbsp;&nbsp; (70130659)<br>| &nbsp;&nbsp; (139482970)<br>|
|  | &nbsp;&nbsp; (70219169)<br>| &nbsp;&nbsp; (139756313)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (68625665)<br>| &nbsp;&nbsp; (117032396)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (48050626)<br>| &nbsp;&nbsp; (51607749)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 894207382 | &nbsp;&nbsp; 945815131 |
| End of period/year | &nbsp;&nbsp; $846156756 | &nbsp;&nbsp; $894207382 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 4663 | &nbsp;&nbsp; 29691 |
| Service Class | &nbsp;&nbsp; 144146 | &nbsp;&nbsp; 535712 |
|  | &nbsp;&nbsp; 148809 | &nbsp;&nbsp; 565403 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 4484 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1588792 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1593276 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (8224)<br>| &nbsp;&nbsp; (26384)<br>|
| Service Class | &nbsp;&nbsp; (6642760)<br>| &nbsp;&nbsp; (13485277)<br>|
|  | &nbsp;&nbsp; (6650984)<br>| &nbsp;&nbsp; (13511661)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (3561)<br>| &nbsp;&nbsp; 7791 |
| Service Class | &nbsp;&nbsp; (6498614)<br>| &nbsp;&nbsp; (11360773)<br>|
|  | &nbsp;&nbsp; (6502175)<br>| &nbsp;&nbsp; (11352982)<br>|

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate VP**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $10.65 | &nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $12.46 | &nbsp;&nbsp; $11.61 | &nbsp;&nbsp; $11.67 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.12 | 0.24 | 0.20 | 0.16 | 0.16 | 0.12 |
| Net realized and unrealized gain (loss) | 0.16 | 0.70 | 1.00 | &nbsp;&nbsp; (2.21)<br>| 0.83 | 0.27 |
| Total investment operations | 0.28 | 0.94 | 1.20 | &nbsp;&nbsp; (2.05)<br>| 0.99 | 0.39 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.24)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.21)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.45)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $10.93 | &nbsp;&nbsp; $10.65 | &nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $12.46 | &nbsp;&nbsp; $11.61 |
| **Total return**<sup>(B)</sup> <br>| 2.63 %<sup>(C)</sup><br>| 9.44<br> %<br>| 13.55<br> %<br>| &nbsp;&nbsp; (16.86)%<br>| 8.52<br> %<br>| 3.59<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $2558 | &nbsp;&nbsp; $2531 | &nbsp;&nbsp; $2283 | &nbsp;&nbsp; $2042 | &nbsp;&nbsp; $2732 | &nbsp;&nbsp; $2496 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.53 %<sup>(E)</sup><br>| 0.53<br> %<br>| 0.53<br> %<br>| 0.52<br> %<br>| 0.56<br> %<br>| 0.56<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.48 %<sup>(E)</sup>(F)<br>| 0.48 %<sup>(F)</sup><br>| 0.48 %<sup>(F)</sup><br>| 0.47 %<sup>(F)</sup><br>| 0.55 %<sup>(F)</sup><br>| 0.56<br> %<br>|
| Net investment income (loss) to average net assets | 2.25 %<sup>(E)</sup><br>| 2.25<br> %<br>| 2.11<br> %<br>| 1.56<br> %<br>| 1.32<br> %<br>| 1.11<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 96 %<sup>(C)</sup><br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp; 245<br> %<br>| &nbsp;&nbsp; 196<br> %<br>| &nbsp;&nbsp; 99<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

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

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate VP**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $9.84 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $12.35 | &nbsp;&nbsp; $11.50 | &nbsp;&nbsp; $11.57 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.10 | 0.20 | 0.17 | 0.13 | 0.12 | 0.10 |
| Net realized and unrealized gain (loss) | 0.17 | 0.69 | 1.00 | &nbsp;&nbsp; (2.20)<br>| 0.84 | 0.25 |
| Total investment operations | 0.27 | 0.89 | 1.17 | &nbsp;&nbsp; (2.07)<br>| 0.96 | 0.35 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.21)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.42)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $10.81 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $9.84 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $12.35 | &nbsp;&nbsp; $11.50 |
| **Total return**<sup>(B)</sup> <br>| 2.56 %<sup>(C)</sup><br>| 9.06<br> %<br>| 13.37<br> %<br>| &nbsp;&nbsp; (17.14)%<br>| 8.33<br> %<br>| 3.25<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $843599 | &nbsp;&nbsp; $891676 | &nbsp;&nbsp; $943532 | &nbsp;&nbsp; $912302 | &nbsp;&nbsp; $1250394 | &nbsp;&nbsp; $1319740 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.78 %<sup>(E)</sup><br>| 0.78<br> %<br>| 0.78<br> %<br>| 0.77<br> %<br>| 0.81<br> %<br>| 0.81<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.73 %<sup>(E)</sup>(F)<br>| 0.73 %<sup>(F)</sup><br>| 0.73 %<sup>(F)</sup><br>| 0.72 %<sup>(F)</sup><br>| 0.80 %<sup>(F)</sup><br>| 0.81<br> %<br>|
| Net investment income (loss) to average net assets | 1.97 %<sup>(E)</sup><br>| 1.97<br> %<br>| 1.85<br> %<br>| 1.31<br> %<br>| 1.04<br> %<br>| 0.87<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 96 %<sup>(C)</sup><br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp; 245<br> %<br>| &nbsp;&nbsp; 196<br> %<br>| &nbsp;&nbsp; 99<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

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

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate VP**

------

**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

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

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a combination of underlying exchange-traded funds ("ETFs") advised by an affiliate of the Portfolio's sub-adviser (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

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

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

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

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

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal,

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

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

**3. INVESTMENT VALUATION**

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

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

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

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

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

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

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

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Exchange-Traded Funds | $16069974 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16069974 |
| **Total Borrowings** | **$16069974** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$16069974** |

---

**5. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

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

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**Managed risk strategy risk:** The Portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in up markets, may increase transaction costs and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Moderate VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. Managing the Portfolio pursuant to the strategy may result in the Portfolio not achieving its stated asset mix goal due to unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a managed risk strategy.

**Tactical and strategic asset allocation risk:** The Portfolio's tactical asset allocation strategy involves making short-term adjustments to the Portfolio's asset mix, utilizing the sub-adviser's research on various risk and return considerations, in an effort to optimize returns relative to risks as market and economic conditions change. The Portfolio's strategic asset allocation strategy is similar, but with a somewhat longer-term outlook. These strategies tend to produce higher turnover than those that adhere to a longer term outlook, which may result in higher transaction costs. These strategies may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other portfolios using other asset management strategies.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

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

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

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

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

**Transamerica Series Trust**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.5000<br> % <br>|
| Over $500 million up to $1 billion | 0.4900 |
| Over $1 billion up to $2.5 billion | 0.4725 |
| Over $2.5 billion up to $3.5 billion | 0.4650 |
| Over $3.5 billion up to $4.5 billion | 0.4525 |
| Over $4.5 billion | 0.4400 |

---

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.55<br> % <br>| May 1, 2026 |
| Service Class | 0.80 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

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

As of June 30, 2025, there are no amounts available for recapture by TAM.

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

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

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCL has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2026. Prior to TCL seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

**Transamerica Series Trust**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Initial Class | 0.15<br> % <br>|
| Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $797730340 | &nbsp;&nbsp; $842293694 |

---

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

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

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $829782142 | &nbsp;&nbsp; $35709035 | &nbsp;&nbsp; $(8408105)<br>| &nbsp;&nbsp; $27300930 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. OPERATING SEGMENTS (continued)**

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica BlackRock iShares Active Asset Allocation – Moderate VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and BlackRock Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

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

**Nature, Extent and Quality of the Services Provided**

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

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

**Transamerica Series Trust**

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**Page 19**

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was above the median for its peer universe for the past 1-year period, in line with the median for the past 3-year period and below the median for the past 5- and 10-year periods. The Board also noted that the performance of Service Class Shares of the Portfolio was above the benchmark that TAM utilizes to measure performance of the Portfolio for the past 1-year period and below the benchmark for the past 3-, 5- and 10-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Portfolio on November 1, 2021 pursuant to its current investment strategies.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were in line with the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

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

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and

**Transamerica Series Trust**

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Portfolio.

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

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Portfolio.

**Other Considerations**

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

**Conclusion**

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817imgcccff16d3.gif)

Visit **transamerica.com**

![](g897817imgf461b0f94.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

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![](g897817img9b3320781.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica BlackRock iShares Dynamic Allocation -Balanced

VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817img4907e3af2.gif)

------

**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_960d2602-d1a2-4611-916f-903a8d60db75_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_960d2602-d1a2-4611-916f-903a8d60db75_SOI-RunningFooter-197_1) | 2 |
| [Statement of Assets and Liabilities](#xx_960d2602-d1a2-4611-916f-903a8d60db75_FS-RunningFooter-197_1) | 3 |
| [Statement of Operations](#xx_960d2602-d1a2-4611-916f-903a8d60db75_FS-RunningFooter-197_1) | 3 |
| [Statement of Changes in Net Assets](#xx_960d2602-d1a2-4611-916f-903a8d60db75_FS-RunningFooter-197_2) | 4 |
| [Financial Highlights](#xx_960d2602-d1a2-4611-916f-903a8d60db75_sFIHI1-RunningFooter-197_1) | 5 |
| [Notes to Financial Statements](#xx_960d2602-d1a2-4611-916f-903a8d60db75_NTF-RunningFooter-197_1) | 6 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_960d2602-d1a2-4611-916f-903a8d60db75_DWA-RunningFooter-197_1)**<br> **[Companies](#xx_960d2602-d1a2-4611-916f-903a8d60db75_DWA-RunningFooter-197_1)**<br>| 14 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_960d2602-d1a2-4611-916f-903a8d60db75_PD-RunningFooter-197_1)** | 15 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_960d2602-d1a2-4611-916f-903a8d60db75_DTO-RunningFooter-197_1)**<br> **[Companies](#xx_960d2602-d1a2-4611-916f-903a8d60db75_DTO-RunningFooter-197_1)**<br>| 16 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_960d2602-d1a2-4611-916f-903a8d60db75_Mgmtagmt-RunningFooter-197_1)** | 17 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica BlackRock iShares Dynamic Allocation -** 

**Balanced VP**

------

**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 93.5%**  | **EXCHANGE-TRADED FUNDS - 93.5%**  | **EXCHANGE-TRADED FUNDS - 93.5%**  |
| **International Equity Funds - 14.9%**  | **International Equity Funds - 14.9%**  | **International Equity Funds - 14.9%**  |
| iShares Core MSCI EAFE ETF <sup>(A)</sup> <br>| 77891 | $6502341 |
| iShares MSCI EAFE ETF <sup>(A)</sup> <br>| 992191 | 88691953 |
|  |  | 95194294 |
| **U.S. Equity Fund - 34.0%**  | **U.S. Equity Fund - 34.0%**  | **U.S. Equity Fund - 34.0%**  |
| iShares Core S&P 500 ETF <sup>(A)</sup> <br>| 349327 | 216897134 |
| **U.S. Fixed Income Funds - 44.6%**  | **U.S. Fixed Income Funds - 44.6%**  | **U.S. Fixed Income Funds - 44.6%**  |
| iShares 7-10 Year Treasury Bond ETF <sup>(A)(B)</sup> <br>| 744546 | 71305171 |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 1155520 | 114627584 |
| &nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond ETF <sup>(A)</sup> <br>| 136835 | 14998484 |
| iShares Short Treasury Bond ETF <sup>(A)</sup> <br>| 686270 | 75777933 |
| iShares U.S. Treasury Bond ETF <sup>(A)</sup> <br>| 319224 | 7335768 |
|  |  | 284044940 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $568,447,599)**<br>|  | 596136368 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 5.9%**  | **REPURCHASE AGREEMENT - 5.9%**  | **REPURCHASE AGREEMENT - 5.9%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(C)</sup>, dated 06/30/2025, to be <br> repurchased at $37,457,630 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.63%, due 06/15/2027, and <br> with a value of $38,205,074.<br>| $37455757 | $37455757 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $37,455,757)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $37,455,757)** | 37455757 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $605,903,356)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $605,903,356)** | 633592125 |
| **Net Other Assets (Liabilities) - 0.6%** | **Net Other Assets (Liabilities) - 0.6%** | 3522681 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$637114806** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $596136368 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $596136368 |
| Repurchase Agreement |  | &nbsp;&nbsp; 37455757 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37455757 |
| **Total Investments** | **$596136368** | &nbsp;&nbsp; **$37455757** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$633592125** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $2,221,864, collateralized by non-cash collateral, such as U.S.* *government securities of $2,267,800. The amount on loan indicated may not correspond with the securities on loan identified because a security with* *pending sales are in the process of recall from the brokers.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica BlackRock iShares Dynamic Allocation -** 

**Balanced VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $568,447,599) <br> (including securities loaned of $2,221,864)<br>| &nbsp;&nbsp; $596136368 |
| Repurchase agreement, at value (cost $37,455,757) | &nbsp;&nbsp; 37455757 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 4120239 |
| Net income from securities lending | &nbsp;&nbsp; 2881 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 1228 |
| Interest | &nbsp;&nbsp; 1873 |
| Prepaid expenses | &nbsp;&nbsp; 2858 |
| Total assets | &nbsp;&nbsp; 637721204 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 159953 |
| Investment management fees | &nbsp;&nbsp; 238565 |
| Distribution and service fees | &nbsp;&nbsp; 133660 |
| Transfer agent costs | &nbsp;&nbsp; 800 |
| Trustee and CCO fees | &nbsp;&nbsp; 3254 |
| Audit and tax fees  | &nbsp;&nbsp; 9906 |
| Custody fees | &nbsp;&nbsp; 7344 |
| Legal fees | &nbsp;&nbsp; 2899 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 33759 |
| Other accrued expenses | &nbsp;&nbsp; 16258 |
| Total liabilities | &nbsp;&nbsp; 606398 |
| **Net assets**  | &nbsp;&nbsp; $637114806 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $550872 |
| Additional paid-in capital | &nbsp;&nbsp; 620675623 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 15888311 |
| **Net assets** | &nbsp;&nbsp; $637114806 |
| **Shares outstanding** | &nbsp;&nbsp; 55087193 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $11.57 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $8487719 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 227683 |
| Net income from securities lending | &nbsp;&nbsp; 43093 |
| Total investment income  | &nbsp;&nbsp; 8758495 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 1601333 |
| Distribution and service fees | &nbsp;&nbsp; 804356 |
| Transfer agent costs | &nbsp;&nbsp; 3784 |
| Trustee and CCO fees | &nbsp;&nbsp; 16463 |
| Audit and tax fees | &nbsp;&nbsp; 11586 |
| Custody fees | &nbsp;&nbsp; 19470 |
| Legal fees | &nbsp;&nbsp; 27233 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 35389 |
| Other | &nbsp;&nbsp; 22849 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 2542463 |
| Expenses waived and/or reimbursed | &nbsp;&nbsp; (165873)<br>|
| Net expenses | &nbsp;&nbsp; 2376590 |
| **Net investment income (loss)** | &nbsp;&nbsp; 6381905 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 42670707 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; (29913553)<br>|
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 12757154 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $19139059 |

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica BlackRock iShares Dynamic Allocation -** 

**Balanced VP**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $6381905 | &nbsp;&nbsp; $14880861 |
| Net realized gain (loss) | &nbsp;&nbsp; 42670707 | &nbsp;&nbsp; 14573177 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (29913553)<br>| &nbsp;&nbsp; 31084563 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 19139059 | &nbsp;&nbsp; 60538601 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (13855971)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (13855971)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 1569318 | &nbsp;&nbsp; 3781154 |
| Dividends and/or distributions reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 13855971 |
| Cost of shares redeemed | &nbsp;&nbsp; (58882198)<br>| &nbsp;&nbsp; (120210340)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (57312880)<br>| &nbsp;&nbsp; (102573215)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (38173821)<br>| &nbsp;&nbsp; (55890585)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 675288627 | &nbsp;&nbsp; 731179212 |
| End of period/year | &nbsp;&nbsp; $637114806 | &nbsp;&nbsp; $675288627 |
| **Capital share transactions - shares:** |  |  |
| Shares issued | &nbsp;&nbsp; 139483 | &nbsp;&nbsp; 346641 |
| Shares reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 1229456 |
| Shares redeemed | &nbsp;&nbsp; (5218787)<br>| &nbsp;&nbsp; (10885780)<br>|
| Net increase (decrease) in shares outstanding | &nbsp;&nbsp; (5079304)<br>| &nbsp;&nbsp; (9309683)<br>|

---

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica BlackRock iShares Dynamic Allocation -** 

**Balanced VP**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $11.22 | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp; $9.47 | &nbsp;&nbsp; $12.34 | &nbsp;&nbsp; $12.53 | &nbsp;&nbsp; $12.98 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.11 | 0.23 | 0.19 | 0.13 | 0.12 | 0.07 |
| Net realized and unrealized gain (loss) | 0.24 | 0.69 | 1.00 | &nbsp;&nbsp; (2.06)<br>| 1.00 | &nbsp;&nbsp; (0.15)<br>|
| Total investment operations | 0.35 | 0.92 | 1.19 | &nbsp;&nbsp; (1.93)<br>| 1.12 | &nbsp;&nbsp; (0.08)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (0.16)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.37)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $11.57 | &nbsp;&nbsp; $11.22 | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp; $9.47 | &nbsp;&nbsp; $12.34 | &nbsp;&nbsp; $12.53 |
| **Total return**<sup>(B)</sup> <br>| 3.12 %<sup>(C)</sup><br>| 8.75<br> %<br>| 12.66<br> %<br>| &nbsp;&nbsp; (15.89)%<br>| 9.17<br> %<br>| &nbsp;&nbsp; (0.55)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $637115 | &nbsp;&nbsp; $675289 | &nbsp;&nbsp; $731179 | &nbsp;&nbsp; $751527 | &nbsp;&nbsp; $1011184 | &nbsp;&nbsp; $1043546 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.79 %<sup>(E)</sup><br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.77<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.74 %<sup>(E)</sup>(F)<br>| 0.74 %<sup>(F)</sup><br>| 0.74 %<sup>(F)</sup><br>| 0.72 %<sup>(F)</sup><br>| 0.83 %<sup>(F)</sup><br>| 0.85<br> %<br>|
| Net investment income (loss) to average net assets | 1.98 %<sup>(E)</sup><br>| 2.08<br> %<br>| 1.87<br> %<br>| 1.22<br> %<br>| 0.95<br> %<br>| 0.58<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 88 %<sup>(C)</sup><br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp; 227<br> %<br>| &nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp; 127<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

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

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

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

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica BlackRock iShares Dynamic Allocation -** 

**Balanced VP**

------

**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

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

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a combination of underlying exchange-traded funds ("ETFs") advised by an affiliate of the Portfolio's sub-adviser (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

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

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

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

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

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal,

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

**3. INVESTMENT VALUATION**

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

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

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

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

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or

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**Page 7**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the period ended June 30, 2025, the Portfolio has not entered into any secured borrowing arrangements.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

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**Semi-Annual Financial Statements 2025**

**Page 8**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

**5. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

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**Semi-Annual Financial Statements 2025**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

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

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**Managed risk strategy risk:** The Portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in up markets, may increase transaction costs and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. Managing the Portfolio pursuant to the strategy may result in the Portfolio not achieving its stated asset mix goal due to unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a managed risk strategy.

**Tactical and strategic asset allocation risk:** The Portfolio's tactical asset allocation strategy involves making short-term adjustments to the Portfolio's asset mix, utilizing the sub-adviser's research on various risk and return considerations, in an effort to optimize returns relative to risks as market and economic conditions change. The Portfolio's strategic asset allocation strategy is similar, but with a somewhat longer-term outlook. These strategies tend to produce higher turnover than those that adhere to a longer term outlook, which may result in higher transaction costs. These strategies may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other portfolios using other asset management strategies.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources,

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.5000<br> % <br>|
| Over $500 million up to $1 billion | 0.4900 |
| Over $1 billion up to $2.5 billion | 0.4725 |
| Over $2.5 billion up to $3.5 billion | 0.4650 |
| Over $3.5 billion up to $4.5 billion | 0.4525 |
| Over $4.5 billion | 0.4400 |

---

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Service Class | 0.80<br> % <br>| May 1, 2026 |

---

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

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

As of June 30, 2025, there are no amounts available for recapture by TAM.

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

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

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

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

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $552351710 | &nbsp;&nbsp; $626953802 |

---

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

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax

**Transamerica Series Trust**

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**Page 12**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $605903356 | &nbsp;&nbsp; $39079866 | &nbsp;&nbsp; $(11391097)<br>| &nbsp;&nbsp; $27688769 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica BlackRock iShares Dynamic Allocation -** 

**Balanced VP** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica BlackRock iShares Dynamic Allocation -** 

**Balanced VP** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica BlackRock iShares Dynamic Allocation -** 

**Balanced VP** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica BlackRock iShares Dynamic Allocation -** 

**Balanced VP** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica BlackRock iShares Dynamic Allocation – Balanced VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and BlackRock Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

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

**Nature, Extent and Quality of the Services Provided**

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

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Portfolio after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolio; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolio; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolio's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; and ongoing cash management services for the Portfolio. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolio, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and holder service functions of the funds.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica BlackRock iShares Dynamic Allocation -** 

**Balanced VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was above the median for its peer universe for the past 1-year period, in line with the median for the past 3-year period and below the median for the past 5- and 10-year periods. The Board also noted that the performance of Service Class Shares of the Portfolio was below the benchmark that TAM utilizes to measure performance of the Portfolio for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Portfolio on November 1, 2021 pursuant to its current investment strategies and benchmarks. The Trustees observed that the performance of the Portfolio had improved during the first quarter of 2025.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were in line with the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica BlackRock iShares Dynamic Allocation -** 

**Balanced VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Portfolio.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Portfolio was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Portfolio.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and the holders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Portfolio.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Portfolio and the holders and voted to approve the renewal of the Agreements.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817imgfec02a1f3.gif)

Visit **transamerica.com**

![](g897817img7d8aa75b4.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

![](g897817img8fe248815.gif)

------

![](g897817img9533707f1.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica BlackRock iShares Dynamic Allocation –

Moderate Growth VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817img90a496872.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_2d89c1fe-566c-4033-81d0-2934377b7a8f_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_2d89c1fe-566c-4033-81d0-2934377b7a8f_SOI-RunningFooter-549_1) | 2 |
| [Statement of Assets and Liabilities](#xx_2d89c1fe-566c-4033-81d0-2934377b7a8f_FS-RunningFooter-549_1) | 3 |
| [Statement of Operations](#xx_2d89c1fe-566c-4033-81d0-2934377b7a8f_FS-RunningFooter-549_1) | 3 |
| [Statement of Changes in Net Assets](#xx_2d89c1fe-566c-4033-81d0-2934377b7a8f_FS-RunningFooter-549_2) | 4 |
| [Financial Highlights](#xx_2d89c1fe-566c-4033-81d0-2934377b7a8f_sFIHI1-RunningFooter-549_1) | 5 |
| [Notes to Financial Statements](#xx_2d89c1fe-566c-4033-81d0-2934377b7a8f_NTF-RunningFooter-549_1) | 6 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_2d89c1fe-566c-4033-81d0-2934377b7a8f_DWA-RunningFooter-549_1)**<br> **[Companies](#xx_2d89c1fe-566c-4033-81d0-2934377b7a8f_DWA-RunningFooter-549_1)**<br>| 14 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_2d89c1fe-566c-4033-81d0-2934377b7a8f_PD-RunningFooter-549_1)** | 15 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_2d89c1fe-566c-4033-81d0-2934377b7a8f_DTO-RunningFooter-549_1)**<br> **[Companies](#xx_2d89c1fe-566c-4033-81d0-2934377b7a8f_DTO-RunningFooter-549_1)**<br>| 16 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_2d89c1fe-566c-4033-81d0-2934377b7a8f_Mgmtagmt-RunningFooter-549_1)** | 17 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica BlackRock iShares Dynamic Allocation –** 

**Moderate Growth VP**

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**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 94.1%**  | **EXCHANGE-TRADED FUNDS - 94.1%**  | **EXCHANGE-TRADED FUNDS - 94.1%**  |
| **International Equity Funds - 20.0%**  | **International Equity Funds - 20.0%**  | **International Equity Funds - 20.0%**  |
| iShares Core MSCI EAFE ETF <sup>(A)</sup> <br>| 377500 | $31513700 |
| iShares MSCI EAFE ETF <sup>(A)</sup> <br>| 302004 | 26996138 |
|  |  | 58509838 |
| **U.S. Equity Fund - 49.1%**  | **U.S. Equity Fund - 49.1%**  | **U.S. Equity Fund - 49.1%**  |
| iShares Core S&P 500 ETF <sup>(A)</sup> <br>| 232183 | 144162425 |
| **U.S. Fixed Income Funds - 25.0%**  | **U.S. Fixed Income Funds - 25.0%**  | **U.S. Fixed Income Funds - 25.0%**  |
| iShares 7-10 Year Treasury Bond ETF <sup>(A)</sup> <br>| 26923 | 2578416 |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 277961 | 27573731 |
| &nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond ETF <sup>(A)</sup> <br>| 37505 | 4110923 |
| iShares Short Treasury Bond ETF <sup>(A)</sup> <br>| 332089 | 36669267 |
| iShares U.S. Treasury Bond ETF <sup>(A)(B)</sup> <br>| 104203 | 2394585 |
|  |  | 73326922 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $245,750,903)**<br>|  | 275999185 |
| **OTHER INVESTMENT COMPANY - 0.0% \*** | **OTHER INVESTMENT COMPANY - 0.0% \*** | **OTHER INVESTMENT COMPANY - 0.0% \*** |
| **Securities Lending Collateral - 0.0% \*** | **Securities Lending Collateral - 0.0% \*** | **Securities Lending Collateral - 0.0% \*** |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.31% <sup>(C)</sup> <br>| 47000 | 47000 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $47,000)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $47,000)** | 47000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 5.3%**  | **REPURCHASE AGREEMENT - 5.3%**  | **REPURCHASE AGREEMENT - 5.3%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(C)</sup>, dated 06/30/2025, to be <br> repurchased at $15,540,272 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.63%, due 06/15/2027, and <br> with a value of $15,850,302.<br>| $15539495 | $15539495 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $15,539,495)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $15,539,495)** | 15539495 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $261,337,398)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $261,337,398)** | 291585680 |
| **Net Other Assets (Liabilities) - 0.6%** | **Net Other Assets (Liabilities) - 0.6%** | 1899867 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$293485547** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $275999185 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $275999185 |
| Other Investment Company | 47000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 47000 |
| Repurchase Agreement |  | &nbsp;&nbsp; 15539495 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15539495 |
| **Total Investments** | **$276046185** | &nbsp;&nbsp; **$15539495** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$291585680** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *The shareholder reports for the iShares ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $45,960, collateralized by cash collateral of $47,000. The amount on* *loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall from the* *brokers.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica BlackRock iShares Dynamic Allocation –** 

**Moderate Growth VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $245,797,903) <br> (including securities loaned of $45,960)<br>| &nbsp;&nbsp; $276046185 |
| Repurchase agreement, at value (cost $15,539,495) | &nbsp;&nbsp; 15539495 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 2347593 |
| Net income from securities lending | &nbsp;&nbsp; 732 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 1629 |
| Interest | &nbsp;&nbsp; 777 |
| Prepaid expenses | &nbsp;&nbsp; 1345 |
| Total assets | &nbsp;&nbsp; 293937756 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 47000 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 187405 |
| Investment management fees | &nbsp;&nbsp; 110584 |
| Distribution and service fees | &nbsp;&nbsp; 61672 |
| Transfer agent costs | &nbsp;&nbsp; 390 |
| Trustee and CCO fees | &nbsp;&nbsp; 1532 |
| Audit and tax fees  | &nbsp;&nbsp; 9902 |
| Custody fees | &nbsp;&nbsp; 3305 |
| Legal fees | &nbsp;&nbsp; 1414 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 17825 |
| Other accrued expenses | &nbsp;&nbsp; 11180 |
| Total liabilities | &nbsp;&nbsp; 452209 |
| **Net assets**  | &nbsp;&nbsp; $293485547 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $221785 |
| Additional paid-in capital | &nbsp;&nbsp; 249413461 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 43850301 |
| **Net assets** | &nbsp;&nbsp; $293485547 |
| **Shares outstanding** | &nbsp;&nbsp; 22178479 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $13.23 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $3533110 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 132440 |
| Net income from securities lending | &nbsp;&nbsp; 11966 |
| Total investment income  | &nbsp;&nbsp; 3677516 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 745261 |
| Distribution and service fees | &nbsp;&nbsp; 372631 |
| Transfer agent costs | &nbsp;&nbsp; 1771 |
| Trustee and CCO fees | &nbsp;&nbsp; 7662 |
| Audit and tax fees | &nbsp;&nbsp; 10637 |
| Custody fees | &nbsp;&nbsp; 9339 |
| Legal fees | &nbsp;&nbsp; 12709 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 18271 |
| Other | &nbsp;&nbsp; 14892 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 1193173 |
| Expenses waived and/or reimbursed | &nbsp;&nbsp; (76839)<br>|
| Net expenses | &nbsp;&nbsp; 1116334 |
| **Net investment income (loss)** | &nbsp;&nbsp; 2561182 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 25711230 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; (21154674)<br>|
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 4556556 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $7117738 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica BlackRock iShares Dynamic Allocation –** 

**Moderate Growth VP**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $2561182 | &nbsp;&nbsp; $5693101 |
| Net realized gain (loss) | &nbsp;&nbsp; 25711230 | &nbsp;&nbsp; 15234254 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (21154674)<br>| &nbsp;&nbsp; 18668284 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 7117738 | &nbsp;&nbsp; 39595639 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (5346149)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (5346149)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 241045 | &nbsp;&nbsp; 3013802 |
| Dividends and/or distributions reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 5346149 |
| Cost of shares redeemed | &nbsp;&nbsp; (29982257)<br>| &nbsp;&nbsp; (61816895)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (29741212)<br>| &nbsp;&nbsp; (53456944)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (22623474)<br>| &nbsp;&nbsp; (19207454)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 316109021 | &nbsp;&nbsp; 335316475 |
| End of period/year | &nbsp;&nbsp; $293485547 | &nbsp;&nbsp; $316109021 |
| **Capital share transactions - shares:** |  |  |
| Shares issued | &nbsp;&nbsp; 18964 | &nbsp;&nbsp; 244509 |
| Shares reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 416367 |
| Shares redeemed | &nbsp;&nbsp; (2317748)<br>| &nbsp;&nbsp; (4933756)<br>|
| Net increase (decrease) in shares outstanding | &nbsp;&nbsp; (2298784)<br>| &nbsp;&nbsp; (4272880)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica BlackRock iShares Dynamic Allocation –** 

**Moderate Growth VP**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $12.91 | &nbsp;&nbsp; $11.66 | &nbsp;&nbsp; $10.07 | &nbsp;&nbsp; $13.58 | &nbsp;&nbsp; $13.04 | &nbsp;&nbsp; $13.70 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.11 | 0.21 | 0.17 | 0.13 | 0.12 | 0.04 |
| Net realized and unrealized gain (loss) | 0.21 | 1.25 | 1.56 | &nbsp;&nbsp; (2.38)<br>| 1.72 | &nbsp;&nbsp; (0.35)<br>|
| Total investment operations | 0.32 | 1.46 | 1.73 | &nbsp;&nbsp; (2.25)<br>| 1.84 | &nbsp;&nbsp; (0.31)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (0.14)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.35)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $13.23 | &nbsp;&nbsp; $12.91 | &nbsp;&nbsp; $11.66 | &nbsp;&nbsp; $10.07 | &nbsp;&nbsp; $13.58 | &nbsp;&nbsp; $13.04 |
| **Total return**<sup>(B)</sup> <br>| 2.48 %<sup>(C)</sup><br>| 12.51<br> %<br>| 17.28<br> %<br>| &nbsp;&nbsp; (16.92)%<br>| 14.41<br> %<br>| &nbsp;&nbsp; (2.17)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $293486 | &nbsp;&nbsp; $316109 | &nbsp;&nbsp; $335316 | &nbsp;&nbsp; $327562 | &nbsp;&nbsp; $452539 | &nbsp;&nbsp; $450524 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.80 %<sup>(E)</sup><br>| 0.80<br> %<br>| 0.81<br> %<br>| 0.78<br> %<br>| 0.86<br> %<br>| 0.87<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.75 %<sup>(E)</sup>(F)<br>| 0.75 %<sup>(F)</sup><br>| 0.75 %<sup>(F)</sup><br>| 0.73 %<sup>(F)</sup><br>| 0.85 %<sup>(F)</sup><br>| 0.87<br> %<br>|
| Net investment income (loss) to average net assets | 1.72 %<sup>(E)</sup><br>| 1.71<br> %<br>| 1.61<br> %<br>| 1.14<br> %<br>| 0.92<br> %<br>| 0.31<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 114 %<sup>(C)</sup><br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 288<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 173<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica BlackRock iShares Dynamic Allocation –** 

**Moderate Growth VP**

------

**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a combination of underlying exchange-traded funds ("ETFs") advised by an affiliate of the Portfolio's sub-adviser (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal,

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica BlackRock iShares Dynamic Allocation –** 

**Moderate Growth VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica BlackRock iShares Dynamic Allocation –** 

**Moderate Growth VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica BlackRock iShares Dynamic Allocation –** 

**Moderate Growth VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Exchange-Traded Funds | $47000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $47000 |
| **Total Borrowings** | **$47000** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$47000** |

---

**5. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any

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**Page 9**

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**Transamerica BlackRock iShares Dynamic Allocation –** 

**Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**Managed risk strategy risk:** The Portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in up markets, may increase transaction costs and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. Managing the Portfolio pursuant to the strategy may result in the Portfolio not achieving its stated asset mix goal due to

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica BlackRock iShares Dynamic Allocation –** 

**Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a managed risk strategy.

**Tactical and strategic asset allocation risk:** The Portfolio's tactical asset allocation strategy involves making short-term adjustments to the Portfolio's asset mix, utilizing the sub-adviser's research on various risk and return considerations, in an effort to optimize returns relative to risks as market and economic conditions change. The Portfolio's strategic asset allocation strategy is similar, but with a somewhat longer-term outlook. These strategies tend to produce higher turnover than those that adhere to a longer term outlook, which may result in higher transaction costs. These strategies may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other portfolios using other asset management strategies.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.5000<br> % <br>|
| Over $500 million up to $1 billion | 0.4900 |
| Over $1 billion up to $2.5 billion | 0.4725 |
| Over $2.5 billion up to $3.5 billion | 0.4650 |
| Over $3.5 billion up to $4.5 billion | 0.4525 |
| Over $4.5 billion | 0.4400 |

---

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**Page 11**

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**Transamerica BlackRock iShares Dynamic Allocation –** 

**Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Service Class | 0.80<br> % <br>| May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of June 30, 2025, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCL as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets up to an annual fee of 0.25% of Service Class shares.

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**Transamerica Series Trust**

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**Page 12**

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**Transamerica BlackRock iShares Dynamic Allocation –** 

**Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $327643917 | &nbsp;&nbsp; $365147320 |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $261337398 | &nbsp;&nbsp; $31597809 | &nbsp;&nbsp; $(1349527)<br>| &nbsp;&nbsp; $30248282 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

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**Page 13**

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

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**Page 14**

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**Moderate Growth VP** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

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**Page 15**

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**Moderate Growth VP** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

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**Page 16**

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and BlackRock Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Portfolio; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Portfolio after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolio; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolio; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolio's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; and ongoing cash management services for the Portfolio. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolio, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and holder service functions of the funds.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Moderate Growth VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was above the median for its peer universe for the past 1- and 3-year periods and below the median for the past 5- and 10-year periods. The Board also noted that the performance of Service Class Shares of the Portfolio was below the benchmark that TAM utilizes to measure performance of the Portfolio for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Portfolio on November 1, 2021 pursuant to its current investment strategies and benchmarks. The Trustees observed that the performance of the Portfolio had improved during the first quarter of 2025.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were in line with the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and

**Transamerica Series Trust**

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**Page 18**

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Portfolio.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Portfolio was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Portfolio.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and the holders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Portfolio.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Portfolio and the holders and voted to approve the renewal of the Agreements.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817img888fca443.gif)

Visit **transamerica.com**

![](g897817img424128294.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

![](g897817img522c44265.gif)

------

![](g897817img6ce6b7651.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica BlackRock iShares Edge 40 VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817imgcef2ce9d2.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_047fc131-1305-4595-93b7-50ab18e2b841_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_047fc131-1305-4595-93b7-50ab18e2b841_SOI-RunningFooter-233_1) | 2 |
| [Statement of Assets and Liabilities](#xx_047fc131-1305-4595-93b7-50ab18e2b841_FS-RunningFooter-233_1) | 3 |
| [Statement of Operations](#xx_047fc131-1305-4595-93b7-50ab18e2b841_FS-RunningFooter-233_1) | 3 |
| [Statement of Changes in Net Assets](#xx_047fc131-1305-4595-93b7-50ab18e2b841_FS-RunningFooter-233_2) | 4 |
| [Financial Highlights](#xx_047fc131-1305-4595-93b7-50ab18e2b841_FS-RunningFooter-233_3) | 5 |
| [Notes to Financial Statements](#xx_047fc131-1305-4595-93b7-50ab18e2b841_NTF-RunningFooter-233_1) | 7 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_047fc131-1305-4595-93b7-50ab18e2b841_DWA-RunningFooter-233_1)**<br> **[Companies](#xx_047fc131-1305-4595-93b7-50ab18e2b841_DWA-RunningFooter-233_1)**<br>| 16 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_047fc131-1305-4595-93b7-50ab18e2b841_PD-RunningFooter-233_1)** | 17 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_047fc131-1305-4595-93b7-50ab18e2b841_DTO-RunningFooter-233_1)**<br> **[Companies](#xx_047fc131-1305-4595-93b7-50ab18e2b841_DTO-RunningFooter-233_1)**<br>| 18 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_047fc131-1305-4595-93b7-50ab18e2b841_Mgmtagmt-RunningFooter-233_1)** | 19 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica BlackRock iShares Edge 40 VP**

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**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 99.9%**  | **EXCHANGE-TRADED FUNDS - 99.9%**  | **EXCHANGE-TRADED FUNDS - 99.9%**  |
| **International Equity Funds - 10.4%**  | **International Equity Funds - 10.4%**  | **International Equity Funds - 10.4%**  |
| &nbsp;&nbsp; iShares MSCI EAFE Min Vol Factor <br> ETF <sup>(A)(B)</sup> <br>| 194291 | $16332102 |
| &nbsp;&nbsp; iShares MSCI Emerging Markets Min Vol <br> Factor ETF <sup>(A)(B)</sup> <br>| 74824 | 4698947 |
|  |  | 21031049 |
| **U.S. Equity Funds - 30.4%**  | **U.S. Equity Funds - 30.4%**  | **U.S. Equity Funds - 30.4%**  |
| iShares MSCI USA Min Vol Factor ETF <sup>(A)</sup> <br>| 142486 | 13375161 |
| &nbsp;&nbsp; iShares MSCI USA Momentum Factor <br> ETF <sup>(A)</sup> <br>| 57323 | 13775863 |
| iShares MSCI USA Quality Factor ETF <sup>(A)</sup> <br>| 70831 | 12949323 |
| iShares MSCI USA Size Factor ETF <sup>(A)(B)</sup> <br>| 53396 | 8251818 |
| iShares MSCI USA Value Factor ETF <sup>(A)(B)</sup> <br>| 119100 | 13483311 |
|  |  | 61835476 |
| **U.S. Fixed Income Funds - 59.1%**  | **U.S. Fixed Income Funds - 59.1%**  | **U.S. Fixed Income Funds - 59.1%**  |
| &nbsp;&nbsp; iShares Broad USD Investment Grade <br> Corporate Bond ETF <sup>(A)(B)</sup> <br>| 376559 | 19370195 |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 1016429 | 100829757 |
|  |  | 120199952 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $181,720,993)**<br>|  | 203066477 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 12.2%**  | **OTHER INVESTMENT COMPANY - 12.2%**  | **OTHER INVESTMENT COMPANY - 12.2%**  |
| **Securities Lending Collateral - 12.2%**  | **Securities Lending Collateral - 12.2%**  | **Securities Lending Collateral - 12.2%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.31% <sup>(C)</sup> <br>| 24757455 | $24757455 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $24,757,455)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $24,757,455)** | 24757455 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $206,478,448)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $206,478,448)** | 227823932 |
| **Net Other Assets (Liabilities) - (12.1)%** | **Net Other Assets (Liabilities) - (12.1)%** | (24591382) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$203232550** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $203066477 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $203066477 |
| Other Investment Company | 24757455 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24757455 |
| **Total Investments** | **$227823932** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$227823932** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $28,303,849, collateralized by cash collateral of $24,757,455 and* *non-cash collateral, such as U.S. government securities of $4,136,675. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica BlackRock iShares Edge 40 VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $206,478,448) <br> (including securities loaned of $28,303,849)<br>| &nbsp;&nbsp; $227823932 |
| Cash | &nbsp;&nbsp; 95039 |
| Foreign currency, at value (cost $672) | &nbsp;&nbsp; 719 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 1423755 |
| Net income from securities lending | &nbsp;&nbsp; 19885 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 87857 |
| Tax reclaims | &nbsp;&nbsp; 16914 |
| Prepaid expenses | &nbsp;&nbsp; 881 |
| Total assets | &nbsp;&nbsp; 229468982 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 24757455 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 1255874 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 100234 |
| Investment management fees | &nbsp;&nbsp; 41764 |
| Distribution and service fees | &nbsp;&nbsp; 38665 |
| Transfer agent costs | &nbsp;&nbsp; 241 |
| Trustee and CCO fees | &nbsp;&nbsp; 968 |
| Audit and tax fees  | &nbsp;&nbsp; 12454 |
| Custody fees | &nbsp;&nbsp; 3671 |
| Legal fees | &nbsp;&nbsp; 916 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 16470 |
| Other accrued expenses | &nbsp;&nbsp; 7720 |
| Total liabilities | &nbsp;&nbsp; 26236432 |
| **Net assets**  | &nbsp;&nbsp; $203232550 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $217348 |
| Additional paid-in capital | &nbsp;&nbsp; 165075034 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 37940168 |
| **Net assets** | &nbsp;&nbsp; $203232550 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $19590428 |
| Service Class | &nbsp;&nbsp; 183642122 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 2077870 |
| Service Class | &nbsp;&nbsp; 19656923 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $9.43 |
| Service Class | 9.34 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $2846743 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 1012 |
| Net income from securities lending | &nbsp;&nbsp; 80935 |
| Total investment income  | &nbsp;&nbsp; 2928690 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 304327 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 229832 |
| Transfer agent costs | &nbsp;&nbsp; 1181 |
| Trustee and CCO fees | &nbsp;&nbsp; 5123 |
| Audit and tax fees | &nbsp;&nbsp; 13271 |
| Custody fees | &nbsp;&nbsp; 10042 |
| Legal fees | &nbsp;&nbsp; 8537 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 17105 |
| Other | &nbsp;&nbsp; 10337 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 599755 |
| Expenses waived and/or reimbursed: |  |
| Initial Class | &nbsp;&nbsp; (5201)<br>|
| Service Class | &nbsp;&nbsp; (50011)<br>|
| Net expenses | &nbsp;&nbsp; 544543 |
| **Net investment income (loss)** | &nbsp;&nbsp; 2384147 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 2937998 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 7517205 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 2105 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 7519310 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 10457308 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $12841455 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica BlackRock iShares Edge 40 VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $2384147 | &nbsp;&nbsp; $5701166 |
| Net realized gain (loss) | &nbsp;&nbsp; 2937998 | &nbsp;&nbsp; 6613301 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 7519310 | &nbsp;&nbsp; 2130190 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 12841455 | &nbsp;&nbsp; 14444657 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (838851)<br>|
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (8000408)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (8839259)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 710602 | &nbsp;&nbsp; 1922020 |
| Service Class | &nbsp;&nbsp; 376025 | &nbsp;&nbsp; 1346968 |
|  | &nbsp;&nbsp; 1086627 | &nbsp;&nbsp; 3268988 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 838851 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 8000408 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 8839259 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (1575146)<br>| &nbsp;&nbsp; (4141929)<br>|
| Service Class | &nbsp;&nbsp; (19070481)<br>| &nbsp;&nbsp; (35725115)<br>|
|  | &nbsp;&nbsp; (20645627)<br>| &nbsp;&nbsp; (39867044)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (19559000)<br>| &nbsp;&nbsp; (27758797)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (6717545)<br>| &nbsp;&nbsp; (22153399)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 209950095 | &nbsp;&nbsp; 232103494 |
| End of period/year | &nbsp;&nbsp; $203232550 | &nbsp;&nbsp; $209950095 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 78032 | &nbsp;&nbsp; 215210 |
| Service Class | &nbsp;&nbsp; 42093 | &nbsp;&nbsp; 152526 |
|  | &nbsp;&nbsp; 120125 | &nbsp;&nbsp; 367736 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 93726 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 899933 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 993659 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (174438)<br>| &nbsp;&nbsp; (463626)<br>|
| Service Class | &nbsp;&nbsp; (2122850)<br>| &nbsp;&nbsp; (4046172)<br>|
|  | &nbsp;&nbsp; (2297288)<br>| &nbsp;&nbsp; (4509798)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (96406)<br>| &nbsp;&nbsp; (154690)<br>|
| Service Class | &nbsp;&nbsp; (2080757)<br>| &nbsp;&nbsp; (2993713)<br>|
|  | &nbsp;&nbsp; (2177163)<br>| &nbsp;&nbsp; (3148403)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica BlackRock iShares Edge 40 VP**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $8.84 | &nbsp;&nbsp; $8.64 | &nbsp;&nbsp; $8.21 | &nbsp;&nbsp; $10.20 | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp; $9.39 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.12 | 0.25 | 0.21 | 0.18 | 0.15 | 0.17 |
| Net realized and unrealized gain (loss) | 0.47 | 0.34 | 0.55 | &nbsp;&nbsp; (1.62)<br>| 0.45 | 0.72 |
| Total investment operations | 0.59 | 0.59 | 0.76 | &nbsp;&nbsp; (1.44)<br>| 0.60 | 0.89 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.07)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.30)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $9.43 | &nbsp;&nbsp; $8.84 | &nbsp;&nbsp; $8.64 | &nbsp;&nbsp; $8.21 | &nbsp;&nbsp; $10.20 | &nbsp;&nbsp; $9.98 |
| **Total return**<sup>(B)</sup> <br>| 6.67 %<sup>(C)</sup><br>| 6.71<br> %<br>| 9.45<br> %<br>| &nbsp;&nbsp; (14.24)%<br>| 6.09<br> %<br>| 9.65<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $19591 | &nbsp;&nbsp; $19228 | &nbsp;&nbsp; $20118 | &nbsp;&nbsp; $19923 | &nbsp;&nbsp; $25371 | &nbsp;&nbsp; $27992 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.36 %<sup>(E)</sup><br>| 0.36<br> %<br>| 0.37<br> %<br>| 0.35<br> %<br>| 0.34<br> %<br>| 0.34<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.31 %<sup>(E)</sup>(F)<br>| 0.31 %<sup>(F)</sup><br>| 0.31 %<sup>(F)</sup><br>| 0.30 %<sup>(F)</sup>(G)<br>| 0.29 %<sup>(G)</sup><br>| 0.29 %<sup>(G)</sup><br>|
| Net investment income (loss) to average net assets | 2.59 %<sup>(E)</sup><br>| 2.79<br> %<br>| 2.56<br> %<br>| 1.97<br> %<br>| 1.50<br> %<br>| 1.84<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 1 %<sup>(C)</sup><br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 13<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

<sup>(G)</sup> *TAM contractually agreed to waive 0.05% of the average daily net assets from its management fee through May 1, 2022. These amounts are not* *subject to recapture by TAM.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica BlackRock iShares Edge 40 VP**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $8.77 | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $8.15 | &nbsp;&nbsp; $10.12 | &nbsp;&nbsp; $9.91 | &nbsp;&nbsp; $9.32 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.10 | 0.22 | 0.19 | 0.15 | 0.13 | 0.15 |
| Net realized and unrealized gain (loss) | 0.47 | 0.34 | 0.53 | &nbsp;&nbsp; (1.59)<br>| 0.44 | 0.72 |
| Total investment operations | 0.57 | 0.56 | 0.72 | &nbsp;&nbsp; (1.44)<br>| 0.57 | 0.87 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.07)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.28)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $9.34 | &nbsp;&nbsp; $8.77 | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $8.15 | &nbsp;&nbsp; $10.12 | &nbsp;&nbsp; $9.91 |
| **Total return**<sup>(B)</sup> <br>| 6.50 %<sup>(C)</sup><br>| 6.48<br> %<br>| 9.07<br> %<br>| &nbsp;&nbsp; (14.44)%<br>| 5.78<br> %<br>| 9.45<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $183642 | &nbsp;&nbsp; $190722 | &nbsp;&nbsp; $211985 | &nbsp;&nbsp; $225991 | &nbsp;&nbsp; $307762 | &nbsp;&nbsp; $322599 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.61 %<sup>(E)</sup><br>| 0.61<br> %<br>| 0.62<br> %<br>| 0.60<br> %<br>| 0.59<br> %<br>| 0.59<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.56 %<sup>(E)</sup>(F)<br>| 0.56 %<sup>(F)</sup><br>| 0.56 %<sup>(F)</sup><br>| 0.55 %<sup>(F)</sup>(G)<br>| 0.54 %<sup>(G)</sup><br>| 0.54 %<sup>(G)</sup><br>|
| Net investment income (loss) to average net assets | 2.33 %<sup>(E)</sup><br>| 2.52<br> %<br>| 2.30<br> %<br>| 1.71<br> %<br>| 1.26<br> %<br>| 1.58<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 1 %<sup>(C)</sup><br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 13<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

<sup>(G)</sup> *TAM contractually agreed to waive 0.05% of the average daily net assets from its management fee through May 1, 2022. These amounts are not* *subject to recapture by TAM.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica BlackRock iShares Edge 40 VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by allocating substantially all of the Portfolio's assets to a mix of exchange-traded funds ("ETFs") advised by an affiliate of the Portfolio's sub-adviser (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Foreign currency denominated investments:** The accounting records of the Portfolio are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Portfolio may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Portfolio may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Portfolio accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Portfolio invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other Portfolios within TST, or by any other party.

There were no commissions recaptured during the period ended June 30, 2025, by the Portfolio.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Exchange-Traded Funds | $24757455 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24757455 |
| **Total Borrowings** | **$24757455** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$24757455** |

---

**5. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the

**Transamerica Series Trust**

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**Page 10**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect.

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Factor-based investing risk:** Factor-based investment strategies seek to capture broad, consistent drivers of return and to out-perform traditional index strategies. These strategies may not work as intended. An underlying ETF pursuing a factor-based investment strategy may not achieve its objective and may not perform as well as other funds using other asset management strategies.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Portfolio's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Portfolio. Increased redemptions could cause

**Transamerica Series Trust**

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**Page 11**

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**Transamerica BlackRock iShares Edge 40 VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

the Portfolio to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Portfolio or a counterparty to a financial contract with the Portfolio is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Portfolio's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica BlackRock iShares Edge 40 VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.30<br> % <br>|
| Over $1 billion | 0.28 |

---

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.31<br> % <br>| May 1, 2026 |
| Service Class | 0.56 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended June 30, 2025, the balances available for recapture by TAM for the Portfolio are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Initial Class | $— | $1652 | $364 | $443 | $2459 |
| Service Class |  | 17840 | 3262 | 4047 | 25149 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of July 1, 2022 through December 31, 2022.*

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCL as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCL has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2026. Prior to

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**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica BlackRock iShares Edge 40 VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TCL seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Initial Class | 0.15<br> % <br>|
| Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $2976260 | &nbsp;&nbsp; $20286661 |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $206478448 | &nbsp;&nbsp; $30746715 | &nbsp;&nbsp; $(9401231)<br>| &nbsp;&nbsp; $21345484 |

---

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica BlackRock iShares Edge 40 VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica BlackRock iShares Edge 40 VP** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica BlackRock iShares Edge 40 VP** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Series Trust**

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**Page 17**

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**Transamerica BlackRock iShares Edge 40 VP** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica BlackRock iShares Edge 40 VP** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica BlackRock iShares Edge 40 VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and BlackRock Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Portfolio; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Portfolio after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolio; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolio; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolio's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; and ongoing cash management services for the Portfolio. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolio, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and holder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica BlackRock iShares Edge 40 VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was below the median for its peer universe and below the benchmark that TAM utilizes to measure performance of the Portfolio, each for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Portfolio on November 1, 2018 pursuant to its current investment objective and investment strategies. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Portfolio.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Portfolio was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and the holders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Portfolio.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Portfolio and the holders and voted to approve the renewal of the Agreements.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817imgd1aa871f3.gif)

Visit **transamerica.com**

![](g897817imgfeedb7eb4.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

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![](g897817imga40534ea1.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica BlackRock iShares Edge 50 VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817img205919ad2.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_cc20b78c-585f-4681-a2be-e75aad55aa4b_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_cc20b78c-585f-4681-a2be-e75aad55aa4b_SOI-RunningFooter-207_1) | 2 |
| [Statement of Assets and Liabilities](#xx_cc20b78c-585f-4681-a2be-e75aad55aa4b_FS-RunningFooter-207_1) | 3 |
| [Statement of Operations](#xx_cc20b78c-585f-4681-a2be-e75aad55aa4b_FS-RunningFooter-207_1) | 3 |
| [Statement of Changes in Net Assets](#xx_cc20b78c-585f-4681-a2be-e75aad55aa4b_FS-RunningFooter-207_2) | 4 |
| [Financial Highlights](#xx_cc20b78c-585f-4681-a2be-e75aad55aa4b_sFIHI1-RunningFooter-207_1) | 5 |
| [Notes to Financial Statements](#xx_cc20b78c-585f-4681-a2be-e75aad55aa4b_NTF-RunningFooter-207_1) | 6 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_cc20b78c-585f-4681-a2be-e75aad55aa4b_DWA-RunningFooter-207_1)**<br> **[Companies](#xx_cc20b78c-585f-4681-a2be-e75aad55aa4b_DWA-RunningFooter-207_1)**<br>| 13 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_cc20b78c-585f-4681-a2be-e75aad55aa4b_PD-RunningFooter-207_1)** | 14 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_cc20b78c-585f-4681-a2be-e75aad55aa4b_DTO-RunningFooter-207_1)**<br> **[Companies](#xx_cc20b78c-585f-4681-a2be-e75aad55aa4b_DTO-RunningFooter-207_1)**<br>| 15 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_cc20b78c-585f-4681-a2be-e75aad55aa4b_Mgmtagmt-RunningFooter-207_1)** | 16 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica BlackRock iShares Edge 50 VP**

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**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 100.0%**  | **EXCHANGE-TRADED FUNDS - 100.0%**  | **EXCHANGE-TRADED FUNDS - 100.0%**  |
| **International Equity Funds - 12.7%**  | **International Equity Funds - 12.7%**  | **International Equity Funds - 12.7%**  |
| iShares MSCI EAFE Min Vol Factor ETF <sup>(A)</sup> <br>| 492995 | $41441160 |
| &nbsp;&nbsp; iShares MSCI Emerging Markets Min Vol <br> Factor ETF <sup>(A)(B)</sup> <br>| 178181 | 11189767 |
|  |  | 52630927 |
| **U.S. Equity Funds - 37.7%**  | **U.S. Equity Funds - 37.7%**  | **U.S. Equity Funds - 37.7%**  |
| iShares MSCI USA Min Vol Factor ETF <sup>(A)</sup> <br>| 362898 | 34065235 |
| &nbsp;&nbsp; iShares MSCI USA Momentum Factor <br> ETF <sup>(A)</sup> <br>| 145277 | 34912969 |
| iShares MSCI USA Quality Factor ETF <sup>(A)</sup> <br>| 179227 | 32766280 |
| iShares MSCI USA Size Factor ETF <sup>(A)</sup> <br>| 135203 | 20894272 |
| iShares MSCI USA Value Factor ETF <sup>(A)(B)</sup> <br>| 298236 | 33763297 |
|  |  | 156402053 |
| **U.S. Fixed Income Fund - 49.6%**  | **U.S. Fixed Income Fund - 49.6%**  | **U.S. Fixed Income Fund - 49.6%**  |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 2076190 | 205958048 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $369,792,366)**<br>|  | 414991028 |
| **OTHER INVESTMENT COMPANY - 1.2%**  | **OTHER INVESTMENT COMPANY - 1.2%**  | **OTHER INVESTMENT COMPANY - 1.2%**  |
| **Securities Lending Collateral - 1.2%**  | **Securities Lending Collateral - 1.2%**  | **Securities Lending Collateral - 1.2%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.31% <sup>(C)</sup> <br>| 4952777 | 4952777 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $4,952,777)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $4,952,777)** | 4952777 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.1%**  | **REPURCHASE AGREEMENT - 0.1%**  | **REPURCHASE AGREEMENT - 0.1%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(C)</sup>, dated 06/30/2025, to be <br> repurchased at $366,701 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.63%, due 06/15/2027, and <br> with a value of $374,031.<br>| $366683 | $366683 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $366,683)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $366,683)** | 366683 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $375,111,826)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $375,111,826)** | 420310488 |
| **Net Other Assets (Liabilities) - (1.3)%** | **Net Other Assets (Liabilities) - (1.3)%** | (5365057) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$414945431** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $414991028 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $414991028 |
| Other Investment Company | 4952777 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4952777 |
| Repurchase Agreement |  | &nbsp;&nbsp; 366683 | &nbsp;&nbsp; — | &nbsp;&nbsp; 366683 |
| **Total Investments** | **$419943805** | &nbsp;&nbsp; **$366683** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$420310488** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $4,848,485, collateralized by cash collateral of $4,952,777. The* *amount on loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall* *from the brokers.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica BlackRock iShares Edge 50 VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $374,745,143) <br> (including securities loaned of $4,848,485)<br>| &nbsp;&nbsp; $419943805 |
| Repurchase agreement, at value (cost $366,683) | &nbsp;&nbsp; 366683 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 4756829 |
| Net income from securities lending | &nbsp;&nbsp; 5323 |
| Interest | &nbsp;&nbsp; 18 |
| Prepaid expenses | &nbsp;&nbsp; 1746 |
| Total assets | &nbsp;&nbsp; 425074404 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 4952777 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 4656327 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 301130 |
| Investment management fees | &nbsp;&nbsp; 87097 |
| Distribution and service fees | &nbsp;&nbsp; 87096 |
| Transfer agent costs | &nbsp;&nbsp; 442 |
| Trustee and CCO fees | &nbsp;&nbsp; 1796 |
| Audit and tax fees  | &nbsp;&nbsp; 10196 |
| Custody fees | &nbsp;&nbsp; 4385 |
| Legal fees | &nbsp;&nbsp; 5494 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 11771 |
| Other accrued expenses | &nbsp;&nbsp; 10462 |
| Total liabilities | &nbsp;&nbsp; 10128973 |
| **Net assets**  | &nbsp;&nbsp; $414945431 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $293693 |
| Additional paid-in capital | &nbsp;&nbsp; 343063584 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 71588154 |
| **Net assets** | &nbsp;&nbsp; $414945431 |
| **Shares outstanding** | &nbsp;&nbsp; 29369264 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $14.13 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $5362060 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 2727 |
| Net income from securities lending | &nbsp;&nbsp; 39821 |
| Total investment income  | &nbsp;&nbsp; 5404608 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 609050 |
| Distribution and service fees | &nbsp;&nbsp; 507541 |
| Transfer agent costs | &nbsp;&nbsp; 2324 |
| Trustee and CCO fees | &nbsp;&nbsp; 10167 |
| Audit and tax fees | &nbsp;&nbsp; 11083 |
| Custody fees | &nbsp;&nbsp; 12356 |
| Legal fees | &nbsp;&nbsp; 20861 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 14102 |
| Other | &nbsp;&nbsp; 14813 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 1202297 |
| Expenses waived and/or reimbursed | &nbsp;&nbsp; (101508)<br>|
| Net expenses | &nbsp;&nbsp; 1100789 |
| **Net investment income (loss)** | &nbsp;&nbsp; 4303819 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 2918428 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 20830091 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 23748519 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $28052338 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica BlackRock iShares Edge 50 VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $4303819 | &nbsp;&nbsp; $9851907 |
| Net realized gain (loss) | &nbsp;&nbsp; 2918428 | &nbsp;&nbsp; 11404896 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 20830091 | &nbsp;&nbsp; 11504161 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 28052338 | &nbsp;&nbsp; 32760964 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (15354801)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (15354801)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 1865136 | &nbsp;&nbsp; 4541675 |
| Dividends and/or distributions reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 15354801 |
| Cost of shares redeemed | &nbsp;&nbsp; (25169894)<br>| &nbsp;&nbsp; (63233347)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (23304758)<br>| &nbsp;&nbsp; (43336871)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 4747580 | &nbsp;&nbsp; (25930708)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 410197851 | &nbsp;&nbsp; 436128559 |
| End of period/year | &nbsp;&nbsp; $414945431 | &nbsp;&nbsp; $410197851 |
| **Capital share transactions - shares:** |  |  |
| Shares issued | &nbsp;&nbsp; 138312 | &nbsp;&nbsp; 343951 |
| Shares reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 1151035 |
| Shares redeemed | &nbsp;&nbsp; (1856046)<br>| &nbsp;&nbsp; (4782291)<br>|
| Net increase (decrease) in shares outstanding | &nbsp;&nbsp; (1717734)<br>| &nbsp;&nbsp; (3287305)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica BlackRock iShares Edge 50 VP**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $13.20 | &nbsp;&nbsp; $12.69 | &nbsp;&nbsp; $11.85 | &nbsp;&nbsp; $14.40 | &nbsp;&nbsp; $13.70 | &nbsp;&nbsp; $12.68 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.14 | 0.30 | 0.26 | 0.20 | 0.17 | 0.19 |
| Net realized and unrealized gain (loss) | 0.79 | 0.69 | 0.88 | &nbsp;&nbsp; (2.27)<br>| 0.89 | 1.03 |
| Total investment operations | 0.93 | 0.99 | 1.14 | &nbsp;&nbsp; (2.07)<br>| 1.06 | 1.22 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.16)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.04)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.20)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $14.13 | &nbsp;&nbsp; $13.20 | &nbsp;&nbsp; $12.69 | &nbsp;&nbsp; $11.85 | &nbsp;&nbsp; $14.40 | &nbsp;&nbsp; $13.70 |
| **Total return**<sup>(B)</sup> <br>| 7.05 %<sup>(C)</sup><br>| 7.79<br> %<br>| 9.79<br> %<br>| &nbsp;&nbsp; (14.48)%<br>| 7.74<br> %<br>| 9.72<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $414945 | &nbsp;&nbsp; $410198 | &nbsp;&nbsp; $436129 | &nbsp;&nbsp; $439027 | &nbsp;&nbsp; $540360 | &nbsp;&nbsp; $488968 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.59 %<sup>(E)</sup><br>| 0.59<br> %<br>| 0.59<br> %<br>| 0.58<br> %<br>| 0.57<br> %<br>| 0.58<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.54 %<sup>(E)</sup>(F)<br>| 0.54 %<sup>(F)</sup><br>| 0.54 %<sup>(F)</sup><br>| 0.53 %<sup>(F)</sup>(G)<br>| 0.52 %<sup>(G)</sup><br>| 0.53 %<sup>(G)</sup><br>|
| Net investment income (loss) to average net assets | 2.12 %<sup>(E)</sup><br>| 2.28<br> %<br>| 2.13<br> %<br>| 1.60<br> %<br>| 1.19<br> %<br>| 1.48<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 2 %<sup>(C)</sup><br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

<sup>(G)</sup> *TAM contractually agreed to waive 0.05% of the average daily net assets from its management fee through May 1, 2022. These amounts are not* *subject to recapture by TAM.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica BlackRock iShares Edge 50 VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica BlackRock iShares Edge 50 VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by allocating substantially all of the Portfolio's assets to a mix of exchange-traded funds ("ETFs") advised by an affiliate of the Portfolio's sub-adviser (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica BlackRock iShares Edge 50 VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other Portfolios within TST, or by any other party.

There were no commissions recaptured during the period ended June 30, 2025, by the Portfolio.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash,

**Transamerica Series Trust**

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**Page 8**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Exchange-Traded Funds | $4952777 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4952777 |
| **Total Borrowings** | **$4952777** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$4952777** |

---

**5. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect.

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**Factor-based investing risk:** Factor-based investment strategies seek to capture broad, consistent drivers of return and to out-perform traditional index strategies. These strategies may not work as intended. An underlying ETF pursuing a factor-based investment strategy may not achieve its objective and may not perform as well as other funds using other asset management strategies.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Portfolio's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.30<br> % <br>|
| Over $1 billion | 0.28 |

---

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Service Class | 0.56<br> % <br>| May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of June 30, 2025, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCL as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets up to an annual fee of 0.25% of Service Class shares.

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $10233425 | &nbsp;&nbsp; $29294592 |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $375111826 | &nbsp;&nbsp; $68555952 | &nbsp;&nbsp; $(23357290)<br>| &nbsp;&nbsp; $45198662 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica BlackRock iShares Edge 50 VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and BlackRock Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limit, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Portfolio; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Portfolio after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolio; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolio; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolio's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; and ongoing cash management services for the Portfolio. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolio, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and holder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica BlackRock iShares Edge 50 VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was in line with the median for its peer universe for the past 1-year period and below the median for the past 3- and 5-year periods. The Board also noted that the performance of Service Class Shares of the Portfolio was below the benchmark that TAM utilizes to measure performance of the Portfolio for the past 1-, 3- and 5-year periods. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica BlackRock iShares Edge 50 VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Portfolio.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Portfolio was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and the holders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Portfolio.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Portfolio and the holders and voted to approve the renewal of the Agreements.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

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Visit **transamerica.com**

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Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

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![](g897817img8ea5a1441.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica BlackRock iShares Edge 75 VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817img2b3372e12.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_1e8a49e3-a88d-4632-9fea-911ca252bafe_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_1e8a49e3-a88d-4632-9fea-911ca252bafe_SOI-RunningFooter-208_1) | 2 |
| [Statement of Assets and Liabilities](#xx_1e8a49e3-a88d-4632-9fea-911ca252bafe_FS-RunningFooter-208_1) | 3 |
| [Statement of Operations](#xx_1e8a49e3-a88d-4632-9fea-911ca252bafe_FS-RunningFooter-208_1) | 3 |
| [Statement of Changes in Net Assets](#xx_1e8a49e3-a88d-4632-9fea-911ca252bafe_FS-RunningFooter-208_2) | 4 |
| [Financial Highlights](#xx_1e8a49e3-a88d-4632-9fea-911ca252bafe_sFIHI1-RunningFooter-208_1) | 5 |
| [Notes to Financial Statements](#xx_1e8a49e3-a88d-4632-9fea-911ca252bafe_NTF-RunningFooter-208_1) | 6 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_1e8a49e3-a88d-4632-9fea-911ca252bafe_DWA-RunningFooter-208_1)**<br> **[Companies](#xx_1e8a49e3-a88d-4632-9fea-911ca252bafe_DWA-RunningFooter-208_1)**<br>| 14 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_1e8a49e3-a88d-4632-9fea-911ca252bafe_PD-RunningFooter-208_1)** | 15 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_1e8a49e3-a88d-4632-9fea-911ca252bafe_DTO-RunningFooter-208_1)**<br> **[Companies](#xx_1e8a49e3-a88d-4632-9fea-911ca252bafe_DTO-RunningFooter-208_1)**<br>| 16 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_1e8a49e3-a88d-4632-9fea-911ca252bafe_Mgmtagmt-RunningFooter-208_1)** | 17 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica BlackRock iShares Edge 75 VP**

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**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 99.9%**  | **EXCHANGE-TRADED FUNDS - 99.9%**  | **EXCHANGE-TRADED FUNDS - 99.9%**  |
| **International Equity Funds - 19.1%**  | **International Equity Funds - 19.1%**  | **International Equity Funds - 19.1%**  |
| iShares MSCI EAFE Min Vol Factor ETF <sup>(A)</sup> <br>| 271479 | $22820525 |
| &nbsp;&nbsp; iShares MSCI Emerging Markets Min Vol <br> Factor ETF <sup>(A)</sup> <br>| 98568 | 6190070 |
|  |  | 29010595 |
| **U.S. Equity Funds - 56.1%**  | **U.S. Equity Funds - 56.1%**  | **U.S. Equity Funds - 56.1%**  |
| iShares MSCI USA Min Vol Factor ETF <sup>(A)</sup> <br>| 193408 | 18155209 |
| &nbsp;&nbsp; iShares MSCI USA Momentum Factor <br> ETF <sup>(A)</sup> <br>| 78838 | 18946348 |
| iShares MSCI USA Quality Factor ETF <sup>(A)</sup> <br>| 100189 | 18316553 |
| iShares MSCI USA Size Factor ETF <sup>(A)(B)</sup> <br>| 72138 | 11148207 |
| iShares MSCI USA Value Factor ETF <sup>(A)(B)</sup> <br>| 164287 | 18598931 |
|  |  | 85165248 |
| **U.S. Fixed Income Fund - 24.7%**  | **U.S. Fixed Income Fund - 24.7%**  | **U.S. Fixed Income Fund - 24.7%**  |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 377468 | 37444825 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $121,283,426)**<br>|  | 151620668 |
| **OTHER INVESTMENT COMPANY - 3.6%**  | **OTHER INVESTMENT COMPANY - 3.6%**  | **OTHER INVESTMENT COMPANY - 3.6%**  |
| **Securities Lending Collateral - 3.6%**  | **Securities Lending Collateral - 3.6%**  | **Securities Lending Collateral - 3.6%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.31% <sup>(C)</sup> <br>| 5550882 | 5550882 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $5,550,882)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $5,550,882)** | 5550882 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.2%**  | **REPURCHASE AGREEMENT - 0.2%**  | **REPURCHASE AGREEMENT - 0.2%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(C)</sup>, dated 06/30/2025, to be <br> repurchased at $285,646 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.38%, due 05/15/2034, and <br> with a value of $291,504.<br>| $285632 | $285632 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $285,632)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $285,632)** | 285632 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $127,119,940)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $127,119,940)** | 157457182 |
| **Net Other Assets (Liabilities) - (3.7)%** | **Net Other Assets (Liabilities) - (3.7)%** | (5673189) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$151783993** |

---

**INVESTMENT VALUATION:**

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $151620668 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $151620668 |
| Other Investment Company | 5550882 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5550882 |
| Repurchase Agreement |  | &nbsp;&nbsp; 285632 | &nbsp;&nbsp; — | &nbsp;&nbsp; 285632 |
| **Total Investments** | **$157171550** | &nbsp;&nbsp; **$285632** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$157457182** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $5,440,817, collateralized by cash collateral of $5,550,882. The* *amount on loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall* *from the brokers.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica BlackRock iShares Edge 75 VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $126,834,308) <br> (including securities loaned of $5,440,817)<br>| &nbsp;&nbsp; $157171550 |
| Repurchase agreement, at value (cost $285,632) | &nbsp;&nbsp; 285632 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 1076117 |
| Net income from securities lending | &nbsp;&nbsp; 3406 |
| Dividends  | &nbsp;&nbsp; 408 |
| Interest | &nbsp;&nbsp; 14 |
| Prepaid expenses | &nbsp;&nbsp; 635 |
| Total assets | &nbsp;&nbsp; 158537762 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 5550882 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 1053722 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 61572 |
| Investment management fees | &nbsp;&nbsp; 31687 |
| Distribution and service fees | &nbsp;&nbsp; 31687 |
| Transfer agent costs | &nbsp;&nbsp; 156 |
| Trustee and CCO fees | &nbsp;&nbsp; 632 |
| Audit and tax fees  | &nbsp;&nbsp; 9243 |
| Custody fees | &nbsp;&nbsp; 1650 |
| Legal fees | &nbsp;&nbsp; 1957 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 3876 |
| Other accrued expenses | &nbsp;&nbsp; 6705 |
| Total liabilities | &nbsp;&nbsp; 6753769 |
| **Net assets**  | &nbsp;&nbsp; $151783993 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $95002 |
| Additional paid-in capital | &nbsp;&nbsp; 109742641 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 41946350 |
| **Net assets** | &nbsp;&nbsp; $151783993 |
| **Shares outstanding** | &nbsp;&nbsp; 9500195 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $15.98 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $1691876 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 840 |
| Net income from securities lending | &nbsp;&nbsp; 27009 |
| Total investment income  | &nbsp;&nbsp; 1719725 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 220113 |
| Distribution and service fees | &nbsp;&nbsp; 183427 |
| Transfer agent costs | &nbsp;&nbsp; 837 |
| Trustee and CCO fees | &nbsp;&nbsp; 3668 |
| Audit and tax fees | &nbsp;&nbsp; 9732 |
| Custody fees | &nbsp;&nbsp; 5040 |
| Legal fees | &nbsp;&nbsp; 7541 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 4785 |
| Other | &nbsp;&nbsp; 8873 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 444016 |
| Expenses waived and/or reimbursed | &nbsp;&nbsp; (36685)<br>|
| Net expenses | &nbsp;&nbsp; 407331 |
| **Net investment income (loss)** | &nbsp;&nbsp; 1312394 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 2145894 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 9061578 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 11207472 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $12519866 |

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***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica BlackRock iShares Edge 75 VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $1312394 | &nbsp;&nbsp; $2862791 |
| Net realized gain (loss) | &nbsp;&nbsp; 2145894 | &nbsp;&nbsp; 6287585 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 9061578 | &nbsp;&nbsp; 7280552 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 12519866 | &nbsp;&nbsp; 16430928 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (7074859)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (7074859)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 2607977 | &nbsp;&nbsp; 7683515 |
| Dividends and/or distributions reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 7074859 |
| Cost of shares redeemed | &nbsp;&nbsp; (11889357)<br>| &nbsp;&nbsp; (27665798)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (9281380)<br>| &nbsp;&nbsp; (12907424)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 3238486 | &nbsp;&nbsp; (3551355)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 148545507 | &nbsp;&nbsp; 152096862 |
| End of period/year | &nbsp;&nbsp; $151783993 | &nbsp;&nbsp; $148545507 |
| **Capital share transactions - shares:** |  |  |
| Shares issued | &nbsp;&nbsp; 173126 | &nbsp;&nbsp; 515758 |
| Shares reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 479002 |
| Shares redeemed | &nbsp;&nbsp; (789822)<br>| &nbsp;&nbsp; (1889052)<br>|
| Net increase (decrease) in shares outstanding | &nbsp;&nbsp; (616696)<br>| &nbsp;&nbsp; (894292)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica BlackRock iShares Edge 75 VP**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $14.68 | &nbsp;&nbsp; $13.81 | &nbsp;&nbsp; $12.96 | &nbsp;&nbsp; $16.20 | &nbsp;&nbsp; $14.79 | &nbsp;&nbsp; $13.66 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.13 | 0.28 | 0.24 | 0.21 | 0.18 | 0.18 |
| Net realized and unrealized gain (loss) | 1.17 | 1.29 | 1.29 | &nbsp;&nbsp; (2.62)<br>| 1.73 | 1.20 |
| Total investment operations | 1.30 | 1.57 | 1.53 | &nbsp;&nbsp; (2.41)<br>| 1.91 | 1.38 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.18)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.07)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.25)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $15.98 | &nbsp;&nbsp; $14.68 | &nbsp;&nbsp; $13.81 | &nbsp;&nbsp; $12.96 | &nbsp;&nbsp; $16.20 | &nbsp;&nbsp; $14.79 |
| **Total return**<sup>(B)</sup> <br>| 8.86 %<sup>(C)</sup><br>| 11.40<br> %<br>| 12.09<br> %<br>| &nbsp;&nbsp; (15.06)%<br>| 12.94<br> %<br>| 10.26<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $151784 | &nbsp;&nbsp; $148546 | &nbsp;&nbsp; $152097 | &nbsp;&nbsp; $158210 | &nbsp;&nbsp; $218989 | &nbsp;&nbsp; $195054 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.61 %<sup>(E)</sup><br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.59<br> %<br>| 0.58<br> %<br>| 0.59<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.56 %<sup>(E)</sup>(F)<br>| 0.56 %<sup>(F)</sup><br>| 0.55 %<sup>(F)</sup><br>| 0.54 %<sup>(F)</sup>(G)<br>| 0.53 %<sup>(G)</sup><br>| 0.56 %<sup>(G)</sup><br>|
| Net investment income (loss) to average net assets | 1.79 %<sup>(E)</sup><br>| 1.88<br> %<br>| 1.84<br> %<br>| 1.50<br> %<br>| 1.16<br> %<br>| 1.37<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 4 %<sup>(C)</sup><br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 13<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

<sup>(G)</sup> *TAM contractually agreed to waive 0.05% of the average daily net assets from its management fee through May 1, 2022. These amounts are not* *subject to recapture by TAM.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica BlackRock iShares Edge 75 VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by allocating substantially all of the Portfolio's assets to a mix of exchange-traded funds ("ETFs") advised by an affiliate of the Portfolio's sub-adviser (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other Portfolios within TST, or by any other party.

There were no commissions recaptured during the period ended June 30, 2025, by the Portfolio.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Exchange-Traded Funds | $5550882 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5550882 |
| **Total Borrowings** | **$5550882** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$5550882** |

---

**5. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect.

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Factor-based investing risk:** Factor-based investment strategies seek to capture broad, consistent drivers of return and to out-perform traditional index strategies. These strategies may not work as intended. An underlying ETF pursuing a factor-based investment strategy may not achieve its objective and may not perform as well as other funds using other asset management strategies.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Portfolio's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.30<br> % <br>|
| Over $1 billion | 0.28 |

---

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Service Class | 0.56<br> % <br>| May 1, 2026 |

---

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica BlackRock iShares Edge 75 VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of June 30, 2025, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCL as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets up to an annual fee of 0.25% of Service Class shares.

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $5308650 | &nbsp;&nbsp; $12786270 |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica BlackRock iShares Edge 75 VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $127119940 | &nbsp;&nbsp; $34081046 | &nbsp;&nbsp; $(3743804)<br>| &nbsp;&nbsp; $30337242 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica BlackRock iShares Edge 75 VP** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica BlackRock iShares Edge 75 VP** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica BlackRock iShares Edge 75 VP** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica BlackRock iShares Edge 75 VP** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica BlackRock iShares Edge 75 VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and BlackRock Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limit, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Portfolio; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Portfolio after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolio; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolio; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolio's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; and ongoing cash management services for the Portfolio. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolio, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and holder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica BlackRock iShares Edge 75 VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was below the median for its peer universe and was below the benchmark that TAM utilizes to measure performance of the Portfolio, each for the past 1-, 3- and 5-year periods. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica BlackRock iShares Edge 75 VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Portfolio.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Portfolio was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and the holders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Portfolio.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Portfolio and the holders and voted to approve the renewal of the Agreements.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817img8bade4d63.gif)

Visit **transamerica.com**

![](g897817img2a066f264.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

![](g897817imgceb78f3c5.gif)

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![](g897817img9e821b2b1.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica BlackRock iShares Edge 100 VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817img0bf483f52.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_8ccfaa75-d03c-4cc7-b576-a0cf43bc3acb_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_8ccfaa75-d03c-4cc7-b576-a0cf43bc3acb_SOI-RunningFooter-209_1) | 2 |
| [Statement of Assets and Liabilities](#xx_8ccfaa75-d03c-4cc7-b576-a0cf43bc3acb_FS-RunningFooter-209_1) | 3 |
| [Statement of Operations](#xx_8ccfaa75-d03c-4cc7-b576-a0cf43bc3acb_FS-RunningFooter-209_1) | 3 |
| [Statement of Changes in Net Assets](#xx_8ccfaa75-d03c-4cc7-b576-a0cf43bc3acb_FS-RunningFooter-209_2) | 4 |
| [Financial Highlights](#xx_8ccfaa75-d03c-4cc7-b576-a0cf43bc3acb_FS-RunningFooter-209_2) | 4 |
| [Notes to Financial Statements](#xx_8ccfaa75-d03c-4cc7-b576-a0cf43bc3acb_NTF-RunningFooter-209_1) | 5 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_8ccfaa75-d03c-4cc7-b576-a0cf43bc3acb_DWA-RunningFooter-209_1)**<br> **[Companies](#xx_8ccfaa75-d03c-4cc7-b576-a0cf43bc3acb_DWA-RunningFooter-209_1)**<br>| 13 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_8ccfaa75-d03c-4cc7-b576-a0cf43bc3acb_PD-RunningFooter-209_1)** | 14 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_8ccfaa75-d03c-4cc7-b576-a0cf43bc3acb_DTO-RunningFooter-209_1)**<br> **[Companies](#xx_8ccfaa75-d03c-4cc7-b576-a0cf43bc3acb_DTO-RunningFooter-209_1)**<br>| 15 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_8ccfaa75-d03c-4cc7-b576-a0cf43bc3acb_Mgmtagmt-RunningFooter-209_1)** | 16 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica BlackRock iShares Edge 100 VP**

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**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 99.8%**  | **EXCHANGE-TRADED FUNDS - 99.8%**  | **EXCHANGE-TRADED FUNDS - 99.8%**  |
| **International Equity Funds - 25.2%**  | **International Equity Funds - 25.2%**  | **International Equity Funds - 25.2%**  |
| iShares MSCI EAFE Min Vol Factor ETF <sup>(A)</sup> <br>| 184473 | $15506801 |
| &nbsp;&nbsp; iShares MSCI Emerging Markets Min Vol <br> Factor ETF <sup>(A)</sup> <br>| 67199 | 4220097 |
|  |  | 19726898 |
| **U.S. Equity Funds - 74.6%**  | **U.S. Equity Funds - 74.6%**  | **U.S. Equity Funds - 74.6%**  |
| iShares MSCI USA Min Vol Factor ETF <sup>(A)</sup> <br>| 134692 | 12643538 |
| &nbsp;&nbsp; iShares MSCI USA Momentum Factor <br> ETF <sup>(A)</sup> <br>| 53944 | 12963822 |
| iShares MSCI USA Quality Factor ETF <sup>(A)</sup> <br>| 68989 | 12612569 |
| iShares MSCI USA Size Factor ETF <sup>(A)</sup> <br>| 49939 | 7717573 |
| iShares MSCI USA Value Factor ETF <sup>(A)(B)</sup> <br>| 111259 | 12595631 |
|  |  | 58533133 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $57,725,620)**<br>|  | 78260031 |
| **OTHER INVESTMENT COMPANY - 14.0%**  | **OTHER INVESTMENT COMPANY - 14.0%**  | **OTHER INVESTMENT COMPANY - 14.0%**  |
| **Securities Lending Collateral - 14.0%**  | **Securities Lending Collateral - 14.0%**  | **Securities Lending Collateral - 14.0%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.31% <sup>(C)</sup> <br>| 10964300 | 10964300 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $10,964,300)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $10,964,300)** | 10964300 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.2%**  | **REPURCHASE AGREEMENT - 0.2%**  | **REPURCHASE AGREEMENT - 0.2%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(C)</sup>, dated 06/30/2025, to be <br> repurchased at $143,170 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.63%, due 06/15/2027, and <br> with a value of $146,148.<br>| $143162 | $143162 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $143,162)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $143,162)** | 143162 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $68,833,082)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $68,833,082)** | 89367493 |
| **Net Other Assets (Liabilities) - (14.0)%** | **Net Other Assets (Liabilities) - (14.0)%** | (10970222) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$78397271** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $78260031 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $78260031 |
| Other Investment Company | 10964300 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10964300 |
| Repurchase Agreement |  | &nbsp;&nbsp; 143162 | &nbsp;&nbsp; — | &nbsp;&nbsp; 143162 |
| **Total Investments** | **$89224331** | &nbsp;&nbsp; **$143162** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$89367493** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $10,746,912, collateralized by cash collateral of $10,964,300. The* *amount on loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall* *from the brokers.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica BlackRock iShares Edge 100 VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $68,689,920) <br> (including securities loaned of $10,746,912)<br>| &nbsp;&nbsp; $89224331 |
| Repurchase agreement, at value (cost $143,162) | &nbsp;&nbsp; 143162 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 933132 |
| Net income from securities lending | &nbsp;&nbsp; 2925 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 24562 |
| Interest | &nbsp;&nbsp; 7 |
| Prepaid expenses | &nbsp;&nbsp; 329 |
| Total assets | &nbsp;&nbsp; 90328448 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 10964300 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 917624 |
| Investment management fees | &nbsp;&nbsp; 14463 |
| Distribution and service fees | &nbsp;&nbsp; 16257 |
| Transfer agent costs | &nbsp;&nbsp; 76 |
| Trustee and CCO fees | &nbsp;&nbsp; 296 |
| Audit and tax fees  | &nbsp;&nbsp; 8978 |
| Custody fees | &nbsp;&nbsp; 946 |
| Legal fees | &nbsp;&nbsp; 964 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 1894 |
| Other accrued expenses | &nbsp;&nbsp; 5379 |
| Total liabilities | &nbsp;&nbsp; 11931177 |
| **Net assets**  | &nbsp;&nbsp; $78397271 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $47955 |
| Additional paid-in capital | &nbsp;&nbsp; 51231250 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 27118066 |
| **Net assets** | &nbsp;&nbsp; $78397271 |
| **Shares outstanding** | &nbsp;&nbsp; 4795543 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $16.35 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $737582 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 715 |
| Net income from securities lending | &nbsp;&nbsp; 23001 |
| Total investment income  | &nbsp;&nbsp; 761298 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 111204 |
| Distribution and service fees | &nbsp;&nbsp; 92670 |
| Transfer agent costs | &nbsp;&nbsp; 420 |
| Trustee and CCO fees | &nbsp;&nbsp; 1843 |
| Audit and tax fees | &nbsp;&nbsp; 9355 |
| Custody fees | &nbsp;&nbsp; 2785 |
| Legal fees | &nbsp;&nbsp; 3849 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 2591 |
| Other | &nbsp;&nbsp; 6742 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 231459 |
| Expenses waived and/or reimbursed | &nbsp;&nbsp; (23814)<br>|
| Net expenses | &nbsp;&nbsp; 207645 |
| **Net investment income (loss)** | &nbsp;&nbsp; 553653 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 1921052 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 5071696 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 6992748 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $7546401 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica BlackRock iShares Edge 100 VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $553653 | &nbsp;&nbsp; $1092793 |
| Net realized gain (loss) | &nbsp;&nbsp; 1921052 | &nbsp;&nbsp; 3191834 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 5071696 | &nbsp;&nbsp; 5507589 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 7546401 | &nbsp;&nbsp; 9792216 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (2500186)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (2500186)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 1753718 | &nbsp;&nbsp; 7554371 |
| Dividends and/or distributions reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 2500186 |
| Cost of shares redeemed | &nbsp;&nbsp; (4590136)<br>| &nbsp;&nbsp; (9884730)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (2836418)<br>| &nbsp;&nbsp; 169827 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 4709983 | &nbsp;&nbsp; 7461857 |
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 73687288 | &nbsp;&nbsp; 66225431 |
| End of period/year | &nbsp;&nbsp; $78397271 | &nbsp;&nbsp; $73687288 |
| **Capital share transactions - shares:** |  |  |
| Shares issued | &nbsp;&nbsp; 113420 | &nbsp;&nbsp; 518387 |
| Shares reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 168931 |
| Shares redeemed | &nbsp;&nbsp; (300827)<br>| &nbsp;&nbsp; (679130)<br>|
| Net increase (decrease) in shares outstanding | &nbsp;&nbsp; (187407)<br>| &nbsp;&nbsp; 8188 |

---

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $14.79 | &nbsp;&nbsp; $13.31 | &nbsp;&nbsp; $13.92 | &nbsp;&nbsp; $17.38 | &nbsp;&nbsp; $15.16 | &nbsp;&nbsp; $14.30 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.11 | 0.22 | 0.22 | 0.20 | 0.19 | 0.17 |
| Net realized and unrealized gain (loss) | 1.45 | 1.77 | 1.64 | &nbsp;&nbsp; (2.93)<br>| 2.58 | 1.19 |
| Total investment operations | 1.56 | 1.99 | 1.86 | &nbsp;&nbsp; (2.73)<br>| 2.77 | 1.36 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.27)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.50)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $16.35 | &nbsp;&nbsp; $14.79 | &nbsp;&nbsp; $13.31 | &nbsp;&nbsp; $13.92 | &nbsp;&nbsp; $17.38 | &nbsp;&nbsp; $15.16 |
| **Total return**<sup>(B)</sup> <br>| 10.55 %<sup>(C)</sup><br>| 14.99<br> %<br>| 14.47<br> %<br>| &nbsp;&nbsp; (15.76)%<br>| 18.36<br> %<br>| 9.88<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $78397 | &nbsp;&nbsp; $73687 | &nbsp;&nbsp; $66225 | &nbsp;&nbsp; $60526 | &nbsp;&nbsp; $105304 | &nbsp;&nbsp; $88665 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.62 %<sup>(E)</sup><br>| 0.63<br> %<br>| 0.64<br> %<br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.61<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.56 %<sup>(E)</sup>(F)<br>| 0.56 %<sup>(F)</sup><br>| 0.56 %<sup>(F)</sup><br>| 0.56 %<sup>(F)</sup>(G)<br>| 0.56 %<sup>(G)</sup><br>| 0.56 %<sup>(G)</sup><br>|
| Net investment income (loss) to average net assets | 1.49 %<sup>(E)</sup><br>| 1.51<br> %<br>| 1.61<br> %<br>| 1.35<br> %<br>| 1.12<br> %<br>| 1.27<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 5 %<sup>(C)</sup><br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 13<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

<sup>(G)</sup> *TAM contractually agreed to waive 0.05% of the average daily net assets from its management fee through May 1, 2022. These amounts are not* *subject to recapture by TAM.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica BlackRock iShares Edge 100 VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica BlackRock iShares Edge 100 VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by allocating substantially all of the Portfolio's assets to a mix of exchange-traded funds ("ETFs") advised by an affiliate of the Portfolio's sub-adviser (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica BlackRock iShares Edge 100 VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other Portfolios within TST, or by any other party.

There were no commissions recaptured during the period ended June 30, 2025, by the Portfolio.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica BlackRock iShares Edge 100 VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

**Transamerica Series Trust**

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**Page 7**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Exchange-Traded Funds | $10964300 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10964300 |
| **Total Borrowings** | **$10964300** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$10964300** |

---

**5. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect.

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Factor-based investing risk:** Factor-based investment strategies seek to capture broad, consistent drivers of return and to out-perform traditional index strategies. These strategies may not work as intended. An underlying ETF pursuing a factor-based investment strategy may not achieve its objective and may not perform as well as other funds using other asset management strategies.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Portfolio's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Small and medium capitalization companies risk:** The Portfolio will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Emerging markets risk:** Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

investment by foreigners or that prevent foreign investors such as the Portfolio from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.30<br> % <br>|
| Over $1 billion | 0.28 |

---

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Service Class | 0.56<br> % <br>| May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended June 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Service Class | $— | $16271 | $11664 | $5280 | $33215 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of July 1, 2022 through December 31, 2022.*

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCL as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets up to an annual fee of 0.25% of Service Class shares.

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $3943096 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6285587 | &nbsp;&nbsp; $— |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $68833082 | &nbsp;&nbsp; $20534411 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20534411 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica BlackRock iShares Edge 100 VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and BlackRock Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limit, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Portfolio; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Portfolio after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolio; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolio; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolio's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; and ongoing cash management services for the Portfolio. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolio, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and holder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica BlackRock iShares Edge 100 VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was below the median for its peer universe and was below the benchmark that TAM utilizes to measure performance of the Portfolio, each for the past 1-, 3- and 5-year periods. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was below the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica BlackRock iShares Edge 100 VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Portfolio.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Portfolio was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and the holders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Portfolio.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Portfolio and the holders and voted to approve the renewal of the Agreements.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817img0686f87f3.gif)

Visit **transamerica.com**

![](g897817img92cd26d34.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

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![](g897817img3ade46ea1.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica BlackRock iShares Tactical - Balanced VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817img23b1960e2.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_21eccbef-136f-4311-9218-5e02924f1845_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_21eccbef-136f-4311-9218-5e02924f1845_SOI-RunningFooter-237_1) | 2 |
| [Statement of Assets and Liabilities](#xx_21eccbef-136f-4311-9218-5e02924f1845_FS-RunningFooter-237_1) | 3 |
| [Statement of Operations](#xx_21eccbef-136f-4311-9218-5e02924f1845_FS-RunningFooter-237_1) | 3 |
| [Statement of Changes in Net Assets](#xx_21eccbef-136f-4311-9218-5e02924f1845_FS-RunningFooter-237_2) | 4 |
| [Financial Highlights](#xx_21eccbef-136f-4311-9218-5e02924f1845_FS-RunningFooter-237_3) | 5 |
| [Notes to Financial Statements](#xx_21eccbef-136f-4311-9218-5e02924f1845_NTF-RunningFooter-237_1) | 7 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_21eccbef-136f-4311-9218-5e02924f1845_DWA-RunningFooter-237_1)**<br> **[Companies](#xx_21eccbef-136f-4311-9218-5e02924f1845_DWA-RunningFooter-237_1)**<br>| 15 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_21eccbef-136f-4311-9218-5e02924f1845_PD-RunningFooter-237_1)** | 16 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_21eccbef-136f-4311-9218-5e02924f1845_DTO-RunningFooter-237_1)**<br> **[Companies](#xx_21eccbef-136f-4311-9218-5e02924f1845_DTO-RunningFooter-237_1)**<br>| 17 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_21eccbef-136f-4311-9218-5e02924f1845_Mgmtagmt-RunningFooter-237_1)** | 18 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica BlackRock iShares Tactical - Balanced VP**

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**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 96.8%**  | **EXCHANGE-TRADED FUNDS - 96.8%**  | **EXCHANGE-TRADED FUNDS - 96.8%**  |
| **International Equity Funds - 21.4%**  | **International Equity Funds - 21.4%**  | **International Equity Funds - 21.4%**  |
| iShares Core MSCI EAFE ETF <sup>(A)</sup> <br>| 232235 | $19386978 |
| &nbsp;&nbsp; iShares Core MSCI Emerging Markets <br> ETF <sup>(A)</sup> <br>| 129636 | 7782049 |
| iShares MSCI Canada ETF <sup>(A)(B)</sup> <br>| 104513 | 4828501 |
| iShares MSCI EAFE ETF <sup>(A)</sup> <br>| 226853 | 20278390 |
| iShares MSCI Emerging Markets ETF <sup>(A)</sup> <br>| 194404 | 9378049 |
| iShares MSCI Japan ETF <sup>(A)(B)</sup> <br>| 86718 | 6501248 |
|  |  | 68155215 |
| **U.S. Equity Funds - 31.2%**  | **U.S. Equity Funds - 31.2%**  | **U.S. Equity Funds - 31.2%**  |
| iShares Core S&P 500 ETF <sup>(A)</sup> <br>| 74286 | 46124177 |
| &nbsp;&nbsp; iShares Core S&P Total U.S. Stock Market <br> ETF <sup>(A)</sup> <br>| 396667 | 53565912 |
|  |  | 99690089 |
| **U.S. Fixed Income Funds - 44.2%**  | **U.S. Fixed Income Funds - 44.2%**  | **U.S. Fixed Income Funds - 44.2%**  |
| iShares 20+ Year Treasury Bond ETF <sup>(A)</sup> <br>| 33140 | 2924605 |
| &nbsp;&nbsp; iShares Broad USD High Yield Corporate <br> Bond ETF <sup>(A)(B)</sup> <br>| 84925 | 3185537 |
| &nbsp;&nbsp; iShares Broad USD Investment Grade <br> Corporate Bond ETF <sup>(A)(B)</sup> <br>| 368419 | 18951473 |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 371544 | 36857165 |
| iShares Short Treasury Bond ETF <sup>(A)(B)</sup> <br>| 717563 | 79233306 |
|  |  | 141152086 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $283,037,963)**<br>|  | 308997390 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 6.3%**  | **OTHER INVESTMENT COMPANY - 6.3%**  | **OTHER INVESTMENT COMPANY - 6.3%**  |
| **Securities Lending Collateral - 6.3%**  | **Securities Lending Collateral - 6.3%**  | **Securities Lending Collateral - 6.3%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.31% <sup>(C)</sup> <br>| 20182445 | $20182445 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $20,182,445)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $20,182,445)** | 20182445 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 3.3%**  | **REPURCHASE AGREEMENT - 3.3%**  | **REPURCHASE AGREEMENT - 3.3%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(C)</sup>, dated 06/30/2025, to be <br> repurchased at $10,303,289 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.38%, due 05/15/2034, and <br> with a value of $10,508,909.<br>| $10302774 | 10302774 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $10,302,774)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $10,302,774)** | 10302774 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $313,523,182)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $313,523,182)** | 339482609 |
| **Net Other Assets (Liabilities) - (6.4)%** | **Net Other Assets (Liabilities) - (6.4)%** | (20298367) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$319184242** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $308997390 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $308997390 |
| Other Investment Company | 20182445 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20182445 |
| Repurchase Agreement |  | &nbsp;&nbsp; 10302774 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10302774 |
| **Total Investments** | **$329179835** | &nbsp;&nbsp; **$10302774** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$339482609** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $23,025,197, collateralized by cash collateral of $20,182,445 and* *non-cash collateral, such as U.S. government securities of $3,339,646. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica BlackRock iShares Tactical - Balanced VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $303,220,408) <br> (including securities loaned of $23,025,197)<br>| &nbsp;&nbsp; $329179835 |
| Repurchase agreement, at value (cost $10,302,774) | &nbsp;&nbsp; 10302774 |
| Foreign currency, at value (cost $128) | &nbsp;&nbsp; 136 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 1680470 |
| Net income from securities lending | &nbsp;&nbsp; 6500 |
| Interest | &nbsp;&nbsp; 515 |
| Prepaid expenses | &nbsp;&nbsp; 1393 |
| Total assets | &nbsp;&nbsp; 341171623 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 20182445 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 1389309 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 141445 |
| Investment management fees | &nbsp;&nbsp; 120313 |
| Distribution and service fees | &nbsp;&nbsp; 65932 |
| Transfer agent costs | &nbsp;&nbsp; 381 |
| Trustee and CCO fees | &nbsp;&nbsp; 1524 |
| Audit and tax fees  | &nbsp;&nbsp; 22443 |
| Custody fees | &nbsp;&nbsp; 30814 |
| Legal fees | &nbsp;&nbsp; 1441 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 22027 |
| Other accrued expenses | &nbsp;&nbsp; 9307 |
| Total liabilities | &nbsp;&nbsp; 21987381 |
| **Net assets**  | &nbsp;&nbsp; $319184242 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $300581 |
| Additional paid-in capital | &nbsp;&nbsp; 347589298 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (28705637)<br>|
| **Net assets** | &nbsp;&nbsp; $319184242 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $5552215 |
| Service Class | &nbsp;&nbsp; 313632027 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 511702 |
| Service Class | &nbsp;&nbsp; 29546392 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $10.85 |
| Service Class | 10.61 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $4121999 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 72804 |
| Net income from securities lending | &nbsp;&nbsp; 41122 |
| Total investment income  | &nbsp;&nbsp; 4235925 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 794123 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 390360 |
| Transfer agent costs | &nbsp;&nbsp; 1851 |
| Trustee and CCO fees | &nbsp;&nbsp; 8054 |
| Audit and tax fees | &nbsp;&nbsp; 23449 |
| Legal fees | &nbsp;&nbsp; 13357 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 22550 |
| Other | &nbsp;&nbsp; 12748 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 1266492 |
| Expenses waived and/or reimbursed: |  |
| Initial Class | &nbsp;&nbsp; (1383)<br>|
| Service Class | &nbsp;&nbsp; (80501)<br>|
| Net expenses | &nbsp;&nbsp; 1184608 |
| **Net investment income (loss)** | &nbsp;&nbsp; 3051317 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 5625206 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 9537643 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 16 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 9537659 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 15162865 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $18214182 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica BlackRock iShares Tactical - Balanced VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $3051317 | &nbsp;&nbsp; $10375266 |
| Net realized gain (loss) | &nbsp;&nbsp; 5625206 | &nbsp;&nbsp; (6011045)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 9537659 | &nbsp;&nbsp; 24971600 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 18214182 | &nbsp;&nbsp; 29335821 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (205022)<br>|
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (12265859)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (12470881)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 162655 | &nbsp;&nbsp; 333394 |
| Service Class | &nbsp;&nbsp; 1522985 | &nbsp;&nbsp; 1383710 |
|  | &nbsp;&nbsp; 1685640 | &nbsp;&nbsp; 1717104 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 205022 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 12265859 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 12470881 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (363548)<br>| &nbsp;&nbsp; (537883)<br>|
| Service Class | &nbsp;&nbsp; (30318296)<br>| &nbsp;&nbsp; (63782161)<br>|
|  | &nbsp;&nbsp; (30681844)<br>| &nbsp;&nbsp; (64320044)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (28996204)<br>| &nbsp;&nbsp; (50132059)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (10782022)<br>| &nbsp;&nbsp; (33267119)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 329966264 | &nbsp;&nbsp; 363233383 |
| End of period/year | &nbsp;&nbsp; $319184242 | &nbsp;&nbsp; $329966264 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 15859 | &nbsp;&nbsp; 32840 |
| Service Class | &nbsp;&nbsp; 149835 | &nbsp;&nbsp; 138486 |
|  | &nbsp;&nbsp; 165694 | &nbsp;&nbsp; 171326 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 20199 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1232750 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1252949 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (34820)<br>| &nbsp;&nbsp; (53280)<br>|
| Service Class | &nbsp;&nbsp; (2988648)<br>| &nbsp;&nbsp; (6424728)<br>|
|  | &nbsp;&nbsp; (3023468)<br>| &nbsp;&nbsp; (6478008)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (18961)<br>| &nbsp;&nbsp; (241)<br>|
| Service Class | &nbsp;&nbsp; (2838813)<br>| &nbsp;&nbsp; (5053492)<br>|
|  | &nbsp;&nbsp; (2857774)<br>| &nbsp;&nbsp; (5053733)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica BlackRock iShares Tactical - Balanced VP**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $10.23 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $8.91 | &nbsp;&nbsp; $12.31 | &nbsp;&nbsp; $12.46 | &nbsp;&nbsp; $12.62 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.11 | 0.32 | 0.34 | 0.15 | 0.08 | 0.03 |
| Net realized and unrealized gain (loss) | 0.51 | 0.55 | 0.63 | &nbsp;&nbsp; (2.48)<br>| 0.74 | 1.07 |
| Total investment operations | 0.62 | 0.87 | 0.97 | &nbsp;&nbsp; (2.33)<br>| 0.82 | 1.10 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.81)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (1.26)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $10.85 | &nbsp;&nbsp; $10.23 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $8.91 | &nbsp;&nbsp; $12.31 | &nbsp;&nbsp; $12.46 |
| **Total return**<sup>(B)</sup> <br>| 6.06 %<sup>(C)</sup><br>| 8.90<br> %<br>| 10.99<br> %<br>| &nbsp;&nbsp; (19.42)%<br>| 6.62<br> %<br>| 9.18<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $5552 | &nbsp;&nbsp; $5429 | &nbsp;&nbsp; $5180 | &nbsp;&nbsp; $5025 | &nbsp;&nbsp; $6616 | &nbsp;&nbsp; $6311 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.55 %<sup>(E)</sup><br>| 0.69<br> %<br>| 0.89<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.50 %<sup>(E)</sup>(F)<br>| 0.65 %<sup>(F)</sup><br>| 0.89<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>|
| Net investment income (loss) to average net assets | 2.19 %<sup>(E)</sup><br>| 3.20<br> %<br>| 3.64<br> %<br>| 1.47<br> %<br>| 0.60<br> %<br>| 0.25<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 29 %<sup>(C)</sup><br>| &nbsp;&nbsp; 149<br> %<br>| &nbsp;&nbsp; 31 %<sup>(G)</sup><br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 38 %<sup>(G)</sup><br>| &nbsp;&nbsp; 59 %<sup>(G)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

<sup>(G)</sup> *Excludes sale-buyback transactions.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica BlackRock iShares Tactical - Balanced VP**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $10.02 | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $8.73 | &nbsp;&nbsp; $12.08 | &nbsp;&nbsp; $12.27 | &nbsp;&nbsp; $12.45 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.10 | 0.29 | 0.31 | 0.12 | 0.04 | &nbsp;&nbsp; (0.00 )<sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | 0.49 | 0.54 | 0.62 | &nbsp;&nbsp; (2.43)<br>| 0.74 | 1.05 |
| Total investment operations | 0.59 | 0.83 | 0.93 | &nbsp;&nbsp; (2.31)<br>| 0.78 | 1.05 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.81)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (1.23)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $10.61 | &nbsp;&nbsp; $10.02 | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $8.73 | &nbsp;&nbsp; $12.08 | &nbsp;&nbsp; $12.27 |
| **Total return**<sup>(C)</sup> <br>| 5.89 %<sup>(D)</sup><br>| 8.69<br> %<br>| 10.66<br> %<br>| &nbsp;&nbsp; (19.65)%<br>| 6.39<br> %<br>| 8.86<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $313632 | &nbsp;&nbsp; $324537 | &nbsp;&nbsp; $358053 | &nbsp;&nbsp; $370773 | &nbsp;&nbsp; $525408 | &nbsp;&nbsp; $573363 |
| Expenses to average net assets<sup>(E)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.80 %<sup>(F)</sup><br>| 0.94<br> %<br>| 1.14<br> %<br>| 1.11<br> %<br>| 1.11<br> %<br>| 1.11<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.75 %<sup>(F)</sup>(G)<br>| 0.90 %<sup>(G)</sup><br>| 1.14<br> %<br>| 1.11<br> %<br>| 1.11<br> %<br>| 1.11<br> %<br>|
| Net investment income (loss) to average net assets | 1.92 %<sup>(F)</sup><br>| 2.96<br> %<br>| 3.39<br> %<br>| 1.21<br> %<br>| 0.36<br> %<br>| &nbsp;&nbsp; (0.00 )%<sup>(H)</sup><br>|
| Portfolio turnover rate | &nbsp;&nbsp; 29 %<sup>(D)</sup><br>| &nbsp;&nbsp; 149<br> %<br>| &nbsp;&nbsp; 31 %<sup>(I)</sup><br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 38 %<sup>(I)</sup><br>| &nbsp;&nbsp; 59 %<sup>(I)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

<sup>(H)</sup> *Rounds to less than 0.01% or (0.01)%.*

<sup>(I)</sup> *Excludes sale-buyback transactions.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica BlackRock iShares Tactical - Balanced VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica BlackRock iShares Tactical - Balanced VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a combination of underlying exchange-traded funds ("ETFs") advised by the Portfolio's sub-adviser or an affiliate (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica BlackRock iShares Tactical - Balanced VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Foreign currency denominated investments:** The accounting records of the Portfolio are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other Portfolios within TST, or by any other party.

There were no commissions recaptured during the period ended June 30, 2025, by the Portfolio.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica BlackRock iShares Tactical - Balanced VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica BlackRock iShares Tactical - Balanced VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Exchange-Traded Funds | $20182445 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20182445 |
| **Total Borrowings** | **$20182445** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$20182445** |

---

**5. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Underlying exchange-traded funds risk:** To the extent the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs

**Transamerica Series Trust**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.5000<br> % <br>|
| Over $500 million up to $1 billion | 0.4900 |
| Over $1 billion up to $2.5 billion | 0.4725 |
| Over $2.5 billion up to $3.5 billion | 0.4650 |
| Over $3.5 billion up to $4.5 billion | 0.4525 |
| Over $4.5 billion | 0.4400 |

---

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.63<br> % <br>| May 1, 2026 |
| Service Class | 0.88 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of June 30, 2025, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCL as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCL has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2026. Prior to TCL seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Initial Class | 0.15<br> % <br>|
| Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $89817231 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $121971014 | &nbsp;&nbsp; $— |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $313523182 | &nbsp;&nbsp; $25959427 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25959427 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica BlackRock iShares Tactical – Balanced VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and BlackRock Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Portfolio; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Portfolio after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolio; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolio; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolio's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; and ongoing cash management services for the Portfolio. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolio, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and holder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was below the median for its peer universe and below the benchmark that TAM utilizes to measure performance of the Portfolio, each for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Portfolio on May 1, 2024 pursuant to its current investment strategies and benchmarks. The Trustees observed that the performance of the Portfolio had improved during the first quarter of 2025.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio** 

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were above the medians for its peer group and its peer universe. The Trustees and TAM agreed upon a contractual waiver by TAM of a portion of the management fees for the Portfolio. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica BlackRock iShares Tactical - Balanced VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Portfolio.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Portfolio was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Portfolio.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and the holders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Portfolio.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Portfolio and the holders and voted to approve the renewal of the Agreements.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817img9b5633b73.gif)

Visit **transamerica.com**

![](g897817img952b93934.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

![](g897817img64263f2e5.gif)

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![](g897817img891237691.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica BlackRock iShares Tactical - Conservative VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817img826ea30f2.gif)

------

**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_b45694ec-435a-411b-addf-b47d80f3157e_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_b45694ec-435a-411b-addf-b47d80f3157e_SOI-RunningFooter-236_1) | 2 |
| [Statement of Assets and Liabilities](#xx_b45694ec-435a-411b-addf-b47d80f3157e_FS-RunningFooter-236_1) | 3 |
| [Statement of Operations](#xx_b45694ec-435a-411b-addf-b47d80f3157e_FS-RunningFooter-236_1) | 3 |
| [Statement of Changes in Net Assets](#xx_b45694ec-435a-411b-addf-b47d80f3157e_FS-RunningFooter-236_2) | 4 |
| [Financial Highlights](#xx_b45694ec-435a-411b-addf-b47d80f3157e_FS-RunningFooter-236_3) | 5 |
| [Notes to Financial Statements](#xx_b45694ec-435a-411b-addf-b47d80f3157e_NTF-RunningFooter-236_1) | 7 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_b45694ec-435a-411b-addf-b47d80f3157e_DWA-RunningFooter-236_1)**<br> **[Companies](#xx_b45694ec-435a-411b-addf-b47d80f3157e_DWA-RunningFooter-236_1)**<br>| 15 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_b45694ec-435a-411b-addf-b47d80f3157e_PD-RunningFooter-236_1)** | 16 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_b45694ec-435a-411b-addf-b47d80f3157e_DTO-RunningFooter-236_1)**<br> **[Companies](#xx_b45694ec-435a-411b-addf-b47d80f3157e_DTO-RunningFooter-236_1)**<br>| 17 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_b45694ec-435a-411b-addf-b47d80f3157e_Mgmtagmt-RunningFooter-236_1)** | 18 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica BlackRock iShares Tactical - Conservative VP**

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**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 96.6%**  | **EXCHANGE-TRADED FUNDS - 96.6%**  | **EXCHANGE-TRADED FUNDS - 96.6%**  |
| **International Equity Funds - 16.0%**  | **International Equity Funds - 16.0%**  | **International Equity Funds - 16.0%**  |
| iShares Core MSCI EAFE ETF <sup>(A)</sup> <br>| 75551 | $6306998 |
| &nbsp;&nbsp; iShares Core MSCI Emerging Markets <br> ETF <sup>(A)</sup> <br>| 46529 | 2793136 |
| iShares MSCI Canada ETF <sup>(A)</sup> <br>| 35200 | 1626240 |
| iShares MSCI EAFE ETF <sup>(A)</sup> <br>| 89814 | 8028473 |
| iShares MSCI Emerging Markets ETF <sup>(A)</sup> <br>| 64150 | 3094596 |
| iShares MSCI Japan ETF <sup>(A)(B)</sup> <br>| 43150 | 3234956 |
|  |  | 25084399 |
| **U.S. Equity Funds - 21.5%**  | **U.S. Equity Funds - 21.5%**  | **U.S. Equity Funds - 21.5%**  |
| iShares Core S&P 500 ETF <sup>(A)</sup> <br>| 23643 | 14679939 |
| &nbsp;&nbsp; iShares Core S&P Total U.S. Stock Market <br> ETF <sup>(A)</sup> <br>| 140872 | 19023355 |
|  |  | 33703294 |
| **U.S. Fixed Income Funds - 59.1%**  | **U.S. Fixed Income Funds - 59.1%**  | **U.S. Fixed Income Funds - 59.1%**  |
| iShares 20+ Year Treasury Bond ETF <sup>(A)</sup> <br>| 16519 | 1457802 |
| &nbsp;&nbsp; iShares Broad USD High Yield Corporate <br> Bond ETF <sup>(A)</sup> <br>| 41860 | 1570168 |
| &nbsp;&nbsp; iShares Broad USD Investment Grade <br> Corporate Bond ETF <sup>(A)</sup> <br>| 242129 | 12455116 |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 386330 | 38323936 |
| iShares Short Treasury Bond ETF <sup>(A)</sup> <br>| 351972 | 38864748 |
|  |  | 92671770 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $141,856,888)**<br>|  | 151459463 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 1.7%**  | **OTHER INVESTMENT COMPANY - 1.7%**  | **OTHER INVESTMENT COMPANY - 1.7%**  |
| **Securities Lending Collateral - 1.7%**  | **Securities Lending Collateral - 1.7%**  | **Securities Lending Collateral - 1.7%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.31% <sup>(C)</sup> <br>| 2738700 | $2738700 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $2,738,700)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $2,738,700)** | 2738700 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 3.4%**  | **REPURCHASE AGREEMENT - 3.4%**  | **REPURCHASE AGREEMENT - 3.4%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(C)</sup>, dated 06/30/2025, to be <br> repurchased at $5,334,363 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.63%, due 06/15/2027, and <br> with a value of $5,440,926.<br>| $5334096 | 5334096 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $5,334,096)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $5,334,096)** | 5334096 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $149,929,684)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $149,929,684)** | 159532259 |
| **Net Other Assets (Liabilities) - (1.7)%** | **Net Other Assets (Liabilities) - (1.7)%** | (2720509) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$156811750** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $151459463 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $151459463 |
| Other Investment Company | 2738700 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2738700 |
| Repurchase Agreement |  | &nbsp;&nbsp; 5334096 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5334096 |
| **Total Investments** | **$154198163** | &nbsp;&nbsp; **$5334096** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$159532259** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $2,721,411, collateralized by cash collateral of $2,738,700 and* *non-cash collateral, such as U.S. government securities of $38,250. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica BlackRock iShares Tactical - Conservative VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $144,595,588) <br> (including securities loaned of $2,721,411)<br>| &nbsp;&nbsp; $154198163 |
| Repurchase agreement, at value (cost $5,334,096) | &nbsp;&nbsp; 5334096 |
| Foreign currency, at value (cost $224) | &nbsp;&nbsp; 244 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 790395 |
| Net income from securities lending | &nbsp;&nbsp; 6687 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 217 |
| Interest | &nbsp;&nbsp; 267 |
| Prepaid expenses | &nbsp;&nbsp; 686 |
| Total assets | &nbsp;&nbsp; 160330755 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 2738700 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 565910 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 49534 |
| Investment management fees | &nbsp;&nbsp; 59009 |
| Distribution and service fees | &nbsp;&nbsp; 31075 |
| Transfer agent costs | &nbsp;&nbsp; 193 |
| Trustee and CCO fees | &nbsp;&nbsp; 766 |
| Audit and tax fees  | &nbsp;&nbsp; 21874 |
| Custody fees | &nbsp;&nbsp; 31852 |
| Legal fees | &nbsp;&nbsp; 847 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 12219 |
| Other accrued expenses | &nbsp;&nbsp; 7026 |
| Total liabilities | &nbsp;&nbsp; 3519005 |
| **Net assets**  | &nbsp;&nbsp; $156811750 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $153469 |
| Additional paid-in capital | &nbsp;&nbsp; 176734045 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (20075764)<br>|
| **Net assets** | &nbsp;&nbsp; $156811750 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $8755932 |
| Service Class | &nbsp;&nbsp; 148055818 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 844888 |
| Service Class | &nbsp;&nbsp; 14502013 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $10.36 |
| Service Class | 10.21 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $2215542 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 35506 |
| Net income from securities lending | &nbsp;&nbsp; 25254 |
| Total investment income  | &nbsp;&nbsp; 2276302 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 390971 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 184859 |
| Transfer agent costs | &nbsp;&nbsp; 916 |
| Trustee and CCO fees | &nbsp;&nbsp; 3971 |
| Audit and tax fees | &nbsp;&nbsp; 22619 |
| Legal fees | &nbsp;&nbsp; 6683 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 12370 |
| Other | &nbsp;&nbsp; 9116 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 631505 |
| Expenses waived and/or reimbursed: |  |
| Initial Class | &nbsp;&nbsp; (2193)<br>|
| Service Class | &nbsp;&nbsp; (38121)<br>|
| Net expenses | &nbsp;&nbsp; 591191 |
| **Net investment income (loss)** | &nbsp;&nbsp; 1685111 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 2518376 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 3369426 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 29 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 3369455 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 5887831 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $7572942 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica BlackRock iShares Tactical - Conservative VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $1685111 | &nbsp;&nbsp; $5320223 |
| Net realized gain (loss) | &nbsp;&nbsp; 2518376 | &nbsp;&nbsp; (8347696)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 3369455 | &nbsp;&nbsp; 13632493 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 7572942 | &nbsp;&nbsp; 10605020 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (329927)<br>|
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (5981958)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (6311885)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 137145 | &nbsp;&nbsp; 325117 |
| Service Class | &nbsp;&nbsp; 770749 | &nbsp;&nbsp; 1362989 |
|  | &nbsp;&nbsp; 907894 | &nbsp;&nbsp; 1688106 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 329927 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 5981958 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 6311885 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (381972)<br>| &nbsp;&nbsp; (861190)<br>|
| Service Class | &nbsp;&nbsp; (15053802)<br>| &nbsp;&nbsp; (32125619)<br>|
|  | &nbsp;&nbsp; (15435774)<br>| &nbsp;&nbsp; (32986809)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (14527880)<br>| &nbsp;&nbsp; (24986818)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (6954938)<br>| &nbsp;&nbsp; (20693683)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 163766688 | &nbsp;&nbsp; 184460371 |
| End of period/year | &nbsp;&nbsp; $156811750 | &nbsp;&nbsp; $163766688 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 13826 | &nbsp;&nbsp; 32908 |
| Service Class | &nbsp;&nbsp; 77000 | &nbsp;&nbsp; 140719 |
|  | &nbsp;&nbsp; 90826 | &nbsp;&nbsp; 173627 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 33529 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 615428 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 648957 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (38310)<br>| &nbsp;&nbsp; (87909)<br>|
| Service Class | &nbsp;&nbsp; (1530844)<br>| &nbsp;&nbsp; (3308915)<br>|
|  | &nbsp;&nbsp; (1569154)<br>| &nbsp;&nbsp; (3396824)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (24484)<br>| &nbsp;&nbsp; (21472)<br>|
| Service Class | &nbsp;&nbsp; (1453844)<br>| &nbsp;&nbsp; (2552768)<br>|
|  | &nbsp;&nbsp; (1478328)<br>| &nbsp;&nbsp; (2574240)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica BlackRock iShares Tactical - Conservative VP**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $9.86 | &nbsp;&nbsp; $9.63 | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $11.84 | &nbsp;&nbsp; $12.47 | &nbsp;&nbsp; $12.32 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.12 | 0.32 | 0.33 | 0.17 | 0.13 | 0.20 |
| Net realized and unrealized gain (loss) | 0.38 | 0.30 | 0.35 | &nbsp;&nbsp; (2.17)<br>| 0.41 | 1.01 |
| Total investment operations | 0.50 | 0.62 | 0.68 | &nbsp;&nbsp; (2.00)<br>| 0.54 | 1.21 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (0.85)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (1.06)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $10.36 | &nbsp;&nbsp; $9.86 | &nbsp;&nbsp; $9.63 | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $11.84 | &nbsp;&nbsp; $12.47 |
| **Total return**<sup>(B)</sup> <br>| 5.07 %<sup>(C)</sup><br>| 6.42<br> %<br>| 7.57<br> %<br>| &nbsp;&nbsp; (17.12)%<br>| 4.43<br> %<br>| 10.22<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $8756 | &nbsp;&nbsp; $8573 | &nbsp;&nbsp; $8580 | &nbsp;&nbsp; $8782 | &nbsp;&nbsp; $11199 | &nbsp;&nbsp; $11569 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.57 %<sup>(E)</sup><br>| 0.72<br> %<br>| 0.90 %<sup>(F)</sup><br>| 0.87 %<sup>(F)</sup><br>| 0.87 %<sup>(F)</sup><br>| 0.87 %<sup>(F)</sup><br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.52 %<sup>(E)</sup>(G)<br>| 0.69 %<sup>(G)</sup><br>| 0.90 %<sup>(F)</sup><br>| 0.87 %<sup>(F)</sup><br>| 0.87 %<sup>(F)</sup><br>| 0.87 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 2.41 %<sup>(E)</sup><br>| 3.27<br> %<br>| 3.58<br> %<br>| 1.69<br> %<br>| 1.03<br> %<br>| 1.61<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 24 %<sup>(C)</sup><br>| &nbsp;&nbsp; 162<br> %<br>| &nbsp;&nbsp; 28 %<sup>(H)</sup><br>| &nbsp;&nbsp; 34 %<sup>(H)</sup><br>| &nbsp;&nbsp; 60 %<sup>(H)</sup><br>| &nbsp;&nbsp; 65 %<sup>(H)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Includes interest fee on sale-buyback transactions.*

<sup>(G)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

<sup>(H)</sup> *Excludes sale-buyback transactions.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $9.73 | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $8.97 | &nbsp;&nbsp; $11.68 | &nbsp;&nbsp; $12.31 | &nbsp;&nbsp; $12.18 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.10 | 0.29 | 0.31 | 0.14 | 0.09 | 0.17 |
| Net realized and unrealized gain (loss) | 0.38 | 0.30 | 0.33 | &nbsp;&nbsp; (2.13)<br>| 0.42 | 0.99 |
| Total investment operations | 0.48 | 0.59 | 0.64 | &nbsp;&nbsp; (1.99)<br>| 0.51 | 1.16 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.18)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (0.85)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp; (1.03)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $9.73 | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $8.97 | &nbsp;&nbsp; $11.68 | &nbsp;&nbsp; $12.31 |
| **Total return**<sup>(B)</sup> <br>| 4.93 %<sup>(C)</sup><br>| 6.22<br> %<br>| 7.24<br> %<br>| &nbsp;&nbsp; (17.29)%<br>| 4.21<br> %<br>| 9.89<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $148056 | &nbsp;&nbsp; $155194 | &nbsp;&nbsp; $175880 | &nbsp;&nbsp; $187658 | &nbsp;&nbsp; $261941 | &nbsp;&nbsp; $306221 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.82 %<sup>(E)</sup><br>| 0.97<br> %<br>| 1.15 %<sup>(F)</sup><br>| 1.12 %<sup>(F)</sup><br>| 1.12 %<sup>(F)</sup><br>| 1.12 %<sup>(F)</sup><br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.77 %<sup>(E)</sup>(G)<br>| 0.94 %<sup>(G)</sup><br>| 1.15 %<sup>(F)</sup><br>| 1.12 %<sup>(F)</sup><br>| 1.12 %<sup>(F)</sup><br>| 1.12 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 2.14 %<sup>(E)</sup><br>| 3.01<br> %<br>| 3.33<br> %<br>| 1.42<br> %<br>| 0.78<br> %<br>| 1.36<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 24 %<sup>(C)</sup><br>| &nbsp;&nbsp; 162<br> %<br>| &nbsp;&nbsp; 28 %<sup>(H)</sup><br>| &nbsp;&nbsp; 34 %<sup>(H)</sup><br>| &nbsp;&nbsp; 60 %<sup>(H)</sup><br>| &nbsp;&nbsp; 65 %<sup>(H)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Includes interest fee on sale-buyback transactions.*

<sup>(G)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

<sup>(H)</sup> *Excludes sale-buyback transactions.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica BlackRock iShares Tactical - Conservative VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a combination of underlying exchange-traded funds ("ETFs") advised by the Portfolio's sub-adviser or an affiliate (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Foreign currency denominated investments:** The accounting records of the Portfolio are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other Portfolios within TST, or by any other party.

There were no commissions recaptured during the period ended June 30, 2025, by the Portfolio.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Exchange-Traded Funds | $2738700 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2738700 |
| **Total Borrowings** | **$2738700** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2738700** |

---

**5. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Underlying exchange-traded funds risk:** To the extent the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.5000<br> % <br>|
| Over $500 million up to $1 billion | 0.4900 |
| Over $1 billion up to $2.5 billion | 0.4725 |
| Over $2.5 billion up to $3.5 billion | 0.4650 |
| Over $3.5 billion up to $4.5 billion | 0.4525 |
| Over $4.5 billion  | 0.4400 |

---

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.63<br> % <br>| May 1, 2026 |
| Service Class | 0.88 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of June 30, 2025, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCL as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCL has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2026. Prior to TCL seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Initial Class | 0.15<br> % <br>|
| Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $37610372 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $54005154 | &nbsp;&nbsp; $— |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $149929684 | &nbsp;&nbsp; $9602575 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9602575 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica BlackRock iShares Tactical – Conservative VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and BlackRock Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Portfolio; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Portfolio after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolio; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolio; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolio's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; and ongoing cash management services for the Portfolio. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolio, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and holder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of Service Class Shares of the Portfolio was above the benchmark that TAM utilizes to measure performance of the Portfolio for the past 1-year period and below the benchmark for the past 3-, 5- and 10-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Portfolio on May 1, 2024 pursuant to its current investment strategies and benchmarks. The Trustees observed that the performance of the Portfolio had improved during the first quarter of 2025.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were above the medians for its peer group and peer universe. The Trustees and TAM agreed upon a contractual waiver by TAM of a portion of the management fees for the Portfolio. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Portfolio.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Portfolio was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Portfolio.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and the holders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Portfolio.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Portfolio and the holders and voted to approve the renewal of the Agreements.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817img4cc0c7a93.gif)

Visit **transamerica.com**

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Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

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![](g897817img095b6cc61.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica BlackRock iShares Tactical - Growth VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817img00b1ac662.gif)

------

**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_f9a7f017-3564-4a8e-8d40-ab855f969231_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_f9a7f017-3564-4a8e-8d40-ab855f969231_SOI-RunningFooter-235_1) | 2 |
| [Statement of Assets and Liabilities](#xx_f9a7f017-3564-4a8e-8d40-ab855f969231_FS-RunningFooter-235_1) | 3 |
| [Statement of Operations](#xx_f9a7f017-3564-4a8e-8d40-ab855f969231_FS-RunningFooter-235_1) | 3 |
| [Statement of Changes in Net Assets](#xx_f9a7f017-3564-4a8e-8d40-ab855f969231_FS-RunningFooter-235_2) | 4 |
| [Financial Highlights](#xx_f9a7f017-3564-4a8e-8d40-ab855f969231_FS-RunningFooter-235_3) | 5 |
| [Notes to Financial Statements](#xx_f9a7f017-3564-4a8e-8d40-ab855f969231_NTF-RunningFooter-235_1) | 7 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_f9a7f017-3564-4a8e-8d40-ab855f969231_DWA-RunningFooter-235_1)**<br> **[Companies](#xx_f9a7f017-3564-4a8e-8d40-ab855f969231_DWA-RunningFooter-235_1)**<br>| 15 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_f9a7f017-3564-4a8e-8d40-ab855f969231_PD-RunningFooter-235_1)** | 16 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_f9a7f017-3564-4a8e-8d40-ab855f969231_DTO-RunningFooter-235_1)**<br> **[Companies](#xx_f9a7f017-3564-4a8e-8d40-ab855f969231_DTO-RunningFooter-235_1)**<br>| 17 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_f9a7f017-3564-4a8e-8d40-ab855f969231_Mgmtagmt-RunningFooter-235_1)** | 18 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica BlackRock iShares Tactical - Growth VP**

------

**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 99.4%**  | **EXCHANGE-TRADED FUNDS - 99.4%**  | **EXCHANGE-TRADED FUNDS - 99.4%**  |
| **International Equity Funds - 28.6%**  | **International Equity Funds - 28.6%**  | **International Equity Funds - 28.6%**  |
| iShares Core MSCI EAFE ETF <sup>(A)</sup> <br>| 214216 | $17882752 |
| &nbsp;&nbsp; iShares Core MSCI Emerging Markets <br> ETF <sup>(A)</sup> <br>| 140893 | 8457807 |
| iShares MSCI Canada ETF <sup>(A)(B)</sup> <br>| 107990 | 4989138 |
| iShares MSCI EAFE ETF <sup>(A)</sup> <br>| 250521 | 22394072 |
| iShares MSCI Emerging Markets ETF <sup>(A)</sup> <br>| 189151 | 9124644 |
| iShares MSCI Japan ETF <sup>(A)(B)</sup> <br>| 63305 | 4745976 |
|  |  | 67594389 |
| **U.S. Equity Funds - 44.1%**  | **U.S. Equity Funds - 44.1%**  | **U.S. Equity Funds - 44.1%**  |
| iShares Core S&P 500 ETF <sup>(A)</sup> <br>| 82599 | 51285719 |
| &nbsp;&nbsp; iShares Core S&P Total U.S. Stock Market <br> ETF <sup>(A)</sup> <br>| 392660 | 53024806 |
|  |  | 104310525 |
| **U.S. Fixed Income Funds - 26.7%**  | **U.S. Fixed Income Funds - 26.7%**  | **U.S. Fixed Income Funds - 26.7%**  |
| iShares 20+ Year Treasury Bond ETF <sup>(A)</sup> <br>| 24503 | 2162390 |
| &nbsp;&nbsp; iShares Broad USD Investment Grade <br> Corporate Bond ETF <sup>(A)(B)</sup> <br>| 26172 | 1346288 |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 143855 | 14270416 |
| iShares Short Treasury Bond ETF <sup>(A)(B)</sup> <br>| 411155 | 45399735 |
|  |  | 63178829 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $209,114,364)**<br>|  | 235083743 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 7.8%**  | **OTHER INVESTMENT COMPANY - 7.8%**  | **OTHER INVESTMENT COMPANY - 7.8%**  |
| **Securities Lending Collateral - 7.8%**  | **Securities Lending Collateral - 7.8%**  | **Securities Lending Collateral - 7.8%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.31% <sup>(C)</sup> <br>| 18453508 | $18453508 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $18,453,508)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $18,453,508)** | 18453508 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.7%**  | **REPURCHASE AGREEMENT - 0.7%**  | **REPURCHASE AGREEMENT - 0.7%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(C)</sup>, dated 06/30/2025, to be <br> repurchased at $1,743,606 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.38%, due 05/15/2034, and <br> with a value of $1,778,512.<br>| $1743519 | 1743519 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,743,519)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,743,519)** | 1743519 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $229,311,391)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $229,311,391)** | 255280770 |
| **Net Other Assets (Liabilities) - (7.9)%** | **Net Other Assets (Liabilities) - (7.9)%** | (18688653) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$236592117** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $235083743 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $235083743 |
| Other Investment Company | 18453508 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18453508 |
| Repurchase Agreement |  | &nbsp;&nbsp; 1743519 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1743519 |
| **Total Investments** | **$253537251** | &nbsp;&nbsp; **$1743519** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$255280770** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $22,768,514, collateralized by cash collateral of $18,453,508 and* *non-cash collateral, such as U.S. government securities of $4,794,332. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica BlackRock iShares Tactical - Growth VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $227,567,872) <br> (including securities loaned of $22,768,514)<br>| &nbsp;&nbsp; $253537251 |
| Repurchase agreement, at value (cost $1,743,519) | &nbsp;&nbsp; 1743519 |
| Foreign currency, at value (cost $58) | &nbsp;&nbsp; 62 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 829805 |
| Net income from securities lending | &nbsp;&nbsp; 3554 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 500 |
| Interest | &nbsp;&nbsp; 2277 |
| Prepaid expenses | &nbsp;&nbsp; 1029 |
| Total assets | &nbsp;&nbsp; 256117997 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 18453508 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 715885 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 132531 |
| Investment management fees | &nbsp;&nbsp; 88947 |
| Distribution and service fees | &nbsp;&nbsp; 47047 |
| Transfer agent costs | &nbsp;&nbsp; 280 |
| Trustee and CCO fees | &nbsp;&nbsp; 1071 |
| Audit and tax fees  | &nbsp;&nbsp; 21384 |
| Custody fees | &nbsp;&nbsp; 38362 |
| Legal fees | &nbsp;&nbsp; 920 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 17929 |
| Other accrued expenses | &nbsp;&nbsp; 8016 |
| Total liabilities | &nbsp;&nbsp; 19525880 |
| **Net assets**  | &nbsp;&nbsp; $236592117 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $213723 |
| Additional paid-in capital | &nbsp;&nbsp; 233768814 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 2609580 |
| **Net assets** | &nbsp;&nbsp; $236592117 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $12250612 |
| Service Class | &nbsp;&nbsp; 224341505 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 1069525 |
| Service Class | &nbsp;&nbsp; 20302748 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $11.45 |
| Service Class | 11.05 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $2701508 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 20395 |
| Net income from securities lending | &nbsp;&nbsp; 26274 |
| Total investment income  | &nbsp;&nbsp; 2748177 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 581748 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 276095 |
| Transfer agent costs | &nbsp;&nbsp; 1357 |
| Trustee and CCO fees | &nbsp;&nbsp; 5873 |
| Audit and tax fees | &nbsp;&nbsp; 22258 |
| Legal fees | &nbsp;&nbsp; 9682 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 18130 |
| Other | &nbsp;&nbsp; 10747 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 925890 |
| Expenses waived and/or reimbursed: |  |
| Initial Class | &nbsp;&nbsp; (3049)<br>|
| Service Class | &nbsp;&nbsp; (56936)<br>|
| Net expenses | &nbsp;&nbsp; 865905 |
| **Net investment income (loss)** | &nbsp;&nbsp; 1882272 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 4700919 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 8908730 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 8 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 8908738 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 13609657 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $15491929 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica BlackRock iShares Tactical - Growth VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $1882272 | &nbsp;&nbsp; $7057756 |
| Net realized gain (loss) | &nbsp;&nbsp; 4700919 | &nbsp;&nbsp; 3535569 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 8908738 | &nbsp;&nbsp; 17644681 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 15491929 | &nbsp;&nbsp; 28238006 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (439030)<br>|
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (8612520)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (9051550)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 163731 | &nbsp;&nbsp; 520531 |
| Service Class | &nbsp;&nbsp; 2729647 | &nbsp;&nbsp; 5494633 |
|  | &nbsp;&nbsp; 2893378 | &nbsp;&nbsp; 6015164 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 439030 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 8612520 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 9051550 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (874751)<br>| &nbsp;&nbsp; (1603194)<br>|
| Service Class | &nbsp;&nbsp; (23139448)<br>| &nbsp;&nbsp; (48337768)<br>|
|  | &nbsp;&nbsp; (24014199)<br>| &nbsp;&nbsp; (49940962)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (21120821)<br>| &nbsp;&nbsp; (34874248)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (5628892)<br>| &nbsp;&nbsp; (15687792)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 242221009 | &nbsp;&nbsp; 257908801 |
| End of period/year | &nbsp;&nbsp; $236592117 | &nbsp;&nbsp; $242221009 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 15028 | &nbsp;&nbsp; 49329 |
| Service Class | &nbsp;&nbsp; 260504 | &nbsp;&nbsp; 538993 |
|  | &nbsp;&nbsp; 275532 | &nbsp;&nbsp; 588322 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 41693 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 846024 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 887717 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (80600)<br>| &nbsp;&nbsp; (154516)<br>|
| Service Class | &nbsp;&nbsp; (2206621)<br>| &nbsp;&nbsp; (4762459)<br>|
|  | &nbsp;&nbsp; (2287221)<br>| &nbsp;&nbsp; (4916975)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (65572)<br>| &nbsp;&nbsp; (63494)<br>|
| Service Class | &nbsp;&nbsp; (1946117)<br>| &nbsp;&nbsp; (3377442)<br>|
|  | &nbsp;&nbsp; (2011689)<br>| &nbsp;&nbsp; (3440936)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica BlackRock iShares Tactical - Growth VP**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $10.71 | &nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $12.30 | &nbsp;&nbsp; $12.11 | &nbsp;&nbsp; $12.60 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.10 | 0.32 | 0.35 | 0.11 | &nbsp;&nbsp; (0.00 )<sup>(B)</sup><br>| 0.12 |
| Net realized and unrealized gain (loss) | 0.64 | 0.86 | 0.90 | &nbsp;&nbsp; (2.23)<br>| 1.14 | 0.95 |
| Total investment operations | 0.74 | 1.18 | 1.25 | &nbsp;&nbsp; (2.12)<br>| 1.14 | 1.07 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (1.04)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (1.56)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $11.45 | &nbsp;&nbsp; $10.71 | &nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $12.30 | &nbsp;&nbsp; $12.11 |
| **Total return**<sup>(C)</sup> <br>| 6.91 %<sup>(D)</sup><br>| 11.95<br> %<br>| 14.25<br> %<br>| &nbsp;&nbsp; (17.80)%<br>| 9.51<br> %<br>| 9.26<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $12251 | &nbsp;&nbsp; $12152 | &nbsp;&nbsp; $11898 | &nbsp;&nbsp; $11305 | &nbsp;&nbsp; $13976 | &nbsp;&nbsp; $13221 |
| Expenses to average net assets<sup>(E)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.56 %<sup>(F)</sup><br>| 0.71<br> %<br>| 0.92<br> %<br>| 0.88<br> %<br>| 0.88<br> %<br>| 0.89<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.51 %<sup>(F)</sup>(G)<br>| 0.67 %<sup>(G)</sup><br>| 0.92<br> %<br>| 0.88<br> %<br>| 0.88<br> %<br>| 0.89<br> %<br>|
| Net investment income (loss) to average net assets | 1.87 %<sup>(F)</sup><br>| 3.03<br> %<br>| 3.73<br> %<br>| 1.11<br> %<br>| &nbsp;&nbsp; (0.00 )%<sup>(H)</sup><br>| 0.98<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 30 %<sup>(D)</sup><br>| &nbsp;&nbsp; 125<br> %<br>| &nbsp;&nbsp; 25 %<sup>(I)</sup><br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 38 %<sup>(I)</sup><br>| &nbsp;&nbsp; 71 %<sup>(I)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(F)</sup> *Annualized.*

<sup>(G)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

<sup>(H)</sup> *Rounds to less than 0.01% or (0.01)%.*

<sup>(I)</sup> *Excludes sale-buyback transactions.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica BlackRock iShares Tactical - Growth VP**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $10.34 | &nbsp;&nbsp; $9.60 | &nbsp;&nbsp; $8.50 | &nbsp;&nbsp; $11.98 | &nbsp;&nbsp; $11.85 | &nbsp;&nbsp; $12.35 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.08 | 0.28 | 0.31 | 0.08 | &nbsp;&nbsp; (0.03)<br>| 0.09 |
| Net realized and unrealized gain (loss) | 0.63 | 0.83 | 0.87 | &nbsp;&nbsp; (2.17)<br>| 1.11 | 0.94 |
| Total investment operations | 0.71 | 1.11 | 1.18 | &nbsp;&nbsp; (2.09)<br>| 1.08 | 1.03 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (1.04)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (1.53)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $11.05 | &nbsp;&nbsp; $10.34 | &nbsp;&nbsp; $9.60 | &nbsp;&nbsp; $8.50 | &nbsp;&nbsp; $11.98 | &nbsp;&nbsp; $11.85 |
| **Total return**<sup>(B)</sup> <br>| 6.87 %<sup>(C)</sup><br>| 11.66<br> %<br>| 13.94<br> %<br>| &nbsp;&nbsp; (18.03)%<br>| 9.21<br> %<br>| 9.09<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $224341 | &nbsp;&nbsp; $230069 | &nbsp;&nbsp; $246011 | &nbsp;&nbsp; $249258 | &nbsp;&nbsp; $356629 | &nbsp;&nbsp; $381949 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.81 %<sup>(E)</sup><br>| 0.96<br> %<br>| 1.17<br> %<br>| 1.13<br> %<br>| 1.13<br> %<br>| 1.14<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.76 %<sup>(E)</sup>(F)<br>| 0.93 %<sup>(F)</sup><br>| 1.17<br> %<br>| 1.13<br> %<br>| 1.13<br> %<br>| 1.14<br> %<br>|
| Net investment income (loss) to average net assets | 1.60 %<sup>(E)</sup><br>| 2.77<br> %<br>| 3.47<br> %<br>| 0.82<br> %<br>| &nbsp;&nbsp; (0.25)%<br>| 0.73<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 30 %<sup>(C)</sup><br>| &nbsp;&nbsp; 125<br> %<br>| &nbsp;&nbsp; 25 %<sup>(G)</sup><br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 38 %<sup>(G)</sup><br>| &nbsp;&nbsp; 71 %<sup>(G)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

<sup>(G)</sup> *Excludes sale-buyback transactions.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica BlackRock iShares Tactical - Growth VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a combination of underlying exchange-traded funds ("ETFs") advised by the Portfolio's sub-adviser or an affiliate (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Foreign currency denominated investments:** The accounting records of the Portfolio are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other Portfolios within TST, or by any other party.

There were no commissions recaptured during the period ended June 30, 2025, by the Portfolio.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Exchange-Traded Funds | $18453508 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18453508 |
| **Total Borrowings** | **$18453508** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$18453508** |

---

**5. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Underlying exchange-traded funds risk:** To the extent the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica BlackRock iShares Tactical - Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.5000<br> % <br>|
| Over $500 million up to $1 billion | 0.4900 |
| Over $1 billion up to $2.5 billion | 0.4725 |
| Over $2.5 billion up to $3.5 billion | 0.4650 |
| Over $3.5 billion up to $4.5 billion | 0.4525 |
| Over $4.5 billion | 0.4400 |

---

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica BlackRock iShares Tactical - Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.63<br> % <br>| May 1, 2026 |
| Service Class | 0.88 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of June 30, 2025, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCL as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCL has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2026. Prior to TCL seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Initial Class | 0.15<br> % <br>|
| Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica BlackRock iShares Tactical - Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $69340409 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $88912978 | &nbsp;&nbsp; $— |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $229311391 | &nbsp;&nbsp; $25995813 | &nbsp;&nbsp; $(26434)<br>| &nbsp;&nbsp; $25969379 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica BlackRock iShares Tactical - Growth VP** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica BlackRock iShares Tactical - Growth VP** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica BlackRock iShares Tactical - Growth VP** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica BlackRock iShares Tactical - Growth VP** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica BlackRock iShares Tactical – Growth VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and BlackRock Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Portfolio; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Portfolio after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolio; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolio; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolio's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; and ongoing cash management services for the Portfolio. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolio, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and holder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica BlackRock iShares Tactical - Growth VP** 

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**MANAGEMENT AGREEMENT – CONTRACT RENEWAL (continued)**

determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was below the median for its peer universe and below the benchmark that TAM utilizes to measure performance of the Portfolio, each for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Portfolio on May 1, 2024 pursuant to its current investment strategies and benchmarks. The Trustees observed that the performance of the Portfolio had improved during the first quarter of 2025.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio** 

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica BlackRock iShares Tactical - Growth VP** 

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**MANAGEMENT AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Portfolio.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Portfolio was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Portfolio.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and the holders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Portfolio.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Portfolio and the holders and voted to approve the renewal of the Agreements.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817img10f366743.gif)

Visit **transamerica.com**

![](g897817img089eada74.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

![](g897817img3eb6e2d25.gif)

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![](g897817img5d2f5b5a1.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica BlackRock Real Estate Securities VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817img16d084e42.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_22e06abb-cd41-41ce-8731-d3e704c0592d_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_22e06abb-cd41-41ce-8731-d3e704c0592d_SOI-RunningFooter-200_1) | 2 |
| [Statement of Assets and Liabilities](#xx_22e06abb-cd41-41ce-8731-d3e704c0592d_FS-RunningFooter-200_1) | 8 |
| [Statement of Operations](#xx_22e06abb-cd41-41ce-8731-d3e704c0592d_FS-RunningFooter-200_2) | 9 |
| [Statement of Changes in Net Assets](#xx_22e06abb-cd41-41ce-8731-d3e704c0592d_FS-RunningFooter-200_3) | 10 |
| [Financial Highlights](#xx_22e06abb-cd41-41ce-8731-d3e704c0592d_FS-RunningFooter-200_4) | 11 |
| [Notes to Financial Statements](#xx_22e06abb-cd41-41ce-8731-d3e704c0592d_NTF-RunningFooter-200_1) | 13 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_22e06abb-cd41-41ce-8731-d3e704c0592d_DWA-RunningFooter-200_1)**<br> **[Companies](#xx_22e06abb-cd41-41ce-8731-d3e704c0592d_DWA-RunningFooter-200_1)**<br>| 27 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_22e06abb-cd41-41ce-8731-d3e704c0592d_PD-RunningFooter-200_1)** | 28 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_22e06abb-cd41-41ce-8731-d3e704c0592d_DTO-RunningFooter-200_1)**<br> **[Companies](#xx_22e06abb-cd41-41ce-8731-d3e704c0592d_DTO-RunningFooter-200_1)**<br>| 29 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_22e06abb-cd41-41ce-8731-d3e704c0592d_Mgmtagmt-RunningFooter-200_1)** | 30 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica BlackRock Real Estate Securities VP**

------

**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 96.3%**  | **COMMON STOCKS - 96.3%**  | **COMMON STOCKS - 96.3%**  |
| **Australia - 5.8%**  | **Australia - 5.8%**  | **Australia - 5.8%**  |
| DigiCo Infrastructure, REIT <sup>(A)</sup> <br>| 728641 | $1612844 |
| Goodman Group, REIT | 352546 | 7948015 |
| GPT Group, REIT | 351708 | 1122853 |
| Lendlease Corp. Ltd. | 644971 | 2285592 |
| National Storage, REIT | 859713 | 1302708 |
| NEXTDC Ltd. <sup>(B)</sup> <br>| 217369 | 2074866 |
| Stockland, REIT | 864828 | 3056405 |
|  |  | 19403283 |
| **Belgium - 0.6%**  | **Belgium - 0.6%**  | **Belgium - 0.6%**  |
| VGP NV <sup>(A)</sup> <br>| 19899 | 2012757 |
| **Canada - 0.6%**  | **Canada - 0.6%**  | **Canada - 0.6%**  |
| &nbsp;&nbsp; Choice Properties Real Estate Investment <br> Trust<br>| 182515 | 1993022 |
| **France - 1.4%**  | **France - 1.4%**  | **France - 1.4%**  |
| Carmila SA, REIT <sup>(B)</sup> <br>| 45062 | 886261 |
| Unibail-Rodamco-Westfield, REIT <sup>(B)</sup> <br>| 38741 | 3724080 |
|  |  | 4610341 |
| **Germany - 2.9%**  | **Germany - 2.9%**  | **Germany - 2.9%**  |
| LEG Immobilien SE | 38136 | 3394544 |
| Sirius Real Estate Ltd., REIT | 1561880 | 2090316 |
| Vonovia SE | 113571 | 4026476 |
|  |  | 9511336 |
| **Hong Kong - 4.4%**  | **Hong Kong - 4.4%**  | **Hong Kong - 4.4%**  |
| CK Asset Holdings Ltd. | 316000 | 1396348 |
| Hang Lung Group Ltd. | 154000 | 268140 |
| Hang Lung Properties Ltd. | 331000 | 316840 |
| Henderson Land Development Co. Ltd. | 247000 | 867463 |
| Link, REIT | 865119 | 4634003 |
| Sun Hung Kai Properties Ltd. | 407000 | 4689879 |
| Wharf Holdings Ltd. <sup>(A)</sup> <br>| 179000 | 544984 |
| Wharf Real Estate Investment Co. Ltd. | 750000 | 2128944 |
|  |  | 14846601 |
| **Italy - 0.7%**  | **Italy - 0.7%**  | **Italy - 0.7%**  |
| Infrastrutture Wireless Italiane SpA <sup>(A)(C)</sup> <br>| 189778 | 2320598 |
| **Japan - 11.6%**  | **Japan - 11.6%**  | **Japan - 11.6%**  |
| Advance Residence Investment Corp., REIT | 1343 | 1394253 |
| Daito Trust Construction Co. Ltd. | 10600 | 1154535 |
| Daiwa House Industry Co. Ltd. | 128300 | 4408744 |
| GLP J-REIT | 1844 | 1660707 |
| Invincible Investment Corp., REIT <sup>(A)</sup> <br>| 5820 | 2506263 |
| Japan Hotel Investment Corp., REIT | 2724 | 1439579 |
| &nbsp;&nbsp; Japan Prime Realty Investment Corp., <br> REIT <sup>(A)</sup> <br>| 1264 | 812368 |
| KDX Realty Investment Corp., REIT | 2426 | 2632419 |
| Mitsubishi Estate Co. Ltd. | 340100 | 6375893 |
| Mitsui Fudosan Co. Ltd. | 656100 | 6351757 |
| Mitsui Fudosan Logistics Park, Inc., REIT | 4718 | 3425169 |
| ORIX J-REIT, Inc. | 2288 | 2984799 |
| Tokyu Fudosan Holdings Corp. | 509100 | 3638141 |
|  |  | 38784627 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Singapore - 1.6%**  | **Singapore - 1.6%**  | **Singapore - 1.6%**  |
| CapitaLand Investment Ltd. | 1383600 | $2884337 |
| Keppel DC, REIT | 1244800 | 2281802 |
|  |  | 5166139 |
| **Spain - 1.3%**  | **Spain - 1.3%**  | **Spain - 1.3%**  |
| Merlin Properties Socimi SA, REIT <sup>(A)</sup> <br>| 337542 | 4450064 |
| **Sweden - 2.0%**  | **Sweden - 2.0%**  | **Sweden - 2.0%**  |
| Castellum AB <sup>(A)</sup> <br>| 286492 | 3770274 |
| Fastighets AB Balder, B Shares <sup>(B)</sup> <br>| 392492 | 2925742 |
|  |  | 6696016 |
| **Switzerland - 0.5%**  | **Switzerland - 0.5%**  | **Switzerland - 0.5%**  |
| Swiss Prime Site AG | 11092 | 1665177 |
| **United Kingdom - 4.0%**  | **United Kingdom - 4.0%**  | **United Kingdom - 4.0%**  |
| Derwent London PLC, REIT | 81607 | 2321010 |
| Great Portland Estates PLC, REIT | 345736 | 1701349 |
| Tritax Big Box PLC, REIT | 2700799 | 5499232 |
| UNITE Group PLC, REIT | 334946 | 3903708 |
|  |  | 13425299 |
| **United States - 58.9%**  | **United States - 58.9%**  | **United States - 58.9%**  |
| Agree Realty Corp., REIT | 97560 | 7127734 |
| Alexandria Real Estate Equities, Inc., REIT | 63295 | 4597116 |
| American Healthcare, Inc., REIT | 168354 | 6185326 |
| American Homes 4 Rent, Class A, REIT | 55054 | 1985798 |
| Americold Realty Trust, Inc., REIT | 237492 | 3949492 |
| AvalonBay Communities, Inc., REIT | 68623 | 13964780 |
| Brixmor Property Group, Inc., REIT | 150834 | 3927717 |
| Brookdale Senior Living, Inc. <sup>(B)</sup> <br>| 488618 | 3400781 |
| BXP, Inc., REIT | 70693 | 4769657 |
| CareTrust, Inc., REIT | 147660 | 4518396 |
| CubeSmart, REIT | 174002 | 7395085 |
| Digital Realty Trust, Inc., REIT | 73830 | 12870784 |
| DigitalBridge Group, Inc. | 73318 | 758841 |
| EastGroup Properties, Inc., REIT | 40064 | 6695496 |
| EPR Properties, REIT | 52176 | 3039774 |
| Equinix, Inc., REIT | 15843 | 12602631 |
| Essential Properties Realty Trust, Inc., REIT | 108697 | 3468521 |
| Essex Property Trust, Inc., REIT | 28438 | 8059329 |
| Iron Mountain, Inc., REIT | 64389 | 6604380 |
| Kilroy Realty Corp., REIT <sup>(A)</sup> <br>| 78820 | 2704314 |
| NNN REIT, Inc. | 41164 | 1777462 |
| Prologis, Inc., REIT | 148536 | 15614104 |
| Public Storage, REIT | 16095 | 4722595 |
| Regency Centers Corp., REIT | 99220 | 7067441 |
| Ryman Hospitality Properties, Inc., REIT | 52917 | 5221320 |
| Simon Property Group, Inc., REIT | 63739 | 10246682 |
| Smartstop Self Storage REIT, Inc. | 53475 | 1937399 |
| Sun Communities, Inc., REIT | 67228 | 8503670 |
| VICI Properties, Inc., REIT | 312322 | 10181697 |
| Welltower, Inc., REIT | 85758 | 13183577 |
|  |  | 197081899 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $314,158,270)**<br>|  | 321967159 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica BlackRock Real Estate Securities VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 1.8%**  | **OTHER INVESTMENT COMPANY - 1.8%**  | **OTHER INVESTMENT COMPANY - 1.8%**  |
| **Securities Lending Collateral - 1.8%**  | **Securities Lending Collateral - 1.8%**  | **Securities Lending Collateral - 1.8%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.31% <sup>(D)</sup> <br>| 5947636 | $5947636 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $5,947,636)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $5,947,636)** | 5947636 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.7%**  | **REPURCHASE AGREEMENT - 2.7%**  | **REPURCHASE AGREEMENT - 2.7%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(D)</sup>, dated 06/30/2025, to be <br> repurchased at $9,151,071 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.63%, due 06/15/2027, and <br> with a value of $9,333,755.<br>| $9150614 | 9150614 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $9,150,614)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $9,150,614)** | 9150614 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $329,256,520)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $329,256,520)** | 337065409 |
| **Net Other Assets (Liabilities) - (0.8)%** | **Net Other Assets (Liabilities) - (0.8)%** | (2658015) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$334407394** |

---

**OVER-THE-COUNTER SWAP AGREEMENTS:**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Reference Entity** | **Counterparty** | **Pay/** <br>**Receive**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Notional** <br> **Amount** <br>**as a** <br> **percentage** <br>**of Net** <br> **Assets**<br>| **Value** | **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Contracts for Difference ("CFD")** <br>Equity Securities Long<sup>(E)</sup> <br>| GSI | Pay | 06/19/2025 | &nbsp;&nbsp; USD | 3214740 | 1.0<br> %<br>| &nbsp;&nbsp; $3370620 | &nbsp;&nbsp; $(155880)<br>|

---

**FORWARD FOREIGN CURRENCY CONTRACTS:**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date**<br>| &nbsp;&nbsp; **Currency** <br>**Purchased** | &nbsp;&nbsp; **Currency** <br>**Purchased** | &nbsp;&nbsp; **Currency** <br>**Sold** | &nbsp;&nbsp; **Currency** <br>**Sold** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| BNP | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 43804 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1006)<br>|
| BNP | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 151608 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 112000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2139)<br>|
| BNP | 07/15/2025 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 73724 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (229)<br>|
| BNP | 07/15/2025 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 93406 | &nbsp;&nbsp;&nbsp; 3288 | &nbsp;&nbsp;&nbsp; — |
| BOA | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1555004 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 2378000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10506)<br>|
| BOA | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 3478998 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 2633000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (135445)<br>|
| BOA | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 802786 | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp; 6283000 | &nbsp;&nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp; — |
| BOA | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 564136 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 79573000 | &nbsp;&nbsp;&nbsp; 10575 | &nbsp;&nbsp;&nbsp; — |
| BOA | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1275449 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 186531000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (22179)<br>|
| BOA | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 664854 | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp; 6284000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (39)<br>|
| BOA | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 589496 | &nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp; 753000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3416)<br>|
| BOA | 07/15/2025 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 2858000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1850635 | &nbsp;&nbsp;&nbsp; 30874 | &nbsp;&nbsp;&nbsp; — |
| BOA | 07/15/2025 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 296000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 401730 | &nbsp;&nbsp;&nbsp; 4603 | &nbsp;&nbsp;&nbsp; — |
| BOA | 07/15/2025 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 18361000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 127487 | &nbsp;&nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp; — |
| CITI | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 477969 | &nbsp;&nbsp;&nbsp; CHF | &nbsp;&nbsp; 387000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10756)<br>|
| CITI | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2701 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (45)<br>|
| CITI | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 194299 | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp; 1862000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2715)<br>|
| CITI | 07/15/2025 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 2369000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1536118 | &nbsp;&nbsp;&nbsp; 23467 | &nbsp;&nbsp;&nbsp; — |
| CITI | 07/15/2025 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 345010 | &nbsp;&nbsp;&nbsp; 14646 | &nbsp;&nbsp;&nbsp; — |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica BlackRock Real Estate Securities VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

**FORWARD FOREIGN CURRENCY CONTRACTS (continued):**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased** | &nbsp;&nbsp; **Currency**<br> **Purchased** | &nbsp;&nbsp; **Currency**<br> **Sold** | &nbsp;&nbsp; **Currency**<br> **Sold** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br>| &nbsp;&nbsp; **Unrealized**<br> **Depreciation**<br>|
| CITI | 07/15/2025 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 177633 | &nbsp;&nbsp;&nbsp; $7688 | &nbsp;&nbsp;&nbsp; $— |
| CITI | 07/15/2025 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 11883000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 83366 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (700)<br>|
| GSI | 07/15/2025 | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp; 1204000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 154128 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (488)<br>|
| HSBC | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1192110 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 1834000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (15268)<br>|
| HSBC | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 486971 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp; 669000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4714)<br>|
| HSBC | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1656582 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 1433000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (33208)<br>|
| HSBC | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 95429 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2036)<br>|
| HSBC | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 4087698 | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp; 31714000 | &nbsp;&nbsp;&nbsp; 40737 | &nbsp;&nbsp;&nbsp; — |
| HSBC | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 512151 | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp; 4926000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9056)<br>|
| HSBC | 07/15/2025 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 235269 | &nbsp;&nbsp;&nbsp; 1730 | &nbsp;&nbsp;&nbsp; — |
| HSBC | 07/15/2025 | &nbsp;&nbsp;&nbsp; CHF | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 85074 | &nbsp;&nbsp;&nbsp; 2063 | &nbsp;&nbsp;&nbsp; — |
| HSBC | 07/15/2025 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 315988 | &nbsp;&nbsp;&nbsp; 2395 | &nbsp;&nbsp;&nbsp; — |
| HSBC | 07/15/2025 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 732000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 992951 | &nbsp;&nbsp;&nbsp; 11900 | &nbsp;&nbsp;&nbsp; — |
| HSBC | 07/15/2025 | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp; 507000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 65434 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (737)<br>|
| HSBC | 07/15/2025 | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp; 1643000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 209655 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; — |
| HSBC | 07/15/2025 | &nbsp;&nbsp;&nbsp; ILS | &nbsp;&nbsp; 13641000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 3677990 | &nbsp;&nbsp;&nbsp; 372094 | &nbsp;&nbsp;&nbsp; — |
| HSBC | 07/15/2025 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 60156000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 425388 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6905)<br>|
| HSBC | 07/15/2025 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 21779000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 150897 | &nbsp;&nbsp;&nbsp; 612 | &nbsp;&nbsp;&nbsp; — |
| HSBC | 07/15/2025 | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp; 158000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 16312 | &nbsp;&nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp; — |
| HSBC | 07/15/2025 | &nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 498707 | &nbsp;&nbsp;&nbsp; 5229 | &nbsp;&nbsp;&nbsp; — |
| JPM | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 7719 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (181)<br>|
| JPM | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 174422 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp; 238000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (497)<br>|
| JPM | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 123417 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 107000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2758)<br>|
| JPM | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 134809 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 18814000 | &nbsp;&nbsp;&nbsp; 3927 | &nbsp;&nbsp;&nbsp; — |
| JPM | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 410281 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 59035000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (404)<br>|
| JPM | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 510600 | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp; 4907000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8598)<br>|
| JPM | 07/15/2025 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 239000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 150680 | &nbsp;&nbsp;&nbsp; 6660 | &nbsp;&nbsp;&nbsp; — |
| JPM | 07/15/2025 | &nbsp;&nbsp;&nbsp; CHF | &nbsp;&nbsp; 1335000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1653285 | &nbsp;&nbsp;&nbsp; 32628 | &nbsp;&nbsp;&nbsp; — |
| JPM | 07/15/2025 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 239000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 268721 | &nbsp;&nbsp;&nbsp; 13107 | &nbsp;&nbsp;&nbsp; — |
| JPM | 07/15/2025 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 567230 | &nbsp;&nbsp;&nbsp; 16188 | &nbsp;&nbsp;&nbsp; — |
| JPM | 07/15/2025 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 194860103 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1370985 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (15414)<br>|
| JPM | 07/15/2025 | &nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp; 616573000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 435811 | &nbsp;&nbsp;&nbsp; 21505 | &nbsp;&nbsp;&nbsp; — |
| JPM | 07/15/2025 | &nbsp;&nbsp;&nbsp; NOK | &nbsp;&nbsp; 1739000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 162093 | &nbsp;&nbsp;&nbsp; 10452 | &nbsp;&nbsp;&nbsp; — |
| JPM | 07/15/2025 | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp; 16129000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1655712 | &nbsp;&nbsp;&nbsp; 50857 | &nbsp;&nbsp;&nbsp; — |
| NOMI | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2547910 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 367243000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6866)<br>|
| SSB | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 3455773 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 5535000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (188086)<br>|
| SSB | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 219548 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 193000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8037)<br>|
| SSB | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 308335 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (533)<br>|
| SSB | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 596315 | &nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp; 772000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11558)<br>|
| SSB | 07/15/2025 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 1398000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 899506 | &nbsp;&nbsp;&nbsp; 20841 | &nbsp;&nbsp;&nbsp; — |
| SSB | 07/15/2025 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 7188 | &nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; — |
| SSB | 07/15/2025 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 71308 | &nbsp;&nbsp;&nbsp; 1802 | &nbsp;&nbsp;&nbsp; — |
| SSB | 07/15/2025 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 6651 | &nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp; — |
| SSB | 07/15/2025 | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp; 15312000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1961267 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7333)<br>|
| SSB | 07/15/2025 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 164224000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1149115 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6669)<br>|
| SSB | 07/15/2025 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 77276000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 536318 | &nbsp;&nbsp;&nbsp; 1263 | &nbsp;&nbsp;&nbsp; — |
| SSB | 07/15/2025 | &nbsp;&nbsp;&nbsp; NZD | &nbsp;&nbsp; 407000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 236039 | &nbsp;&nbsp;&nbsp; 12173 | &nbsp;&nbsp;&nbsp; — |
| SSB | 07/15/2025 | &nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp; 1008000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 785199 | &nbsp;&nbsp;&nbsp; 8500 | &nbsp;&nbsp;&nbsp; — |
| UBS | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 192777 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4723)<br>|
| UBS | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 994707 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 869000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (30016)<br>|
| UBS | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 373777 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 277000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6475)<br>|
| UBS | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 134607 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 98000 | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; — |
| UBS | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1120923 | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp; 8676000 | &nbsp;&nbsp;&nbsp; 13796 | &nbsp;&nbsp;&nbsp; — |
| UBS | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1740635 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 248416000 | &nbsp;&nbsp;&nbsp; 12496 | &nbsp;&nbsp;&nbsp; — |
| UBS | 07/15/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 836248 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 121505000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9018)<br>|
| UBS | 07/15/2025 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp; 2976000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2148479 | &nbsp;&nbsp;&nbsp; 38746 | &nbsp;&nbsp;&nbsp; — |
| UBS | 07/15/2025 | &nbsp;&nbsp;&nbsp; CHF | &nbsp;&nbsp; 1434000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1743887 | &nbsp;&nbsp;&nbsp; 67048 | &nbsp;&nbsp;&nbsp; — |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica BlackRock Real Estate Securities VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

**FORWARD FOREIGN CURRENCY CONTRACTS (continued):**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased** | &nbsp;&nbsp; **Currency**<br> **Purchased** | &nbsp;&nbsp; **Currency**<br> **Sold** | &nbsp;&nbsp; **Currency**<br> **Sold** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br>| &nbsp;&nbsp; **Unrealized**<br> **Depreciation**<br>|
| UBS | 07/15/2025 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 1064000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1232304 | &nbsp;&nbsp;&nbsp; $22362 | &nbsp;&nbsp;&nbsp; $— |
| UBS | 07/15/2025 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 209000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 278202 | &nbsp;&nbsp;&nbsp; 8702 | &nbsp;&nbsp;&nbsp; — |
| UBS | 07/15/2025 | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp; 3106000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 401046 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4696)<br>|
| UBS | 07/15/2025 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 12722000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 89870 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1367)<br>|
| UBS | 07/15/2025 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 579519000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 4014522 | &nbsp;&nbsp;&nbsp; 16982 | &nbsp;&nbsp;&nbsp; — |
| UBS | 07/15/2025 | &nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp; 5415000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 4119462 | &nbsp;&nbsp;&nbsp; 144308 | &nbsp;&nbsp;&nbsp; — |
| **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$1058376** | &nbsp;&nbsp;&nbsp; **$(574816)**<br>|

---

**INVESTMENTS BY INDUSTRY:**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of** <br>**Total Investments**<br>| **Value** |
| Specialized REITs | 19.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $64551699 |
| Real Estate Management & Development | 17.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57196883 |
| Industrial REITs | 13.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44792215 |
| Retail REITs | 12.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41384402 |
| Residential REITs | 11.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37811538 |
| Health Care REITs | 8.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28484415 |
| Office REITs | 4.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15293497 |
| Diversified REITs | 4.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14730262 |
| Hotel & Resort REITs | 2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9167162 |
| Health Care Providers & Services | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3400781 |
| Diversified Telecommunication Services | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2320598 |
| IT Services | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2074866 |
| Capital Markets | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758841 |
| **Investments** | **95.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **321967159** |
| Short-Term Investments | 4.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15098250 |
| **Total Investments** | **100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$337065409** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(F)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $199074921 | &nbsp;&nbsp; $122892238 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $321967159 |
| Other Investment Company | 5947636 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5947636 |
| Repurchase Agreement |  | &nbsp;&nbsp; 9150614 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9150614 |
| **Total Investments** | **$205022557** | &nbsp;&nbsp; **$132042852** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$337065409** |
| **Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Contracts <sup>(G)</sup> <br>| $— | &nbsp;&nbsp; $1058376 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1058376 |
| **Total Other Financial Instruments** | **$—** | &nbsp;&nbsp; **$1058376** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1058376** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Contracts <sup>(G)</sup> <br>| $— | &nbsp;&nbsp; $(574816)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(574816)<br>|
| Over-the-Counter Total Return Swap Agreements - <br> (CFD) <sup>(G)</sup> <br>|  | &nbsp;&nbsp; (155880)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (155880)<br>|
| **Total Other Financial Instruments** | **$—** | &nbsp;&nbsp; **$(730696)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(730696)**<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica BlackRock Real Estate Securities VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $13,342,462, collateralized by cash collateral of $5,947,636 and* *non-cash collateral, such as U.S. government securities of $8,076,631. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(B)</sup> *Non-income producing security.*

<sup>(C)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At June 30, 2025, the total value of 144A securities is $2,320,598, representing 0.7% of the* *Portfolio's net assets.* 

<sup>(D)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(E)</sup> *The Portfolio receives or pays the total return on a portfolio of long positions underlying the total return swap. In addition, the Portfolio pays or receives* *a variable rate of interest, based on a specific benchmark, with a spread of 20-30 basis points. The benchmark and spread are determined based upon* *the country and/or currency of the individual underlying positions. The specified benchmarks used in determining the variable rate of interest is the* *AUD-OIS-RBA and Federal Funds Rate.* *The significant reference entities underlying the corresponding total return swap as of June 30, 2025, is as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of** <br>**Basket Value**<br>|
| **Australia** |  |  |  |
| National Storage, REIT | 1264307 | $1913839 | 56.78% |
| Region RE Ltd., REIT | 422471 | 611709 | 18.15 |
|  |  | **2525548** |  |
| **United States** |  |  |  |
| Essential Properties Realty Trust, Inc., REIT | 26483 | 845072 | 25.07 |
| **Total Common** <br>**Stocks - Long**<br>|  | **$3370620** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(F)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(G)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**CURRENCY ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *AUD* | *Australian Dollar* |
| *CAD* | *Canadian Dollar* |
| *CHF* | *Swiss Franc* |
| *EUR* | *Euro* |
| *GBP* | *British Pound* |
| *HKD* | *Hong Kong Dollar* |
| *ILS* | *Israel New Shekel* |
| *JPY* | *Japanese Yen* |
| *KRW* | *South Korean Won* |
| *NOK* | *Norwegian Krone* |
| *NZD* | *New Zealand Dollar* |
| *SEK* | *Swedish Krona* |
| *SGD* | *Singapore Dollar* |
| *USD* | *United States Dollar* |

---

**COUNTERPARTY ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *BNP* | *BNP Paribas* |
| *BOA* | *Bank of America, N.A.* |
| *CITI* | *Citibank, N.A.* |
| *GSI* | *Goldman Sachs International* |
| *HSBC* | *HSBC Bank USA* |
| *JPM* | *JPMorgan Chase Bank, N.A.* |
| *NOMI* | *Nomura International PLC* |
| *SSB* | *State Street Bank & Trust Co.* |
| *UBS* | *UBS AG* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica BlackRock Real Estate Securities VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

**PORTFOLIO ABBREVIATION(S):** 

*J-REIT* *Japan-Real Estate Investment Trust* <br> *REIT* *Real Estate Investment Trust*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica BlackRock Real Estate Securities VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $320,105,906) (including <br> securities loaned of $13,342,462)<br>| &nbsp;&nbsp; $327914795 |
| Repurchase agreement, at value (cost $9,150,614) | &nbsp;&nbsp; 9150614 |
| Cash | &nbsp;&nbsp; 5664 |
| Cash collateral pledged at broker for: |  |
| OTC derivatives <sup>(A)</sup> <br>| &nbsp;&nbsp; 10000 |
| Foreign currency, at value (cost $2,935,242) | &nbsp;&nbsp; 2960315 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 2177492 |
| Net income from securities lending | &nbsp;&nbsp; 3666 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 49544 |
| Dividends  | &nbsp;&nbsp; 1703806 |
| Interest | &nbsp;&nbsp; 402 |
| Tax reclaims | &nbsp;&nbsp; 143477 |
| Unrealized appreciation on forward foreign currency <br> contracts<br>| &nbsp;&nbsp; 1058376 |
| Prepaid expenses | &nbsp;&nbsp; 1693 |
| Total assets | &nbsp;&nbsp; 345179844 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 5947636 |
| Cash collateral at broker for: |  |
| OTC derivatives <sup>(A)</sup> <br>| &nbsp;&nbsp; 90000 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 3554733 |
| Dividends, interest and fees for borrowings from CFD  | &nbsp;&nbsp; 8353 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 125058 |
| Investment management fees | &nbsp;&nbsp; 222597 |
| Distribution and service fees | &nbsp;&nbsp; 14186 |
| Transfer agent costs | &nbsp;&nbsp; 372 |
| Trustee and CCO fees | &nbsp;&nbsp; 1163 |
| Audit and tax fees  | &nbsp;&nbsp; 14983 |
| Custody fees | &nbsp;&nbsp; 15249 |
| Legal fees | &nbsp;&nbsp; 3834 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 32296 |
| Professional fees | &nbsp;&nbsp; 632 |
| Other accrued expenses | &nbsp;&nbsp; 10662 |
| Unrealized depreciation on OTC swap agreements - CFD | &nbsp;&nbsp; 155880 |
| Unrealized depreciation on forward foreign currency <br> contracts<br>| &nbsp;&nbsp; 574816 |
| Total liabilities | &nbsp;&nbsp; 10772450 |
| **Net assets**  | &nbsp;&nbsp; $334407394 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $320470 |
| Additional paid-in capital | &nbsp;&nbsp; 582265717 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (248178793)<br>|
| **Net assets** | &nbsp;&nbsp; $334407394 |

---

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $267261697 |
| Service Class | &nbsp;&nbsp; 67145697 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 25977381 |
| Service Class | &nbsp;&nbsp; 6069602 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $10.29 |
| Service Class | 11.06 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *OTC derivatives may include swaps, options and/or swaptions and* *forward foreign currency contracts.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica BlackRock Real Estate Securities VP**

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**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $6977483 |
| Interest income | &nbsp;&nbsp; 68337 |
| Net income from securities lending | &nbsp;&nbsp; 17763 |
| Withholding taxes on foreign income | &nbsp;&nbsp; (209804)<br>|
| Total investment income  | &nbsp;&nbsp; 6853779 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 1293685 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 82591 |
| Transfer agent costs | &nbsp;&nbsp; 1944 |
| Trustee and CCO fees | &nbsp;&nbsp; 8302 |
| Audit and tax fees | &nbsp;&nbsp; 12980 |
| Custody fees | &nbsp;&nbsp; 50817 |
| Legal fees | &nbsp;&nbsp; 18858 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 33050 |
| Other | &nbsp;&nbsp; 15026 |
| Total expenses | &nbsp;&nbsp; 1517253 |
| **Net investment income (loss)** | &nbsp;&nbsp; 5336526 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 344189 |
| Swap agreements | &nbsp;&nbsp; 68595 |
| Forward foreign currency contracts | &nbsp;&nbsp; (256825)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 209711 |
| Net realized gain (loss) | &nbsp;&nbsp; 365670 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 15218301 |
| Swap agreements | &nbsp;&nbsp; 31909 |
| Forward foreign currency contracts | &nbsp;&nbsp; 990481 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 130660 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 16371351 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 16737021 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $22073547 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica BlackRock Real Estate Securities VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $5336526 | &nbsp;&nbsp; $5870315 |
| Net realized gain (loss) | &nbsp;&nbsp; 365670 | &nbsp;&nbsp; 3910969 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 16371351 | &nbsp;&nbsp; (16849959)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 22073547 | &nbsp;&nbsp; (7068675)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (5971079)<br>|
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (1239529)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (7210608)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 889488 | &nbsp;&nbsp; 186683680 |
| Service Class | &nbsp;&nbsp; 938463 | &nbsp;&nbsp; 3656873 |
|  | &nbsp;&nbsp; 1827951 | &nbsp;&nbsp; 190340553 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 5971079 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1239529 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 7210608 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (23803801)<br>| &nbsp;&nbsp; (7322671)<br>|
| Service Class | &nbsp;&nbsp; (5251263)<br>| &nbsp;&nbsp; (10501639)<br>|
|  | &nbsp;&nbsp; (29055064)<br>| &nbsp;&nbsp; (17824310)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (27227113)<br>| &nbsp;&nbsp; 179726851 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (5153566)<br>| &nbsp;&nbsp; 165447568 |
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 339560960 | &nbsp;&nbsp; 174113392 |
| End of period/year | &nbsp;&nbsp; $334407394 | &nbsp;&nbsp; $339560960 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 88887 | &nbsp;&nbsp; 18042061 |
| Service Class | &nbsp;&nbsp; 88637 | &nbsp;&nbsp; 348138 |
|  | &nbsp;&nbsp; 177524 | &nbsp;&nbsp; 18390199 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 583683 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 112480 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 696163 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (2354818)<br>| &nbsp;&nbsp; (751803)<br>|
| Service Class | &nbsp;&nbsp; (499195)<br>| &nbsp;&nbsp; (992949)<br>|
|  | &nbsp;&nbsp; (2854013)<br>| &nbsp;&nbsp; (1744752)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (2265931)<br>| &nbsp;&nbsp; 17873941 |
| Service Class | &nbsp;&nbsp; (410558)<br>| &nbsp;&nbsp; (532331)<br>|
|  | &nbsp;&nbsp; (2676489)<br>| &nbsp;&nbsp; 17341610 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $9.64 | &nbsp;&nbsp; $9.72 | &nbsp;&nbsp; $9.12 | &nbsp;&nbsp; $13.17 | &nbsp;&nbsp; $10.69 | &nbsp;&nbsp; $13.40 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.16 | 0.26 | 0.24 | 0.24 | 0.36 | 0.23 |
| Net realized and unrealized gain (loss) | 0.49 | &nbsp;&nbsp; (0.13)<br>| 0.92 | &nbsp;&nbsp; (3.91)<br>| 2.43 | &nbsp;&nbsp; (0.53)<br>|
| Total investment operations | 0.65 | 0.13 | 1.16 | &nbsp;&nbsp; (3.67)<br>| 2.79 | &nbsp;&nbsp; (0.30)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (1.51)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.90)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (2.41)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $9.64 | &nbsp;&nbsp; $9.72 | &nbsp;&nbsp; $9.12 | &nbsp;&nbsp; $13.17 | &nbsp;&nbsp; $10.69 |
| **Total return**<sup>(B)</sup> <br>| 6.74 %<sup>(C)</sup><br>| 1.25<br> %<br>| 13.33<br> %<br>| &nbsp;&nbsp; (28.19)%<br>| 26.22<br> %<br>| &nbsp;&nbsp; (0.31)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $267262 | &nbsp;&nbsp; $272300 | &nbsp;&nbsp; $100807 | &nbsp;&nbsp; $315322 | &nbsp;&nbsp; $965695 | &nbsp;&nbsp; $343554 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.85 %<sup>(D)</sup><br>| 0.86<br> %<br>| 0.90<br> %<br>| 0.78<br> %<br>| 0.79<br> %<br>| 0.82<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.85 %<sup>(D)</sup><br>| 0.86 %<sup>(E)</sup><br>| 0.90<br> %<br>| 0.78<br> %<br>| 0.79<br> %<br>| 0.82<br> %<br>|
| Net investment income (loss) to average net assets | 3.20 %<sup>(D)</sup><br>| 2.64<br> %<br>| 2.55<br> %<br>| 2.14<br> %<br>| 2.88<br> %<br>| 2.03<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 54 %<sup>(C)</sup><br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 107<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $10.38 | &nbsp;&nbsp; $10.45 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $14.04 | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp; $14.09 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.16 | 0.23 | 0.19 | 0.21 | 0.28 | 0.21 |
| Net realized and unrealized gain (loss) | 0.52 | &nbsp;&nbsp; (0.11)<br>| 1.04 | &nbsp;&nbsp; (4.16)<br>| 2.65 | &nbsp;&nbsp; (0.53)<br>|
| Total investment operations | 0.68 | 0.12 | 1.23 | &nbsp;&nbsp; (3.95)<br>| 2.93 | &nbsp;&nbsp; (0.32)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.48)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.90)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (2.38)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $11.06 | &nbsp;&nbsp; $10.38 | &nbsp;&nbsp; $10.45 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $14.04 | &nbsp;&nbsp; $11.39 |
| **Total return**<sup>(B)</sup> <br>| 6.55 %<sup>(C)</sup><br>| 1.03<br> %<br>| 13.15<br> %<br>| &nbsp;&nbsp; (28.38)%<br>| 25.85<br> %<br>| &nbsp;&nbsp; (0.51)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $67145 | &nbsp;&nbsp; $67261 | &nbsp;&nbsp; $73306 | &nbsp;&nbsp; $70263 | &nbsp;&nbsp; $106586 | &nbsp;&nbsp; $91150 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 1.10 %<sup>(D)</sup><br>| 1.11<br> %<br>| 1.15<br> %<br>| 1.03<br> %<br>| 1.04<br> %<br>| 1.06<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 1.10 %<sup>(D)</sup><br>| 1.11 %<sup>(E)</sup><br>| 1.15<br> %<br>| 1.03<br> %<br>| 1.04<br> %<br>| 1.06<br> %<br>|
| Net investment income (loss) to average net assets | 2.96 %<sup>(D)</sup><br>| 2.18<br> %<br>| 1.98<br> %<br>| 1.83<br> %<br>| 2.16<br> %<br>| 1.82<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 54 %<sup>(C)</sup><br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 107<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica BlackRock Real Estate Securities VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica BlackRock Real Estate Securities VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica BlackRock Real Estate Securities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Foreign currency denominated investments:** The accounting records of the Portfolio are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Portfolio may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Portfolio may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Portfolio accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Portfolio invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other Portfolios within TST, or by any other party.

There were no commissions recaptured during the period ended June 30, 2025, by the Portfolio.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Portfolio using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at June 30, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica BlackRock Real Estate Securities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $5947636 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5947636 |
| **Total Borrowings** | **$5947636** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$5947636** |

---

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS**

The Portfolio's investment strategies allow the Portfolio to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica BlackRock Real Estate Securities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Portfolio.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Portfolio is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Portfolio will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Portfolio. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Swap agreements:** Swap agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements can be executed in a bilateral privately negotiated arrangement with a dealer in an OTC transaction or executed on a regular market. Certain swaps regardless of the venue of execution are required to be cleared through a clearinghouse ("centrally cleared swap agreements"). Centrally cleared swap agreements listed or traded on a multilateral platform, are valued at the daily settlement price determined by the corresponding exchange. For centrally cleared credit default swap agreements the clearing exchange requires all members to provide applicable levels across complete term levels. Centrally cleared interest rate swap agreements are valued using a pricing model that references the underlying rates including but not limited to the overnight index swap rate and London Interbank Offered Rate ("LIBOR") forward rate to calculate the daily settlement price. The Portfolio may enter into credit default, cross-currency, interest rate, total return, including contracts for difference ("CFD"), and other forms of swap agreements to manage exposure to credit, currency, interest rate, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Centrally cleared swap agreements are marked-to-market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as Variation margin receivable (payable) on centrally cleared swap agreements within the Statement of Assets and Liabilities.

For OTC swap agreements, payments received or made at the beginning of the measurement period are reflected in OTC swap agreements, at value within the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Additionally, these upfront payments as well as any periodic payments received or paid by the Portfolio, including any liquidation payment received or made at the termination of the swap are recorded as part of Net realized gain (loss) on swap agreements within the Statement of Operations.

*Total return swap agreements:* The Portfolio is subject to commodity risk, equity risk, and other risks related to the underlying investments of the swap agreement, including CFDs, in the normal course of pursuing its investment objective. The value of the commodity-linked investments held by a Portfolio can be affected by a variety of factors, including, but not limited to, overall market movements and other factors affecting the value of particular industries or commodities, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments. Commodity-linked derivatives are available from a relatively small number of issuers, subjecting the Portfolio's investments in commodity-linked derivatives to counterparty risk, which is the risk that the issuer of the commodity-linked derivative will not fulfill its contractual obligations. Total return swap agreements on commodities involve commitments whereby cash flows are exchanged based on the price of a commodity in exchange for either a fixed or floating price or rate. One party would receive payments based on the market value of the commodity involved and pay a fixed amount. Total return swap agreements on indices involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference entity, which may be an equity, index, or bond, and in return receives a regular stream of payments.

Open centrally cleared swap agreements and open OTC swap agreements at June 30, 2025, if any, are listed within the Schedule of Investments.

**Forward foreign currency contracts:** The Portfolio is subject to foreign exchange rate risk exposure in the normal course of pursuing its investment objective. The Portfolio may enter into forward foreign currency contracts to hedge against exchange rate risk arising from

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica BlackRock Real Estate Securities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss and is shown in Unrealized appreciation (depreciation) on forward foreign currency contracts within the Statement of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Statement of Operations. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at June 30, 2025, are listed within the Schedule of Investments.

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of June 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Forward foreign currency contracts: <br>Unrealized appreciation on forward <br> foreign currency contracts<br>| $— | $1058376 | $— | $— | $— | $1058376 |
| **Total** | **$—** | **$1058376** | **$—** | **$—** | **$—** | **$1058376** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| OTC swaps: <br>Unrealized depreciation on OTC <br> swap agreements - CFD<br>| $— | $— | $(155880)<br>| $— | $— | $(155880)<br>|
| Forward foreign currency contracts: <br>Unrealized depreciation on forward <br> foreign currency contracts<br>|  | (574816)<br>|  |  |  | (574816)<br>|
| **Total** | **$—** | **$(574816)**<br>| **$(155880)**<br>| **$—** | **$—** | **$(730696)**<br>|

---

The following is a summary of the location and the effect of derivative investments within the Statement of Operations, categorized by primary market risk exposure as of June 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Swap agreements  | $— | $— | $68595 | $— | $— | $68595 |
| Forward foreign currency contracts  |  | (256825)<br>|  |  |  | (256825)<br>|
| **Total** | **$—** | **$(256825)**<br>| **$68595** | **$—** | **$—** | **$(188230)**<br>|

---

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica BlackRock Real Estate Securities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Swap agreements  | $— | $— | $31909 | $— | $— | $31909 |
| Forward foreign currency contracts  |  | 990481 |  |  |  | 990481 |
| **Total** | **$—** | **$990481** | **$31909** | **$—** | **$—** | **$1022390** |

---

The following is a summary of the ending monthly average volume on derivative activity during the period ended June 30, 2025.

---

| | |
|:---|:---|
| **Total return swaps:** |  |
| Average notional value — long | $4620409 |
| **Forward foreign currency exchange contracts:** |  |
| Average contract amounts purchased — in USD | 27027080 |
| Average contract amounts sold — in USD | 22210061 |

---

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Portfolio and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Portfolio exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Portfolio's net liability may be delayed or denied.

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may

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**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica BlackRock Real Estate Securities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

The following is a summary of the Portfolio OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Portfolio as of June 30, 2025. For financial reporting purposes, the Portfolio does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statement of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of** <br>**Assets** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts of** <br>**Liabilities** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** |
| **Counterparty** | **Gross Amounts of** <br>**Assets** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Financial** <br>**Instruments** <br>| **Collateral** <br>**Received** <sup>(B)</sup> <br>| **Net Receivable** | **Gross Amounts of** <br>**Liabilities** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Financial** <br>**Instruments** <br>| **Collateral** <br>**Pledged** <sup>(B)</sup> <br>| **Net Payable** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Bank of America, N.A. | $47320 | $(47320)<br>| $— | $— | $171585 | $(47320)<br>| $— | $124265 |
| BNP Paribas | 3288 | (3288)<br>|  |  | 3374 | (3288)<br>|  | 86 |
| Citibank, N.A. | 45801 | (14216)<br>|  | 31585 | 14216 | (14216)<br>|  |  |
| Goldman Sachs International |  |  |  |  | 156368 |  |  | 156368 |
| HSBC Bank USA | 437171 | (71924)<br>|  | 365247 | 71924 | (71924)<br>|  |  |
| JPMorgan Chase Bank, N.A. | 155324 | (27852)<br>|  | 127472 | 27852 | (27852)<br>|  |  |
| Nomura International PLC |  |  |  |  | 6866 |  |  | 6866 |
| State Street Bank & Trust Co. | 44954 | (44954)<br>|  |  | 222216 | (44954)<br>|  | 177262 |
| UBS AG | 324518 | (56295)<br>|  | 268223 | 56295 | (56295)<br>|  |  |
| **Total** | **$1058376** | **$(265849)**<br>| **$—** | **$792527** | **$730696** | **$(265849)**<br>| **$—** | **$464847** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset within the Statement of* *Assets and Liabilities.* 

<sup>(B)</sup> *In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.*

**7. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Real estate securities risk:** Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the

**Transamerica Series Trust**

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**Page 21**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

Portfolio's real estate-related investments are concentrated in one geographic area or one property type, the Portfolio will also be subject to the risks associated with that one area or property type. The value of the Portfolio's real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Portfolio invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Portfolio will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Portfolio.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Portfolio's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Focused investing risk:** To the extent the Portfolio invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Portfolio will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Industry concentration risk:** The Portfolio concentrates its investments in a specific industry or industries. Concentration in a particular industry heightens the risks associated with that industry. As a result, the Portfolio may be subject to greater price volatility and risk of loss as a result of adverse economic, business or other developments affecting that industry than funds investing in a broader range of industries.

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase portfolio losses, increase costs, reduce opportunities for gains, increase portfolio volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Portfolio. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Portfolio's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Portfolio. In certain cases, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Portfolio to certain operational and legal risks. The Portfolio may segregate cash or other liquid assets to cover the

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on portfolios using derivatives. Rule 18f-4 could have an adverse impact on the Portfolio's performance and its ability to implement its investment strategies and may increase costs related to the Portfolio's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Liquidity risk:** The Portfolio may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Portfolio is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Portfolio may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Portfolio to sell. This may prevent the Portfolio from limiting losses.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Portfolio could receive for any particular portfolio investment may differ from the Portfolio's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect portfolio investments more broadly during periods of market volatility. Investors who purchase or redeem portfolio shares on days when the Portfolio is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Portfolio had not fair-valued securities or had used a different valuation methodology. The Portfolio's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $250 million | 0.77<br> % <br>|
| Over $250 million up to $500 million | 0.75 |
| Over $500 million up to $750 million | 0.70 |
| Over $750 million | 0.68 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.90<br> % <br>| May 1, 2026 |
| Service Class | 1.15 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of June 30, 2025, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCL as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCL has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2026. Prior to TCL seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Portfolio is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Initial Class | 0.15<br> % <br>|
| Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**9. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $178132283 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $201769046 | &nbsp;&nbsp; $— |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $329256520 | &nbsp;&nbsp; $17004053 | &nbsp;&nbsp; $(8867484)<br>| &nbsp;&nbsp; $8136569 |

---

**11. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11. OPERATING SEGMENTS (continued)**

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT, SUB-ADVISORY AND SUB-SUB-ADVISORY AGREEMENTS – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica BlackRock Real Estate Securities VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement") for the Portfolio between TAM and BlackRock Investment Management, LLC (the "Sub-Adviser") and the renewal of the investment sub-sub-advisory agreements (each a "Sub-Sub-Advisory Agreement" and together with the Sub-Advisory Agreement and the Management Agreement, the "Agreements") with respect to the Portfolio between the Sub-Adviser and each of BlackRock International Limited and BlackRock (Singapore) Limited (each a "Sub-Sub-Adviser" and collectively the "Sub-Sub-Advisers").

Following its review and consideration, the Board determined that the terms of the Management Agreement, the Sub-Advisory Agreement and each Sub-Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM, the Sub-Adviser and each Sub-Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM, the Sub-Adviser and each Sub-Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM, the Sub-Adviser and each Sub-Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser and each Sub-Sub-Adviser. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Management Agreement. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM, the Sub-Adviser or the Sub-Sub-Advisers present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM, the Sub-Adviser and each Sub-Sub-Adviser to the Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Portfolio; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's, the Sub-Adviser's and each Sub-Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management teams of the Sub-Adviser and each Sub-Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Portfolio after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolio; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolio; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolio's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; and ongoing cash management services for the Portfolio. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolio, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and holder service functions of the funds.

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**MANAGEMENT, SUB-ADVISORY AND SUB-SUB-ADVISORY AGREEMENTS – CONTRACT RENEWAL (continued)**

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM, the Sub-Adviser and each Sub-Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was above the median for its peer universe for the past 1-year period, in line with the median for the past 5-year period and below the median for the past 3- and 10-year periods. The Board also noted that the performance of Service Class Shares of the Portfolio was above the benchmark that TAM utilizes to measure performance of the Portfolio for the past 5-year period and below the benchmark for the past 1-, 3-, and 10-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Portfolio on November 1, 2018 pursuant to its current investment objective, investment strategies and benchmarks.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services and the Sub-Sub-Advisers for sub-sub-advisory services, noting that TAM pays sub-advisory fees to the Sub-Adviser and that the sub-sub-advisory fees payable to the Sub-Sub-Advisers are paid by the Sub-Adviser and not the Portfolio or TAM. The Board also considered the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were in line with the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management, sub-advisory and sub-sub-advisory fees to be received by TAM, the Sub-Adviser and the Sub-Sub-Advisers under the Management Agreement, the Sub-Advisory Agreement and each Sub-Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and

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**MANAGEMENT, SUB-ADVISORY AND SUB-SUB-ADVISORY AGREEMENTS – CONTRACT RENEWAL (continued)**

Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Portfolio.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Portfolio was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM, the Sub-Adviser or a Sub-Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and each Sub-Sub-Adviser's sub-sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fees paid to the Sub-Adviser and the Sub-Sub-Advisers in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates, the Sub-Adviser and/or the Sub-Sub-Advisers from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, the Sub-Adviser and/or the Sub-Sub-Advisers from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Portfolio.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and the holders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser and the Sub-Sub-Advisers. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Portfolio.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement, the Sub-Advisory Agreement and each Sub-Sub-Advisory Agreement was in the best interests of the Portfolio and the holders and voted to approve the renewal of the Agreements.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 32**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817img99d4b98d3.gif)

Visit **transamerica.com**

![](g897817img8bb729104.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

![](g897817img3c3f28545.gif)

------

![](g897817img5a3c92e01.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica BlackRock Tactical Allocation VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817imgdf392e2b2.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_0ea3fe3a-857a-489c-acaf-5f8c708f8ad0_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_0ea3fe3a-857a-489c-acaf-5f8c708f8ad0_SOI-RunningFooter-238_1) | 2 |
| [Statement of Assets and Liabilities](#xx_0ea3fe3a-857a-489c-acaf-5f8c708f8ad0_FS-RunningFooter-238_1) | 4 |
| [Statement of Operations](#xx_0ea3fe3a-857a-489c-acaf-5f8c708f8ad0_FS-RunningFooter-238_1) | 4 |
| [Statement of Changes in Net Assets](#xx_0ea3fe3a-857a-489c-acaf-5f8c708f8ad0_FS-RunningFooter-238_2) | 5 |
| [Financial Highlights](#xx_0ea3fe3a-857a-489c-acaf-5f8c708f8ad0_FS-RunningFooter-238_3) | 6 |
| [Notes to Financial Statements](#xx_0ea3fe3a-857a-489c-acaf-5f8c708f8ad0_NTF-RunningFooter-238_1) | 8 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_0ea3fe3a-857a-489c-acaf-5f8c708f8ad0_DWA-RunningFooter-238_1)**<br> **[Companies](#xx_0ea3fe3a-857a-489c-acaf-5f8c708f8ad0_DWA-RunningFooter-238_1)**<br>| 17 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_0ea3fe3a-857a-489c-acaf-5f8c708f8ad0_PD-RunningFooter-238_1)** | 18 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_0ea3fe3a-857a-489c-acaf-5f8c708f8ad0_DTO-RunningFooter-238_1)**<br> **[Companies](#xx_0ea3fe3a-857a-489c-acaf-5f8c708f8ad0_DTO-RunningFooter-238_1)**<br>| 19 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_0ea3fe3a-857a-489c-acaf-5f8c708f8ad0_Mgmtagmt-RunningFooter-238_1)** | 20 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica BlackRock Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 88.8%**  | **INVESTMENT COMPANIES - 88.8%**  | **INVESTMENT COMPANIES - 88.8%**  |
| **International Alternative Fund - 0.0% \*** | **International Alternative Fund - 0.0% \*** | **International Alternative Fund - 0.0% \*** |
| &nbsp;&nbsp; Transamerica Global Allocation Liquidating <br> Trust <sup>(A)(B)(C)(D)</sup> <br>| 13521 | $15261 |
| **International Equity Funds - 11.3%**  | **International Equity Funds - 11.3%**  | **International Equity Funds - 11.3%**  |
| Transamerica International Focus VP <sup>(B)</sup> <br>| 3219253 | 29939046 |
| &nbsp;&nbsp; Transamerica Morgan Stanley Capital <br> Growth VP <sup>(B)</sup> <br>| 1188302 | 11276986 |
| &nbsp;&nbsp; Transamerica TSW International Equity <br> VP <sup>(B)</sup> <br>| 2839426 | 49661562 |
|  |  | 90877594 |
| **U.S. Equity Funds - 34.8%**  | **U.S. Equity Funds - 34.8%**  | **U.S. Equity Funds - 34.8%**  |
| &nbsp;&nbsp; Transamerica JPMorgan Enhanced Index <br> VP <sup>(B)</sup> <br>| 5648127 | 170065100 |
| Transamerica Large Cap Value <sup>(B)</sup> <br>| 3243864 | 50474528 |
| Transamerica Small Cap Growth <sup>(B)</sup> <br>| 1205483 | 7100298 |
| Transamerica Small Cap Value <sup>(B)</sup> <br>| 1606871 | 7600500 |
| Transamerica WMC US Growth VP <sup>(B)</sup> <br>| 967891 | 42954988 |
|  |  | 278195414 |
| **U.S. Fixed Income Funds - 42.7%**  | **U.S. Fixed Income Funds - 42.7%**  | **U.S. Fixed Income Funds - 42.7%**  |
| Transamerica Aegon Core Bond VP <sup>(B)</sup> <br>| 9781151 | 106810175 |
| Transamerica Bond <sup>(B)</sup> <br>| 14841759 | 120069827 |
| Transamerica Short-Term Bond <sup>(B)</sup> <br>| 11575857 | 114485227 |
|  |  | 341365229 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $678,824,007)**<br>|  | 710453498 |
| **EXCHANGE-TRADED FUNDS - 9.2%**  | **EXCHANGE-TRADED FUNDS - 9.2%**  | **EXCHANGE-TRADED FUNDS - 9.2%**  |
| **International Equity Fund - 1.1%**  | **International Equity Fund - 1.1%**  | **International Equity Fund - 1.1%**  |
| WisdomTree Japan Hedged Equity Fund <sup>(E)</sup> <br>| 73275 | 8373134 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS (continued)** | **EXCHANGE-TRADED FUNDS (continued)** | **EXCHANGE-TRADED FUNDS (continued)** |
| **U.S. Equity Fund - 4.7%**  | **U.S. Equity Fund - 4.7%**  | **U.S. Equity Fund - 4.7%**  |
| SPDR S&P 500 ETF Trust <sup>(F)</sup> <br>| 60567 | $37421321 |
| **U.S. Fixed Income Fund - 3.4%**  | **U.S. Fixed Income Fund - 3.4%**  | **U.S. Fixed Income Fund - 3.4%**  |
| Vanguard Total Bond Market ETF <sup>(G)</sup> <br>| 372728 | 27443963 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $70,328,553)**<br>|  | 73238418 |
| **OTHER INVESTMENT COMPANY - 0.5%**  | **OTHER INVESTMENT COMPANY - 0.5%**  | **OTHER INVESTMENT COMPANY - 0.5%**  |
| **Securities Lending Collateral - 0.5%**  | **Securities Lending Collateral - 0.5%**  | **Securities Lending Collateral - 0.5%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.31% <sup>(H)</sup> <br>| 4308075 | 4308075 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $4,308,075)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $4,308,075)** | 4308075 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.1%**  | **REPURCHASE AGREEMENT - 0.1%**  | **REPURCHASE AGREEMENT - 0.1%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(H)</sup>, dated 06/30/2025, to be <br> repurchased at $594,591 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.63%, due 06/15/2027, and <br> with a value of $606,630.<br>| $594561 | 594561 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $594,561)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $594,561)** | 594561 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $754,055,196)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $754,055,196)** | 788594552 |
| **Net Other Assets (Liabilities) - 1.4%** | **Net Other Assets (Liabilities) - 1.4%** | 11114883 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$799709435** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(I)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investment Companies | $710438237 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $710438237 |
| Exchange-Traded Funds | 73238418 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 73238418 |
| Other Investment Company | 4308075 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4308075 |
| Repurchase Agreement |  | &nbsp;&nbsp; 594561 | &nbsp;&nbsp; — | &nbsp;&nbsp; 594561 |
| **Total** | **$787984730** | &nbsp;&nbsp; **$594561** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$788579291** |
| Investment Companies Measured at Net Asset Value <sup>(A)</sup> <br>|  |  |  | &nbsp;&nbsp; 15261 |
| **Total Investments** |  |  |  | &nbsp;&nbsp; $788594552 |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Certain investments are measured at fair value using the net asset value per share, or its equivalent, practical expedient and have not been classified* *in the fair value levels. The fair value amount presented is intended to permit reconciliation to the Total Investments amount presented within the* *Schedule of Investments.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica BlackRock Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

<sup>(B)</sup> *Affiliated investment in the Class I2 shares of funds within Transamerica Funds, and a liquidating trust of a former Transamerica Fund and/or affiliated* *investment in the Initial Class shares of funds within Transamerica Series Trust. The Portfolio's transactions and earnings from these underlying funds* *are as follows:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value** <br>**December 31,** <br> **2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Net** <br>**Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Value** <br>**June 30,** <br>**2025**<br>| **Shares as of** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Aegon Core <br> Bond VP<br>| $69554166 | $78000000 | $(43300000)<br>| $(1086548)<br>| $3642557 | $106810175 | 9781151 | $— | $— |
| Transamerica Bond | 74887652 | 85214632 | (41000000)<br>| (349178)<br>| 1316721 | 120069827 | 14841759 | 2214631 |  |
| Transamerica Global <br> Allocation Liquidating Trust<br>| 15261 |  |  |  |  | 15261 | 13521 |  |  |
| Transamerica International <br> Focus VP<br>| 48010369 | 10200000 | (33310610)<br>| 1227071 | 3812216 | 29939046 | 3219253 |  |  |
| Transamerica JPMorgan <br> Enhanced Index VP<br>| 269801916 | 49700000 | (156500000)<br>| 34379445 | (27316261)<br>| 170065100 | 5648127 |  |  |
| Transamerica Large Cap <br> Value<br>| 77276296 | 14978774 | (46000000)<br>| 4891141 | (671683)<br>| 50474528 | 3243864 | 378774 |  |
| Transamerica Morgan <br> Stanley Capital Growth VP<br>| 19834998 |  | (10200000)<br>| 4474418 | (2832430)<br>| 11276986 | 1188302 |  |  |
| Transamerica Short-Term <br> Bond<br>| 68009173 | 89118350 | (43300000)<br>| 391740 | 265964 | 114485227 | 11575857 | 2018350 |  |
| Transamerica Small Cap <br> Growth<br>| 10938445 |  | (3300000)<br>| 113793 | (651940)<br>| 7100298 | 1205483 |  |  |
| Transamerica Small Cap <br> Value<br>| 11362733 |  | (3300000)<br>| (6933)<br>| (455300)<br>| 7600500 | 1606871 |  |  |
| Transamerica TSW <br> International Equity VP<br>| 64689968 | 14000000 | (39900000)<br>| 6237913 | 4633681 | 49661562 | 2839426 |  |  |
| Transamerica WMC US <br> Growth VP<br>| 66848516 | 11600000 | (36500000)<br>| 4948725 | (3942253)<br>| 42954988 | 967891 |  |  |
| **Total** | **$781229493** | **$352811756** | **$(456610610)**<br>| **$55221587** | **$(22198728)**<br>| **$710453498** | **56131505** | **$4611755** | **$—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(C)</sup> *Non-income producing securities.*

<sup>(D)</sup> *Restricted security. At June 30, 2025, the total value of such securities held by the Portfolio is as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value as** <br>**Percentage of** <br>**Net Assets**<br>|
| Investment Companies | Transamerica Global <br> Allocation Liquidating Trust<br>| 07/31/2014 | &nbsp;&nbsp; $139107 | &nbsp;&nbsp; $15261 | 0.0<br> %\*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(E)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $4,216,563, collateralized by cash collateral of $4,308,075. The* *amount on loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall* *from the brokers.* 

<sup>(F)</sup> *The shareholder reports for SPDR ETFs can be found at the following location:* *http://www.ssga.com/us/en/institutional/fund-finder?tab<u>=</u>documents&type<u>=</u>etfs.* 

<sup>(G)</sup> *The shareholder reports for Vanguard ETFs can be found at the following location: Vanguard - Forms and Literature.*

<sup>(H)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(I)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica BlackRock Tactical Allocation VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $678,824,007) | &nbsp;&nbsp; $710453498 |
| Unaffiliated investments, at value (cost $74,636,628) <br> (including securities loaned of $4,216,563) <br>| &nbsp;&nbsp; 77546493 |
| Repurchase agreement, at value (cost $594,561) | &nbsp;&nbsp; 594561 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 85400000 |
| Net income from securities lending | &nbsp;&nbsp; 3250 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 192634 |
| Dividends from affiliated investments | &nbsp;&nbsp; 732707 |
| Dividends from unaffiliated investments | &nbsp;&nbsp; 106666 |
| Interest | &nbsp;&nbsp; 30 |
| Prepaid expenses | &nbsp;&nbsp; 3571 |
| Total assets | &nbsp;&nbsp; 875033410 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 4308075 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 70367349 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 310678 |
| Investment management fees | &nbsp;&nbsp; 87258 |
| Distribution and service fees | &nbsp;&nbsp; 162055 |
| Transfer agent costs | &nbsp;&nbsp; 1018 |
| Trustee and CCO fees | &nbsp;&nbsp; 3932 |
| Audit and tax fees  | &nbsp;&nbsp; 14160 |
| Custody fees | &nbsp;&nbsp; 2484 |
| Legal fees | &nbsp;&nbsp; 3966 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 49060 |
| Other accrued expenses | &nbsp;&nbsp; 13940 |
| Total liabilities | &nbsp;&nbsp; 75323975 |
| **Net assets**  | &nbsp;&nbsp; $799709435 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $539758 |
| Additional paid-in capital | &nbsp;&nbsp; 711974006 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 87195671 |
| **Net assets** | &nbsp;&nbsp; $799709435 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $27524067 |
| Service Class | &nbsp;&nbsp; 772185368 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 4645635 |
| Service Class | &nbsp;&nbsp; 49330132 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $5.92 |
| Service Class | 15.65 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | &nbsp;&nbsp; $4611755 |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; 557449 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 55097 |
| Net income from securities lending | &nbsp;&nbsp; 15400 |
| Total investment income  | &nbsp;&nbsp; 5239701 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 520807 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 968207 |
| Transfer agent costs | &nbsp;&nbsp; 4730 |
| Trustee and CCO fees | &nbsp;&nbsp; 20383 |
| Audit and tax fees | &nbsp;&nbsp; 16465 |
| Custody fees | &nbsp;&nbsp; 5323 |
| Legal fees | &nbsp;&nbsp; 34119 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 50273 |
| Other | &nbsp;&nbsp; 24662 |
| Total expenses | &nbsp;&nbsp; 1644969 |
| **Net investment income (loss)** | &nbsp;&nbsp; 3594732 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | &nbsp;&nbsp; 55221587 |
| Unaffiliated investments  | &nbsp;&nbsp; 1289841 |
| Net realized gain (loss) | &nbsp;&nbsp; 56511428 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | &nbsp;&nbsp; (22198728)<br>|
| Unaffiliated investments  | &nbsp;&nbsp; 1451327 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (20747401)<br>|
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 35764027 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $39358759 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica BlackRock Tactical Allocation VP**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $3594732 | &nbsp;&nbsp; $17221132 |
| Net realized gain (loss) | &nbsp;&nbsp; 56511428 | &nbsp;&nbsp; 78355120 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (20747401)<br>| &nbsp;&nbsp; 10704421 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 39358759 | &nbsp;&nbsp; 106280673 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (1245580)<br>|
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (13020661)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (14266241)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 334096 | &nbsp;&nbsp; 596706 |
| Service Class | &nbsp;&nbsp; 3327762 | &nbsp;&nbsp; 3081038 |
|  | &nbsp;&nbsp; 3661858 | &nbsp;&nbsp; 3677744 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1245580 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 13020661 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 14266241 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (1501701)<br>| &nbsp;&nbsp; (2462038)<br>|
| Service Class | &nbsp;&nbsp; (87195053)<br>| &nbsp;&nbsp; (179890499)<br>|
|  | &nbsp;&nbsp; (88696754)<br>| &nbsp;&nbsp; (182352537)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (85034896)<br>| &nbsp;&nbsp; (164408552)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (45676137)<br>| &nbsp;&nbsp; (72394120)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 845385572 | &nbsp;&nbsp; 917779692 |
| End of period/year | &nbsp;&nbsp; $799709435 | &nbsp;&nbsp; $845385572 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 58985 | &nbsp;&nbsp; 107416 |
| Service Class | &nbsp;&nbsp; 228759 | &nbsp;&nbsp; 212948 |
|  | &nbsp;&nbsp; 287744 | &nbsp;&nbsp; 320364 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 223623 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 883356 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1106979 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (264798)<br>| &nbsp;&nbsp; (446355)<br>|
| Service Class | &nbsp;&nbsp; (5821931)<br>| &nbsp;&nbsp; (12502304)<br>|
|  | &nbsp;&nbsp; (6086729)<br>| &nbsp;&nbsp; (12948659)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (205813)<br>| &nbsp;&nbsp; (115316)<br>|
| Service Class | &nbsp;&nbsp; (5593172)<br>| &nbsp;&nbsp; (11406000)<br>|
|  | &nbsp;&nbsp; (5798985)<br>| &nbsp;&nbsp; (11521316)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica BlackRock Tactical Allocation VP**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $5.63 | &nbsp;&nbsp; $5.23 | &nbsp;&nbsp; $5.33 | &nbsp;&nbsp; $8.50 | &nbsp;&nbsp; $8.87 | &nbsp;&nbsp; $8.99 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.03 | 0.12 | 0.10 | 0.17 | 0.29 | 0.25 |
| Net realized and unrealized gain (loss) | 0.26 | 0.54 | 0.66 | &nbsp;&nbsp; (1.47)<br>| 0.40 | 0.87 |
| Total investment operations | 0.29 | 0.66 | 0.76 | &nbsp;&nbsp; (1.30)<br>| 0.69 | 1.12 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.33)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.91)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (1.24)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $5.92 | &nbsp;&nbsp; $5.63 | &nbsp;&nbsp; $5.23 | &nbsp;&nbsp; $5.33 | &nbsp;&nbsp; $8.50 | &nbsp;&nbsp; $8.87 |
| **Total return**<sup>(B)</sup> <br>| 5.15 %<sup>(C)</sup><br>| 12.76<br> %<br>| 15.31<br> %<br>| &nbsp;&nbsp; (16.06)%<br>| 7.91<br> %<br>| 13.40<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $27524 | &nbsp;&nbsp; $27317 | &nbsp;&nbsp; $25978 | &nbsp;&nbsp; $24280 | &nbsp;&nbsp; $29319 | &nbsp;&nbsp; $28518 |
| Expenses to average net assets<sup>(D)</sup> <br>| 0.17 %<sup>(E)</sup><br>| 0.17<br> %<br>| 0.17<br> %<br>| 0.15<br> %<br>| 0.15<br> %<br>| 0.15<br> %<br>|
| Net investment income (loss) to average net assets | 1.15 %<sup>(E)</sup><br>| 2.21<br> %<br>| 1.81<br> %<br>| 2.52<br> %<br>| 3.22<br> %<br>| 2.83<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 51 %<sup>(C)</sup><br>| &nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp; 91<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 67<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(E)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica BlackRock Tactical Allocation VP**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $14.89 | &nbsp;&nbsp; $13.45 | &nbsp;&nbsp; $12.46 | &nbsp;&nbsp; $16.97 | &nbsp;&nbsp; $16.72 | &nbsp;&nbsp; $15.90 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.07 | 0.28 | 0.20 | 0.32 | 0.50 | 0.40 |
| Net realized and unrealized gain (loss) | 0.69 | 1.39 | 1.61 | &nbsp;&nbsp; (3.01)<br>| 0.76 | 1.62 |
| Total investment operations | 0.76 | 1.67 | 1.81 | &nbsp;&nbsp; (2.69)<br>| 1.26 | 2.02 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.29)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.91)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (1.20)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $15.65 | &nbsp;&nbsp; $14.89 | &nbsp;&nbsp; $13.45 | &nbsp;&nbsp; $12.46 | &nbsp;&nbsp; $16.97 | &nbsp;&nbsp; $16.72 |
| **Total return**<sup>(B)</sup> <br>| 5.10 %<sup>(C)</sup><br>| 12.40<br> %<br>| 14.88<br> %<br>| &nbsp;&nbsp; (16.21)%<br>| 7.63<br> %<br>| 13.19<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $772185 | &nbsp;&nbsp; $818069 | &nbsp;&nbsp; $891802 | &nbsp;&nbsp; $909335 | &nbsp;&nbsp; $1253039 | &nbsp;&nbsp; $1348851 |
| Expenses to average net assets<sup>(D)</sup> <br>| 0.42 %<sup>(E)</sup><br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>|
| Net investment income (loss) to average net assets | 0.89 %<sup>(E)</sup><br>| 1.92<br> %<br>| 1.54<br> %<br>| 2.23<br> %<br>| 2.92<br> %<br>| 2.53<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 51 %<sup>(C)</sup><br>| &nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp; 91<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 67<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(E)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica BlackRock Tactical Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica BlackRock Tactical Allocation VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets in a combination of Transamerica mutual funds selected by the Portfolio's sub-adviser (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report and are available on the funds' web page(s) at <u>www.transamerica.com/financial-pro/annuities/prospectus</u> and <u>www.transamerica.com/financial-pro/investments/prospectus</u>.The Underlying Funds' shareholder reports are not covered by this report.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal,

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica BlackRock Tactical Allocation VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica BlackRock Tactical Allocation VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Restricted securities:* Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS**

**Restricted securities**: The Portfolio may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at June 30, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica BlackRock Tactical Allocation VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Exchange-Traded Funds | $4308075 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4308075 |
| **Total Borrowings** | **$4308075** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$4308075** |

---

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica BlackRock Tactical Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**Underlying portfolios risk:** Because the Portfolio invests its assets in various underlying portfolios, its ability to achieve its investment objective depends largely on the performance of the underlying portfolios in which it invests. Investing in underlying portfolios subjects the Portfolio to the risks of investing in the underlying securities or assets held by those underlying portfolios. Each of the underlying portfolios in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying portfolios' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying portfolio will be achieved. To the extent that the Portfolio invests more of its assets in one underlying portfolio than in another, the Portfolio will have greater exposure to the risks of that underlying portfolio. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying portfolios in which it invests. The "List and Description of Underlying Portfolios" section of the Portfolio's prospectus identifies certain risks of each underlying portfolio.

**Tactical asset allocation risk:** Tactical asset allocation is a dynamic investment strategy that actively adjusts a Portfolio's asset allocation. The Portfolio's tactical asset management discipline may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other funds using other asset management styles, including those based on fundamental analysis (a method of evaluating a security that entails attempting to measure its intrinsic value by examining related economic, financial and other factors) or strategic asset allocation (a strategy that involves periodically rebalancing the Portfolio in order to maintain a long-term goal for asset allocation).The sub-adviser's evaluations and assumptions in selecting underlying funds or individual securities may be incorrect in view of actual market conditions, and may result in owning securities that under perform other securities.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica BlackRock Tactical Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Portfolio's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.130<br> % <br>|
| Over $1 billion up to $2 billion | 0.110 |
| Over $2 billion up to $3 billion | 0.105 |
| Over $3 billion | 0.100 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.21<br> % <br>| May 1, 2026 |
| Service Class | 0.46 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of June 30, 2025, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCL as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCL has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2026. Prior to TCL seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Portfolio is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Initial Class | 0.15<br> % <br>|
| Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $406209661 | &nbsp;&nbsp; $497274301 |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $754055196 | &nbsp;&nbsp; $35783292 | &nbsp;&nbsp; $(1243936)<br>| &nbsp;&nbsp; $34539356 |

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. OPERATING SEGMENTS (continued)**

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Series Trust**

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**Page 18**

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Series Trust**

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**Page 19**

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica BlackRock Tactical Allocation VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and BlackRock Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Portfolio; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Portfolio after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolio; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolio; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolio's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; and ongoing cash management services for the Portfolio. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolio, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and holder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the

**Transamerica Series Trust**

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**Page 20**

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of Service Class Shares of the Portfolio was below the benchmark that TAM utilizes to measure performance of the Portfolio for the past 1-, 3-, 5- and 10-year periods.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were in line with the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica BlackRock Tactical Allocation VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Portfolio.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Portfolio was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Portfolio.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and the holders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Portfolio.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Portfolio and the holders and voted to approve the renewal of the Agreements.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817img3dfa09dc3.gif)

Visit **transamerica.com**

![](g897817img2140100f4.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

![](g897817imgfb6476a95.gif)

------

![](g897817img362000a31.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica Goldman Sachs 70/30 Allocation VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817imgb1b393ff2.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_31c3b559-8816-4632-b087-c367a223fe06_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_31c3b559-8816-4632-b087-c367a223fe06_SOI-RunningFooter-201_1) | 2 |
| [Statement of Assets and Liabilities](#xx_31c3b559-8816-4632-b087-c367a223fe06_FS-RunningFooter-201_1) | 4 |
| [Statement of Operations](#xx_31c3b559-8816-4632-b087-c367a223fe06_FS-RunningFooter-201_1) | 4 |
| [Statement of Changes in Net Assets](#xx_31c3b559-8816-4632-b087-c367a223fe06_FS-RunningFooter-201_2) | 5 |
| [Financial Highlights](#xx_31c3b559-8816-4632-b087-c367a223fe06_sFIHI1-RunningFooter-201_1) | 6 |
| [Notes to Financial Statements](#xx_31c3b559-8816-4632-b087-c367a223fe06_NTF-RunningFooter-201_1) | 7 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_31c3b559-8816-4632-b087-c367a223fe06_DWA-RunningFooter-201_1)**<br> **[Companies](#xx_31c3b559-8816-4632-b087-c367a223fe06_DWA-RunningFooter-201_1)**<br>| 15 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_31c3b559-8816-4632-b087-c367a223fe06_PD-RunningFooter-201_1)** | 16 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_31c3b559-8816-4632-b087-c367a223fe06_DTO-RunningFooter-201_1)**<br> **[Companies](#xx_31c3b559-8816-4632-b087-c367a223fe06_DTO-RunningFooter-201_1)**<br>| 17 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_31c3b559-8816-4632-b087-c367a223fe06_Mgmtagmt-RunningFooter-201_1)** | 18 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Goldman Sachs 70/30 Allocation VP**

------

**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 99.5%**  | **INVESTMENT COMPANIES - 99.5%**  | **INVESTMENT COMPANIES - 99.5%**  |
| **International Equity Funds - 21.0%**  | **International Equity Funds - 21.0%**  | **International Equity Funds - 21.0%**  |
| Transamerica Emerging Markets Equity <sup>(A)</sup> <br>| 32164 | $306527 |
| Transamerica International Equity <sup>(A)</sup> <br>| 54072 | 1328002 |
| Transamerica International Stock <sup>(A)</sup> <br>| 98058 | 1352224 |
|  |  | 2986753 |
| **U.S. Equity Funds - 49.3%**  | **U.S. Equity Funds - 49.3%**  | **U.S. Equity Funds - 49.3%**  |
| &nbsp;&nbsp; Transamerica Aegon Sustainable Equity <br> Income VP <sup>(A)</sup> <br>| 13932 | 309441 |
| Transamerica Large Cap Value <sup>(A)</sup> <br>| 189713 | 2951936 |
| Transamerica Small Cap Growth <sup>(A)</sup> <br>| 23957 | 141107 |
| Transamerica Small Cap Value <sup>(A)</sup> <br>| 33194 | 157007 |
| Transamerica WMC US Growth VP <sup>(A)</sup> <br>| 77677 | 3447309 |
|  |  | 7006800 |
| **U.S. Fixed Income Funds - 29.2%**  | **U.S. Fixed Income Funds - 29.2%**  | **U.S. Fixed Income Funds - 29.2%**  |
| Transamerica Bond <sup>(A)</sup> <br>| 154168 | 1247216 |
| Transamerica Core Bond <sup>(A)</sup> <br>| 336255 | 2891792 |
|  |  | 4139008 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $12,875,191)**<br>|  | 14132561 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.7%**  | **REPURCHASE AGREEMENT - 0.7%**  | **REPURCHASE AGREEMENT - 0.7%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(B)</sup>, dated 06/30/2025, to be <br> repurchased at $101,708 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.63%, due 06/15/2027, and <br> with a value of $103,737.<br>| $101703 | $101703 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $101,703)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $101,703)** | 101703 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $12,976,894)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $12,976,894)** | 14234264 |
| **Net Other Assets (Liabilities) - (0.2)%** | **Net Other Assets (Liabilities) - (0.2)%** | (21623) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$14212641** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(C)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investment Companies | $14132561 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14132561 |
| Repurchase Agreement |  | &nbsp;&nbsp; 101703 | &nbsp;&nbsp; — | &nbsp;&nbsp; 101703 |
| **Total Investments** | **$14132561** | &nbsp;&nbsp; **$101703** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$14234264** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Affiliated investment in the Class I2 shares of funds within Transamerica Funds, and/or affiliated investment in the Initial Class shares of funds within* *Transamerica Series Trust. The Portfolio's transactions and earnings from these underlying funds are as follows:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value** <br>**December 31,** <br> **2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Net** <br>**Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Value** <br>**June 30,** <br>**2025**<br>| **Shares as of** <br>**June 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Aegon <br> Sustainable Equity Income <br> VP<br>| $173391 | $120000 | $— | $— | $16050 | $309441 | 13932 | $— | $— |
| Transamerica Bond | 654729 | 701195 | (125000)<br>| (15562)<br>| 31854 | 1247216 | 154168 | 21237 |  |
| Transamerica Core Bond | 1512331 | 1657143 | (308000)<br>| (10991)<br>| 41309 | 2891792 | 336255 | 47232 |  |
| Transamerica Emerging <br> Markets Equity<br>| 217790 | 40000 |  |  | 48737 | 306527 | 32164 |  |  |
| Transamerica High Yield <br> Bond<br>| 185847 | 2184 | (186636)<br>| (6083)<br>| 4688 |  |  | 2789 |  |
| Transamerica International <br> Equity<br>| 681424 | 585000 | (130000)<br>| 17009 | 174569 | 1328002 | 54072 |  |  |
| Transamerica International <br> Small Cap Value<br>| 89657 |  | (99470)<br>| 5001 | 4812 |  |  |  |  |
| Transamerica International <br> Stock<br>| 813070 | 440000 | (100000)<br>| 16966 | 182188 | 1352224 | 98058 |  |  |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica Goldman Sachs 70/30 Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value**<br> **December 31,** <br> **2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **June 30,**<br> **2025**<br>| **Shares as of**<br> **June 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Net Capital**<br> **Gain**<br> **Distributions**<br>|
| Transamerica Large Cap <br> Value<br>| $1860889 | $1205335 | $(318000)<br>| $30350 | $173362 | $2951936 | 189713 | $15335 | $— |
| Transamerica Long Credit | 227140 | 51991 | (281385)<br>| (6339)<br>| 8593 |  |  | 2650 |  |
| Transamerica Pinebridge <br> Inflation Opportunities VP<br>| 184859 |  | (188143)<br>| (11264)<br>| 14548 |  |  |  |  |
| Transamerica Small Cap <br> Growth<br>| 116908 | 30000 |  |  | (5801)<br>| 141107 | 23957 |  |  |
| Transamerica Small Cap <br> Value<br>| 106213 | 79999 | (25000)<br>| (26865)<br>| 22660 | 157007 | 33194 |  |  |
| Transamerica WMC US <br> Growth VP<br>| 2418685 | 1115001 | (330000)<br>| (16702)<br>| 260325 | 3447309 | 77677 |  |  |
| **Total** | **$9242933** | **$6027848** | **$(2091634)**<br>| **$(24480)**<br>| **$977894** | **$14132561** | **1013190** | **$89243** | **$—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(B)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(C)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Goldman Sachs 70/30 Allocation VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $12,875,191) | &nbsp;&nbsp; $14132561 |
| Repurchase agreement, at value (cost $101,703) | &nbsp;&nbsp; 101703 |
| Receivables and other assets: |  |
| Dividends from affiliated investments | &nbsp;&nbsp; 15034 |
| Interest | &nbsp;&nbsp; 5 |
| Due from investment manager | &nbsp;&nbsp; 1299 |
| Prepaid expenses | &nbsp;&nbsp; 44 |
| Total assets | &nbsp;&nbsp; 14250646 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Affiliated investments purchased | &nbsp;&nbsp; 14903 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 1125 |
| Distribution and service fees | &nbsp;&nbsp; 2910 |
| Trustee and CCO fees | &nbsp;&nbsp; 44 |
| Audit and tax fees  | &nbsp;&nbsp; 12020 |
| Custody fees | &nbsp;&nbsp; 506 |
| Legal fees | &nbsp;&nbsp; 124 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 324 |
| Other accrued expenses | &nbsp;&nbsp; 6049 |
| Total liabilities | &nbsp;&nbsp; 38005 |
| **Net assets**  | &nbsp;&nbsp; $14212641 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $10069 |
| Additional paid-in capital | &nbsp;&nbsp; 12497034 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 1705538 |
| **Net assets** | &nbsp;&nbsp; $14212641 |
| **Shares outstanding** | &nbsp;&nbsp; 1006883 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $14.12 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | &nbsp;&nbsp; $89243 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 618 |
| Total investment income  | &nbsp;&nbsp; 89861 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 5948 |
| Distribution and service fees | &nbsp;&nbsp; 14298 |
| Transfer agent costs | &nbsp;&nbsp; 55 |
| Trustee and CCO fees | &nbsp;&nbsp; 287 |
| Audit and tax fees | &nbsp;&nbsp; 12289 |
| Custody fees | &nbsp;&nbsp; 1627 |
| Legal fees | &nbsp;&nbsp; 582 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 721 |
| Index fees | &nbsp;&nbsp; 6001 |
| Filing fees | &nbsp;&nbsp; 3071 |
| Other | &nbsp;&nbsp; 135 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 45014 |
| Expenses waived and/or reimbursed | &nbsp;&nbsp; (14692)<br>|
| Net expenses | &nbsp;&nbsp; 30322 |
| **Net investment income (loss)** | &nbsp;&nbsp; 59539 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | &nbsp;&nbsp; (24480)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | &nbsp;&nbsp; 977894 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 953414 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $1012953 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica Goldman Sachs 70/30 Allocation VP**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $59539 | &nbsp;&nbsp; $151638 |
| Net realized gain (loss) | &nbsp;&nbsp; (24480)<br>| &nbsp;&nbsp; 296195 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 977894 | &nbsp;&nbsp; 418522 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 1012953 | &nbsp;&nbsp; 866355 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (246398)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (246398)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 5114655 | &nbsp;&nbsp; 2543756 |
| Dividends and/or distributions reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 246398 |
| Cost of shares redeemed | &nbsp;&nbsp; (1201119)<br>| &nbsp;&nbsp; (350832)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; 3913536 | &nbsp;&nbsp; 2439322 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 4926489 | &nbsp;&nbsp; 3059279 |
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 9286152 | &nbsp;&nbsp; 6226873 |
| End of period/year | &nbsp;&nbsp; $14212641 | &nbsp;&nbsp; $9286152 |
| **Capital share transactions - shares:** |  |  |
| Shares issued | &nbsp;&nbsp; 383848 | &nbsp;&nbsp; 200699 |
| Shares reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 18983 |
| Shares redeemed | &nbsp;&nbsp; (88274)<br>| &nbsp;&nbsp; (27342)<br>|
| Net increase (decrease) in shares outstanding | &nbsp;&nbsp; 295574 | &nbsp;&nbsp; 192340 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Goldman Sachs 70/30 Allocation VP**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $13.06 | &nbsp;&nbsp; $12.00 | &nbsp;&nbsp; $10.68 | &nbsp;&nbsp; $14.04 | &nbsp;&nbsp; $12.69 | &nbsp;&nbsp; $10.00 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(B)</sup> <br>| 0.07 | 0.24 | 0.24 | 0.21 | 0.38 | 0.19 |
| Net realized and unrealized gain (loss) | 0.99 | 1.21 | 1.48 | &nbsp;&nbsp; (2.60)<br>| 1.28 | 2.50 |
| Total investment operations | 1.06 | 1.45 | 1.72 | &nbsp;&nbsp; (2.39)<br>| 1.66 | 2.69 |
| Contributions from Investment Manager  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.03 | &nbsp;&nbsp; — |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; — |
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; — |
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — |
| **Net asset value, end of period/year** | &nbsp;&nbsp; $14.12 | &nbsp;&nbsp; $13.06 | &nbsp;&nbsp; $12.00 | &nbsp;&nbsp; $10.68 | &nbsp;&nbsp; $14.04 | &nbsp;&nbsp; $12.69 |
| **Total return**<sup>(C)</sup> <br>| 8.12 %<sup>(D)</sup><br>| 12.15<br> %<br>| 16.25<br> %<br>| &nbsp;&nbsp; (17.10)%<br>| 13.33 %<sup>(E)</sup><br>| 26.90 %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $14213 | &nbsp;&nbsp; $9286 | &nbsp;&nbsp; $6227 | &nbsp;&nbsp; $4056 | &nbsp;&nbsp; $3807 | &nbsp;&nbsp; $1289 |
| Expenses to average net assets<sup>(F)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.79 %<sup>(G)</sup><br>| 0.97<br> %<br>| 1.42<br> %<br>| 1.66<br> %<br>| 1.72<br> %<br>| 6.01 %<sup>(G)</sup><br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.53 %<sup>(G)</sup>(H)<br>| 0.53 %<sup>(H)</sup><br>| 0.52 %<sup>(H)</sup><br>| 0.51 %<sup>(H)</sup><br>| 0.50 %<sup>(H)</sup><br>| 1.15 %<sup>(G)</sup><br>|
| Net investment income (loss) to average net assets | 1.04 %<sup>(G)</sup><br>| 1.90<br> %<br>| 2.10<br> %<br>| 1.79<br> %<br>| 2.78<br> %<br>| 2.54 %<sup>(G)</sup><br>|
| Portfolio turnover rate | &nbsp;&nbsp; 18 %<sup>(D)</sup><br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 4 %<sup>(D)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on May 1, 2020.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Total return includes the contribution from investment manager. If the investment manager had not made the contribution, total return would have* *decreased by 0.24%.* 

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(G)</sup> *Annualized.*

<sup>(H)</sup> *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Portfolio through its investments in Underlying Funds.* *If the expenses incurred by the Underlying Funds were included in these ratios they would have increased by 0.62% (annualized), 0.62%, 0.63%,* *0.64% and 0.65%, for the period ended June 30, 2025 and the years ended December 31, 2024, December 31, 2023, December 31, 2022 and* *December 31, 2021, respectively.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Goldman Sachs 70/30 Allocation VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets in underlying Transamerica mutual funds (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report and are available on the funds' web page(s) at <u>www.transamerica.com/financial-pro/annuities/prospectus</u> and <u>www.transamerica.com/financial-pro/investments/prospectus.</u> The Underlying Funds' shareholder reports are not covered by this report.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica Goldman Sachs 70/30 Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the period ended June 30, 2025, the Portfolio has not entered into any secured borrowing arrangements.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Portfolio based on the Portfolio's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Portfolio agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Portfolio had no amounts outstanding as of June 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**5. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect.

**Asset class variation risk:** The underlying portfolios invest principally in the securities constituting their asset class (i.e., equity or fixed-income) or underlying index components. However, an underlying portfolio may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying portfolios at any given time, and the percentage of the Portfolio's assets invested in various underlying portfolios, the Portfolio's actual exposure to the securities in a particular asset class may vary substantially from its target allocation for that asset class, and this in turn may adversely affect the Portfolio's performance.

**Underlying portfolios risk:** Because the Portfolio invests its assets in various underlying portfolios, its ability to achieve its investment objective depends largely on the performance of the underlying portfolios in which it invests. Investing in underlying portfolios subjects the Portfolio to the risks of investing in the underlying securities or assets held by those underlying portfolios. Each of the underlying portfolios in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying portfolios' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying portfolio will be achieved. To the extent that the Portfolio invests more of its assets in one underlying portfolio than in another, the Portfolio will have greater exposure to the risks of that underlying portfolio. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying portfolios in which it invests. The "List and Description of Underlying Portfolios" section of the Portfolio's prospectus identifies certain risks of each underlying portfolio.

**Transamerica Series Trust**

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**Page 10**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.1040<br> % <br>|
| Over $1 billion up to $3 billion | 0.0975 |
| Over $3 billion up to $5 billion | 0.0925 |
| Over $5 billion up to $7 billion | 0.0850 |
| Over $7 billion up to $9 billion | 0.0800 |
| Over $9 billion | 0.0725 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses, including the pro rata share of expenses incurred through the Portfolio's investment in the underlying Funds, but excluding, as applicable, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Service Class | 1.15<br> % <br>| May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended June 30, 2025, the balances available for recapture by TAM for the Portfolio are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Service Class | $26055 | $42806 | $35700 | $14692 | $119253 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of July 1, 2022 through December 31, 2022.*

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCL as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica Goldman Sachs 70/30 Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Portfolio is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets up to an annual fee of 0.25% of Service Class shares.

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $6027848 | &nbsp;&nbsp; $2091634 |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $12976894 | &nbsp;&nbsp; $1288780 | &nbsp;&nbsp; $(31410)<br>| &nbsp;&nbsp; $1257370 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Goldman Sachs 70/30 Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. OPERATING SEGMENTS (continued)**

allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Goldman Sachs 70/30 Allocation VP** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Goldman Sachs 70/30 Allocation VP** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Goldman Sachs 70/30 Allocation VP** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica Goldman Sachs 70/30 Allocation VP** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica Goldman Sachs 70/30 Allocation VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and Goldman Sachs Asset Management, L.P. (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limit, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions. In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Portfolio; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Portfolio after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolio; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolio; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolio's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; and ongoing cash management services for the Portfolio. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolio, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and holder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe,

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica Goldman Sachs 70/30 Allocation VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.The Board noted that the performance of Service Class Shares of the Portfolio was above the median for its peer universe for the past 1-year period and in line with the median for the past 3-year period. The Board also noted that the performance of Service Class Shares of the Portfolio was below the benchmark that TAM utilizes to measure performance of the Portfolio for the past 1- and 3-year periods.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Portfolio.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Portfolio was not excessive.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica Goldman Sachs 70/30 Allocation VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and the holders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Portfolio.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Portfolio and the holders and voted to approve the renewal of the Agreements.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817img57cff3bd3.gif)

Visit **transamerica.com**

![](g897817img684f97734.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

![](g897817img544bd13a5.gif)

------

![](g897817img0f5ac5361.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica Goldman Sachs Managed Risk - Balanced ETF VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817imgb0ee765c2.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_23743acb-2d8d-4145-87fe-b8340f4a5d21_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_23743acb-2d8d-4145-87fe-b8340f4a5d21_SOI-RunningFooter-220_1) | 2 |
| [Statement of Assets and Liabilities](#xx_23743acb-2d8d-4145-87fe-b8340f4a5d21_FS-RunningFooter-220_1) | 3 |
| [Statement of Operations](#xx_23743acb-2d8d-4145-87fe-b8340f4a5d21_FS-RunningFooter-220_1) | 3 |
| [Statement of Changes in Net Assets](#xx_23743acb-2d8d-4145-87fe-b8340f4a5d21_FS-RunningFooter-220_2) | 4 |
| [Financial Highlights](#xx_23743acb-2d8d-4145-87fe-b8340f4a5d21_FS-RunningFooter-220_3) | 5 |
| [Notes to Financial Statements](#xx_23743acb-2d8d-4145-87fe-b8340f4a5d21_NTF-RunningFooter-220_1) | 7 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_23743acb-2d8d-4145-87fe-b8340f4a5d21_DWA-RunningFooter-220_1)**<br> **[Companies](#xx_23743acb-2d8d-4145-87fe-b8340f4a5d21_DWA-RunningFooter-220_1)**<br>| 16 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_23743acb-2d8d-4145-87fe-b8340f4a5d21_PD-RunningFooter-220_1)** | 17 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_23743acb-2d8d-4145-87fe-b8340f4a5d21_DTO-RunningFooter-220_1)**<br> **[Companies](#xx_23743acb-2d8d-4145-87fe-b8340f4a5d21_DTO-RunningFooter-220_1)**<br>| 18 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_23743acb-2d8d-4145-87fe-b8340f4a5d21_Mgmtagmt-RunningFooter-220_1)** | 19 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF VP**

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**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 99.5%**  | **EXCHANGE-TRADED FUNDS - 99.5%**  | **EXCHANGE-TRADED FUNDS - 99.5%**  |
| **International Equity Funds - 16.6%**  | **International Equity Funds - 16.6%**  | **International Equity Funds - 16.6%**  |
| iShares Core MSCI EAFE ETF <sup>(A)</sup> <br>| 1841261 | $153708469 |
| &nbsp;&nbsp; iShares Core MSCI Emerging Markets <br> ETF <sup>(A)</sup> <br>| 3051326 | 183171100 |
| iShares MSCI EAFE ETF <sup>(A)</sup> <br>| 671557 | 60030480 |
| iShares MSCI EAFE Small-Cap ETF <sup>(A)</sup> <br>| 46278 | 3363485 |
| Vanguard FTSE Developed Markets ETF <sup>(B)</sup> <br>| 3362611 | 191702453 |
|  |  | 591975987 |
| **U.S. Equity Funds - 36.2%**  | **U.S. Equity Funds - 36.2%**  | **U.S. Equity Funds - 36.2%**  |
| iShares Core S&P 500 ETF <sup>(A)</sup> <br>| 606678 | 376686370 |
| iShares Core S&P Mid-Cap ETF <sup>(A)</sup> <br>| 1501047 | 93094935 |
| iShares Russell 2000 ETF <sup>(A)</sup> <br>| 343403 | 74102933 |
| SPDR S&P 500 ETF Trust <sup>(C)</sup> <br>| 299514 | 185054725 |
| Vanguard S&P 500 ETF <sup>(B)</sup> <br>| 996031 | 565775489 |
|  |  | 1294714452 |
| **U.S. Fixed Income Funds - 46.7%**  | **U.S. Fixed Income Funds - 46.7%**  | **U.S. Fixed Income Funds - 46.7%**  |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 7131823 | 707476842 |
| &nbsp;&nbsp; Vanguard Intermediate-Term Corporate <br> Bond ETF <sup>(B)(D)</sup> <br>| 3035513 | 251704738 |
| Vanguard Total Bond Market ETF <sup>(B)</sup> <br>| 9680505 | 712775583 |
|  |  | 1671957163 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $3,400,704,873)**<br>|  | 3558647602 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.6%**  | **OTHER INVESTMENT COMPANY - 0.6%**  | **OTHER INVESTMENT COMPANY - 0.6%**  |
| **Securities Lending Collateral - 0.6%**  | **Securities Lending Collateral - 0.6%**  | **Securities Lending Collateral - 0.6%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.31% <sup>(E)</sup> <br>| 21187500 | $21187500 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $21,187,500)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $21,187,500)** | 21187500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.5%**  | **REPURCHASE AGREEMENT - 0.5%**  | **REPURCHASE AGREEMENT - 0.5%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(E)</sup>, dated 06/30/2025, to be <br> repurchased at $19,229,475 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.38%, due 05/15/2034, and <br> with a value of $19,613,124.<br>| $19228514 | 19228514 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $19,228,514)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $19,228,514)** | 19228514 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $3,441,120,887)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $3,441,120,887)** | 3599063616 |
| **Net Other Assets (Liabilities) - (0.6)%** | **Net Other Assets (Liabilities) - (0.6)%** | (22667904) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$3576395712** |

---

**INVESTMENT VALUATION:**

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(F)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $3558647602 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3558647602 |
| Other Investment Company | 21187500 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21187500 |
| Repurchase Agreement |  | &nbsp;&nbsp; 19228514 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19228514 |
| **Total Investments** | **$3579835102** | &nbsp;&nbsp; **$19228514** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$3599063616** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *The shareholder reports for Vanguard ETFs can be found at the following location: Vanguard - Forms and Literature.*

<sup>(C)</sup> *The shareholder reports for SPDR ETFs can be found at the following location:* *http://www.ssga.com/us/en/institutional/fund-finder?tab<u>=</u>documents&type<u>=</u>etfs.* 

<sup>(D)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $31,507,444, collateralized by cash collateral of $21,187,500 and* *non-cash collateral, such as U.S. government securities of $11,015,297. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(E)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(F)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $3,421,892,373) <br> (including securities loaned of $31,507,444)<br>| &nbsp;&nbsp; $3579835102 |
| Repurchase agreement, at value (cost $19,228,514) | &nbsp;&nbsp; 19228514 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 34338 |
| Dividends from unaffiliated investments | &nbsp;&nbsp; 2265255 |
| Interest | &nbsp;&nbsp; 961 |
| Prepaid expenses | &nbsp;&nbsp; 15916 |
| Total assets | &nbsp;&nbsp; 3601380086 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 21187500 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 1910691 |
| Investment management fees | &nbsp;&nbsp; 903600 |
| Distribution and service fees | &nbsp;&nbsp; 747728 |
| Transfer agent costs | &nbsp;&nbsp; 4459 |
| Trustee and CCO fees | &nbsp;&nbsp; 17870 |
| Audit and tax fees  | &nbsp;&nbsp; 19897 |
| Custody fees | &nbsp;&nbsp; 16496 |
| Legal fees | &nbsp;&nbsp; 15991 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 102098 |
| Other accrued expenses | &nbsp;&nbsp; 58044 |
| Total liabilities | &nbsp;&nbsp; 24984374 |
| **Net assets**  | &nbsp;&nbsp; $3576395712 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $2875919 |
| Additional paid-in capital | &nbsp;&nbsp; 2985291293 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 588228500 |
| **Net assets** | &nbsp;&nbsp; $3576395712 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $4924787 |
| Service Class | &nbsp;&nbsp; 3571470925 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 389237 |
| Service Class | &nbsp;&nbsp; 287202633 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $12.65 |
| Service Class | 12.44 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $46858991 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 1101718 |
| Net income from securities lending | &nbsp;&nbsp; 552165 |
| Total investment income  | &nbsp;&nbsp; 48512874 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 5410298 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 4477804 |
| Transfer agent costs | &nbsp;&nbsp; 21085 |
| Trustee and CCO fees | &nbsp;&nbsp; 91573 |
| Audit and tax fees | &nbsp;&nbsp; 28455 |
| Custody fees | &nbsp;&nbsp; 42188 |
| Legal fees | &nbsp;&nbsp; 151502 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 111495 |
| Other | &nbsp;&nbsp; 103540 |
| Total expenses | &nbsp;&nbsp; 10437940 |
| **Net investment income (loss)** | &nbsp;&nbsp; 38074934 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments  | &nbsp;&nbsp; 194999126 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments  | &nbsp;&nbsp; (105067058)<br>|
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 89932068 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $128007002 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $38074934 | &nbsp;&nbsp; $89817395 |
| Net realized gain (loss) | &nbsp;&nbsp; 194999126 | &nbsp;&nbsp; 126277689 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (105067058)<br>| &nbsp;&nbsp; 132747843 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 128007002 | &nbsp;&nbsp; 348842927 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (176948)<br>|
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (132391351)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (132568299)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 45837 | &nbsp;&nbsp; 105287 |
| Service Class | &nbsp;&nbsp; 3818920 | &nbsp;&nbsp; 6965176 |
|  | &nbsp;&nbsp; 3864757 | &nbsp;&nbsp; 7070463 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 176948 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 132391351 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 132568299 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (172323)<br>| &nbsp;&nbsp; (640316)<br>|
| Service Class | &nbsp;&nbsp; (318952725)<br>| &nbsp;&nbsp; (691506146)<br>|
|  | &nbsp;&nbsp; (319125048)<br>| &nbsp;&nbsp; (692146462)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (315260291)<br>| &nbsp;&nbsp; (552507700)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (187253289)<br>| &nbsp;&nbsp; (336233072)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 3763649001 | &nbsp;&nbsp; 4099882073 |
| End of period/year | &nbsp;&nbsp; $3576395712 | &nbsp;&nbsp; $3763649001 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 3708 | &nbsp;&nbsp; 8766 |
| Service Class | &nbsp;&nbsp; 314745 | &nbsp;&nbsp; 581450 |
|  | &nbsp;&nbsp; 318453 | &nbsp;&nbsp; 590216 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 14528 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 11032613 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 11047141 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (14131)<br>| &nbsp;&nbsp; (53765)<br>|
| Service Class | &nbsp;&nbsp; (26454877)<br>| &nbsp;&nbsp; (58262816)<br>|
|  | &nbsp;&nbsp; (26469008)<br>| &nbsp;&nbsp; (58316581)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (10423)<br>| &nbsp;&nbsp; (30471)<br>|
| Service Class | &nbsp;&nbsp; (26140132)<br>| &nbsp;&nbsp; (46648753)<br>|
|  | &nbsp;&nbsp; (26150555)<br>| &nbsp;&nbsp; (46679224)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF VP**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $12.19 | &nbsp;&nbsp; $11.55 | &nbsp;&nbsp; $11.12 | &nbsp;&nbsp; $13.53 | &nbsp;&nbsp; $13.10 | &nbsp;&nbsp; $13.00 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.15 | 0.31 | 0.27 | 0.20 | 0.20 | 0.17 |
| Net realized and unrealized gain (loss) | 0.31 | 0.77 | 1.17 | &nbsp;&nbsp; (2.09)<br>| 1.05 | 0.39 |
| Total investment operations | 0.46 | 1.08 | 1.44 | &nbsp;&nbsp; (1.89)<br>| 1.25 | 0.56 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.30)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.16)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.46)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $12.65 | &nbsp;&nbsp; $12.19 | &nbsp;&nbsp; $11.55 | &nbsp;&nbsp; $11.12 | &nbsp;&nbsp; $13.53 | &nbsp;&nbsp; $13.10 |
| **Total return**<sup>(B)</sup> <br>| 3.77 %<sup>(C)</sup><br>| 9.39<br> %<br>| 13.41<br> %<br>| &nbsp;&nbsp; (14.07)%<br>| 9.65<br> %<br>| 4.48<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $4925 | &nbsp;&nbsp; $4872 | &nbsp;&nbsp; $4970 | &nbsp;&nbsp; $4306 | &nbsp;&nbsp; $3985 | &nbsp;&nbsp; $3583 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.33 %<sup>(E)</sup><br>| 0.33<br> %<br>| 0.33<br> %<br>| 0.32<br> %<br>| 0.32<br> %<br>| 0.32<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.33 %<sup>(E)</sup><br>| 0.33<br> %<br>| 0.33<br> %<br>| 0.32 %<sup>(F)</sup><br>| 0.32 %<sup>(F)</sup><br>| 0.32 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 2.39 %<sup>(E)</sup><br>| 2.53<br> %<br>| 2.40<br> %<br>| 1.66<br> %<br>| 1.47<br> %<br>| 1.38<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 45 %<sup>(C)</sup><br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 158<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 91<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF VP**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $12.00 | &nbsp;&nbsp; $11.38 | &nbsp;&nbsp; $10.96 | &nbsp;&nbsp; $13.33 | &nbsp;&nbsp; $12.92 | &nbsp;&nbsp; $12.83 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.13 | 0.27 | 0.24 | 0.15 | 0.16 | 0.14 |
| Net realized and unrealized gain (loss) | 0.31 | 0.76 | 1.15 | &nbsp;&nbsp; (2.04)<br>| 1.04 | 0.37 |
| Total investment operations | 0.44 | 1.03 | 1.39 | &nbsp;&nbsp; (1.89)<br>| 1.20 | 0.51 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.26)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.16)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.42)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $12.44 | &nbsp;&nbsp; $12.00 | &nbsp;&nbsp; $11.38 | &nbsp;&nbsp; $10.96 | &nbsp;&nbsp; $13.33 | &nbsp;&nbsp; $12.92 |
| **Total return**<sup>(B)</sup> <br>| 3.67 %<sup>(C)</sup><br>| 9.07<br> %<br>| 13.20<br> %<br>| &nbsp;&nbsp; (14.26)%<br>| 9.35<br> %<br>| 4.19<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $3571471 | &nbsp;&nbsp; $3758777 | &nbsp;&nbsp; $4094912 | &nbsp;&nbsp; $4147741 | &nbsp;&nbsp; $5491585 | &nbsp;&nbsp; $5707849 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.58 %<sup>(E)</sup><br>| 0.58<br> %<br>| 0.58<br> %<br>| 0.57<br> %<br>| 0.57<br> %<br>| 0.57<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.58 %<sup>(E)</sup><br>| 0.58<br> %<br>| 0.58<br> %<br>| 0.57 %<sup>(F)</sup><br>| 0.57 %<sup>(F)</sup><br>| 0.57 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 2.12 %<sup>(E)</sup><br>| 2.26<br> %<br>| 2.10<br> %<br>| 1.32<br> %<br>| 1.21<br> %<br>| 1.14<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 45 %<sup>(C)</sup><br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 158<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 91<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Goldman Sachs Managed Risk - Balanced ETF VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a combination of underlying third-party exchange-traded funds ("ETFs") (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Portfolio based on the Portfolio's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Portfolio agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Portfolio had no amounts outstanding as of June 30, 2025, or at any time during the period then ended.

**Transamerica Series Trust**

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**Page 9**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Exchange-Traded Funds | $21187500 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21187500 |
| **Total Borrowings** | **$21187500** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$21187500** |

---

**5. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response

**Transamerica Series Trust**

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**Page 10**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Managed risk strategy risk:** The Portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in up markets, may increase transaction costs and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. Managing the Portfolio pursuant to the strategy may result in the Portfolio not achieving its stated asset mix goal due to unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a managed risk strategy.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect.

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

**Transamerica Series Trust**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $50 million | 0.3400<br> % <br>|
| Over $50 million up to $250 million | 0.3200 |
| Over $250 million up to $5 billion | 0.3000 |
| Over $5 billion up to $7 billion | 0.2900 |
| Over $7 billion up to $9 billion | 0.2875 |
| Over $9 billion | 0.2800 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.37<br> % <br>| May 1, 2026 |
| Service Class | 0.62 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of June 30, 2025, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCL as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCL has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2026. Prior to TCL seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

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**Page 13**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Portfolio is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Initial Class | 0.15<br> % <br>|
| Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $1596977584 | &nbsp;&nbsp; $1873415602 |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $3441120887 | &nbsp;&nbsp; $274368292 | &nbsp;&nbsp; $(116425563)<br>| &nbsp;&nbsp; $157942729 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

**Transamerica Series Trust**

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**Page 14**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. OPERATING SEGMENTS (continued)**

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF VP** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF VP** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF VP** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF VP** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica Goldman Sachs Managed Risk – Balanced ETF VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and Goldman Sachs Asset Management, L.P. (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Portfolio; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Portfolio after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolio; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolio; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolio's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; and ongoing cash management services for the Portfolio. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolio, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and holder service functions of the funds.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was above the median for its peer universe for the past 1- and 3-year periods and in line with the median for the past 5- and 10-year periods. The Board also noted that the performance of Service Class Shares of the Portfolio was above the benchmark that TAM utilizes to measure performance of the Portfolio for the past 3-year period and below the benchmark for the past 1-, 5- and 10-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Portfolio on November 1, 2022 pursuant to its current investment strategies.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Portfolio.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Portfolio was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and the holders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Portfolio.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Portfolio and the holders and voted to approve the renewal of the Agreements.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817img9117923b3.gif)

Visit **transamerica.com**

![](g897817imga86d68d54.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

![](g897817imgcc43d8d25.gif)

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![](g897817img990f37a21.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica Goldman Sachs Managed Risk -Conservative

ETF VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817img2871f45f2.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_67067347-a8cd-4a9f-a7f6-80243200da3d_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_67067347-a8cd-4a9f-a7f6-80243200da3d_SOI-RunningFooter-240_1) | 2 |
| [Statement of Assets and Liabilities](#xx_67067347-a8cd-4a9f-a7f6-80243200da3d_FS-RunningFooter-240_1) | 3 |
| [Statement of Operations](#xx_67067347-a8cd-4a9f-a7f6-80243200da3d_FS-RunningFooter-240_1) | 3 |
| [Statement of Changes in Net Assets](#xx_67067347-a8cd-4a9f-a7f6-80243200da3d_FS-RunningFooter-240_2) | 4 |
| [Financial Highlights](#xx_67067347-a8cd-4a9f-a7f6-80243200da3d_FS-RunningFooter-240_3) | 5 |
| [Notes to Financial Statements](#xx_67067347-a8cd-4a9f-a7f6-80243200da3d_NTF-RunningFooter-240_1) | 7 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_67067347-a8cd-4a9f-a7f6-80243200da3d_DWA-RunningFooter-240_1)**<br> **[Companies](#xx_67067347-a8cd-4a9f-a7f6-80243200da3d_DWA-RunningFooter-240_1)**<br>| 16 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_67067347-a8cd-4a9f-a7f6-80243200da3d_PD-RunningFooter-240_1)** | 17 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_67067347-a8cd-4a9f-a7f6-80243200da3d_DTO-RunningFooter-240_1)**<br> **[Companies](#xx_67067347-a8cd-4a9f-a7f6-80243200da3d_DTO-RunningFooter-240_1)**<br>| 18 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_67067347-a8cd-4a9f-a7f6-80243200da3d_Mgmtagmt-RunningFooter-240_1)** | 19 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF VP**

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**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 99.3%**  | **EXCHANGE-TRADED FUNDS - 99.3%**  | **EXCHANGE-TRADED FUNDS - 99.3%**  |
| **International Equity Funds - 11.3%**  | **International Equity Funds - 11.3%**  | **International Equity Funds - 11.3%**  |
| iShares Core MSCI EAFE ETF <sup>(A)</sup> <br>| 134851 | $11257361 |
| &nbsp;&nbsp; iShares Core MSCI Emerging Markets <br> ETF <sup>(A)</sup> <br>| 223751 | 13431773 |
| iShares MSCI EAFE ETF <sup>(A)</sup> <br>| 91307 | 8161933 |
| iShares MSCI EAFE Small-Cap ETF <sup>(A)</sup> <br>| 5921 | 430338 |
| Vanguard FTSE Developed Markets ETF <sup>(B)</sup> <br>| 200994 | 11458668 |
|  |  | 44740073 |
| **U.S. Equity Funds - 25.9%**  | **U.S. Equity Funds - 25.9%**  | **U.S. Equity Funds - 25.9%**  |
| iShares Core S&P 500 ETF <sup>(A)</sup> <br>| 46196 | 28683096 |
| iShares Core S&P Mid-Cap ETF <sup>(A)</sup> <br>| 121072 | 7508886 |
| iShares Russell 2000 ETF <sup>(A)</sup> <br>| 31452 | 6787027 |
| SPDR S&P 500 ETF Trust <sup>(C)</sup> <br>| 47993 | 29652475 |
| Vanguard S&P 500 ETF <sup>(B)</sup> <br>| 52209 | 29656278 |
|  |  | 102287762 |
| **U.S. Fixed Income Funds - 62.1%**  | **U.S. Fixed Income Funds - 62.1%**  | **U.S. Fixed Income Funds - 62.1%**  |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 750698 | 74469242 |
| Schwab U.S. Aggregate Bond ETF <sup>(D)(E)</sup> <br>| 3275340 | 76118902 |
| &nbsp;&nbsp; Vanguard Intermediate-Term Corporate <br> Bond ETF <sup>(B)(E)</sup> <br>| 230066 | 19077073 |
| Vanguard Total Bond Market ETF <sup>(B)</sup> <br>| 1023285 | 75344474 |
|  |  | 245009691 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $392,595,356)**<br>|  | 392037526 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 1.9%**  | **OTHER INVESTMENT COMPANY - 1.9%**  | **OTHER INVESTMENT COMPANY - 1.9%**  |
| **Securities Lending Collateral - 1.9%**  | **Securities Lending Collateral - 1.9%**  | **Securities Lending Collateral - 1.9%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.31% <sup>(F)</sup> <br>| 7618022 | $7618022 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $7,618,022)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $7,618,022)** | 7618022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.8%**  | **REPURCHASE AGREEMENT - 0.8%**  | **REPURCHASE AGREEMENT - 0.8%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(F)</sup>, dated 06/30/2025, to be <br> repurchased at $3,172,024 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.63%, due 06/15/2027, and <br> with a value of $3,235,489.<br>| $3171865 | 3171865 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $3,171,865)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $3,171,865)** | 3171865 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $403,385,243)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $403,385,243)** | 402827413 |
| **Net Other Assets (Liabilities) - (2.0)%** | **Net Other Assets (Liabilities) - (2.0)%** | (7934057) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$394893356** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(G)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $392037526 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $392037526 |
| Other Investment Company | 7618022 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7618022 |
| Repurchase Agreement |  | &nbsp;&nbsp; 3171865 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3171865 |
| **Total Investments** | **$399655548** | &nbsp;&nbsp; **$3171865** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$402827413** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *The shareholder reports for Vanguard ETFs can be found at the following location: Vanguard - Forms and Literature.*

<sup>(C)</sup> *The shareholder reports for SPDR ETFs can be found at the following location:* *http://www.ssga.com/us/en/institutional/fund-finder?tab<u>=</u>documents&type<u>=</u>etfs.* 

<sup>(D)</sup> *The shareholder reports for Schwab ETFs can be found at the following location: Our investment products \| Schwab Funds.*

<sup>(E)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $10,442,829, collateralized by cash collateral of $7,618,022 and* *non-cash collateral, such as U.S. government securities of $3,054,250. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(F)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(G)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $400,213,378) <br> (including securities loaned of $10,442,829)<br>| &nbsp;&nbsp; $399655548 |
| Repurchase agreement, at value (cost $3,171,865) | &nbsp;&nbsp; 3171865 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 2300 |
| Dividends from unaffiliated investments | &nbsp;&nbsp; 175610 |
| Interest | &nbsp;&nbsp; 159 |
| Prepaid expenses | &nbsp;&nbsp; 1737 |
| Total assets | &nbsp;&nbsp; 403007219 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 7618022 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 261635 |
| Investment management fees | &nbsp;&nbsp; 104679 |
| Distribution and service fees | &nbsp;&nbsp; 82981 |
| Transfer agent costs | &nbsp;&nbsp; 479 |
| Trustee and CCO fees | &nbsp;&nbsp; 1952 |
| Audit and tax fees  | &nbsp;&nbsp; 9010 |
| Custody fees | &nbsp;&nbsp; 2252 |
| Legal fees | &nbsp;&nbsp; 1794 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 19951 |
| Other accrued expenses | &nbsp;&nbsp; 11108 |
| Total liabilities | &nbsp;&nbsp; 8113863 |
| **Net assets**  | &nbsp;&nbsp; $394893356 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $336696 |
| Additional paid-in capital | &nbsp;&nbsp; 375245529 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 19311131 |
| **Net assets** | &nbsp;&nbsp; $394893356 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $20431 |
| Service Class | &nbsp;&nbsp; 394872925 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 1722 |
| Service Class | &nbsp;&nbsp; 33667829 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $11.86 |
| Service Class | 11.73 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $5604263 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 113666 |
| Net income from securities lending | &nbsp;&nbsp; 47501 |
| Total investment income  | &nbsp;&nbsp; 5765430 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 624657 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 495729 |
| Transfer agent costs | &nbsp;&nbsp; 2318 |
| Trustee and CCO fees | &nbsp;&nbsp; 10104 |
| Audit and tax fees | &nbsp;&nbsp; 10142 |
| Custody fees | &nbsp;&nbsp; 5463 |
| Legal fees | &nbsp;&nbsp; 16722 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 20734 |
| Other | &nbsp;&nbsp; 25932 |
| Total expenses | &nbsp;&nbsp; 1211801 |
| **Net investment income (loss)** | &nbsp;&nbsp; 4553629 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments  | &nbsp;&nbsp; 9414307 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments  | &nbsp;&nbsp; 2082418 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 11496725 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $16050354 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $4553629 | &nbsp;&nbsp; $10947472 |
| Net realized gain (loss) | &nbsp;&nbsp; 9414307 | &nbsp;&nbsp; 2308105 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 2082418 | &nbsp;&nbsp; 15626648 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 16050354 | &nbsp;&nbsp; 28882225 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (1191)<br>|
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (27544679)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (27545870)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 836 | &nbsp;&nbsp; 1609 |
| Service Class | &nbsp;&nbsp; 2596073 | &nbsp;&nbsp; 4260656 |
|  | &nbsp;&nbsp; 2596909 | &nbsp;&nbsp; 4262265 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1191 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 27544679 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 27545870 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (71)<br>| &nbsp;&nbsp; (5833)<br>|
| Service Class | &nbsp;&nbsp; (36967234)<br>| &nbsp;&nbsp; (82372809)<br>|
|  | &nbsp;&nbsp; (36967305)<br>| &nbsp;&nbsp; (82378642)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (34370396)<br>| &nbsp;&nbsp; (50570507)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (18320042)<br>| &nbsp;&nbsp; (49234152)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 413213398 | &nbsp;&nbsp; 462447550 |
| End of period/year | &nbsp;&nbsp; $394893356 | &nbsp;&nbsp; $413213398 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 138 |
| Service Class | &nbsp;&nbsp; 226281 | &nbsp;&nbsp; 367714 |
|  | &nbsp;&nbsp; 226354 | &nbsp;&nbsp; 367852 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 104 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 2431128 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 2431232 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; (516)<br>|
| Service Class | &nbsp;&nbsp; (3247533)<br>| &nbsp;&nbsp; (7189090)<br>|
|  | &nbsp;&nbsp; (3247539)<br>| &nbsp;&nbsp; (7189606)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; 67 | &nbsp;&nbsp; (274)<br>|
| Service Class | &nbsp;&nbsp; (3021252)<br>| &nbsp;&nbsp; (4390248)<br>|
|  | &nbsp;&nbsp; (3021185)<br>| &nbsp;&nbsp; (4390522)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF VP**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $11.38 | &nbsp;&nbsp; $11.37 | &nbsp;&nbsp; $10.99 | &nbsp;&nbsp; $12.89 | &nbsp;&nbsp; $12.92 | &nbsp;&nbsp; $12.63 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.15 | 0.32 | 0.29 | 0.21 | 0.20 | 0.22 |
| Net realized and unrealized gain (loss) | 0.33 | 0.48 | 0.87 | &nbsp;&nbsp; (1.70)<br>| 0.19 | 0.43 |
| Total investment operations | 0.48 | 0.80 | 1.16 | &nbsp;&nbsp; (1.49)<br>| 0.39 | 0.65 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.32)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.04)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.36)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $11.86 | &nbsp;&nbsp; $11.38 | &nbsp;&nbsp; $11.37 | &nbsp;&nbsp; $10.99 | &nbsp;&nbsp; $12.89 | &nbsp;&nbsp; $12.92 |
| **Total return**<sup>(B)</sup> <br>| 4.22 %<sup>(C)</sup><br>| 7.01<br> %<br>| 10.91<br> %<br>| &nbsp;&nbsp; (11.66)%<br>| 3.00<br> %<br>| 5.23<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $20 | &nbsp;&nbsp; $19 | &nbsp;&nbsp; $22 | &nbsp;&nbsp; $19 | &nbsp;&nbsp; $20 | &nbsp;&nbsp; $18 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.36 %<sup>(E)</sup><br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.34<br> %<br>| 0.33<br> %<br>| 0.33<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.36 %<sup>(E)</sup><br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.34<br> %<br>| 0.33<br> %<br>| 0.33<br> %<br>|
| Net investment income (loss) to average net assets | 2.57 %<sup>(E)</sup><br>| 2.74<br> %<br>| 2.56<br> %<br>| 1.82<br> %<br>| 1.55<br> %<br>| 1.75<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 35 %<sup>(C)</sup><br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 141<br> %<br>| &nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp; 80<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(E)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF VP**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $11.26 | &nbsp;&nbsp; $11.26 | &nbsp;&nbsp; $10.89 | &nbsp;&nbsp; $12.76 | &nbsp;&nbsp; $12.80 | &nbsp;&nbsp; $12.51 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.13 | 0.29 | 0.25 | 0.18 | 0.16 | 0.19 |
| Net realized and unrealized gain (loss) | 0.34 | 0.46 | 0.86 | &nbsp;&nbsp; (1.68)<br>| 0.18 | 0.42 |
| Total investment operations | 0.47 | 0.75 | 1.11 | &nbsp;&nbsp; (1.50)<br>| 0.34 | 0.61 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.28)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.04)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.32)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $11.73 | &nbsp;&nbsp; $11.26 | &nbsp;&nbsp; $11.26 | &nbsp;&nbsp; $10.89 | &nbsp;&nbsp; $12.76 | &nbsp;&nbsp; $12.80 |
| **Total return**<sup>(B)</sup> <br>| 4.17 %<sup>(C)</sup><br>| 6.69<br> %<br>| 10.59<br> %<br>| &nbsp;&nbsp; (11.83)%<br>| 2.76<br> %<br>| 4.91<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $394873 | &nbsp;&nbsp; $413194 | &nbsp;&nbsp; $462426 | &nbsp;&nbsp; $489352 | &nbsp;&nbsp; $643486 | &nbsp;&nbsp; $704005 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.61 %<sup>(E)</sup><br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.59<br> %<br>| 0.58<br> %<br>| 0.58<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.61 %<sup>(E)</sup><br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.59 %<sup>(F)</sup><br>| 0.58 %<sup>(F)</sup><br>| 0.58 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 2.30 %<sup>(E)</sup><br>| 2.49<br> %<br>| 2.26<br> %<br>| 1.53<br> %<br>| 1.28<br> %<br>| 1.49<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 35 %<sup>(C)</sup><br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 141<br> %<br>| &nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp; 80<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF VP**

------

**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Goldman Sachs Managed Risk - Conservative ETF VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a combination of underlying third-party exchange-traded funds ("ETFs") (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal,

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Portfolio based on the Portfolio's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Portfolio agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

The Portfolio had no amounts outstanding as of June 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Exchange-Traded Funds | $7618022 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7618022 |
| **Total Borrowings** | **$7618022** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$7618022** |

---

**5. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Managed risk strategy risk:** The Portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in up markets, may increase transaction costs and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. Managing the Portfolio pursuant to the strategy may result in the Portfolio not achieving its stated asset mix goal due to unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a managed risk strategy.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect.

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $50 million | 0.3400<br> % <br>|
| Over $50 million up to $250 million | 0.3200 |
| Over $250 million up to $5 billion | 0.3000 |
| Over $5 billion up to $7 billion | 0.2900 |
| Over $7 billion up to $9 billion | 0.2875 |
| Over $9 billion | 0.2800 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.37<br> % <br>| May 1, 2026 |
| Service Class | 0.62 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of June 30, 2025, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCL as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCL has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2026. Prior to TCL seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Portfolio is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Initial Class | 0.15<br> % <br>|
| Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $137547557 | &nbsp;&nbsp; $168619205 |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $403385243 | &nbsp;&nbsp; $17804307 | &nbsp;&nbsp; $(18362137)<br>| &nbsp;&nbsp; $(557830)<br>|

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. OPERATING SEGMENTS (continued)**

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Series Trust**

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**Page 17**

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

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**Page 18**

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica Goldman Sachs Managed Risk – Conservative ETF VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and Goldman Sachs Asset Management, L.P. (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Portfolio; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Portfolio after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolio; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolio; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolio's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; and ongoing cash management services for the Portfolio. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolio, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and holder service functions of the funds.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was above the median for its peer universe for the past 1-, 3-year and 10-year periods and in line with the median for the past 5-year period. The Board also noted that the performance of Service Class Shares of the Portfolio was above the benchmark that TAM utilizes to measure performance of the Portfolio for the past 3-year period and below the benchmark for the past 1-, 5- and 10-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Portfolio on November 1, 2022 pursuant to its current investment strategies.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Portfolio.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Portfolio was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and the holders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Portfolio.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Portfolio and the holders and voted to approve the renewal of the Agreements.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817img94f8f6a43.gif)

Visit **transamerica.com**

![](g897817img84bf9a1f4.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

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![](g897817imgc5d3d4ca1.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica Goldman Sachs Managed Risk - Growth ETF VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817imge3157f312.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_615dc607-0c8b-40b0-b71b-c3fe8b33c0b8_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_615dc607-0c8b-40b0-b71b-c3fe8b33c0b8_SOI-RunningFooter-213_1) | 2 |
| [Statement of Assets and Liabilities](#xx_615dc607-0c8b-40b0-b71b-c3fe8b33c0b8_FS-RunningFooter-213_1) | 3 |
| [Statement of Operations](#xx_615dc607-0c8b-40b0-b71b-c3fe8b33c0b8_FS-RunningFooter-213_1) | 3 |
| [Statement of Changes in Net Assets](#xx_615dc607-0c8b-40b0-b71b-c3fe8b33c0b8_FS-RunningFooter-213_2) | 4 |
| [Financial Highlights](#xx_615dc607-0c8b-40b0-b71b-c3fe8b33c0b8_FS-RunningFooter-213_3) | 5 |
| [Notes to Financial Statements](#xx_615dc607-0c8b-40b0-b71b-c3fe8b33c0b8_NTF-RunningFooter-213_1) | 7 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_615dc607-0c8b-40b0-b71b-c3fe8b33c0b8_DWA-RunningFooter-213_1)**<br> **[Companies](#xx_615dc607-0c8b-40b0-b71b-c3fe8b33c0b8_DWA-RunningFooter-213_1)**<br>| 16 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_615dc607-0c8b-40b0-b71b-c3fe8b33c0b8_PD-RunningFooter-213_1)** | 17 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_615dc607-0c8b-40b0-b71b-c3fe8b33c0b8_DTO-RunningFooter-213_1)**<br> **[Companies](#xx_615dc607-0c8b-40b0-b71b-c3fe8b33c0b8_DTO-RunningFooter-213_1)**<br>| 18 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_615dc607-0c8b-40b0-b71b-c3fe8b33c0b8_Mgmtagmt-RunningFooter-213_1)** | 19 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Goldman Sachs Managed Risk - Growth ETF VP**

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**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 99.5%**  | **EXCHANGE-TRADED FUNDS - 99.5%**  | **EXCHANGE-TRADED FUNDS - 99.5%**  |
| **International Equity Funds - 24.1%**  | **International Equity Funds - 24.1%**  | **International Equity Funds - 24.1%**  |
| iShares Core MSCI EAFE ETF <sup>(A)</sup> <br>| 1144429 | $95536933 |
| &nbsp;&nbsp; iShares Core MSCI Emerging Markets <br> ETF <sup>(A)</sup> <br>| 2022877 | 121433306 |
| iShares MSCI EAFE ETF <sup>(A)</sup> <br>| 1011464 | 90414767 |
| iShares MSCI EAFE Small-Cap ETF <sup>(A)</sup> <br>| 79216 | 5757419 |
| Vanguard FTSE Developed Markets ETF <sup>(B)</sup> <br>| 1747166 | 99605934 |
|  |  | 412748359 |
| **U.S. Equity Funds - 54.6%**  | **U.S. Equity Funds - 54.6%**  | **U.S. Equity Funds - 54.6%**  |
| iShares Core S&P 500 ETF <sup>(A)</sup> <br>| 481027 | 298669664 |
| iShares Core S&P Mid-Cap ETF <sup>(A)</sup> <br>| 1113810 | 69078496 |
| iShares Russell 2000 ETF <sup>(A)</sup> <br>| 264075 | 56984744 |
| SPDR S&P 500 ETF Trust <sup>(C)</sup> <br>| 298687 | 184543763 |
| Vanguard S&P 500 ETF <sup>(B)</sup> <br>| 576445 | 327438054 |
|  |  | 936714721 |
| **U.S. Fixed Income Funds - 20.8%**  | **U.S. Fixed Income Funds - 20.8%**  | **U.S. Fixed Income Funds - 20.8%**  |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 1269742 | 125958406 |
| &nbsp;&nbsp; Vanguard Intermediate-Term Corporate <br> Bond ETF <sup>(B)(D)</sup> <br>| 1212349 | 100527979 |
| Vanguard Total Bond Market ETF <sup>(B)</sup> <br>| 1757051 | 129371665 |
|  |  | 355858050 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $1,524,280,613)**<br>|  | 1705321130 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 2.3%**  | **OTHER INVESTMENT COMPANY - 2.3%**  | **OTHER INVESTMENT COMPANY - 2.3%**  |
| **Securities Lending Collateral - 2.3%**  | **Securities Lending Collateral - 2.3%**  | **Securities Lending Collateral - 2.3%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.31% <sup>(E)</sup> <br>| 39565453 | $39565453 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $39,565,453)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $39,565,453)** | 39565453 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.5%**  | **REPURCHASE AGREEMENT - 0.5%**  | **REPURCHASE AGREEMENT - 0.5%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(E)</sup>, dated 06/30/2025, to be <br> repurchased at $9,483,025 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.38%, due 05/15/2034, and <br> with a value of $9,672,263.<br>| $9482551 | 9482551 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $9,482,551)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $9,482,551)** | 9482551 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,573,328,617)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,573,328,617)** | 1754369134 |
| **Net Other Assets (Liabilities) - (2.3)%** | **Net Other Assets (Liabilities) - (2.3)%** | (39802210) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1714566924** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(F)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $1705321130 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1705321130 |
| Other Investment Company | 39565453 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39565453 |
| Repurchase Agreement |  | &nbsp;&nbsp; 9482551 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9482551 |
| **Total Investments** | **$1744886583** | &nbsp;&nbsp; **$9482551** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1754369134** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *The shareholder reports for Vanguard ETFs can be found at the following location: Vanguard - Forms and Literature.*

<sup>(C)</sup> *The shareholder reports for SPDR ETFs can be found at the following location:* *http://www.ssga.com/us/en/institutional/fund-finder?tab<u>=</u>documents&type<u>=</u>etfs.* 

<sup>(D)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $38,711,119, collateralized by cash collateral of $39,565,453. The* *amount on loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall* *from the brokers.* 

<sup>(E)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(F)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica Goldman Sachs Managed Risk - Growth ETF VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $1,563,846,066) <br> (including securities loaned of $38,711,119)<br>| &nbsp;&nbsp; $1744886583 |
| Repurchase agreement, at value (cost $9,482,551) | &nbsp;&nbsp; 9482551 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 20503 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 79 |
| Dividends from unaffiliated investments | &nbsp;&nbsp; 1531746 |
| Interest | &nbsp;&nbsp; 474 |
| Prepaid expenses | &nbsp;&nbsp; 7767 |
| Total assets | &nbsp;&nbsp; 1755929703 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 39565453 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 884210 |
| Investment management fees | &nbsp;&nbsp; 434438 |
| Distribution and service fees | &nbsp;&nbsp; 356736 |
| Transfer agent costs | &nbsp;&nbsp; 2248 |
| Trustee and CCO fees | &nbsp;&nbsp; 8810 |
| Audit and tax fees  | &nbsp;&nbsp; 13485 |
| Custody fees | &nbsp;&nbsp; 8112 |
| Legal fees | &nbsp;&nbsp; 7815 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 50821 |
| Other accrued expenses | &nbsp;&nbsp; 30651 |
| Total liabilities | &nbsp;&nbsp; 41362779 |
| **Net assets**  | &nbsp;&nbsp; $1714566924 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $1463679 |
| Additional paid-in capital | &nbsp;&nbsp; 1248605743 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 464497502 |
| **Net assets** | &nbsp;&nbsp; $1714566924 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $5056404 |
| Service Class | &nbsp;&nbsp; 1709510520 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 422070 |
| Service Class | &nbsp;&nbsp; 145945795 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $11.98 |
| Service Class | 11.71 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $19462620 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 556518 |
| Net income from securities lending | &nbsp;&nbsp; 154433 |
| Total investment income  | &nbsp;&nbsp; 20173571 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 2618672 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 2151332 |
| Transfer agent costs | &nbsp;&nbsp; 10246 |
| Trustee and CCO fees | &nbsp;&nbsp; 44390 |
| Audit and tax fees | &nbsp;&nbsp; 17917 |
| Custody fees | &nbsp;&nbsp; 20751 |
| Legal fees | &nbsp;&nbsp; 73301 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 54372 |
| Other | &nbsp;&nbsp; 58429 |
| Total expenses | &nbsp;&nbsp; 5049410 |
| **Net investment income (loss)** | &nbsp;&nbsp; 15124161 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments  | &nbsp;&nbsp; 156081405 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments  | &nbsp;&nbsp; (123258427)<br>|
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 32822978 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $47947139 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica Goldman Sachs Managed Risk - Growth ETF VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $15124161 | &nbsp;&nbsp; $32928799 |
| Net realized gain (loss) | &nbsp;&nbsp; 156081405 | &nbsp;&nbsp; 96460777 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (123258427)<br>| &nbsp;&nbsp; 110134243 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 47947139 | &nbsp;&nbsp; 239523819 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (170763)<br>|
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (57404073)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (57574836)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 176345 | &nbsp;&nbsp; 207437 |
| Service Class | &nbsp;&nbsp; 4707879 | &nbsp;&nbsp; 9240017 |
|  | &nbsp;&nbsp; 4884224 | &nbsp;&nbsp; 9447454 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 170763 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 57404073 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 57574836 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (428245)<br>| &nbsp;&nbsp; (695247)<br>|
| Service Class | &nbsp;&nbsp; (163040599)<br>| &nbsp;&nbsp; (368889536)<br>|
|  | &nbsp;&nbsp; (163468844)<br>| &nbsp;&nbsp; (369584783)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (158584620)<br>| &nbsp;&nbsp; (302562493)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (110637481)<br>| &nbsp;&nbsp; (120613510)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 1825204405 | &nbsp;&nbsp; 1945817915 |
| End of period/year | &nbsp;&nbsp; $1714566924 | &nbsp;&nbsp; $1825204405 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 15192 | &nbsp;&nbsp; 18538 |
| Service Class | &nbsp;&nbsp; 407565 | &nbsp;&nbsp; 836150 |
|  | &nbsp;&nbsp; 422757 | &nbsp;&nbsp; 854688 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 14836 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 5089014 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 5103850 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (36893)<br>| &nbsp;&nbsp; (60443)<br>|
| Service Class | &nbsp;&nbsp; (14390178)<br>| &nbsp;&nbsp; (33253770)<br>|
|  | &nbsp;&nbsp; (14427071)<br>| &nbsp;&nbsp; (33314213)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (21701)<br>| &nbsp;&nbsp; (27069)<br>|
| Service Class | &nbsp;&nbsp; (13982613)<br>| &nbsp;&nbsp; (27328606)<br>|
|  | &nbsp;&nbsp; (14004314)<br>| &nbsp;&nbsp; (27355675)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica Goldman Sachs Managed Risk - Growth ETF VP**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp; $10.58 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $10.96 | &nbsp;&nbsp; $11.04 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.12 | 0.23 | 0.21 | 0.16 | 0.16 | 0.12 |
| Net realized and unrealized gain (loss) | 0.23 | 1.20 | 1.45 | &nbsp;&nbsp; (1.83)<br>| 1.38 | 0.34 |
| Total investment operations | 0.35 | 1.43 | 1.66 | &nbsp;&nbsp; (1.67)<br>| 1.54 | 0.46 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.25)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.29)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.54)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $11.98 | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp; $10.58 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $10.96 |
| **Total return**<sup>(B)</sup> <br>| 3.01 %<sup>(C)</sup><br>| 13.52<br> %<br>| 18.08<br> %<br>| &nbsp;&nbsp; (14.32)%<br>| 14.25<br> %<br>| 4.52<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $5056 | &nbsp;&nbsp; $5159 | &nbsp;&nbsp; $4982 | &nbsp;&nbsp; $3886 | &nbsp;&nbsp; $4709 | &nbsp;&nbsp; $4122 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.34 %<sup>(E)</sup><br>| 0.33<br> %<br>| 0.34<br> %<br>| 0.33<br> %<br>| 0.32<br> %<br>| 0.32<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.34 %<sup>(E)</sup><br>| 0.33<br> %<br>| 0.34<br> %<br>| 0.33 %<sup>(F)</sup><br>| 0.32 %<sup>(F)</sup><br>| 0.32 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 2.04 %<sup>(E)</sup><br>| 1.99<br> %<br>| 2.10<br> %<br>| 1.58<br> %<br>| 1.41<br> %<br>| 1.15<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 67 %<sup>(C)</sup><br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 197<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 201<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica Goldman Sachs Managed Risk - Growth ETF VP**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $11.38 | &nbsp;&nbsp; $10.36 | &nbsp;&nbsp; $9.17 | &nbsp;&nbsp; $11.59 | &nbsp;&nbsp; $10.76 | &nbsp;&nbsp; $10.85 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.10 | 0.19 | 0.17 | 0.13 | 0.13 | 0.09 |
| Net realized and unrealized gain (loss) | 0.23 | 1.18 | 1.42 | &nbsp;&nbsp; (1.79)<br>| 1.36 | 0.33 |
| Total investment operations | 0.33 | 1.37 | 1.59 | &nbsp;&nbsp; (1.66)<br>| 1.49 | 0.42 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.22)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.29)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.51)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $11.71 | &nbsp;&nbsp; $11.38 | &nbsp;&nbsp; $10.36 | &nbsp;&nbsp; $9.17 | &nbsp;&nbsp; $11.59 | &nbsp;&nbsp; $10.76 |
| **Total return**<sup>(B)</sup> <br>| 2.90 %<sup>(C)</sup><br>| 13.23<br> %<br>| 17.68<br> %<br>| &nbsp;&nbsp; (14.52)%<br>| 14.05<br> %<br>| 4.22<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $1709511 | &nbsp;&nbsp; $1820045 | &nbsp;&nbsp; $1940836 | &nbsp;&nbsp; $1904091 | &nbsp;&nbsp; $2547419 | &nbsp;&nbsp; $2606524 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.59 %<sup>(E)</sup><br>| 0.58<br> %<br>| 0.58<br> %<br>| 0.58<br> %<br>| 0.57<br> %<br>| 0.57<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.59 %<sup>(E)</sup><br>| 0.58<br> %<br>| 0.58<br> %<br>| 0.58 %<sup>(F)</sup><br>| 0.57 %<sup>(F)</sup><br>| 0.57 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 1.75 %<sup>(E)</sup><br>| 1.71<br> %<br>| 1.79<br> %<br>| 1.30<br> %<br>| 1.12<br> %<br>| 0.90<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 67 %<sup>(C)</sup><br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 197<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 201<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica Goldman Sachs Managed Risk - Growth ETF VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Goldman Sachs Managed Risk - Growth ETF VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a combination of underlying third-party exchange-traded funds ("ETFs") (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica Goldman Sachs Managed Risk - Growth ETF VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica Goldman Sachs Managed Risk - Growth ETF VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Portfolio based on the Portfolio's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Portfolio agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Portfolio had no amounts outstanding as of June 30, 2025, or at any time during the period then ended.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica Goldman Sachs Managed Risk - Growth ETF VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Exchange-Traded Funds | $39565453 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39565453 |
| **Total Borrowings** | **$39565453** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$39565453** |

---

**5. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response

**Transamerica Series Trust**

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**Page 10**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Managed risk strategy risk:** The Portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in up markets, may increase transaction costs and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. Managing the Portfolio pursuant to the strategy may result in the Portfolio not achieving its stated asset mix goal due to unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a managed risk strategy.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect.

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $50 million | 0.3400<br> % <br>|
| Over $50 million up to $250 million | 0.3200 |
| Over $250 million up to $5 billion | 0.3000 |
| Over $5 billion up to $7 billion | 0.2900 |
| Over $7 billion up to $9 billion | 0.2875 |
| Over $9 billion | 0.2800 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.37<br> % <br>| May 1, 2026 |
| Service Class | 0.62 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of June 30, 2025, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCL as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCL has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2026. Prior to TCL seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

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**Page 13**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Portfolio is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Initial Class | 0.15<br> % <br>|
| Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $1164575708 | &nbsp;&nbsp; $1307325773 |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $1573328617 | &nbsp;&nbsp; $199461201 | &nbsp;&nbsp; $(18420684)<br>| &nbsp;&nbsp; $181040517 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. OPERATING SEGMENTS (continued)**

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

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**Page 15**

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica Goldman Sachs Managed Risk – Growth ETF VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and Goldman Sachs Asset Management, L.P. (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Portfolio; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Portfolio after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolio; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolio; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolio's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; and ongoing cash management services for the Portfolio. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolio, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and holder service functions of the funds.

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**Page 19**

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of Service Class Shares of the Portfolio was above the benchmark that TAM utilizes to measure performance of the Portfolio for the past 3-year period and below the benchmark for the past 1-, 5- and 10-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Portfolio on November 1, 2022 pursuant to its current investment strategies.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Goldman Sachs Managed Risk - Growth ETF VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Portfolio.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Portfolio was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and the holders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Portfolio.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Portfolio and the holders and voted to approve the renewal of the Agreements.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817img81cb43283.gif)

Visit **transamerica.com**

![](g897817img0da6acc04.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

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![](g897817img59a870b11.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica Great Lakes Advisors Large Cap Value VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817img25803a272.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_0f450d8e-9984-47b3-940d-9c58d4ad5148_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_0f450d8e-9984-47b3-940d-9c58d4ad5148_SOI-RunningFooter-198_1) | 2 |
| [Statement of Assets and Liabilities](#xx_0f450d8e-9984-47b3-940d-9c58d4ad5148_FS-RunningFooter-198_1) | 4 |
| [Statement of Operations](#xx_0f450d8e-9984-47b3-940d-9c58d4ad5148_FS-RunningFooter-198_1) | 4 |
| [Statement of Changes in Net Assets](#xx_0f450d8e-9984-47b3-940d-9c58d4ad5148_FS-RunningFooter-198_2) | 5 |
| [Financial Highlights](#xx_0f450d8e-9984-47b3-940d-9c58d4ad5148_SCF-RunningFooter-198_1) | 6 |
| [Notes to Financial Statements](#xx_0f450d8e-9984-47b3-940d-9c58d4ad5148_NTF-RunningFooter-198_1) | 7 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_0f450d8e-9984-47b3-940d-9c58d4ad5148_DWA-RunningFooter-198_1)**<br> **[Companies](#xx_0f450d8e-9984-47b3-940d-9c58d4ad5148_DWA-RunningFooter-198_1)**<br>| 15 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_0f450d8e-9984-47b3-940d-9c58d4ad5148_PD-RunningFooter-198_1)** | 16 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_0f450d8e-9984-47b3-940d-9c58d4ad5148_DTO-RunningFooter-198_1)**<br> **[Companies](#xx_0f450d8e-9984-47b3-940d-9c58d4ad5148_DTO-RunningFooter-198_1)**<br>| 17 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_0f450d8e-9984-47b3-940d-9c58d4ad5148_Mgmtagmt-RunningFooter-198_1)** | 18 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Great Lakes Advisors Large Cap Value VP**

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**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.5%**  | **COMMON STOCKS - 98.5%**  | **COMMON STOCKS - 98.5%**  |
| **Aerospace & Defense - 4.3%**  | **Aerospace & Defense - 4.3%**  | **Aerospace & Defense - 4.3%**  |
| RTX Corp. | 15337 | $2239509 |
| Textron, Inc. | 10915 | 876365 |
|  |  | 3115874 |
| **Automobiles - 1.6%**  | **Automobiles - 1.6%**  | **Automobiles - 1.6%**  |
| General Motors Co. | 23894 | 1175824 |
| **Banks - 10.2%**  | **Banks - 10.2%**  | **Banks - 10.2%**  |
| Bank of America Corp. | 35206 | 1665948 |
| JPMorgan Chase & Co. | 10475 | 3036807 |
| Wells Fargo & Co. | 33880 | 2714466 |
|  |  | 7417221 |
| **Beverages - 1.8%**  | **Beverages - 1.8%**  | **Beverages - 1.8%**  |
| PepsiCo, Inc. | 9689 | 1279336 |
| **Biotechnology - 3.5%**  | **Biotechnology - 3.5%**  | **Biotechnology - 3.5%**  |
| AbbVie, Inc. | 5970 | 1108151 |
| Gilead Sciences, Inc. | 13180 | 1461267 |
|  |  | 2569418 |
| **Broadline Retail - 2.5%**  | **Broadline Retail - 2.5%**  | **Broadline Retail - 2.5%**  |
| Amazon.com, Inc. <sup>(A)</sup> <br>| 8123 | 1782105 |
| **Capital Markets - 8.4%**  | **Capital Markets - 8.4%**  | **Capital Markets - 8.4%**  |
| Blackrock, Inc. | 2229 | 2338778 |
| Goldman Sachs Group, Inc. | 2264 | 1602346 |
| Intercontinental Exchange, Inc. | 11915 | 2186045 |
|  |  | 6127169 |
| **Chemicals - 1.7%**  | **Chemicals - 1.7%**  | **Chemicals - 1.7%**  |
| Air Products & Chemicals, Inc. | 4450 | 1255167 |
| **Communications Equipment - 1.7%**  | **Communications Equipment - 1.7%**  | **Communications Equipment - 1.7%**  |
| Motorola Solutions, Inc. | 2960 | 1244562 |
| **Construction & Engineering - 2.0%**  | **Construction & Engineering - 2.0%**  | **Construction & Engineering - 2.0%**  |
| Quanta Services, Inc. | 3796 | 1435192 |
| **Construction Materials - 2.1%**  | **Construction Materials - 2.1%**  | **Construction Materials - 2.1%**  |
| Martin Marietta Materials, Inc. | 2735 | 1501406 |
| **Electric Utilities - 2.0%**  | **Electric Utilities - 2.0%**  | **Electric Utilities - 2.0%**  |
| Duke Energy Corp. | 11998 | 1415764 |
| **Electrical Equipment - 3.8%**  | **Electrical Equipment - 3.8%**  | **Electrical Equipment - 3.8%**  |
| GE Vernova, Inc. | 2836 | 1500670 |
| Rockwell Automation, Inc. | 3872 | 1286162 |
|  |  | 2786832 |
| **Energy Equipment & Services - 1.2%**  | **Energy Equipment & Services - 1.2%**  | **Energy Equipment & Services - 1.2%**  |
| Schlumberger NV | 26423 | 893097 |
| **Entertainment - 2.7%**  | **Entertainment - 2.7%**  | **Entertainment - 2.7%**  |
| Walt Disney Co. | 15863 | 1967171 |
| **Food Products - 1.6%**  | **Food Products - 1.6%**  | **Food Products - 1.6%**  |
| Mondelez International, Inc., Class A | 17537 | 1182695 |
| **Ground Transportation - 1.7%**  | **Ground Transportation - 1.7%**  | **Ground Transportation - 1.7%**  |
| CSX Corp. | 36576 | 1193475 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Health Care Equipment & Supplies - 5.5%**  | **Health Care Equipment & Supplies - 5.5%**  | **Health Care Equipment & Supplies - 5.5%**  |
| Abbott Laboratories | 16631 | $2261981 |
| Boston Scientific Corp. <sup>(A)</sup> <br>| 16005 | 1719097 |
|  |  | 3981078 |
| **Health Care Providers & Services - 3.5%**  | **Health Care Providers & Services - 3.5%**  | **Health Care Providers & Services - 3.5%**  |
| Cencora, Inc. | 4846 | 1453073 |
| UnitedHealth Group, Inc. | 3578 | 1116229 |
|  |  | 2569302 |
| **Industrial REITs - 1.4%**  | **Industrial REITs - 1.4%**  | **Industrial REITs - 1.4%**  |
| Prologis, Inc. | 9658 | 1015249 |
| **Insurance - 2.7%**  | **Insurance - 2.7%**  | **Insurance - 2.7%**  |
| Hartford Insurance Group, Inc. | 15301 | 1941238 |
| **Interactive Media & Services - 4.8%**  | **Interactive Media & Services - 4.8%**  | **Interactive Media & Services - 4.8%**  |
| Alphabet, Inc., Class A | 10566 | 1862046 |
| Meta Platforms, Inc., Class A | 2233 | 1648155 |
|  |  | 3510201 |
| **Life Sciences Tools & Services - 1.6%**  | **Life Sciences Tools & Services - 1.6%**  | **Life Sciences Tools & Services - 1.6%**  |
| Thermo Fisher Scientific, Inc. | 2794 | 1132855 |
| **Machinery - 2.5%**  | **Machinery - 2.5%**  | **Machinery - 2.5%**  |
| Parker-Hannifin Corp. | 2636 | 1841167 |
| **Media - 2.2%**  | **Media - 2.2%**  | **Media - 2.2%**  |
| Fox Corp., Class A | 28269 | 1584195 |
| **Metals & Mining - 1.2%**  | **Metals & Mining - 1.2%**  | **Metals & Mining - 1.2%**  |
| Freeport-McMoRan, Inc. | 20790 | 901246 |
| **Oil, Gas & Consumable Fuels - 5.0%**  | **Oil, Gas & Consumable Fuels - 5.0%**  | **Oil, Gas & Consumable Fuels - 5.0%**  |
| ConocoPhillips | 14434 | 1295307 |
| Exxon Mobil Corp. | 21923 | 2363300 |
|  |  | 3658607 |
| **Passenger Airlines - 1.6%**  | **Passenger Airlines - 1.6%**  | **Passenger Airlines - 1.6%**  |
| Delta Air Lines, Inc. | 23744 | 1167730 |
| **Pharmaceuticals - 1.9%**  | **Pharmaceuticals - 1.9%**  | **Pharmaceuticals - 1.9%**  |
| Merck & Co., Inc. | 17805 | 1409444 |
| **Semiconductors & Semiconductor Equipment - 3.9%**  | **Semiconductors & Semiconductor Equipment - 3.9%**  | **Semiconductors & Semiconductor Equipment - 3.9%**  |
| Broadcom, Inc. | 5290 | 1458188 |
| Micron Technology, Inc. | 11268 | 1388781 |
|  |  | 2846969 |
| **Software - 1.9%**  | **Software - 1.9%**  | **Software - 1.9%**  |
| Microsoft Corp. | 2757 | 1371359 |
| **Specialized REITs - 2.0%**  | **Specialized REITs - 2.0%**  | **Specialized REITs - 2.0%**  |
| American Tower Corp. | 6425 | 1420053 |
| **Specialty Retail - 4.0%**  | **Specialty Retail - 4.0%**  | **Specialty Retail - 4.0%**  |
| Lowe's Cos., Inc. | 6185 | 1372266 |
| TJX Cos., Inc. | 12113 | 1495834 |
|  |  | 2868100 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $56,344,710)**<br>|  | 71561101 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica Great Lakes Advisors Large Cap Value VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.8%**  | **REPURCHASE AGREEMENT - 1.8%**  | **REPURCHASE AGREEMENT - 1.8%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(B)</sup>, dated 06/30/2025, to be <br> repurchased at $1,272,695 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.63%, due 06/15/2027, and <br> with a value of $1,298,092.<br>| $1272632 | $1272632 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,272,632)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,272,632)** | 1272632 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $57,617,342)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $57,617,342)** | 72833733 |
| **Net Other Assets (Liabilities) - (0.3)%** | **Net Other Assets (Liabilities) - (0.3)%** | (190593) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$72643140** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(C)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $71561101 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $71561101 |
| Repurchase Agreement |  | &nbsp;&nbsp; 1272632 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1272632 |
| **Total Investments** | **$71561101** | &nbsp;&nbsp; **$1272632** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$72833733** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(C)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica Great Lakes Advisors Large Cap Value VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $56,344,710) | &nbsp;&nbsp; $71561101 |
| Repurchase agreement, at value (cost $1,272,632) | &nbsp;&nbsp; 1272632 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 488211 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 25793 |
| Dividends  | &nbsp;&nbsp; 56165 |
| Interest | &nbsp;&nbsp; 64 |
| Prepaid expenses | &nbsp;&nbsp; 311 |
| Total assets | &nbsp;&nbsp; 73404277 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 685120 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 4469 |
| Investment management fees | &nbsp;&nbsp; 35705 |
| Distribution and service fees | &nbsp;&nbsp; 15027 |
| Transfer agent costs | &nbsp;&nbsp; 72 |
| Trustee and CCO fees | &nbsp;&nbsp; 282 |
| Audit and tax fees  | &nbsp;&nbsp; 10785 |
| Custody fees | &nbsp;&nbsp; 1592 |
| Legal fees | &nbsp;&nbsp; 895 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 2598 |
| Other accrued expenses | &nbsp;&nbsp; 4592 |
| Total liabilities | &nbsp;&nbsp; 761137 |
| **Net assets**  | &nbsp;&nbsp; $72643140 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $49874 |
| Additional paid-in capital | &nbsp;&nbsp; 52692641 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 19900625 |
| **Net assets** | &nbsp;&nbsp; $72643140 |
| **Shares outstanding** | &nbsp;&nbsp; 4987430 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $14.57 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $627167 |
| Interest income | &nbsp;&nbsp; 11721 |
| Total investment income  | &nbsp;&nbsp; 638888 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 204748 |
| Distribution and service fees | &nbsp;&nbsp; 86173 |
| Transfer agent costs | &nbsp;&nbsp; 395 |
| Trustee and CCO fees | &nbsp;&nbsp; 1719 |
| Audit and tax fees | &nbsp;&nbsp; 11384 |
| Custody fees | &nbsp;&nbsp; 3529 |
| Legal fees | &nbsp;&nbsp; 3620 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 3420 |
| Other | &nbsp;&nbsp; 8181 |
| Total expenses | &nbsp;&nbsp; 323169 |
| **Net investment income (loss)** | &nbsp;&nbsp; 315719 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 2418543 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 2633422 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 5051965 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $5367684 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica Great Lakes Advisors Large Cap Value VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $315719 | &nbsp;&nbsp; $604223 |
| Net realized gain (loss) | &nbsp;&nbsp; 2418543 | &nbsp;&nbsp; 1626394 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 2633422 | &nbsp;&nbsp; 7716950 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 5367684 | &nbsp;&nbsp; 9947567 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (3544922)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (3544922)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 4197375 | &nbsp;&nbsp; 10569883 |
| Dividends and/or distributions reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 3544922 |
| Cost of shares redeemed | &nbsp;&nbsp; (6050573)<br>| &nbsp;&nbsp; (9797016)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (1853198)<br>| &nbsp;&nbsp; 4317789 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 3514486 | &nbsp;&nbsp; 10720434 |
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 69128654 | &nbsp;&nbsp; 58408220 |
| End of period/year | &nbsp;&nbsp; $72643140 | &nbsp;&nbsp; $69128654 |
| **Capital share transactions - shares:** |  |  |
| Shares issued | &nbsp;&nbsp; 301836 | &nbsp;&nbsp; 788070 |
| Shares reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 264152 |
| Shares redeemed | &nbsp;&nbsp; (444639)<br>| &nbsp;&nbsp; (730870)<br>|
| Net increase (decrease) in shares outstanding | &nbsp;&nbsp; (142803)<br>| &nbsp;&nbsp; 321352 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica Great Lakes Advisors Large Cap Value VP**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $13.47 | &nbsp;&nbsp; $12.15 | &nbsp;&nbsp; $11.41 | &nbsp;&nbsp; $12.80 | &nbsp;&nbsp; $10.14 | &nbsp;&nbsp; $10.49 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.06 | 0.12 | 0.12 | 0.11 | 0.04 | 0.16 |
| Net realized and unrealized gain (loss) | 1.04 | 1.92 | 1.30 | &nbsp;&nbsp; (1.06)<br>| 3.04 | &nbsp;&nbsp; (0.27 )<sup>(B)</sup><br>|
| Total investment operations | 1.10 | 2.04 | 1.42 | &nbsp;&nbsp; (0.95)<br>| 3.08 | &nbsp;&nbsp; (0.11)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.06)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.18)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $14.57 | &nbsp;&nbsp; $13.47 | &nbsp;&nbsp; $12.15 | &nbsp;&nbsp; $11.41 | &nbsp;&nbsp; $12.80 | &nbsp;&nbsp; $10.14 |
| **Total return**<sup>(C)</sup> <br>| 8.17 %<sup>(D)</sup><br>| 16.82<br> %<br>| 12.78<br> %<br>| &nbsp;&nbsp; (7.38)%<br>| 30.56<br> %<br>| &nbsp;&nbsp; (0.61)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $72643 | &nbsp;&nbsp; $69129 | &nbsp;&nbsp; $58408 | &nbsp;&nbsp; $54982 | &nbsp;&nbsp; $46827 | &nbsp;&nbsp; $25810 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.94 %<sup>(E)</sup><br>| 0.94<br> %<br>| 0.97<br> %<br>| 0.94<br> %<br>| 0.99<br> %<br>| 1.23<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.94 %<sup>(E)</sup><br>| 0.94<br> %<br>| 0.97<br> %<br>| 0.94<br> %<br>| 1.17<br> %<br>| 1.20<br> %<br>|
| Net investment income (loss) to average net assets | 0.92 %<sup>(E)</sup><br>| 0.91<br> %<br>| 1.06<br> %<br>| 0.93<br> %<br>| 0.38<br> %<br>| 1.81<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 12 %<sup>(D)</sup><br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 288<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes* *due to the timing of purchases and redemptions of Portfolio shares and fluctuating market values during the period.* 

<sup>(C)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica Great Lakes Advisors Large Cap Value VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Great Lakes Advisors Large Cap Value VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica Great Lakes Advisors Large Cap Value VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other Portfolios within TST, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the period ended June 30, 2025, commissions recaptured are $317.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica Great Lakes Advisors Large Cap Value VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at June 30, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the period ended June 30, 2025, the Portfolio has not entered into any secured borrowing arrangements.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica Great Lakes Advisors Large Cap Value VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Portfolio based on the Portfolio's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Portfolio agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Portfolio had no amounts outstanding as of June 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**6. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica Great Lakes Advisors Large Cap Value VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Large capitalization companies risk:** The Portfolio's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Focused investing risk:** To the extent the Portfolio invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Portfolio will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Portfolio invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Portfolio will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Portfolio.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica Great Lakes Advisors Large Cap Value VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.594<br> % <br>|
| Over $1 billion up to $2 billion | 0.580 |
| Over $2 billion up to $3 billion | 0.560 |
| Over $3 billion | 0.540 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Service Class | 1.01<br> % <br>| May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of June 30, 2025, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCL as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica Great Lakes Advisors Large Cap Value VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Portfolio is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets up to an annual fee of 0.25% of Service Class shares.

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $8544446 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9957745 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $57617342 | &nbsp;&nbsp; $17268187 | &nbsp;&nbsp; $(2051796)<br>| &nbsp;&nbsp; $15216391 |

---

**10. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Great Lakes Advisors Large Cap Value VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. OPERATING SEGMENTS (continued)**

operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Great Lakes Advisors Large Cap Value VP** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Great Lakes Advisors Large Cap Value VP** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Great Lakes Advisors Large Cap Value VP** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica Great Lakes Advisors Large Cap Value VP** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica Great Lakes Advisors Large Cap Value VP (the "Portfolio"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Portfolio between TAM and Great Lakes Advisors, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Portfolio; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Portfolio after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolio; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolio; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolio's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; and ongoing cash management services for the Portfolio. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolio, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and holder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Portfolio's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica Great Lakes Advisors Large Cap Value VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was above the median for its peer universe for the past 1- and 3-year periods and in line with the median for its past 5-year period. The Board also noted that the performance of Service Class Shares of the Portfolio was above the benchmark that TAM utilizes to measure performance of the Portfolio for the past 1-, 3- and 5-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Portfolio on December 1, 2020 pursuant to its current investment strategies.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Portfolio's contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were in line with the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**Transamerica Great Lakes Advisors Large Cap Value VP** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Portfolio.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Portfolio was not excessive.

**Economies of Scale** 

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Portfolio's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Portfolio. The Board also noted that the Sub-Adviser participates in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and the holders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Portfolio's brokerage transactions.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and the holders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Portfolio.

**Conclusion** 

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Portfolio and the holders and voted to approve the renewal of the Agreements.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817img87b4c2103.gif)

Visit **transamerica.com**

![](g897817img17d3dbfa4.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

![](g897817img1b7471695.gif)

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![](g897817img018decb31.gif)

Transamerica Series Trust Semi-Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica International Focus VP

June 30, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g897817img719530892.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_3a1541dc-a2cc-48ca-a667-ea7a36d4ad0c_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_3a1541dc-a2cc-48ca-a667-ea7a36d4ad0c_SOI-RunningFooter-225_1) | 2 |
| [Statement of Assets and Liabilities](#xx_3a1541dc-a2cc-48ca-a667-ea7a36d4ad0c_FS-RunningFooter-225_1) | 4 |
| [Statement of Operations](#xx_3a1541dc-a2cc-48ca-a667-ea7a36d4ad0c_FS-RunningFooter-225_1) | 4 |
| [Statement of Changes in Net Assets](#xx_3a1541dc-a2cc-48ca-a667-ea7a36d4ad0c_FS-RunningFooter-225_2) | 5 |
| [Financial Highlights](#xx_3a1541dc-a2cc-48ca-a667-ea7a36d4ad0c_FS-RunningFooter-225_3) | 6 |
| [Notes to Financial Statements](#xx_3a1541dc-a2cc-48ca-a667-ea7a36d4ad0c_NTF-RunningFooter-225_1) | 8 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_3a1541dc-a2cc-48ca-a667-ea7a36d4ad0c_DWA-RunningFooter-225_1)**<br> **[Companies](#xx_3a1541dc-a2cc-48ca-a667-ea7a36d4ad0c_DWA-RunningFooter-225_1)**<br>| 17 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_3a1541dc-a2cc-48ca-a667-ea7a36d4ad0c_PD-RunningFooter-225_1)** | 18 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_3a1541dc-a2cc-48ca-a667-ea7a36d4ad0c_DTO-RunningFooter-225_1)**<br> **[Companies](#xx_3a1541dc-a2cc-48ca-a667-ea7a36d4ad0c_DTO-RunningFooter-225_1)**<br>| 19 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_3a1541dc-a2cc-48ca-a667-ea7a36d4ad0c_Mgmtagmt-RunningFooter-225_1)** | 20 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica International Focus VP**

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**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.5%**  | **COMMON STOCKS - 99.5%**  | **COMMON STOCKS - 99.5%**  |
| **Australia - 1.2%**  | **Australia - 1.2%**  | **Australia - 1.2%**  |
| WiseTech Global Ltd. | 54970 | $3942220 |
| **Canada - 12.6%**  | **Canada - 12.6%**  | **Canada - 12.6%**  |
| Alimentation Couche-Tard, Inc. | 175410 | 8719297 |
| Constellation Software, Inc. | 3376 | 12378956 |
| Dollarama, Inc. <sup>(A)</sup> <br>| 59498 | 8383243 |
| Waste Connections, Inc. | 61868 | 11551993 |
|  |  | 41033489 |
| **France - 7.1%**  | **France - 7.1%**  | **France - 7.1%**  |
| Hermes International SCA | 2877 | 7799160 |
| Safran SA | 46624 | 15205220 |
|  |  | 23004380 |
| **Germany - 7.2%**  | **Germany - 7.2%**  | **Germany - 7.2%**  |
| CTS Eventim AG & Co. KGaA | 85489 | 10630615 |
| SAP SE | 41567 | 12710341 |
|  |  | 23340956 |
| **Hong Kong - 3.4%**  | **Hong Kong - 3.4%**  | **Hong Kong - 3.4%**  |
| AIA Group Ltd. | 1210300 | 10963429 |
| **India - 3.5%**  | **India - 3.5%**  | **India - 3.5%**  |
| HDFC Bank Ltd., ADR | 146871 | 11260600 |
| **Ireland - 1.2%**  | **Ireland - 1.2%**  | **Ireland - 1.2%**  |
| ICON PLC <sup>(B)</sup> <br>| 26612 | 3870715 |
| **Italy - 3.5%**  | **Italy - 3.5%**  | **Italy - 3.5%**  |
| Ferrari NV | 23560 | 11561344 |
| **Japan - 18.9%**  | **Japan - 18.9%**  | **Japan - 18.9%**  |
| Ajinomoto Co., Inc. | 503500 | 13656505 |
| Hoya Corp. | 81300 | 9655358 |
| ITOCHU Corp. | 259200 | 13573005 |
| Japan Elevator Service Holdings Co. Ltd. | 138200 | 3978364 |
| Keyence Corp. | 25700 | 10275580 |
| Pan Pacific International Holdings Corp. | 303100 | 10425139 |
|  |  | 61563951 |
| **Netherlands - 9.6%**  | **Netherlands - 9.6%**  | **Netherlands - 9.6%**  |
| Adyen NV <sup>(B)(C)</sup> <br>| 5220 | 9586723 |
| ASM International NV | 17717 | 11365062 |
| Wolters Kluwer NV | 62371 | 10430813 |
|  |  | 31382598 |
| **Norway - 2.0%**  | **Norway - 2.0%**  | **Norway - 2.0%**  |
| Salmar ASA | 147389 | 6387237 |
| **Sweden - 4.1%**  | **Sweden - 4.1%**  | **Sweden - 4.1%**  |
| Evolution AB <sup>(C)</sup> <br>| 85393 | 6782173 |
| Lagercrantz Group AB, B Shares | 276753 | 6661656 |
|  |  | 13443829 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Switzerland - 7.0%**  | **Switzerland - 7.0%**  | **Switzerland - 7.0%**  |
| Belimo Holding AG | 10146 | $10341838 |
| Sika AG | 45672 | 12426610 |
|  |  | 22768448 |
| **Taiwan - 4.3%**  | **Taiwan - 4.3%**  | **Taiwan - 4.3%**  |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR<br>| 61461 | 13920302 |
| **United Kingdom - 3.9%**  | **United Kingdom - 3.9%**  | **United Kingdom - 3.9%**  |
| Compass Group PLC | 372327 | 12611449 |
| **United States - 10.0%**  | **United States - 10.0%**  | **United States - 10.0%**  |
| Coupang, Inc. <sup>(B)</sup> <br>| 358524 | 10741379 |
| &nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One, <br> Class C <sup>(B)</sup> <br>| 95739 | 10004726 |
| Linde PLC | 25191 | 11819113 |
|  |  | 32565218 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $282,925,979)**<br>|  | 323620165 |
| **OTHER INVESTMENT COMPANY - 0.1%**  | **OTHER INVESTMENT COMPANY - 0.1%**  | **OTHER INVESTMENT COMPANY - 0.1%**  |
| **Securities Lending Collateral - 0.1%**  | **Securities Lending Collateral - 0.1%**  | **Securities Lending Collateral - 0.1%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.31% <sup>(D)</sup> <br>| 246401 | 246401 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $246,401)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $246,401)** | 246401 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 4.4%**  | **REPURCHASE AGREEMENT - 4.4%**  | **REPURCHASE AGREEMENT - 4.4%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(D)</sup>, dated 06/30/2025, to be <br> repurchased at $14,522,680 on 07/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.63%, due 06/15/2027, and <br> with a value of $14,812,435.<br>| $14521953 | 14521953 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $14,521,953)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $14,521,953)** | 14521953 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $297,694,333)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $297,694,333)** | 338388519 |
| **Net Other Assets (Liabilities) - (4.0)%** | **Net Other Assets (Liabilities) - (4.0)%** | (13139752) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$325248767** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica International Focus VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

**INVESTMENTS BY INDUSTRY:**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of** <br>**Total Investments**<br>| **Value** |
| Broadline Retail | 8.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29549761 |
| Software | 8.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29031517 |
| Semiconductors & Semiconductor Equipment | 7.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25285364 |
| Chemicals | 7.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24245723 |
| Entertainment | 6.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20635341 |
| Food Products | 5.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20043742 |
| Hotels, Restaurants & Leisure | 5.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19393622 |
| Electronic Equipment, Instruments & Components | 5.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16937236 |
| Commercial Services & Supplies | 4.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15530357 |
| Aerospace & Defense | 4.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15205220 |
| Trading Companies & Distributors | 4.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13573005 |
| Automobiles | 3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11561344 |
| Banks | 3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11260600 |
| Insurance | 3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10963429 |
| Professional Services | 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10430813 |
| Building Products | 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10341838 |
| Health Care Equipment & Supplies | 2.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9655358 |
| Financial Services | 2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9586723 |
| Consumer Staples Distribution & Retail | 2.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8719297 |
| Textiles, Apparel & Luxury Goods | 2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7799160 |
| Life Sciences Tools & Services | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3870715 |
| **Investments** | **95.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **323620165** |
| Short-Term Investments | 4.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14768354 |
| **Total Investments** | **100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$338388519** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(E)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $114211668 | &nbsp;&nbsp; $209408497 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $323620165 |
| Other Investment Company | 246401 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 246401 |
| Repurchase Agreement |  | &nbsp;&nbsp; 14521953 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14521953 |
| **Total Investments** | **$114458069** | &nbsp;&nbsp; **$223930450** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$338388519** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $234,635, collateralized by cash collateral of $246,401. The amount* *on loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall from the* *brokers.* 

<sup>(B)</sup> *Non-income producing security.*

<sup>(C)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At June 30, 2025, the total value of 144A securities is $16,368,896, representing 5.0% of the* *Portfolio's net assets.* 

<sup>(D)</sup> *Rate disclosed reflects the yield at June 30, 2025.*

<sup>(E)</sup> *There were no transfers in or out of Level 3 during the six-month period ended June 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*ADR* *American Depositary Receipt*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica International Focus VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $283,172,380) (including <br> securities loaned of $234,635)<br>| &nbsp;&nbsp; $323866566 |
| Repurchase agreement, at value (cost $14,521,953) | &nbsp;&nbsp; 14521953 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 48 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 1382 |
| Dividends  | &nbsp;&nbsp; 414391 |
| Interest | &nbsp;&nbsp; 726 |
| Tax reclaims | &nbsp;&nbsp; 1242798 |
| Prepaid expenses | &nbsp;&nbsp; 1375 |
| Total assets | &nbsp;&nbsp; 340049239 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 246401 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 14238438 |
| Investment management fees | &nbsp;&nbsp; 211725 |
| Distribution and service fees | &nbsp;&nbsp; 19915 |
| Transfer agent costs | &nbsp;&nbsp; 363 |
| Trustee and CCO fees | &nbsp;&nbsp; 1308 |
| Audit and tax fees  | &nbsp;&nbsp; 15675 |
| Custody fees | &nbsp;&nbsp; 20276 |
| Legal fees | &nbsp;&nbsp; 4934 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 33078 |
| Other accrued expenses | &nbsp;&nbsp; 8359 |
| Total liabilities | &nbsp;&nbsp; 14800472 |
| **Net assets**  | &nbsp;&nbsp; $325248767 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $352461 |
| Additional paid-in capital | &nbsp;&nbsp; 243527653 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 81368653 |
| **Net assets** | &nbsp;&nbsp; $325248767 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $230058146 |
| Service Class | &nbsp;&nbsp; 95190621 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 24731041 |
| Service Class | &nbsp;&nbsp; 10515048 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $9.30 |
| Service Class | 9.05 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $2697866 |
| Interest income | &nbsp;&nbsp; 111444 |
| Net income from securities lending | &nbsp;&nbsp; 8992 |
| Withholding taxes on foreign income | &nbsp;&nbsp; (323554)<br>|
| Total investment income  | &nbsp;&nbsp; 2494748 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 1211929 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 113380 |
| Transfer agent costs | &nbsp;&nbsp; 1866 |
| Trustee and CCO fees | &nbsp;&nbsp; 8087 |
| Audit and tax fees | &nbsp;&nbsp; 13911 |
| Custody fees | &nbsp;&nbsp; 35804 |
| Legal fees | &nbsp;&nbsp; 37624 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 37767 |
| Other | &nbsp;&nbsp; 12136 |
| Total expenses | &nbsp;&nbsp; 1472504 |
| **Net investment income (loss)** | &nbsp;&nbsp; 1022244 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 3755613 |
| Foreign currency transactions | &nbsp;&nbsp; (9847)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 3745766 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 39018466 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 143605 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 39162071 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 42907837 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $43930081 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica International Focus VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $1022244 | &nbsp;&nbsp; $5526794 |
| Net realized gain (loss) | &nbsp;&nbsp; 3745766 | &nbsp;&nbsp; 33704398 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 39162071 | &nbsp;&nbsp; (40226777)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 43930081 | &nbsp;&nbsp; (995585)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (14308910)<br>|
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (5228629)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (19537539)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 12797538 | &nbsp;&nbsp; 35261333 |
| Service Class | &nbsp;&nbsp; 1764799 | &nbsp;&nbsp; 4841759 |
|  | &nbsp;&nbsp; 14562337 | &nbsp;&nbsp; 40103092 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 14308910 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 5228629 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 19537539 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (52101082)<br>| &nbsp;&nbsp; (62424803)<br>|
| Service Class | &nbsp;&nbsp; (9114940)<br>| &nbsp;&nbsp; (11373952)<br>|
|  | &nbsp;&nbsp; (61216022)<br>| &nbsp;&nbsp; (73798755)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (46653685)<br>| &nbsp;&nbsp; (14158124)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (2723604)<br>| &nbsp;&nbsp; (34691248)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 327972371 | &nbsp;&nbsp; 362663619 |
| End of period/year | &nbsp;&nbsp; $325248767 | &nbsp;&nbsp; $327972371 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 1437523 | &nbsp;&nbsp; 4039182 |
| Service Class | &nbsp;&nbsp; 214827 | &nbsp;&nbsp; 566126 |
|  | &nbsp;&nbsp; 1652350 | &nbsp;&nbsp; 4605308 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1611364 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 603768 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 2215132 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (5990628)<br>| &nbsp;&nbsp; (6946833)<br>|
| Service Class | &nbsp;&nbsp; (1100230)<br>| &nbsp;&nbsp; (1309031)<br>|
|  | &nbsp;&nbsp; (7090858)<br>| &nbsp;&nbsp; (8255864)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (4553105)<br>| &nbsp;&nbsp; (1296287)<br>|
| Service Class | &nbsp;&nbsp; (885403)<br>| &nbsp;&nbsp; (139137)<br>|
|  | &nbsp;&nbsp; (5438508)<br>| &nbsp;&nbsp; (1435424)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica International Focus VP**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $8.12 | &nbsp;&nbsp; $8.67 | &nbsp;&nbsp; $7.86 | &nbsp;&nbsp; $10.77 | &nbsp;&nbsp; $9.84 | &nbsp;&nbsp; $8.32 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.03 | 0.14 | 0.19 | 0.19 | 0.18 | 0.12 |
| Net realized and unrealized gain (loss) | 1.15 | &nbsp;&nbsp; (0.19)<br>| 0.79 | &nbsp;&nbsp; (2.36)<br>| 0.88 | 1.59 |
| Total investment operations | 1.18 | &nbsp;&nbsp; (0.05)<br>| 0.98 | &nbsp;&nbsp; (2.17)<br>| 1.06 | 1.71 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.19)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.19)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $8.12 | &nbsp;&nbsp; $8.67 | &nbsp;&nbsp; $7.86 | &nbsp;&nbsp; $10.77 | &nbsp;&nbsp; $9.84 |
| **Total return**<sup>(B)</sup> <br>| 14.53 %<sup>(C)</sup><br>| &nbsp;&nbsp; (1.05)%<br>| 12.53<br> %<br>| &nbsp;&nbsp; (20.04)%<br>| 10.82<br> %<br>| 20.90<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $230058 | &nbsp;&nbsp; $237774 | &nbsp;&nbsp; $265064 | &nbsp;&nbsp; $262221 | &nbsp;&nbsp; $357374 | &nbsp;&nbsp; $383396 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.84 %<sup>(D)</sup><br>| 0.86<br> %<br>| 0.85<br> %<br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.84 %<sup>(D)</sup><br>| 0.86<br> %<br>| 0.85<br> %<br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>|
| Net investment income (loss) to average net assets | 0.69 %<sup>(D)</sup><br>| 1.60<br> %<br>| 2.28<br> %<br>| 2.23<br> %<br>| 1.71<br> %<br>| 1.46<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 12 %<sup>(C)</sup><br>| &nbsp;&nbsp; 142<br> %<br>| &nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 30<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and** <br> **years indicated:**<br>| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>| **December 31,** <br> **2020**<br>|
| **Net asset value, beginning of period/year** | &nbsp;&nbsp; $7.91 | &nbsp;&nbsp; $8.46 | &nbsp;&nbsp; $7.67 | &nbsp;&nbsp; $10.53 | &nbsp;&nbsp; $9.62 | &nbsp;&nbsp; $8.14 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.02 | 0.11 | 0.17 | 0.17 | 0.15 | 0.09 |
| Net realized and unrealized gain (loss) | 1.12 | &nbsp;&nbsp; (0.18)<br>| 0.77 | &nbsp;&nbsp; (2.32)<br>| 0.87 | 1.56 |
| Total investment operations | 1.14 | &nbsp;&nbsp; (0.07)<br>| 0.94 | &nbsp;&nbsp; (2.15)<br>| 1.02 | 1.65 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.17)<br>|
| **Net asset value, end of period/year** | &nbsp;&nbsp; $9.05 | &nbsp;&nbsp; $7.91 | &nbsp;&nbsp; $8.46 | &nbsp;&nbsp; $7.67 | &nbsp;&nbsp; $10.53 | &nbsp;&nbsp; $9.62 |
| **Total return**<sup>(B)</sup> <br>| 14.41 %<sup>(C)</sup><br>| &nbsp;&nbsp; (1.33)%<br>| 12.27<br> %<br>| &nbsp;&nbsp; (20.29)%<br>| 10.63<br> %<br>| 20.58<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | &nbsp;&nbsp; $95191 | &nbsp;&nbsp; $90198 | &nbsp;&nbsp; $97600 | &nbsp;&nbsp; $98643 | &nbsp;&nbsp; $137574 | &nbsp;&nbsp; $129234 |
| Expenses to average net assets |  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 1.09 %<sup>(D)</sup><br>| 1.11<br> %<br>| 1.10<br> %<br>| 1.07<br> %<br>| 1.08<br> %<br>| 1.07<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 1.09 %<sup>(D)</sup><br>| 1.11 %<sup>(E)</sup><br>| 1.10<br> %<br>| 1.07<br> %<br>| 1.08<br> %<br>| 1.07<br> %<br>|
| Net investment income (loss) to average net assets | 0.48 %<sup>(D)</sup><br>| 1.31<br> %<br>| 2.08<br> %<br>| 1.98<br> %<br>| 1.45<br> %<br>| 1.18<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 12 %<sup>(C)</sup><br>| &nbsp;&nbsp; 142<br> %<br>| &nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 30<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**FINANCIAL HIGHLIGHTS (continued)**

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica International Focus VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

management agreement with TAM or paid for through the management fees payable thereunder. For the period ended June 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Foreign currency denominated investments:** The accounting records of the Portfolio are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Portfolio may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Portfolio may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Portfolio accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Portfolio invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other Portfolios within TST, or by any other party.

There were no commissions recaptured during the period ended June 30, 2025, by the Portfolio.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at June 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended June 30, 2025, the Portfolio has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Portfolio based on the Portfolio's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Portfolio agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Portfolio had no amounts outstanding as of June 30, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2025.

Repurchase agreements at June 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash,

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $246401 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $246401 |
| **Total Borrowings** | **$246401** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$246401** |

---

**5. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Growth stocks risk:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica International Focus VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Portfolio's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Focused investing risk:** To the extent the Portfolio invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Portfolio will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Currency risk:** The value of a Portfolio's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A portfolio may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Large capitalization companies risk:** The Portfolio's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.750<br> % <br>|
| Over $500 million up to $1 billion | 0.740 |
| Over $1 billion up to $2 billion | 0.690 |
| Over $2 billion up to $3 billion | 0.675 |
| Over $3 billion | 0.660 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.88<br> % <br>| May 1, 2026 |
| Service Class | 1.13 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of June 30, 2025, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCL as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCL has determined that it will not

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2026. Prior to TCL seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Initial Class | 0.15<br> % <br>|
| Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the period ended June 30, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Statement of Assets and Liabilities.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $38197966 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $71278043 | &nbsp;&nbsp; $— |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $297694333 | &nbsp;&nbsp; $47484116 | &nbsp;&nbsp; $(6789930)<br>| &nbsp;&nbsp; $40694186 |

---

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica International Focus VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Portfolio adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica International Focus VP** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica International Focus VP** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Series Trust**

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**Page 18**

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Series Trust, on behalf of Transamerica International Focus VP (the "Portfolio").

Following its review and consideration, the Board determined that the terms of the Management Agreement were reasonable and that the renewal of the Management Agreement was in the best interests of the Portfolio and the holders invested in the Portfolio. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of the Management Agreement through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Management Agreement, including information they had previously received from TAM as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. The Board also considered reductions to the Portfolio's expense limits, if any, that took effect after the last renewal of the Management Agreement. In their review, the Trustees also sought to identify instances in which the Portfolio's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of the Management Agreement, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM to the Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Portfolio; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; and TAM's responsiveness to any questions by the Trustees.

The Board also considered the continuous and regular investment management and other services provided by TAM when acting as a manager of managers, for the portion of the management fee it retains from the Portfolio after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolio; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolio; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolio's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; and ongoing cash management services for the Portfolio. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolio, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and holder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Portfolio's benchmark, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM can provide investment and related services that are appropriate in scope and extent in light of the Portfolio's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Portfolio's performance are summarized below. For purposes of its review, the Board generally used the performance of Service Class Shares. In describing the Portfolio's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**MANAGEMENT AGREEMENT – CONTRACT RENEWAL (continued)**

median if the Portfolio's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Portfolio's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Service Class Shares of the Portfolio was in line with the median for its peer universe for the past 5- and 10-year periods and below the median for the past 1- and 3-year periods. The Board also noted that the performance of Service Class Shares of the Portfolio was below the benchmark that TAM utilizes to measure performance of the Portfolio for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Portfolio on October 25, 2024 pursuant to its current investment strategies. The Board also noted that the prior sub-adviser had commenced sub-advising the Portfolio on May 1, 2018 pursuant to its current investment objective and different investment strategies.

**Management and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Portfolio, including information provided by Broadridge comparing the management fee and total expense ratio of the Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Portfolio's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares. In describing the Portfolio's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Portfolio's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board noted that the Portfolio's contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Service Class Shares of the Portfolio were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of holders. The Trustees noted that they had previously approved a reduction to the Portfolio's management fee schedule, which took effect on October 25, 2024 and was not fully reflected in the comparative data.

On the basis of these considerations, together with the other information it considered, the Board determined that the management fee to be received by TAM under the Management Agreement is reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Portfolio and to Transamerica Series Trust as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Portfolio and Transamerica Series Trust as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolio had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Portfolio.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Portfolio was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolio benefited from any economies of scale. The Board recognized that, as the Portfolio's assets increase, any economies

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**MANAGEMENT AGREEMENT – CONTRACT RENEWAL (continued)**

of scale realized by TAM may not directly correlate with any economies of scale that might be realized by the Portfolio. The Board considered the Portfolio's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Portfolio through undertakings to limit or reimburse Portfolio expenses and to invest in maintaining and developing its capabilities and services. The Trustees concluded that the Portfolio's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM in light of any economies of scale experienced in the future.

**Benefits to TAM and its Affiliates from their Relationships with the Portfolio**

The Board considered other benefits derived by TAM and/or its affiliates from their relationships with the Portfolio. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Portfolio.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and the holders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Portfolio's sub-adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Portfolio.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement was in the best interests of the Portfolio and the holders and voted to approve the renewal of the Management Agreement.

**Transamerica Series Trust**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g897817img5fc2fc1d3.gif)

Visit **transamerica.com**

![](g897817imgbddd86bd4.gif)

Call **800-851-9777**

4658677 06/25©2025 Transamerica Corporation. All Rights Reserved.

![](g897817img75c4d29a5.gif)

------

![LOGO](g897817page1a.jpg)

American Funds Insurance Series®

Financial Statements and Other Information N-CSR Items 7-11 for the six months ended June 30, 2025

Lit. No. INGEFP2-998-0825© 2025 Capital Group. All rights reserved.

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---

| | |
|:---|:---|
| Global Growth Fund |  |
| **Investment portfolio** June 30, 2025 | unaudited |

---

---

| | | |
|:---|:---|:---|
| Common stocks 97.78% | Shares | Value<br> (000) |
|  **Information technology 28.43%** |  |  |
|  Microsoft Corp. | 1034832 | $514736 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 14139200 | 513061 |
|  NVIDIA Corp. | 2403112 | 379668 |
|  Broadcom, Inc. | 948982 | 261587 |
|  ASML Holding NV (ADR) | 147394 | 118120 |
|  ASML Holding NV | 124200 | 99134 |
|  Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup> | 654749 | 75525 |
|  NEC Corp. | 2416000 | 70783 |
|  SAP SE | 225367 | 68531 |
|  Cloudflare, Inc., Class A <sup>(a)</sup> | 336935 | 65982 |
|  Synopsys, Inc. <sup>(a)</sup> | 114153 | 58524 |
|  Samsung Electronics Co., Ltd. | 1068680 | 47353 |
|  Capgemini SE | 255102 | 43587 |
|  AppLovin Corp., Class A <sup>(a)</sup> | 95469 | 33422 |
|  EPAM Systems, Inc. <sup>(a)</sup> | 187399 | 33136 |
|  Adobe, Inc. <sup>(a)</sup> | 45228 | 17498 |
|  International Business Machines Corp. | 48049 | 14164 |
|  Keyence Corp. | 30400 | 12210 |
|  Ubiquiti, Inc. | 20700 | 8521 |
|  Xero, Ltd. <sup>(a)</sup> | 61011 | 7220 |
|  |  | 2442762 |
|  **Financials 16.20%** |  |  |
|  3i Group PLC | 2750796 | 155566 |
|  Visa, Inc., Class A | 311603 | 110635 |
|  Citigroup, Inc. | 1104759 | 94037 |
|  Aon PLC, Class A | 244466 | 87216 |
|  Fiserv, Inc. <sup>(a)</sup> | 499162 | 86060 |
|  Banco Bilbao Vizcaya Argentaria SA | 5017421 | 77159 |
|  Prudential PLC | 5689457 | 71271 |
|  Societe Generale | 1237374 | 70765 |
|  Brookfield Corp., Class A | 1113070 | 68843 |
|  AXA SA | 1220825 | 59924 |
|  Tradeweb Markets, Inc., Class A | 332600 | 48693 |
|  Swissquote Group Holding, Ltd. | 80515 | 45603 |
|  CVC Capital Partners PLC | 1959718 | 40121 |
|  Blackstone, Inc. | 255000 | 38143 |
|  Ameriprise Financial, Inc. | 67606 | 36083 |
|  Halyk Savings Bank of Kazakhstan OJSC (GDR) | 1300992 | 31939 |
|  Partners Group Holding AG | 24055 | 31378 |
|  Eurobank Ergasias Services and Holdings SA | 8619374 | 29607 |
|  CME Group, Inc., Class A | 103473 | 28519 |
|  XP, Inc., Class A | 1360351 | 27479 |
|  VZ Holding AG | 122172 | 26730 |
|  Japan Post Insurance Co., Ltd. | 1156950 | 26199 |
|  UniCredit SpA | 359971 | 24131 |
|  Aviva PLC | 2408746 | 20473 |
|  CaixaBank SA, non-registered shares | 2148574 | 18612 |
|  FinecoBank SpA | 635542 | 14101 |
|  Skandinaviska Enskilda Banken AB, Class A | 608175 | 10613 |
|  AIA Group, Ltd. | 913107 | 8189 |
|  Jackson Financial, Inc., Class A | 44327 | 3936 |
|  |  | 1392025 |
|  **Industrials 15.26%** |  |  |
|  Safran SA | 544489 | 176957 |
|  Comfort Systems USA, Inc. | 278016 | 149075 |
|  TransDigm Group, Inc. | 50071 | 76140 |
|  Airbus SE, non-registered shares | 364243 | 76055 |

---

**1** American Funds Insurance Series

------

Global Growth Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  Industrials (continued) |  |  |
|  BAE Systems PLC | 2424921 | $62793 |
|  Ryanair Holdings PLC (ADR) | 1069423 | 61674 |
|  Copart, Inc. <sup>(a)</sup> | 1011807 | 49649 |
|  Howmet Aerospace, Inc. | 262240 | 48811 |
|  GT Capital Holdings, Inc. | 4680871 | 47698 |
|  Saab AB, Class B | 797272 | 44461 |
|  RELX PLC | 721205 | 38975 |
|  Crane Co. | 204000 | 38738 |
|  Siemens AG | 150600 | 38611 |
|  Honeywell International, Inc. | 159884 | 37234 |
|  Ingersoll-Rand, Inc. | 433179 | 36032 |
|  Boeing Co. (The) <sup>(a)</sup> | 159644 | 33450 |
|  Hitachi, Ltd. | 1115800 | 32582 |
|  Compagnie de Saint-Gobain SA, non-registered shares | 270675 | 31769 |
|  General Electric Co. | 112142 | 28864 |
|  Alliance Global Group, Inc. | 156400700 | 25044 |
|  ASSA ABLOY AB, Class B | 777100 | 24247 |
|  Schneider Electric SE | 88500 | 23539 |
|  Core & Main, Inc., Class A <sup>(a)</sup> | 303180 | 18297 |
|  Carrier Global Corp. | 242000 | 17712 |
|  ITOCHU Corp. | 312960 | 16421 |
|  Kongsberg Gruppen ASA | 404170 | 15673 |
|  DSV A/S | 59397 | 14273 |
|  RS Group PLC | 1745907 | 13768 |
|  ATI, Inc. <sup>(a)</sup> | 152323 | 13152 |
|  Recruit Holdings Co., Ltd. | 167400 | 9922 |
|  Daikin Industries, Ltd. | 76900 | 9091 |
|  |  | 1310707 |
|  **Consumer discretionary 14.61%** |  |  |
|  Amazon.com, Inc. <sup>(a)</sup> | 518956 | 113854 |
|  Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 1878200 | 105461 |
|  Prosus NV, Class N | 1846586 | 103256 |
|  MercadoLibre, Inc. <sup>(a)</sup> | 39062 | 102094 |
|  Booking Holdings, Inc. | 15225 | 88141 |
|  Renault SA | 1688781 | 77841 |
|  Compagnie Financiere Richemont SA, Class A | 338392 | 63738 |
|  Starbucks Corp. | 616040 | 56448 |
|  Trip.com Group, Ltd. (ADR) | 932676 | 54692 |
|  MGM China Holdings, Ltd. | 28793200 | 47243 |
|  Sanrio Co., Ltd. | 950000 | 45968 |
|  Entain PLC | 3341847 | 41331 |
|  InterContinental Hotels Group PLC | 360000 | 41035 |
|  LKQ Corp. | 1041420 | 38543 |
|  Flutter Entertainment PLC <sup>(a)</sup> | 126797 | 36233 |
|  LVMH Moet Hennessy-Louis Vuitton SE | 64729 | 33900 |
|  Moncler SpA | 527245 | 30053 |
|  Inchcape PLC | 2991192 | 29808 |
|  Ferrari NV (EUR denominated) | 51774 | 25377 |
|  Restaurant Brands International, Inc. (CAD denominated) | 318949 | 21157 |
|  Toll Brothers, Inc. | 167692 | 19139 |
|  Wynn Macau, Ltd. | 21430000 | 14796 |
|  YUM! Brands, Inc. | 94493 | 14002 |
|  Alibaba Group Holding, Ltd. (ADR) | 98929 | 11219 |
|  Industria de Diseno Textil SA | 209813 | 10919 |
|  Global-E Online, Ltd. <sup>(a)</sup> | 300000 | 10062 |
|  Tesla, Inc. <sup>(a)</sup> | 29759 | 9453 |
|  Hyundai Motor Co. | 61211 | 9230 |
|  |  | 1254993 |

---

American Funds Insurance Series **2**

------

Global Growth Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Health care 8.77%** |  |  |
|  Eli Lilly and Co. | 205754 | $160391 |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 247071 | 109996 |
|  Novo Nordisk AS, Class B | 984147 | 68306 |
|  Sanofi | 640801 | 62055 |
|  Argenx SE (ADR) <sup>(a)</sup> | 97099 | 53523 |
|  Regeneron Pharmaceuticals, Inc. | 83600 | 43890 |
|  Cigna Group (The) | 132736 | 43880 |
|  Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 123340 | 40220 |
|  Pfizer, Inc. | 1418993 | 34396 |
|  Centene Corp. <sup>(a)</sup> | 580852 | 31529 |
|  EssilorLuxottica SA | 91606 | 25131 |
|  UnitedHealth Group, Inc. | 70900 | 22119 |
|  Siemens Healthineers AG | 345670 | 19162 |
|  Bayer AG | 537074 | 16154 |
|  Thermo Fisher Scientific, Inc. | 32200 | 13056 |
|  Pro Medicus, Ltd. | 48121 | 9029 |
|  Viatris, Inc. | 110678 | 988 |
|  Euroapi SA <sup>(a)(b)</sup> | 5869 | 20 |
|  |  | 753845 |
|  **Communication services 6.37%** |  |  |
|  Meta Platforms, Inc., Class A | 242200 | 178765 |
|  Alphabet, Inc., Class A | 881162 | 155287 |
|  Spotify Technology SA <sup>(a)</sup> | 97672 | 74948 |
|  Publicis Groupe SA | 408300 | 46018 |
|  Nintendo Co., Ltd. | 376100 | 36251 |
|  Bharti Airtel, Ltd. | 868779 | 20358 |
|  Tencent Holdings, Ltd. | 297100 | 19037 |
|  CTS Eventim AG & Co. KGaA | 135001 | 16761 |
|  |  | 547425 |
|  **Consumer staples 3.17%** |  |  |
|  Dollar General Corp. | 408173 | 46687 |
|  British American Tobacco PLC | 863200 | 41032 |
|  Costco Wholesale Corp. | 35210 | 34856 |
|  Carrefour SA, non-registered shares | 2201230 | 31037 |
|  Philip Morris International, Inc. | 167000 | 30416 |
|  Monster Beverage Corp. <sup>(a)</sup> | 440000 | 27562 |
|  Nestle SA | 261067 | 25937 |
|  Pernod Ricard SA | 192833 | 19217 |
|  Loblaw Companies, Ltd. | 93102 | 15400 |
|  |  | 272144 |
|  **Energy 2.22%** |  |  |
|  Canadian Natural Resources, Ltd. (CAD denominated) | 1940000 | 60974 |
|  TotalEnergies SE | 679182 | 41682 |
|  Tourmaline Oil Corp. | 612792 | 29565 |
|  NAC Kazatomprom JSC (GDR) | 585731 | 25304 |
|  Reliance Industries, Ltd. | 1105000 | 19335 |
|  Schlumberger NV | 406169 | 13729 |
|  |  | 190589 |
|  **Materials 2.13%** |  |  |
|  Linde PLC | 214708 | 100737 |
|  Amcor PLC (CDI) | 3567000 | 33336 |

---

**3** American Funds Insurance Series

------

Global Growth Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Materials (continued)** |  |  |
|  First Quantum Minerals, Ltd. <sup>(a)</sup> | 1128850 | $20053 |
|  LyondellBasell Industries NV | 250227 | 14478 |
|  Lynas Rare Earths, Ltd. <sup>(a)</sup> | 2549209 | 14445 |
|  |  | 183049 |
|  **Utilities 0.52%** |  |  |
|  Torrent Power, Ltd. | 1918769 | 32836 |
|  FirstEnergy Corp. | 286296 | 11526 |
|  |  | 44362 |
|  **Real estate 0.10%** |  |  |
|  Mirvac Group REIT | 5948947 | 8614 |
|  **Total common stocks** (cost: $4,866,714,000) |  | 8400515 |
|  Preferred securities 0.19% |  |  |
|  **Information technology 0.19%** |  |  |
|  Samsung Electronics Co., Ltd., nonvoting preferred shares | 460450 | 16888 |
|  **Total preferred securities** (cost: $12,816,000) |  | 16888 |
|  Short-term securities 2.77% |  |  |
|  **Money market investments 2.77%** |  |  |
|  Capital Group Central Cash Fund 4.35% <sup>(c)(d)</sup> | 2375659 | 237566 |
|  **Total short-term securities** (cost: $237,553,000) |  | 237566 |
|  **Total investment securities 100.74%** (cost: $5,117,083,000) |  | 8654969 |
|  Other assets less liabilities (0.74)% |  | (63517) |
|  **Net assets 100.00%** |  | $8591452 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments in affiliates <sup>(d)</sup> |  |  |  |  |  |  |  |
|  | Value at<br>1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br>realized<br>gain (loss)<br> (000) | Net<br>unrealized<br>appreciation<br>(depreciation)<br> (000) | Value at<br>6/30/2025<br>(000) | Dividend<br>or interest<br>income<br>(000) |
|  Short-term securities 2.77% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 2.77%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.35% <sup>(c)</sup> | $283574 | $775998 | $821926 | $(41) | $(39) | $237566 | $5913 |

---

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> All or a portion of this security was on loan. The total value of all such securities was $11,000, which represented less than 0.01% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(d)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

---

| | | |
|:---|:---|:---|
| **Key to abbreviation(s)** |  |  |
| ADR = American Depositary Receipts | CDI = CREST Depository Interest | GDR = Global Depositary Receipts |
| CAD = Canadian dollars | EUR = Euros | REIT = Real Estate Investment Trust |

---

Refer to the notes to financial statements.

American Funds Insurance Series **4**

------

---

| | |
|:---|:---|
| Global Small Capitalization Fund |  |
| **Investment portfolio** June 30, 2025 | unaudited |

---

---

| | | |
|:---|:---|:---|
| Common stocks 94.90% | Shares | Value<br>(000) |
|  **Industrials 22.49%** |  |  |
|  Cleanaway Waste Management, Ltd. | 16692698 | $29883 |
|  International Container Terminal Services, Inc. | 3892880 | 28404 |
|  Takasago Thermal Engineering Co., Ltd. | 550274 | 27081 |
|  UL Solutions, Inc., Class A | 357358 | 26037 |
|  CBIZ, Inc. <sup>(a)</sup> | 360344 | 25840 |
|  ATI, Inc. <sup>(a)</sup> | 273691 | 23630 |
|  Diploma PLC | 348043 | 23352 |
|  Trelleborg AB, Class B | 614656 | 22875 |
|  Qantas Airways, Ltd. | 3113684 | 22009 |
|  Adecco Group AG | 726245 | 21583 |
|  Nexans SA | 165102 | 21568 |
|  VSE Corp. | 161862 | 21201 |
|  Comfort Systems USA, Inc. | 31592 | 16940 |
|  Inox Wind, Ltd. <sup>(a)</sup> | 8025554 | 16409 |
|  Carel Industries SpA | 596421 | 15878 |
|  Rumo SA | 4466646 | 15234 |
|  LS Electric Co., Ltd. | 68327 | 15138 |
|  Casella Waste Systems, Inc., Class A <sup>(a)</sup> | 128613 | 14839 |
|  Sinfonia Technology Co., Ltd. | 218586 | 14815 |
|  Air Lease Corp., Class A | 250000 | 14622 |
|  REV Group, Inc. | 291763 | 13885 |
|  Hensoldt AG | 117338 | 13462 |
|  RENK Group AG | 157353 | 12578 |
|  Kandenko Co., Ltd. | 530900 | 12288 |
|  Godrej Industries, Ltd. <sup>(a)</sup> | 802102 | 11655 |
|  ICF International, Inc. | 120109 | 10174 |
|  Alaska Air Group, Inc. <sup>(a)</sup> | 200000 | 9896 |
|  Howden Joinery Group PLC | 831191 | 9766 |
|  IMCD NV | 71833 | 9650 |
|  First Advantage Corp. <sup>(a)</sup> | 578142 | 9603 |
|  Applied Industrial Technologies, Inc. | 39533 | 9189 |
|  dormakaba Holding AG | 9722 | 8883 |
|  Addtech AB, Class B | 245222 | 8346 |
|  Visional, Inc. <sup>(a)</sup> | 105238 | 8119 |
|  XPO, Inc. <sup>(a)</sup> | 63304 | 7995 |
|  Engcon AB, Class B | 770224 | 7343 |
|  Reliance Worldwide Corp., Ltd. | 2633607 | 7107 |
|  Tetra Tech, Inc. | 197183 | 7091 |
|  Beijer Ref AB, Class B | 445805 | 7037 |
|  Bombardier, Inc., Class B <sup>(a)</sup> | 75000 | 6534 |
|  Localiza Rent a Car SA, ordinary nominative shares | 855885 | 6383 |
|  SPIE SA | 111728 | 6278 |
|  Georg Fischer AG | 69127 | 5650 |
|  CSW Industrials, Inc. | 19652 | 5637 |
|  Trex Co., Inc. <sup>(a)</sup> | 102977 | 5600 |
|  Byrna Technologies, Inc. <sup>(a)</sup> | 166228 | 5133 |
|  Kurita Water Industries, Ltd. | 125000 | 4946 |
|  SATS, Ltd. | 2022100 | 4835 |
|  Matson, Inc. | 41560 | 4628 |
|  AZEK Co., Inc. (The), Class A <sup>(a)</sup> | 81825 | 4447 |
|  WESCO International, Inc. | 20529 | 3802 |
|  IndiaMart InterMesh, Ltd. | 122889 | 3723 |
|  KEI Industries, Ltd. | 84089 | 3719 |
|  Wizz Air Holdings PLC <sup>(a)(b)</sup> | 221203 | 3310 |
|  Sterling Infrastructure, Inc. <sup>(a)</sup> | 13897 | 3206 |
|  Voyager Technologies, Inc., Class A <sup>(a)(b)</sup> | 61500 | 2414 |
|  Herc Holdings, Inc. | 15514 | 2043 |
|  Delhivery, Ltd. <sup>(a)</sup> | 433780 | 1936 |

---

**5** American Funds Insurance Series

------

Global Small Capitalization Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br>(000) |
|  **Industrials (continued)** |  |  |
|  Mueller Industries, Inc. | 23732 | $1886 |
|  THK Co., Ltd. | 64800 | 1736 |
|  McGrath RentCorp | 4336 | 503 |
|  |  | 689754 |
|  **Financials 15.43%** |  |  |
|  Cholamandalam Investment and Finance Co., Ltd. | 1955819 | 37128 |
|  Eurobank Ergasias Services and Holdings SA | 9230606 | 31706 |
|  Glacier Bancorp, Inc. | 675237 | 29089 |
|  HDFC Asset Management Co., Ltd. | 480000 | 29059 |
|  Vontobel Holding AG | 354868 | 28669 |
|  Stifel Financial Corp. | 269807 | 28001 |
|  SLM Corp. | 824188 | 27025 |
|  Max Financial Services, Ltd. <sup>(a)</sup> | 982332 | 18867 |
|  Baldwin Insurance Group, Inc. (The), Class A <sup>(a)</sup> | 436452 | 18684 |
|  IIFL Finance, Ltd. <sup>(a)</sup> | 3028075 | 16692 |
|  Janus Henderson Group PLC | 422023 | 16391 |
|  SiriusPoint, Ltd. <sup>(a)</sup> | 700000 | 14273 |
|  Lazard, Inc., Class A | 297467 | 14272 |
|  Porto Seguro SA | 1400932 | 14233 |
|  Home BancShares, Inc. | 495420 | 14100 |
|  Pluxee NV | 642301 | 13989 |
|  Asia Commercial Joint Stock Bank | 13830250 | 11278 |
|  Banco del Bajio, SA | 4062979 | 9819 |
|  SouthState Corp. | 102954 | 9475 |
|  Essent Group, Ltd. | 150000 | 9109 |
|  First American Financial Corp. | 143871 | 8832 |
|  Patria Investments, Ltd., Class A | 537189 | 7553 |
|  360 ONE WAM, Ltd. | 469058 | 6533 |
|  EFG International AG | 334117 | 6190 |
|  Discovery, Ltd. | 483482 | 5866 |
|  Sprott, Inc. | 82833 | 5726 |
|  CVB Financial Corp. | 288772 | 5715 |
|  Bridgepoint Group PLC | 1232030 | 5256 |
|  Kyoto Financial Group, Inc. | 263300 | 4721 |
|  PJT Partners, Inc., Class A | 28318 | 4673 |
|  Root, Inc., Class A <sup>(a)</sup> | 35560 | 4551 |
|  JB Financial Group Co., Ltd. | 294756 | 4488 |
|  Haci Omer Sabanci Holding AS | 1751573 | 3944 |
|  FirstCash Holdings, Inc. | 25763 | 3482 |
|  Capitec Bank Holdings, Ltd. | 11138 | 2234 |
|  BNK Financial Group, Inc. | 173416 | 1600 |
|  |  | 473223 |
|  **Information technology 13.18%** |  |  |
|  Allegro MicroSystems, Inc. <sup>(a)</sup> | 1164843 | 39826 |
|  PAR Technology Corp. <sup>(a)(c)</sup> | 325484 | 22579 |
|  PAR Technology Corp. <sup>(a)</sup> | 155085 | 10758 |
|  MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup> | 225450 | 32305 |
|  King Slide Works Co., Ltd. | 361784 | 25203 |
|  Silicon Laboratories, Inc. <sup>(a)</sup> | 161697 | 23828 |
|  Pegasystems, Inc. | 359598 | 19465 |
|  Kokusai Electric Corp. | 802379 | 19318 |
|  Q2 Holdings, Inc. <sup>(a)</sup> | 198415 | 18570 |
|  Credo Technology Group Holding, Ltd. <sup>(a)</sup> | 194072 | 17969 |
|  Semtech Corp. <sup>(a)</sup> | 356911 | 16111 |
|  eMemory Technology, Inc. | 168430 | 13607 |
|  Lumentum Holdings, Inc. <sup>(a)</sup> | 137966 | 13115 |
|  Insight Enterprises, Inc. <sup>(a)</sup> | 84243 | 11633 |

---

American Funds Insurance Series **6**

------

Global Small Capitalization Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br>(000) |
|  **Information technology (continued)** |  |  |
|  Riken Keiki Co., Ltd. | 543100 | $11408 |
|  Klaviyo, Inc., Class A <sup>(a)</sup> | 328169 | 11020 |
|  Maruwa Co., Ltd. | 38254 | 10982 |
|  Alphawave IP Group PLC <sup>(a)</sup> | 3569476 | 8535 |
|  Tokyo Seimitsu Co., Ltd. | 124023 | 8279 |
|  Ncino, Inc. <sup>(a)</sup> | 269841 | 7547 |
|  Fabrinet, non-registered shares <sup>(a)</sup> | 25161 | 7414 |
|  Unity Software, Inc. <sup>(a)</sup> | 302073 | 7310 |
|  Lattice Semiconductor Corp. <sup>(a)</sup> | 139780 | 6848 |
|  Topicus.com, Inc., subordinate voting shares <sup>(a)</sup> | 51481 | 6450 |
|  Confluent, Inc., Class A <sup>(a)</sup> | 235033 | 5859 |
|  MKS, Inc. | 56170 | 5581 |
|  Softcat PLC | 211275 | 4979 |
|  HPSP Co., Ltd. | 182260 | 3748 |
|  Cellebrite DI, Ltd. <sup>(a)</sup> | 194979 | 3120 |
|  Hexaware Technologies, Ltd. | 265045 | 2629 |
|  Blockchain Group (The) <sup>(a)(b)</sup> | 490674 | 2491 |
|  ASMPT, Ltd. | 316400 | 2320 |
|  MongoDB, Inc., Class A <sup>(a)</sup> | 10484 | 2201 |
|  Silvaco Group, Inc. <sup>(a)(b)</sup> | 163728 | 773 |
|  Yotpo, Ltd. <sup>(a)(c)(d)</sup> | 678736 | 428 |
|  |  | 404209 |
|  **Consumer discretionary 12.48%** |  |  |
|  Entain PLC | 3136472 | 38791 |
|  DraftKings, Inc., Class A <sup>(a)</sup> | 657778 | 28212 |
|  Thor Industries, Inc. | 281786 | 25025 |
|  Sega Sammy Holdings, Inc. | 918700 | 22042 |
|  Genius Sports, Ltd. <sup>(a)</sup> | 1640078 | 17057 |
|  TopBuild Corp. <sup>(a)</sup> | 52196 | 16898 |
|  Light & Wonder, Inc. <sup>(a)</sup> | 97580 | 9393 |
|  Light & Wonder, Inc. Chess Depository Receipt <sup>(a)</sup> | 75431 | 7319 |
|  Inchcape PLC | 1658830 | 16531 |
|  Food & Life Cos., Ltd. | 315200 | 15354 |
|  Wyndham Hotels & Resorts, Inc. | 180987 | 14698 |
|  CAVA Group, Inc. <sup>(a)</sup> | 172411 | 14522 |
|  Guzman y Gomez, Ltd. <sup>(a)</sup> | 626907 | 11672 |
|  Champion Homes, Inc. <sup>(a)</sup> | 181982 | 11394 |
|  Acushnet Holdings Corp. | 150000 | 10923 |
|  Ollie's Bargain Outlet Holdings, Inc. <sup>(a)</sup> | 78598 | 10358 |
|  Grand Canyon Education, Inc. <sup>(a)</sup> | 50511 | 9547 |
|  Boot Barn Holdings, Inc. <sup>(a)</sup> | 60630 | 9216 |
|  Lottomatica Group SpA | 324745 | 9012 |
|  Sanrio Co., Ltd. | 150500 | 7282 |
|  Patrick Industries, Inc. | 73088 | 6744 |
|  tonies SE, Class A <sup>(a)</sup> | 960519 | 6743 |
|  MRF, Ltd. | 4006 | 6650 |
|  Steven Madden, Ltd. | 270679 | 6491 |
|  Camping World Holdings, Inc., Class A | 363746 | 6253 |
|  Aditya Vision, Ltd. | 1409045 | 6129 |
|  Yonex Co., Ltd. | 300000 | 6041 |
|  Tube Investments of India, Ltd. | 166232 | 6026 |
|  Five Below, Inc. <sup>(a)</sup> | 41947 | 5503 |
|  Cairn Homes PLC (EUR denominated) | 2026044 | 5119 |
|  Zalando SE, non-registered shares <sup>(a)</sup> | 142442 | 4690 |
|  Smartfit Escola de Ginastica e Danca SA | 980320 | 4482 |

---

**7** American Funds Insurance Series

------

Global Small Capitalization Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br>(000) |
|  **Consumer discretionary (continued)** |  |  |
|  Shoei Co., Ltd. | 320200 | $3869 |
|  Victoria's Secret & Co. <sup>(a)</sup> | 137388 | 2544 |
|  EIH, Ltd. | 29163 | 126 |
|  |  | 382656 |
|  **Health care 11.54%** |  |  |
|  Insulet Corp. <sup>(a)</sup> | 138345 | 43465 |
|  Masimo Corp. <sup>(a)</sup> | 176106 | 29625 |
|  DiaSorin Italia SpA | 218636 | 23400 |
|  Ensign Group, Inc. (The) | 131436 | 20275 |
|  Max Healthcare Institute, Ltd. | 1220256 | 18156 |
|  Carl Zeiss Meditec AG, non-registered shares <sup>(b)</sup> | 236775 | 15898 |
|  Vimian Group AB (publ) <sup>(a)(b)</sup> | 3741179 | 15818 |
|  IDEAYA Biosciences, Inc. <sup>(a)</sup> | 683100 | 14359 |
|  Glenmark Pharmaceuticals, Ltd. | 653989 | 13374 |
|  Ambu AS, Class B, non-registered shares | 799520 | 12547 |
|  Addus HomeCare Corp. <sup>(a)</sup> | 105462 | 12148 |
|  BridgeBio Pharma, Inc. <sup>(a)</sup> | 266511 | 11508 |
|  Asker Healthcare Group AB <sup>(a)</sup> | 964065 | 11107 |
|  CONMED Corp. | 189210 | 9854 |
|  Encompass Health Corp. | 78343 | 9607 |
|  Haemonetics Corp. <sup>(a)</sup> | 124768 | 9309 |
|  iRhythm Technologies, Inc. <sup>(a)</sup> | 49337 | 7596 |
|  Aster DM Healthcare, Ltd. | 1089547 | 7573 |
|  Kymera Therapeutics, Inc. <sup>(a)</sup> | 149795 | 6537 |
|  Indegene, Ltd. | 965116 | 6467 |
|  Denali Therapeutics, Inc. <sup>(a)</sup> | 454147 | 6354 |
|  Integer Holdings Corp. <sup>(a)</sup> | 50070 | 6157 |
|  Bio-Techne Corp. | 117228 | 6031 |
|  Vaxcyte, Inc. <sup>(a)</sup> | 180439 | 5866 |
|  Dr. Lal PathLabs, Ltd. | 151312 | 4934 |
|  AddLife AB, Class B | 241770 | 4822 |
|  Vericel Corp. <sup>(a)</sup> | 97455 | 4147 |
|  Establishment Labs Holdings, Inc. <sup>(a)(b)</sup> | 92322 | 3943 |
|  Enliven Therapeutics, Inc. <sup>(a)(b)</sup> | 149388 | 2997 |
|  Prestige Consumer Healthcare, Inc. <sup>(a)</sup> | 32983 | 2634 |
|  Angelalign Technology, Inc. | 318348 | 2293 |
|  Zealand Pharma AS <sup>(a)(b)</sup> | 39000 | 2184 |
|  Bachem Holding AG <sup>(b)</sup> | 24766 | 1810 |
|  Biohaven, Ltd. <sup>(a)</sup> | 62303 | 879 |
|  |  | 353674 |
|  **Materials 5.92%** |  |  |
|  Materion Corp. | 255673 | 20293 |
|  Knife River Corp. <sup>(a)</sup> | 242566 | 19803 |
|  Resonac Holdings Co., Ltd. | 827000 | 19233 |
|  Sumitomo Bakelite Co., Ltd. | 639359 | 18510 |
|  Celanese Corp. | 294262 | 16281 |
|  Lundin Gold, Inc. | 300000 | 15840 |
|  Lundin Mining Corp. | 1000000 | 10516 |
|  Huhtamaki OYJ | 276021 | 9845 |
|  Dyno Nobel, Ltd. | 5276174 | 9341 |
|  LANXESS AG | 241395 | 7183 |
|  Acerinox, SA | 507145 | 6464 |
|  Osaka Soda Co., Ltd. | 384900 | 4803 |
|  Verallia SAS | 140206 | 4657 |
|  Cabot Corp. | 48229 | 3617 |
|  Arkema SA | 43503 | 3205 |
|  Vicat SACA | 40492 | 2805 |

---

American Funds Insurance Series **8**

------

Global Small Capitalization Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Materials (continued)** |  |  |
|  Umicore SA | 181924 | $2674 |
|  ASP Isotopes, Inc. <sup>(a)(b)</sup> | 344175 | 2533 |
|  NV Bekaert SA | 53808 | 2222 |
|  Mayr-Melnhof Karton AG, non-registered shares | 17249 | 1552 |
|  |  | 181377 |
|  **Communication services 4.39%** |  |  |
|  Magnite, Inc. <sup>(a)</sup> | 1533111 | 36979 |
|  Nippon Television Holdings, Inc. | 1086100 | 25236 |
|  Indosat Tbk PT | 135085677 | 17390 |
|  Springer Nature AG & Co. KGaA, non-registered shares | 609415 | 13395 |
|  Rightmove PLC | 1209594 | 13094 |
|  New York Times Co., Class A | 175000 | 9796 |
|  Lionsgate Studios Corp. <sup>(a)</sup> | 1051920 | 6112 |
|  Future PLC | 515448 | 5158 |
|  JCDecaux SE | 183003 | 3341 |
|  Starz Entertainment Corp. <sup>(a)</sup> | 151869 | 2441 |
|  Bharti Hexacom, Ltd. | 68127 | 1551 |
|  |  | 134493 |
|  **Real estate 2.58%** |  |  |
|  Embassy Office Parks REIT | 5208572 | 23656 |
|  Charter Hall Group REIT | 1663583 | 21011 |
|  Lodha Developers, Ltd. | 442564 | 7143 |
|  UMH Properties, Inc. REIT | 410600 | 6894 |
|  St. Joe Co. | 124878 | 5956 |
|  Mindspace Business Parks REIT | 1250000 | 5831 |
|  Corp. Inmobiliaria Vesta, SAB de CV <sup>(b)</sup> | 1900000 | 5222 |
|  Altus Group, Ltd. | 89910 | 3479 |
|  |  | 79192 |
|  **Consumer staples 2.50%** |  |  |
|  Raia Drogasil SA, ordinary nominative shares | 7178745 | 19978 |
|  Universal Robina Corp. | 11735715 | 18657 |
|  BBB Foods, Inc., Class A <sup>(a)</sup> | 669472 | 18585 |
|  Lamb Weston Holdings, Inc. | 170000 | 8814 |
|  Apotea Sverige AB <sup>(a)</sup> | 845173 | 7879 |
|  e.l.f. Beauty, Inc. <sup>(a)</sup> | 22848 | 2843 |
|  |  | 76756 |
|  **Energy 2.48%** |  |  |
|  Weatherford International | 512177 | 25768 |
|  NuVista Energy, Ltd. <sup>(a)</sup> | 1249839 | 13749 |
|  CNX Resources Corp. <sup>(a)</sup> | 350000 | 11788 |
|  Vista Energy, SAB de CV, Class A (ADR) <sup>(a)</sup> | 202376 | 9676 |
|  Aegis Logistics Ltd. | 790464 | 7151 |
|  Aegis Vopak Terminals, Ltd. <sup>(a)</sup> | 711249 | 2035 |
|  Aegis Vopak Terminals, Ltd. <sup>(a)(e)</sup> | 241762 | 692 |
|  NexGen Energy, Ltd. <sup>(a)</sup> | 380341 | 2639 |
|  Denison Mines Corp. <sup>(a)</sup> | 1375744 | 2515 |
|  |  | 76013 |
|  **Utilities 1.91%** |  |  |
|  Neoenergia SA | 4000086 | 18819 |
|  Black Hills Corp. | 197486 | 11079 |

---

**9** American Funds Insurance Series

------

Global Small Capitalization Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Utilities (continued)** |  |  |
|  Talen Energy Corp. <sup>(a)</sup> | 36428 | $10592 |
|  SembCorp Industries, Ltd. | 1536800 | 8279 |
|  Nippon Gas Co., Ltd. | 411600 | 7577 |
|  ACEN Corp. | 50415592 | 2318 |
|  |  | 58664 |
|  **Total common stocks** (cost: $2,104,018,000) |  | 2910011 |
| Preferred securities 0.77% |  |  |
|  **Information technology 0.47%** |  |  |
|  SmartHR, Inc., Series D, preferred shares <sup>(a)(c)(d)</sup> | 3006 | 11470 |
|  Yotpo, Ltd., Series F, preferred shares <sup>(a)(c)(d)</sup> | 2158609 | 1360 |
|  Yotpo, Ltd., Series B, preferred shares <sup>(a)(c)(d)</sup> | 287894 | 181 |
|  Yotpo, Ltd., Series C, preferred shares <sup>(a)(c)(d)</sup> | 274070 | 173 |
|  Yotpo, Ltd., Series A-1, preferred shares <sup>(a)(c)(d)</sup> | 183819 | 116 |
|  Yotpo, Ltd., Series A, preferred shares <sup>(a)(c)(d)</sup> | 89605 | 56 |
|  Yotpo, Ltd., Series C-1, preferred shares <sup>(a)(c)(d)</sup> | 75980 | 48 |
|  Yotpo, Ltd., Series D, preferred shares <sup>(a)(c)(d)</sup> | 42368 | 27 |
|  Yotpo, Ltd., Series B-1, preferred shares <sup>(a)(c)(d)</sup> | 33838 | 21 |
|  Outreach Corp., Series G, preferred shares <sup>(a)(c)(d)</sup> | 154354 | 1070 |
|  |  | 14522 |
|  **Financials 0.30%** |  |  |
|  Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares <sup>(a)(b)</sup> | 641250 | 9138 |
|  **Total preferred securities** (cost: $28,669,000) |  | 23660 |
| Convertible stocks 0.43% |  |  |
|  **Materials 0.43%** |  |  |
|  Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027 | 406409 | 13046 |
|  **Total convertible stocks (cost: $12,428,000)** |  | 13046 |
| Convertible bonds & notes 0.13% | Principal amount<br>(000) |  |
|  **Information technology 0.13%** |  |  |
|  Alphawave IP Group PLC, convertible notes, 3.75% 3/1/2030 | USD600 | 908 |
|  Wolfspeed, Inc., convertible notes, 0.25% 2/15/2028 | 3235 | 833 |
|  Wolfspeed, Inc., convertible notes, 1.875% 12/1/2029 | 8923 | 2298 |
|  **Total convertible bonds & notes** (cost: $4,448,000) |  | 4039 |
| Short-term securities 5.28% | Shares |  |
|  **Money market investments 4.64%** |  |  |
|  Capital Group Central Cash Fund 4.35% <sup>(f)(g)</sup> | 1423124 | 142312 |

---

American Funds Insurance Series **10**

------

Global Small Capitalization Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Shares | Value<br> (000) |
|  **Money market investments purchased with collateral from securities on loan 0.64%** |  |  |
|  Capital Group Central Cash Fund 4.35% <sup>(f)(g)(h)</sup> | 138096 | $13810 |
|  Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(f)(h)</sup> | 5832209 | 5832 |
|  |  | 19642 |
|  **Total short-term securities** (cost: $161,942,000) |  | 161954 |
|  **Total investment securities 101.51%** (cost: $2,311,505,000) |  | 3112710 |
|  Other assets less liabilities (1.51)% |  | (46233) |
|  **Net assets 100.00%** |  | $3066477 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments in affiliates <sup>(g)</sup> |  |  |  |  |  |  |  |
|  | Value at<br>1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br>appreciation<br>(depreciation)<br> (000) | Value at<br>6/30/2025<br>(000) | Dividend<br>or interest<br>income<br> (000) |
|  Common stocks 0.00% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer discretionary 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lands' End, Inc. <sup>(a)(i)</sup> | $27594 | $– | $16981 | $2176 | $(12789) | $– | $– |
|  Short-term securities 5.09% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 4.64%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.35% <sup>(f)</sup> | 16001 | 418610 | 292289 | (20) | 10 | 142312 | 2399 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments purchased with collateral from securities on loan 0.45%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.35% <sup>(f)(h)</sup> | 19927 |  | 6117 <sup>(j)</sup> |  |  | 13810 | – <sup>(k)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total short-term securities** |  |  |  |  |  | 156122 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 5.09%** |  |  |  | $2156 | $(12779) | $156122 | $2399 |

---

**11** American Funds Insurance Series

------

Global Small Capitalization Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted securities <sup>(c)</sup>** | | | | |
|  | Acquisition<br>date(s) | Cost<br>(000) | Value<br>(000) | Percent <br>of net <br>assets |
| &nbsp;&nbsp;&nbsp;&nbsp; PAR Technology Corp. <sup>(a)</sup> | 3/8/2024 | $12580 | $22579 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; SmartHR, Inc., Series D, preferred shares <sup>(a)(d)</sup> | 5/28/2021 | 14344 | 11470 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series F, preferred shares <sup>(a)(d)</sup> | 2/25/2021 | 4748 | 1360 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd. <sup>(a)(d)</sup> | 3/16/2021 | 1418 | 428 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series B, preferred shares <sup>(a)(d)</sup> | 3/16/2021 | 602 | 181 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series C, preferred shares <sup>(a)(d)</sup> | 3/16/2021 | 573 | 173 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series A-1, preferred shares <sup>(a)(d)</sup> | 3/16/2021 | 384 | 116 | 0.00 <sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series A, preferred shares <sup>(a)(d)</sup> | 3/16/2021 | 187 | 56 | 0.00 <sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series C-1, preferred shares <sup>(a)(d)</sup> | 3/16/2021 | 159 | 48 | 0.00 <sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series D, preferred shares <sup>(a)(d)</sup> | 3/16/2021 | 88 | 27 | 0.00 <sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series B-1, preferred shares <sup>(a)(d)</sup> | 3/16/2021 | 71 | 21 | 0.00 <sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Outreach Corp., Series G, preferred shares <sup>(a)(d)</sup> | 5/27/2021 | 4517 | 1070 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $39671 | $37529 | 1.22% |

---

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> All or a portion of this security was on loan. The total value of all such securities was $21,033,000, which represented 0.69% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $37,529,000, which represented 1.22% of the net assets of the fund. 

<sup>(d)</sup> Value determined using significant unobservable inputs.

<sup>(e)</sup> Security is subject to a contractual sale restriction (lockup). The total value of all such securities was $692,000, which represented 0.02% of the net assets of the fund. The remaining lockup period is generally less than one year; and early lockup release provisions may be applicable based on certain set milestones or condition in accordance with legal documents. 

<sup>(f)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(g)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(h)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(i)</sup> Affiliated issuer during the reporting period but no longer held at 6/30/2025.

<sup>(j)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(k)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(l)</sup> Amount less than 0.01%. 

#### Key to abbreviation(s)
ADR = American Depositary Receipts

EUR = Euros

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series **12**

------

---

| | | |
|:---|:---|:---|
| Growth Fund | Growth Fund |  |
| **Investment portfolio** June 30, 2025 | **Investment portfolio** June 30, 2025 | unaudited |
| Common stocks 97.18% | Shares | Value<br> (000) |
| **Information technology 27.11%** |  |  |
|  NVIDIA Corp. | 16406398 | $2592047 |
|  Microsoft Corp. | 4808489 | 2391790 |
|  Broadcom, Inc. | 7732511 | 2131467 |
|  Cloudflare, Inc., Class A <sup>(a)</sup> | 4644781 | 909587 |
|  Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup> | 7554237 | 871381 |
|  MicroStrategy, Inc., Class A <sup>(a)</sup> | 1507861 | 609523 |
|  Micron Technology, Inc. | 4702712 | 579609 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 10759000 | 390406 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 371039 | 84037 |
|  Apple, Inc. | 2252048 | 462053 |
|  Salesforce, Inc. | 1191227 | 324836 |
|  Constellation Software, Inc. | 87642 | 321361 |
|  Adobe, Inc. <sup>(a)</sup> | 740568 | 286511 |
|  Synopsys, Inc. <sup>(a)</sup> | 548921 | 281421 |
|  SK hynix, Inc. | 1164664 | 251987 |
|  Motorola Solutions, Inc. | 392000 | 164820 |
|  ASML Holding NV (ADR) | 159102 | 127502 |
|  ASML Holding NV | 25261 | 20163 |
|  KLA Corp. | 145050 | 129927 |
|  Oracle Corp. | 588434 | 128649 |
|  Unity Software, Inc. <sup>(a)</sup> | 5288825 | 127990 |
|  Palantir Technologies, Inc., Class A <sup>(a)</sup> | 809801 | 110392 |
|  AppLovin Corp., Class A <sup>(a)</sup> | 270000 | 94522 |
|  Datadog, Inc., Class A <sup>(a)</sup> | 649685 | 87272 |
|  DocuSign, Inc. <sup>(a)</sup> | 922000 | 71815 |
|  ARM Holdings PLC (ADR) <sup>(a)(b)</sup> | 437756 | 70803 |
|  Intel Corp. | 2250000 | 50400 |
|  RingCentral, Inc., Class A <sup>(a)</sup> | 1465500 | 41547 |
|  Atlassian Corp., Class A <sup>(a)</sup> | 175462 | 35635 |
|  ServiceNow, Inc. <sup>(a)</sup> | 31490 | 32374 |
|  Fair Isaac Corp. <sup>(a)</sup> | 16963 | 31008 |
|  ASM International NV | 41358 | 26473 |
|  Accenture PLC, Class A | 74063 | 22137 |
|  Applied Materials, Inc. | 102877 | 18834 |
|  MKS, Inc. | 101047 | 10040 |
|  HubSpot, Inc. <sup>(a)</sup> | 14369 | 7998 |
|  Stripe, Inc., Class B <sup>(a)(c)(d)</sup> | 168598 | 5985 |
|  |  | 13904302 |
|  **Communication services 19.98%** |  |  |
|  Meta Platforms, Inc., Class A | 6460365 | 4768331 |
|  Netflix, Inc. <sup>(a)</sup> | 1675116 | 2243198 |
|  Alphabet, Inc., Class C | 6355470 | 1127397 |
|  Alphabet, Inc., Class A | 5364896 | 945455 |
|  Charter Communications, Inc., Class A <sup>(a)</sup> | 752094 | 307464 |
|  Snap, Inc., Class A, nonvoting shares <sup>(a)</sup> | 27200000 | 236368 |
|  ROBLOX Corp., Class A <sup>(a)</sup> | 1951083 | 205254 |
|  Live Nation Entertainment, Inc. <sup>(a)</sup> | 1297347 | 196263 |
|  Take-Two Interactive Software, Inc. <sup>(a)</sup> | 355373 | 86302 |
|  Comcast Corp., Class A | 1343725 | 47957 |
|  Nintendo Co., Ltd. | 411400 | 39653 |
|  T-Mobile US, Inc. | 99374 | 23677 |
|  Pinterest, Inc., Class A <sup>(a)</sup> | 352109 | 12627 |
|  Frontier Communications Parent, Inc. <sup>(a)</sup> | 244130 | 8886 |
|  |  | 10248832 |
|  **Consumer discretionary 13.76%** |  |  |
|  Tesla, Inc. <sup>(a)</sup> | 7509093 | 2385339 |
|  Amazon.com, Inc. <sup>(a)</sup> | 5592177 | 1226868 |

---

**13** American Funds Insurance Series

------

Growth Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Consumer discretionary (continued)** |  |  |
|  Royal Caribbean Cruises, Ltd. | 2278615 | $713525 |
|  DoorDash, Inc., Class A <sup>(a)</sup> | 1700000 | 419067 |
|  Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 5026162 | 282219 |
|  NIKE, Inc., Class B | 3183461 | 226153 |
|  Tractor Supply Co. | 3325000 | 175460 |
|  Hermes International | 61000 | 165195 |
|  Aramark | 3218114 | 134742 |
|  Burlington Stores, Inc. <sup>(a)</sup> | 571948 | 133058 |
|  Norwegian Cruise Line Holdings, Ltd. <sup>(a)</sup> | 6094950 | 123606 |
|  Booking Holdings, Inc. | 21261 | 123085 |
|  Home Depot, Inc. | 315781 | 115778 |
|  Duolingo, Inc., Class A <sup>(a)</sup> | 267716 | 109769 |
|  Flutter Entertainment PLC <sup>(a)</sup> | 330165 | 94348 |
|  Rivian Automotive, Inc., Class A <sup>(a)(b)</sup> | 5693160 | 78224 |
|  Wayfair, Inc., Class A <sup>(a)</sup> | 1406061 | 71906 |
|  Service Corp. International | 848647 | 69080 |
|  D.R. Horton, Inc. | 478018 | 61626 |
|  Amadeus IT Group SA, Class A, non-registered shares | 661683 | 55714 |
|  Starbucks Corp. | 443476 | 40636 |
|  DraftKings, Inc., Class A <sup>(a)</sup> | 908357 | 38959 |
|  YUM! Brands, Inc. | 246744 | 36563 |
|  Floor & Decor Holdings, Inc., Class A <sup>(a)</sup> | 437000 | 33194 |
|  Five Below, Inc. <sup>(a)</sup> | 252000 | 33057 |
|  Churchill Downs, Inc. | 295641 | 29860 |
|  Marriott International, Inc., Class A | 56000 | 15300 |
|  Polaris, Inc. | 371000 | 15081 |
|  TopBuild Corp. <sup>(a)</sup> | 40220 | 13021 |
|  YETI Holdings, Inc. <sup>(a)</sup> | 325329 | 10254 |
|  Caesars Entertainment, Inc. <sup>(a)</sup> | 356300 | 10115 |
|  Hilton Worldwide Holdings, Inc. | 36119 | 9620 |
|  Helen of Troy, Ltd. <sup>(a)</sup> | 269597 | 7651 |
|  |  | 7058073 |
|  **Health care 11.06%** |  |  |
|  Intuitive Surgical, Inc. <sup>(a)</sup> | 1991933 | 1082437 |
|  Eli Lilly and Co. | 922850 | 719389 |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 1490615 | 663622 |
|  Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 1686200 | 549853 |
|  UnitedHealth Group, Inc. | 930678 | 290344 |
|  Boston Scientific Corp. <sup>(a)</sup> | 2547986 | 273679 |
|  HCA Healthcare, Inc. | 627846 | 240528 |
|  Thermo Fisher Scientific, Inc. | 472926 | 191753 |
|  Hims & Hers Health, Inc., Class A <sup>(a)</sup> | 2848145 | 141980 |
|  Illumina, Inc. <sup>(a)</sup> | 1344976 | 128324 |
|  Regeneron Pharmaceuticals, Inc. | 231073 | 121313 |
|  Centene Corp. <sup>(a)</sup> | 2053544 | 111466 |
|  Bristol-Myers Squibb Co. | 1979253 | 91620 |
|  Guardant Health, Inc. <sup>(a)</sup> | 1705050 | 88731 |
|  Insmed, Inc. <sup>(a)</sup> | 796167 | 80126 |
|  Ascendis Pharma AS (ADR) <sup>(a)</sup> | 444896 | 76789 |
|  Mettler-Toledo International, Inc. <sup>(a)</sup> | 62042 | 72882 |
|  Align Technology, Inc. <sup>(a)</sup> | 369578 | 69972 |
|  Danaher Corp. | 340644 | 67291 |
|  Ionis Pharmaceuticals, Inc. <sup>(a)</sup> | 1674900 | 66175 |
|  Novo Nordisk AS, Class B | 917755 | 63698 |
|  Exact Sciences Corp. <sup>(a)</sup> | 1192321 | 63360 |
|  EssilorLuxottica SA | 229003 | 62826 |
|  BioNTech SE (ADR) <sup>(a)(b)</sup> | 562734 | 59914 |
|  Abbott Laboratories | 371669 | 50551 |
|  Molina Healthcare, Inc. <sup>(a)</sup> | 161327 | 48059 |

---

American Funds Insurance Series **14**

------

Growth Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Health care (continued)** |  |  |
|  AstraZeneca PLC | 343952 | $47779 |
|  Royalty Pharma PLC, Class A | 955185 | 34415 |
|  Veeva Systems, Inc., Class A <sup>(a)</sup> | 87585 | 25223 |
|  IQVIA Holdings, Inc. <sup>(a)</sup> | 105500 | 16626 |
|  CRISPR Therapeutics AG <sup>(a)(b)</sup> | 334619 | 16276 |
|  Amgen, Inc. | 55569 | 15515 |
|  Elevance Health, Inc. | 26768 | 10412 |
|  QIAGEN NV | 215885 | 10375 |
|  Verily Life Sciences, LLC <sup>(a)(c)(d)</sup> | 300178 | 9825 |
|  Sarepta Therapeutics, Inc. <sup>(a)</sup> | 498337 | 8521 |
|  |  | 5671649 |
|  **Industrials 10.54%** |  |  |
|  TransDigm Group, Inc. | 716472 | 1089496 |
|  General Electric Co. | 1544121 | 397441 |
|  Quanta Services, Inc. | 987626 | 373402 |
|  Uber Technologies, Inc. <sup>(a)</sup> | 3500000 | 326550 |
|  Axon Enterprise, Inc. <sup>(a)</sup> | 366366 | 303329 |
|  United Rentals, Inc. | 343479 | 258777 |
|  Ingersoll-Rand, Inc. | 2632733 | 218991 |
|  GE Vernova, Inc. | 384741 | 203586 |
|  United Airlines Holdings, Inc. <sup>(a)</sup> | 2300410 | 183182 |
|  ATI, Inc. <sup>(a)</sup> | 2086140 | 180117 |
|  Dayforce, Inc. <sup>(a)</sup> | 3030416 | 167855 |
|  Republic Services, Inc. | 664509 | 163875 |
|  Equifax, Inc. | 626858 | 162588 |
|  Boeing Co. (The) <sup>(a)</sup> | 684135 | 143347 |
|  FTAI Aviation, Ltd. | 1094574 | 125920 |
|  Copart, Inc. <sup>(a)</sup> | 2348144 | 115223 |
|  Northrop Grumman Corp. | 202123 | 101057 |
|  Airbus SE, non-registered shares | 426445 | 89043 |
|  Ryanair Holdings PLC (ADR) | 1404492 | 80997 |
|  Ryanair Holdings PLC | 96554 | 2732 |
|  Rocket Lab Corp. <sup>(a)(b)</sup> | 2320675 | 83011 |
|  Casella Waste Systems, Inc., Class A <sup>(a)</sup> | 701174 | 80901 |
|  Old Dominion Freight Line, Inc. | 490000 | 79527 |
|  Willscot Holdings Corp., Class A | 2545837 | 69756 |
|  Carrier Global Corp. | 739587 | 54130 |
|  ITT, Inc. | 343000 | 53793 |
|  Saia, Inc. <sup>(a)</sup> | 192280 | 52683 |
|  Honeywell International, Inc. | 204196 | 47553 |
|  HEICO Corp. | 137622 | 45140 |
|  Bombardier, Inc., Class B <sup>(a)</sup> | 518058 | 45135 |
|  XPO, Inc. <sup>(a)</sup> | 263564 | 33286 |
|  Lennox International, Inc. | 43370 | 24861 |
|  Safran SA | 49416 | 16060 |
|  FedEx Corp. | 68327 | 15531 |
|  Tetra Tech, Inc. | 342234 | 12307 |
|  Einride AB <sup>(a)(c)(d)</sup> | 78648 | 2633 |
|  |  | 5403815 |
|  **Financials 7.98%** |  |  |
|  Visa, Inc., Class A | 2685292 | 953413 |
|  Bank of America Corp. | 7760600 | 367232 |
|  Fiserv, Inc. <sup>(a)</sup> | 1979966 | 341366 |
|  Toast, Inc., Class A <sup>(a)</sup> | 7274350 | 322181 |
|  Mastercard, Inc., Class A | 492848 | 276951 |
|  KKR & Co., Inc. | 2009945 | 267383 |
|  Affirm Holdings, Inc., Class A <sup>(a)</sup> | 3595701 | 248607 |

---

**15** American Funds Insurance Series

------

Growth Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Financials (continued)** |  |  |
|  Apollo Asset Management, Inc. | 1370731 | $194466 |
|  Brookfield Corp., Class A | 2314781 | 143169 |
|  Capital One Financial Corp. | 632231 | 134513 |
|  Blackstone, Inc. | 802515 | 120040 |
|  Blue Owl Capital, Inc., Class A | 4832647 | 92835 |
|  Progressive Corp. | 307337 | 82016 |
|  Block, Inc., Class A <sup>(a)</sup> | 1119780 | 76067 |
|  UBS Group AG | 2174000 | 73567 |
|  Ryan Specialty Holdings, Inc., Class A | 1007426 | 68495 |
|  First Citizens BancShares, Inc., Class A | 31833 | 62280 |
|  Marsh & McLennan Cos., Inc. | 275836 | 60309 |
|  Ares Management Corp., Class A | 346466 | 60008 |
|  Truist Financial Corp. | 1350366 | 58052 |
|  Intercontinental Exchange, Inc. | 176208 | 32329 |
|  Aon PLC, Class A | 57337 | 20455 |
|  Kinsale Capital Group, Inc. | 34500 | 16694 |
|  Arch Capital Group, Ltd. | 159854 | 14555 |
|  Coinbase Global, Inc., Class A <sup>(a)</sup> | 21116 | 7401 |
|  |  | 4094384 |
|  **Consumer staples 2.05%** |  |  |
|  Performance Food Group Co. <sup>(a)</sup> | 3559500 | 311350 |
|  Costco Wholesale Corp. | 303405 | 300353 |
|  Dollar General Corp. | 665684 | 76141 |
|  Mondelez International, Inc., Class A | 861831 | 58122 |
|  Bunge Global SA | 679809 | 54575 |
|  Philip Morris International, Inc. | 298723 | 54406 |
|  Constellation Brands, Inc., Class A | 325000 | 52871 |
|  Church & Dwight Co., Inc. | 483136 | 46434 |
|  Dollar Tree Stores, Inc. <sup>(a)</sup> | 372328 | 36875 |
|  Keurig Dr Pepper, Inc. | 903000 | 29853 |
|  Estee Lauder Cos., Inc. (The), Class A | 350812 | 28346 |
|  JUUL Labs, Inc., Class A <sup>(a)(c)(d)(e)</sup> | 2496349 | 2671 |
|  |  | 1051997 |
|  **Energy 1.98%** |  |  |
|  EOG Resources, Inc. | 2848235 | 340677 |
|  MEG Energy Corp. | 8273055 | 156318 |
|  Baker Hughes Co., Class A | 3500000 | 134190 |
|  Cenovus Energy, Inc. (CAD denominated) | 6693761 | 91085 |
|  TechnipFMC PLC | 2000000 | 68880 |
|  Canadian Natural Resources, Ltd. (CAD denominated) | 2160826 | 67915 |
|  Diamondback Energy, Inc. | 325000 | 44655 |
|  EQT Corp. | 701954 | 40938 |
|  Tourmaline Oil Corp. | 596759 | 28792 |
|  Schlumberger NV | 662103 | 22379 |
|  ConocoPhillips | 225174 | 20207 |
|  |  | 1016036 |
|  **Materials 1.42%** |  |  |
|  Wheaton Precious Metals Corp. | 2574257 | 231168 |
|  Grupo Mexico, SAB de CV, Series B | 19156155 | 116032 |
|  Royal Gold, Inc. | 551247 | 98034 |
|  Albemarle Corp. | 1072000 | 67182 |
|  Linde PLC | 122857 | 57642 |
|  Franco-Nevada Corp. (CAD denominated) | 323280 | 53076 |

---

American Funds Insurance Series **16**

------

Growth Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Materials (continued)** |  |  |
|  LyondellBasell Industries NV | 856344 | $49548 |
|  Sherwin-Williams Co. | 98004 | 33651 |
|  Glencore PLC | 5275000 | 20535 |
|  |  | 726868 |
|  **Utilities 0.70%** |  |  |
|  Constellation Energy Corp. | 894062 | 288568 |
|  PG&E Corp. | 4145582 | 57789 |
|  Southern Co. (The) | 127300 | 11690 |
|  |  | 358047 |
|  **Real estate 0.60%** |  |  |
|  CoStar Group, Inc. <sup>(a)</sup> | 2099529 | 168802 |
|  Zillow Group, Inc., Class C, nonvoting shares <sup>(a)</sup> | 2008084 | 140666 |
|  |  | 309468 |
|  **Total common stocks** (cost: $20,717,415,000) |  | 49843471 |
| Preferred securities 0.29% |  |  |
|  **Information technology 0.28%** |  |  |
|  Stripe, Inc., Series I, 6.00% noncumulative preferred shares <sup>(a)(c)(d)</sup> | 2763342 | 98099 |
|  Stripe, Inc., Series H, 6.00% noncumulative preferred shares <sup>(a)(c)(d)</sup> | 52656 | 1869 |
|  PsiQuantum Corp., Series D, preferred shares <sup>(a)(c)(d)</sup> | 906761 | 37291 |
|  PsiQuantum Corp., Series E, preferred shares <sup>(a)(c)(d)</sup> | 56040 | 2305 |
|  Tipalti Solutions, Ltd., Series F, preferred shares <sup>(a)(c)(d)</sup> | 406310 | 2056 |
|  |  | 141620 |
|  **Industrials 0.01%** |  |  |
|  Einride AB, Series C, preferred shares <sup>(a)(c)(d)</sup> | 154765 | 5182 |
|  **Total preferred securities** (cost: $96,054,000) |  | 146802 |
| Rights & warrants 0.04% |  |  |
|  **Information technology 0.04%** |  |  |
|  Openai Global, LLC, rights <sup>(a)(c)(d)</sup> | 13740540 | 22672 |
|  Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(c)</sup> | 53352 | – <sup>(f)</sup> |
|  **Total rights & warrants** (cost: $13,741,000) |  | 22672 |
| Convertible stocks 0.01% |  |  |
|  **Materials 0.01%** |  |  |
|  Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027 | 128700 | 4131 |
|  **Industrials 0.00%** |  |  |
|  ABL Space Systems Co., Class A-10, noncumulative convertible preferred shares <sup>(c)(d)</sup> | 809003 | 566 |
|  ABL Space Systems Co., Class A-9, noncumulative convertible preferred shares <sup>(c)(d)</sup> | 171920 | 120 |
|  **Total convertible stocks** (cost: $18,269,000) |  | 4817 |

---

**17** American Funds Insurance Series

------

Growth Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Short-term securities 3.06% | Shares | Value<br> (000) |
|  **Money market investments 2.81%** |  |  |
|  Capital Group Central Cash Fund 4.35% <sup>(g)(h)</sup> | 14433847 | $1443384 |
|  **Money market investments purchased with collateral from securities on loan 0.25%** |  |  |
|  Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(g)(i)</sup> | 126327908 | 126327 |
|  **Total short-term securities** (cost: $1,569,522,000) |  | 1569711 |
|  **Total investment securities 100.58%** (cost: $22,415,001,000) |  | 51587473 |
|  Other assets less liabilities (0.58)% |  | (297705) |
|  **Net assets 100.00%** |  | $51289768 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments in affiliates <sup>(h)</sup> |  |  |  |  |  |  |  |
|  | Value at<br>1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain (loss)<br> (000) | Net<br>unrealized<br>appreciation<br>(depreciation)<br> (000) | Value at<br>6/30/2025<br>(000) | Dividend<br> or interest<br>income<br> (000) |
|  Short-term securities 2.81% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 2.81%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.35% <sup>(g)</sup> | $1045665 | $3192626 | $2794827 | $(73) | $(7) | $1443384 | $28944 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments purchased with collateral from securities on loan 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.35% <sup>(g)</sup> | 4032 |  | 4032 <sup>(j)</sup> |  |  |  | – <sup>(k)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total 2.81%** |  |  |  | $(73) | $(7) | $1443384 | $28944 |

---

American Funds Insurance Series **18**

------

Growth Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted securities <sup>(d)</sup>**<br>| | | | |
|  | Acquisition<br> date(s) | Cost<br> (000) | Value<br> (000) | Percent <br>of net <br>assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Stripe, Inc., Series I, 6.00% noncumulative preferred shares <sup>(a)(c)</sup> | 3/15/2023 | $55637 | $98099 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Stripe, Inc., Class B <sup>(a)(c)</sup> | 5/6/2021 | 6766 | 5985 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stripe, Inc., Series H, 6.00% noncumulative preferred shares <sup>(a)(c)</sup> | 3/15/2021 | 2113 | 1869 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; PsiQuantum Corp., Series D, preferred shares <sup>(a)(c)</sup> | 5/28/2021 | 23781 | 37291 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; PsiQuantum Corp., Series E, preferred shares <sup>(a)(c)</sup> | 5/23/2025-6/3/2025 | 2305 | 2305 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Openai Global, LLC, rights <sup>(a)(c)</sup> | 9/30/2024 | 13741 | 22672 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verily Life Sciences, LLC <sup>(a)(c)</sup> | 12/21/2018 | 37000 | 9825 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Einride AB, Series C, preferred shares <sup>(a)(c)</sup> | 11/23/2022-8/1/2024 | 5262 | 5182 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Einride AB <sup>(a)(c)</sup> | 2/1/2023 | 2674 | 2633 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; JUUL Labs, Inc., Class A <sup>(a)(c)(e)</sup> | 7/29/2024 | 19001 | 2671 | 0.00 <sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Tipalti Solutions, Ltd., Series F, preferred shares <sup>(a)(c)</sup> | 12/1/2021 | 6956 | 2056 | 0.00 <sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; ABL Space Systems Co., Class A-10, noncumulative convertible preferred shares <sup>(c)</sup> | 12/14/2023 | 1382 | 566 | 0.00 <sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; ABL Space Systems Co., Class A-9, noncumulative convertible preferred shares <sup>(c)</sup> | 10/22/2021 | 10452 | 120 | 0.00 <sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $187070 | $191274 | 0.37% |

---

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> All or a portion of this security was on loan. The total value of all such securities was $137,026,000, which represented 0.27% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $191,274,000, which represented 0.37% of the net assets of the fund. 

<sup>(e)</sup> Security is subject to a contractual sale restriction (lockup). The total value of all such securities was $2,671,000, which represented less than 0.01% of the net assets of the fund. The remaining lockup period is generally less than one year; and early lockup release provisions may be applicable based on certain set milestones or condition in accordance with legal documents. 

<sup>(f)</sup> Amount less than one thousand. 

<sup>(g)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(h)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(i)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(j)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(k)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(l)</sup> Amount less than 0.01%. 

**Key to abbreviation(s)**

ADR = American Depositary Receipts

CAD = Canadian dollars

Refer to the notes to financial statements.

**19** American Funds Insurance Series

------

---

| | |
|:---|:---|
| International Fund |  |
| **Investment portfolio** June 30, 2025 | unaudited |

---

---

| | | |
|:---|:---|:---|
| Common stocks 95.66% | Shares | Value<br> (000) |
|  **Industrials 18.27%** |  |  |
|  Airbus SE, non-registered shares | 1175038 | $245352 |
|  Recruit Holdings Co., Ltd. | 2441206 | 144687 |
|  Rolls-Royce Holdings PLC | 9280451 | 123261 |
|  MTU Aero Engines AG | 229720 | 102070 |
|  Siemens AG | 342280 | 87754 |
|  Techtronic Industries Co., Ltd. | 6692500 | 73575 |
|  Melrose Industries PLC | 9427170 | 68687 |
|  Volvo AB, Class B | 2202525 | 61786 |
|  DSV A/S | 196029 | 47106 |
|  Diploma PLC | 649753 | 43595 |
|  Rumo SA | 11921504 | 40659 |
|  Localiza Rent a Car SA, ordinary nominative shares | 5037704 | 37571 |
|  Daikin Industries, Ltd. | 284574 | 33644 |
|  Schneider Electric SE | 123293 | 32794 |
|  Hitachi, Ltd. | 1041000 | 30397 |
|  Shenzhen Inovance Technology Co., Ltd., Class A | 2154066 | 19411 |
|  AtkinsRealis Group, Inc. | 263382 | 18473 |
|  Safran SA | 56700 | 18427 |
|  Marubeni Corp. | 835500 | 16901 |
|  Experian PLC | 312810 | 16110 |
|  ITOCHU Corp. | 287300 | 15075 |
|  Singapore Technologies Engineering, Ltd. | 1938700 | 11878 |
|  Grab Holdings, Ltd., Class A <sup>(a)</sup> | 2358675 | 11864 |
|  IHI Corp. | 82450 | 8955 |
|  Ashtead Group PLC | 105159 | 6739 |
|  |  | 1316771 |
|  **Financials 16.42%** |  |  |
|  Standard Chartered PLC | 10643746 | 176344 |
|  Banco Bilbao Vizcaya Argentaria SA | 9692633 | 149055 |
|  Nu Holdings, Ltd., Class A <sup>(a)</sup> | 9743513 | 133681 |
|  KB Financial Group, Inc. | 1185335 | 97402 |
|  ING Groep NV | 4427753 | 97147 |
|  3i Group PLC | 1312886 | 74248 |
|  Mizuho Financial Group, Inc. | 2329200 | 64585 |
|  AIA Group, Ltd. | 5580497 | 50047 |
|  China Merchants Bank Co., Ltd., Class A | 6885237 | 44153 |
|  Ping An Insurance (Group) Company of China, Ltd., Class A | 5391410 | 41744 |
|  Ping An Insurance (Group) Company of China, Ltd., Class H | 5500 | 35 |
|  Munchener Ruckversicherungs-Gesellschaft AG | 56655 | 36745 |
|  Societe Generale | 641452 | 36684 |
|  Tokio Marine Holdings, Inc. | 722100 | 30643 |
|  Bank Central Asia Tbk PT | 56767400 | 30333 |
|  BNP Paribas SA | 274697 | 24696 |
|  Barclays PLC | 4901727 | 22695 |
|  Bank Mandiri (Persero) Tbk PT | 74952600 | 22530 |
|  ICICI Bank, Ltd. | 1170642 | 19735 |
|  NatWest Group PLC | 2303704 | 16171 |
|  Kotak Mahindra Bank, Ltd. | 425144 | 10725 |
|  Futu Holdings, Ltd. (ADR) | 35499 | 4387 |
|  |  | 1183785 |
|  **Information technology 13.29%** |  |  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 9788936 | 355207 |
|  SAP SE | 457023 | 138975 |
|  ASML Holding NV | 131045 | 104598 |
|  SK hynix, Inc. | 474112 | 102579 |
|  Tokyo Electron, Ltd. | 526498 | 101201 |
|  Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup> | 387897 | 44744 |

---

American Funds Insurance Series **20**

------

International Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Information technology (continued)** |  |  |
|  STMicroelectronics NV | 941936 | $28776 |
|  Infineon Technologies AG | 575649 | 24489 |
|  Constellation Software, Inc. | 3666 | 13442 |
|  Tata Consultancy Services, Ltd. | 242399 | 9785 |
|  Keyence Corp. | 22764 | 9143 |
|  Renesas Electronics Corp. | 608100 | 7555 |
|  NEC Corp. | 244075 | 7151 |
|  Canva, Inc. <sup>(a)(b)(c)</sup> | 4819 | 6168 |
|  Elite Material Co., Ltd. <sup>(a)</sup> | 142322 | 4297 |
|  |  | 958110 |
|  **Communication services 9.09%** |  |  |
|  SoftBank Group Corp. | 2223300 | 162342 |
|  Deutsche Telekom AG | 3342675 | 121945 |
|  Tencent Holdings, Ltd. | 1728061 | 110729 |
|  Bharti Airtel, Ltd. | 4448767 | 104247 |
|  Universal Music Group NV | 1409146 | 45614 |
|  Sea, Ltd., Class A (ADR) <sup>(a)</sup> | 247921 | 39652 |
|  NetEase, Inc. | 879716 | 23646 |
|  Advanced Info Service PCL, foreign registered shares | 2166500 | 18560 |
|  Singapore Telecommunications, Ltd. | 5800500 | 17427 |
|  Nintendo Co., Ltd. | 117200 | 11296 |
|  |  | 655458 |
|  **Consumer discretionary 9.02%** |  |  |
|  MercadoLibre, Inc. <sup>(a)</sup> | 34217 | 89431 |
|  adidas AG | 335638 | 78263 |
|  Trip.com Group, Ltd. | 1243307 | 72223 |
|  Flutter Entertainment PLC <sup>(a)</sup> | 244696 | 69924 |
|  Compagnie Financiere Richemont SA, Class A | 273347 | 51486 |
|  Maruti Suzuki India, Ltd. | 313157 | 45279 |
|  Ferrari NV (EUR denominated) | 87650 | 42961 |
|  NEXT PLC | 242819 | 41463 |
|  Hyundai Motor Co. | 162486 | 24501 |
|  Midea Group Co., Ltd., Class A | 2284500 | 23019 |
|  H World Group, Ltd. (ADR) | 587501 | 19928 |
|  Moncler SpA | 341959 | 19492 |
|  Galaxy Entertainment Group, Ltd. | 4030000 | 17891 |
|  Industria de Diseno Textil SA | 266263 | 13857 |
|  Fast Retailing Co., Ltd. | 33500 | 11520 |
|  Shimano, Inc. | 71200 | 10336 |
|  Coupang, Inc., Class A <sup>(a)</sup> | 205714 | 6163 |
|  Stellantis NV | 499419 | 5006 |
|  Hermes International | 1637 | 4433 |
|  LVMH Moet Hennessy-Louis Vuitton SE | 5799 | 3037 |
|  |  | 650213 |
|  **Health care 8.62%** |  |  |
|  Novo Nordisk AS, Class B | 2797531 | 194165 |
|  Daiichi Sankyo Co., Ltd. | 6367450 | 148790 |
|  Sanofi | 1342290 | 129986 |
|  Eurofins Scientific SE, non-registered shares | 494520 | 35208 |
|  Zealand Pharma AS <sup>(a)</sup> | 566084 | 31702 |
|  AstraZeneca PLC | 196051 | 27234 |
|  Alcon, Inc. | 214923 | 19015 |
|  Sandoz Group AG | 212368 | 11621 |

---

**21** American Funds Insurance Series

------

International Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Health care (continued)** |  |  |
|  EssilorLuxottica SA | 36064 | $9894 |
|  bioMerieux SA | 63303 | 8754 |
|  Ambu AS, Class B, non-registered shares | 319853 | 5020 |
|  |  | 621389 |
|  **Materials 7.87%** |  |  |
|  First Quantum Minerals, Ltd. <sup>(a)</sup> | 14456903 | 256811 |
|  Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> | 6385274 | 47969 |
|  Ivanhoe Mines, Ltd., Class A <sup>(a)(c)</sup> | 3675281 | 27610 |
|  Rio Tinto PLC | 930790 | 54236 |
|  Shin-Etsu Chemical Co., Ltd. | 1256900 | 41651 |
|  Grupo Mexico, SAB de CV, Series B | 5747400 | 34813 |
|  Air Liquide SA | 118039 | 24352 |
|  Nitto Denko Corp. | 1148055 | 22255 |
|  Smurfit Westrock PLC | 316723 | 13666 |
|  Nippon Sanso Holdings Corp. | 355500 | 13486 |
|  Anglo American PLC | 350603 | 10347 |
|  Akzo Nobel NV | 112948 | 7903 |
|  Antofagasta PLC | 291075 | 7230 |
|  DSM-Firmenich AG | 46001 | 4891 |
|  |  | 567220 |
|  **Consumer staples 5.97%** |  |  |
|  British American Tobacco PLC | 2677738 | 127286 |
|  Nestle SA | 617355 | 61335 |
|  Danone SA | 740649 | 60513 |
|  L'Oreal SA, non-registered shares | 131934 | 56430 |
|  Ajinomoto Co., Inc. | 1796300 | 48760 |
|  JBS NV (BDR) <sup>(a)</sup> | 1940148 | 27928 |
|  Kweichow Moutai Co., Ltd., Class A | 90352 | 17773 |
|  Avenue Supermarts, Ltd. <sup>(a)</sup> | 262709 | 13394 |
|  Uni-Charm Corp. | 1184800 | 8561 |
|  Imperial Brands PLC | 193818 | 7654 |
|  Suntory Beverage & Food, Ltd. | 19800 | 634 |
|  |  | 430268 |
|  **Energy 5.50%** |  |  |
|  Reliance Industries, Ltd. | 10489681 | 183545 |
|  Canadian Natural Resources, Ltd. (CAD denominated) | 4945487 | 155437 |
|  Cenovus Energy, Inc. (CAD denominated) | 2993045 | 40728 |
|  Shell PLC (GBP denominated) | 316792 | 11104 |
|  Neste OYJ | 391662 | 5315 |
|  |  | 396129 |
|  **Utilities 1.61%** |  |  |
|  Gulf Development PCL | 36220543 | 43253 |
|  E.ON SE | 1586206 | 29195 |
|  Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative shares | 760600 | 16677 |
|  SembCorp Industries, Ltd. | 2815100 | 15166 |
|  Engie SA | 511996 | 12017 |
|  |  | 116308 |
|  **Total common stocks** (cost: $5,034,543,000) |  | 6895651 |

---

American Funds Insurance Series **22**

------

International Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Preferred securities 0.46% | Shares | Value<br> (000) |
|  **Financials 0.45%** |  |  |
|  Itau Unibanco Holding SA, preferred nominative shares | 4838084 | $32903 |
|  **Information technology 0.01%** |  |  |
|  Canva, Inc., Series A, noncumulative preferred shares <sup>(a)(b)(c)</sup> | 422 | 540 |
|  Canva, Inc., Series A-3, noncumulative preferred shares <sup>(a)(b)(c)</sup> | 18 | 23 |
|  Canva, Inc., Series A-4, noncumulative preferred shares <sup>(a)(b)(c)</sup> | 1 | 2 |
|  |  | 565 |
|  **Total preferred securities** (cost: $29,320,000) |  | 33468 |
| Rights & warrants 0.00% |  |  |
|  **Information technology 0.00%** |  |  |
|  Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(b)</sup> | 7730 | – <sup>(d)</sup> |
|  **Total rights & warrants** (cost: $0) |  | – <sup>(d)</sup> |
| Short-term securities 4.59% |  |  |
|  **Money market investments 4.59%** |  |  |
|  Capital Group Central Cash Fund 4.35% <sup>(e)(f)</sup> | 3308684 | 330868 |
|  **Total short-term securities** (cost: $330,857,000) |  | 330868 |
|  **Total investment securities 100.71%** (cost: $5,394,720,000) |  | 7259987 |
|  Other assets less liabilities (0.71)% |  | (51283) |
|  **Net assets 100.00%** |  | $7208704 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments in affiliates <sup>(f)</sup> |  |  |  |  |  |  |  |
|  | Value at<br>1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain (loss)<br> (000) | Net<br>unrealized<br>appreciation<br>(depreciation)<br> (000) | Value at<br>6/30/2025<br>(000) | Dividend<br>or interest<br>income<br> (000) |
|  Short-term securities 4.59% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 4.59%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.35% <sup>(e)</sup> | $396476 | $948672 | $1014187 | $(59) | $(34) | $330868 | $6773 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments purchased with collateral from securities on loan 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.35% <sup>(e)</sup> | 1000 |  | 1000 <sup>(g)</sup> |  |  |  | – <sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 4.59%** |  |  |  | $(59) | $(34) | $330868 | $6773 |

---

**23** American Funds Insurance Series

------

International Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted securities <sup>(c)</sup>** | | | | |
|  | Acquisition<br> date(s) | Cost<br> (000) | Value<br> (000) | Percent<br>of net<br>assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> | 12/18/2023 | $32962 | $27610 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp; Canva, Inc. <sup>(a)(b)</sup> | 8/26/2021-11/4/2021 | 8215 | 6168 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canva, Inc., Series A, noncumulative preferred shares <sup>(a)(b)</sup> | 11/4/2021 | 719 | 540 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canva, Inc., Series A-3, noncumulative preferred shares <sup>(a)(b)</sup> | 11/4/2021 | 31 | 23 | 0.00 <sup>(i)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Canva, Inc., Series A-4, noncumulative preferred shares <sup>(a)(b)</sup> | 11/4/2021 | 2 | 2 | 0.00 <sup>(i)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $41929 | $34343 | 0.48% |

---

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $34,343,000, which represented 0.48% of the net assets of the fund. 

<sup>(d)</sup> Amount less than one thousand. 

<sup>(e)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(f)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(g)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(h)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(i)</sup> Amount less than 0.01%. 

**Key to abbreviation(s)**

ADR = American Depositary Receipts

BDR = Brazilian Depositary Receipts

CAD = Canadian dollars

EUR = Euros

GBP = British pounds

Refer to the notes to financial statements.

American Funds Insurance Series **24**

------

---

| | |
|:---|:---|
| New World Fund |  |
| **Investment portfolio** June 30, 2025 | unaudited |

---

---

| | | |
|:---|:---|:---|
| Common stocks 92.43%<br>| Shares | Value<br>(000) |
| **Financials 18.97%** |  |  |
| Nu Holdings, Ltd., Class A <sup>(a)</sup> | 3475989 | $47691 |
| Banco Bilbao Vizcaya Argentaria SA | 3027732 | 46561 |
| Mastercard, Inc., Class A | 53659 | 30153 |
| KB Financial Group, Inc. | 330656 | 27171 |
| UniCredit SpA | 389263 | 26095 |
| Kotak Mahindra Bank, Ltd. | 1018993 | 25707 |
| HDFC Bank, Ltd. | 920326 | 21479 |
| Capitec Bank Holdings, Ltd. | 103880 | 20836 |
| Abu Dhabi Islamic Bank PJSC | 3439751 | 20137 |
| XP, Inc., Class A | 951063 | 19211 |
| ICICI Bank, Ltd. | 777107 | 13101 |
| ICICI Bank, Ltd. (ADR) | 158364 | 5327 |
| Eurobank Ergasias Services and Holdings SA | 5246223 | 18020 |
| PICC Property and Casualty Co., Ltd., Class H | 9028947 | 17483 |
| AIA Group, Ltd. | 1823800 | 16356 |
| PB Fintech, Ltd. <sup>(a)</sup> | 758548 | 16132 |
| Hana Financial Group, Inc. | 237601 | 15193 |
| Standard Chartered PLC | 898272 | 14882 |
| Cholamandalam Investment and Finance Co., Ltd. | 768894 | 14596 |
| Bank Mandiri (Persero) Tbk PT | 47604600 | 14309 |
| Bank Central Asia Tbk PT | 24537323 | 13111 |
| Visa, Inc., Class A | 35083 | 12456 |
| National Bank of Greece SA | 882700 | 11261 |
| Grupo Financiero Banorte, SAB de CV, Series O | 1229490 | 11238 |
| AU Small Finance Bank, Ltd. | 1119542 | 10672 |
| Hong Kong Exchanges and Clearing, Ltd. | 199900 | 10665 |
| B3 SA - Brasil, Bolsa, Balcao | 3890498 | 10440 |
| BSE, Ltd. | 311729 | 10069 |
| Shriram Finance, Ltd. | 1216175 | 10024 |
| S&P Global, Inc. | 18499 | 9754 |
| Al Rajhi Banking and Investment Corp., non-registered shares | 385958 | 9735 |
| Banco BTG Pactual SA, units | 1168887 | 9090 |
| Brookfield Corp., Class A | 140664 | 8700 |
| Woori Financial Group, Inc. | 459527 | 7644 |
| Samsung Fire & Marine Insurance Co., Ltd. | 23477 | 7550 |
| Emirates NBD Bank PJSC | 1209547 | 7509 |
| Bank of the Philippine Islands | 3239828 | 7477 |
| Alpha Bank SA | 1994176 | 7024 |
| China Merchants Bank Co., Ltd., Class H | 827500 | 5782 |
| China Merchants Bank Co., Ltd., Class A | 120400 | 772 |
| People's Insurance Company (Group) of China, Ltd. (The), Class H | 8466000 | 6439 |
| Banco Santander SA | 727899 | 6025 |
| Bajaj Finance, Ltd. | 539900 | 5896 |
| HSBC Holdings PLC (GBP denominated) | 472913 | 5724 |
| Commercial International Bank - Egypt (CIB) SAE (GDR) | 2502880 | 4205 |
| Commercial International Bank - Egypt (CIB) SAE | 644623 | 1095 |
| Aon PLC, Class A | 13063 | 4660 |
| Axis Bank, Ltd. | 310838 | 4347 |
| Prudential PLC | 340961 | 4271 |
| Futu Holdings, Ltd. (ADR) | 33166 | 4099 |
| Central Depository Services (India), Ltd. | 187676 | 3926 |
| Akbank TAS | 1762454 | 3019 |
| Saudi National Bank (The) | 304355 | 2931 |
| Canara Bank | 2191124 | 2918 |
| Erste Group Bank AG | 33639 | 2865 |
| Grupo Financiero Galicia SA, Class B (ADR) | 55124 | 2778 |
| Vietnam Technological and Commercial JSCB (The) <sup>(a)</sup> | 1840100 | 2554 |
| 360 ONE WAM, Ltd. | 177690 | 2475 |
| BNP Paribas SA | 27469 | 2470 |
| Discovery, Ltd. | 193692 | 2350 |
| Ping An Insurance (Group) Company of China, Ltd., Class H | 352544 | 2239 |

---

**25** American Funds Insurance Series

------

New World Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Financials (continued)** |  |  |
| Edenred SA | 64058 | $1984 |
| Kaspi.kz JSC (ADR) | 22533 | 1913 |
| Abu Dhabi Commercial Bank PJSC | 509562 | 1870 |
| Bajaj Finserv, Ltd. | 73887 | 1771 |
| CVC Capital Partners PLC | 83328 | 1706 |
| Bank of Ningbo Co., Ltd., Class A | 404900 | 1546 |
| Industrial and Commercial Bank of China, Ltd., Class H | 1873000 | 1484 |
| Saudi Awwal Bank SJSC, non-registered shares | 157166 | 1412 |
| Swiss Re AG | 6155 | 1064 |
| Kasikornbank PCL, foreign registered shares | 222300 | 1052 |
| BDO Unibank, Inc. | 303450 | 823 |
| Bank of Baroda | 248531 | 721 |
| Haci Omer Sabanci Holding AS | 277306 | 624 |
| Asia Commercial Joint Stock Bank | 708170 | 578 |
| Sberbank of Russia PJSC <sup>(b)</sup> | 2662164 | – <sup>(c)</sup> |
|  |  | 707247 |
| **Information technology 18.17%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 6705769 | 243329 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 11746 | 2660 |
| Microsoft Corp. | 160306 | 79738 |
| SK hynix, Inc. | 316700 | 68521 |
| Broadcom, Inc. | 210647 | 58065 |
| NVIDIA Corp. | 239839 | 37892 |
| ASML Holding NV | 31681 | 25287 |
| ASML Holding NV (ADR) | 2208 | 1770 |
| Cloudflare, Inc., Class A <sup>(a)</sup> | 86459 | 16931 |
| Synopsys, Inc. <sup>(a)</sup> | 30581 | 15678 |
| SAP SE | 39474 | 12004 |
| SAP SE (ADR) | 4295 | 1306 |
| Capgemini SE | 61733 | 10548 |
| E Ink Holdings, Inc. | 1334000 | 10092 |
| Keyence Corp. | 24300 | 9760 |
| Tokyo Electron, Ltd. | 47000 | 9034 |
| MediaTek, Inc. | 200000 | 8558 |
| Apple, Inc. | 30219 | 6200 |
| KLA Corp. | 6801 | 6092 |
| Coforge, Ltd. | 264597 | 5938 |
| Elite Material Co., Ltd. <sup>(a)</sup> | 180992 | 5465 |
| Samsung Electronics Co., Ltd. | 111167 | 4926 |
| eMemory Technology, Inc. | 59000 | 4767 |
| Oracle Corp. | 21311 | 4659 |
| Advantech Co., Ltd. | 341000 | 3969 |
| HCL Technologies, Ltd. | 168613 | 3399 |
| Globant SA <sup>(a)</sup> | 36165 | 3285 |
| TDK Corp. | 236800 | 2788 |
| Micron Technology, Inc. | 21422 | 2640 |
| ASM International NV | 3936 | 2519 |
| Credo Technology Group Holding, Ltd. <sup>(a)</sup> | 26663 | 2469 |
| Tata Consultancy Services, Ltd. | 60004 | 2422 |
| Xiaomi Corp., Class B <sup>(a)</sup> | 174600 | 1333 |
| EPAM Systems, Inc. <sup>(a)</sup> | 6651 | 1176 |
| Unity Software, Inc. <sup>(a)</sup> | 46938 | 1136 |
| Canva, Inc. <sup>(a)(b)(d)</sup> | 385 | 493 |
| Disco Corp. | 1400 | 414 |
|  |  | 677263 |
| **Consumer discretionary 12.08%** |  |  |
| MercadoLibre, Inc. <sup>(a)</sup> | 34697 | 90685 |

---

American Funds Insurance Series **26**

------

New World Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued)<br>| Shares | Value<br> (000) |
| **Consumer discretionary (continued)** |  |  |
| Trip.com Group, Ltd. (ADR) | 439599 | $25778 |
| Trip.com Group, Ltd. | 403445 | 23436 |
| BYD Co., Ltd., Class A | 402408 | 18640 |
| BYD Co., Ltd., Class H | 835500 | 13038 |
| Midea Group Co., Ltd., Class A | 2728768 | 27495 |
| LVMH Moet Hennessy-Louis Vuitton SE | 37495 | 19637 |
| Eicher Motors, Ltd. | 260810 | 17202 |
| Galaxy Entertainment Group, Ltd. | 3645000 | 16182 |
| Meituan, Class B <sup>(a)</sup> | 836900 | 13359 |
| Alibaba Group Holding, Ltd. | 651172 | 9108 |
| Alibaba Group Holding, Ltd. (ADR) | 30817 | 3495 |
| Jumbo SA | 364196 | 12570 |
| Compagnie Financiere Richemont SA, Class A | 65071 | 12256 |
| H World Group, Ltd. (ADR) | 316639 | 10741 |
| H World Group, Ltd. | 244900 | 828 |
| Ferrari NV (EUR denominated) | 20115 | 9859 |
| Maruti Suzuki India, Ltd. | 58873 | 8512 |
| Titan Co., Ltd. | 195971 | 8433 |
| TVS Motor Co., Ltd. | 232931 | 7926 |
| Ryohin Keikaku Co., Ltd. | 158500 | 7622 |
| adidas AG | 28112 | 6555 |
| Amadeus IT Group SA, Class A, non-registered shares | 64781 | 5455 |
| Hermes International | 1896 | 5135 |
| Naspers, Ltd., Class N | 16462 | 5129 |
| MakeMyTrip, Ltd. <sup>(a)</sup> | 47364 | 4643 |
| Sands China, Ltd. | 2207600 | 4595 |
| Booking Holdings, Inc. | 791 | 4579 |
| PDD Holdings, Inc. (ADR) <sup>(a)</sup> | 39455 | 4129 |
| Wynn Resorts, Ltd. | 43313 | 4057 |
| Industria de Diseno Textil SA | 73400 | 3820 |
| Tesla, Inc. <sup>(a)</sup> | 11265 | 3578 |
| Shenzhou International Group Holdings, Ltd. | 495900 | 3525 |
| Inchcape PLC | 303859 | 3028 |
| Royal Caribbean Cruises, Ltd. | 9211 | 2884 |
| Li Ning Co., Ltd. | 1304655 | 2812 |
| YUM! Brands, Inc. | 17671 | 2619 |
| Starbucks Corp. | 27127 | 2486 |
| Aptiv Holdings, Ltd. <sup>(a)</sup> | 35729 | 2437 |
| Vibra Energia SA | 570400 | 2274 |
| Mahindra & Mahindra, Ltd. | 60173 | 2233 |
| Marriott International, Inc., Class A | 7554 | 2064 |
| Swiggy, Ltd. <sup>(a)</sup> | 344328 | 1608 |
| Evolution AB | 18493 | 1469 |
| Hilton Worldwide Holdings, Inc. | 5460 | 1454 |
| ANTA Sports Products, Ltd. | 118700 | 1429 |
| Tube Investments of India, Ltd. | 36685 | 1330 |
| NIKE, Inc., Class B | 18711 | 1329 |
| Renault SA | 25328 | 1167 |
| Hyundai Mobis Co., Ltd. | 5052 | 1074 |
| Compagnie Generale des Etablissements Michelin | 28554 | 1061 |
| Shangri-La Asia, Ltd. | 1774000 | 965 |
| Cyrela Brazil Realty SA, ordinary nominative shares | 179166 | 862 |
| Pop Mart International Group, Ltd. | 25000 | 849 |
| Hyundai Motor India, Ltd. <sup>(a)</sup> | 32248 | 835 |
| ITC Hotels, Ltd. <sup>(a)</sup> | 33979 | 88 |
|  |  | 450359 |
| **Industrials 11.08%** |  |  |
| Airbus SE, non-registered shares | 259078 | 54096 |
| Rolls-Royce Holdings PLC | 2326727 | 30903 |

---

**27** American Funds Insurance Series

------

New World Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br>(000) |
|  **Industrials (continued)** |  |  |
|  International Container Terminal Services, Inc. | 3894600 | $28416 |
|  Rumo SA | 5953921 | 20306 |
|  Safran SA | 58562 | 19032 |
|  Copa Holdings SA, Class A | 148121 | 16289 |
|  Techtronic Industries Co., Ltd. | 1363500 | 14990 |
|  General Electric Co. | 56239 | 14475 |
|  Shenzhen Inovance Technology Co., Ltd., Class A | 1505802 | 13569 |
|  Hitachi, Ltd. | 414600 | 12107 |
|  BAE Systems PLC | 464567 | 12030 |
|  LS Electric Co., Ltd. | 51458 | 11400 |
|  Grupo Aeroportuario del Pacifico, SAB de CV, Class B | 386440 | 8871 |
|  Grupo Aeroportuario del Pacifico, SAB de CV, Class B (ADR) | 6194 | 1422 |
|  TransDigm Group, Inc. | 6399 | 9731 |
|  Mitsubishi Heavy Industries, Ltd. | 368500 | 9238 |
|  Localiza Rent a Car SA, ordinary nominative shares | 1230526 | 9177 |
|  Contemporary Amperex Technology Co., Ltd., Class A | 259276 | 9126 |
|  Daikin Industries, Ltd. | 75700 | 8950 |
|  Larsen & Toubro, Ltd. | 209113 | 8948 |
|  Uber Technologies, Inc. <sup>(a)</sup> | 95102 | 8873 |
|  Leonardo SpA | 157004 | 8837 |
|  Motiva Infraestrutura de Mobilidade SA | 3342651 | 8484 |
|  DSV A/S | 33179 | 7973 |
|  Siemens AG | 29434 | 7546 |
|  Jiangsu Hengli Hydraulic Co., Ltd., Class A | 655664 | 6588 |
|  Weichai Power Co., Ltd., Class A | 1845700 | 3962 |
|  Weichai Power Co., Ltd., Class H | 947000 | 1923 |
|  Wizz Air Holdings PLC <sup>(a)(e)</sup> | 272591 | 4078 |
|  IMCD NV | 30258 | 4065 |
|  Schneider Electric SE | 14918 | 3968 |
|  Carrier Global Corp. | 52454 | 3839 |
|  Aselan Elektronik Sanayi ve Ticaret AS | 1006320 | 3811 |
|  InPost SA <sup>(a)</sup> | 216724 | 3600 |
|  Ayala Corp. | 336470 | 3405 |
|  GT Capital Holdings, Inc. | 239920 | 2445 |
|  Bureau Veritas SA | 67515 | 2302 |
|  Hanwha Aerospace Co., Ltd. | 2973 | 1868 |
|  Ingersoll-Rand, Inc. | 22177 | 1845 |
|  Boeing Co. (The) <sup>(a)</sup> | 8316 | 1742 |
|  Grab Holdings, Ltd., Class A <sup>(a)</sup> | 306584 | 1542 |
|  GE Vernova, Inc. | 2861 | 1514 |
|  Epiroc AB, Class B | 67124 | 1284 |
|  SM Investments Corp. | 70690 | 1094 |
|  Airports of Thailand PCL, foreign registered shares | 1080600 | 1007 |
|  Legrand SA | 7279 | 973 |
|  Embraer SA | 66072 | 937 |
|  Haitian International Holdings, Ltd. | 154146 | 401 |
|  |  | 412982 |
|  **Communication services 9.75%** |  |  |
|  Tencent Holdings, Ltd. | 1173251 | 75178 |
|  Meta Platforms, Inc., Class A | 86453 | 63810 |
|  Bharti Airtel, Ltd. | 1701223 | 39865 |
|  Bharti Airtel, Ltd., interim shares | 51552 | 919 |
|  NetEase, Inc. | 1122300 | 30167 |
|  Kanzhun, Ltd., Class A (ADR) <sup>(a)</sup> | 1296931 | 23137 |
|  MTN Group, Ltd. | 2635868 | 20969 |
|  Alphabet, Inc., Class C | 66759 | 11842 |
|  Alphabet, Inc., Class A | 39299 | 6926 |
|  Netflix, Inc. <sup>(a)</sup> | 12144 | 16262 |
|  KT Corp. (ADR) | 662486 | 13766 |

---

American Funds Insurance Series **28**

------

New World Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Communication services (continued)** |  |  |
|  Tencent Music Entertainment Group, Class A (ADR) | 602261 | $11738 |
|  America Movil, SAB de CV, Class B (ADR) | 539303 | 9675 |
|  True Corp. PCL, foreign registered shares <sup>(a)</sup> | 19498986 | 6670 |
|  True Corp. PCL, nonvoting depositary receipts <sup>(a)</sup> | 3864400 | 1322 |
|  Telkom Indonesia (Persero) Tbk PT, Class B | 34179000 | 5853 |
|  Sea, Ltd., Class A (ADR) <sup>(a)</sup> | 33685 | 5388 |
|  TIM SA | 1320002 | 5357 |
|  Orange | 301138 | 4581 |
|  Baidu, Inc., Class A (ADR) <sup>(a)</sup> | 48302 | 4142 |
|  Indus Towers, Ltd. <sup>(a)</sup> | 366083 | 1798 |
|  Singapore Telecommunications, Ltd. | 557100 | 1674 |
|  Kuaishou Technology, Class B <sup>(a)</sup> | 151800 | 1224 |
|  JCDecaux SE | 55457 | 1013 |
|  |  | 363276 |
|  **Health care 6.12%** |  |  |
|  Novo Nordisk AS, Class B | 641758 | 44542 |
|  Max Healthcare Institute, Ltd. | 2750648 | 40926 |
|  Eli Lilly and Co. | 40343 | 31449 |
|  Laurus Labs, Ltd. | 1869207 | 15799 |
|  AstraZeneca PLC | 77534 | 10770 |
|  Thermo Fisher Scientific, Inc. | 23722 | 9618 |
|  Jiangsu Hengrui Pharmaceutical Co., Ltd., Class A | 1008388 | 7304 |
|  Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H <sup>(a)</sup> | 260000 | 1782 |
|  Rede D'Or Sao Luiz SA | 1270637 | 8284 |
|  BeOne Medicines, Ltd. (ADR) <sup>(a)</sup> | 30564 | 7399 |
|  BeOne Medicines, Ltd. <sup>(a)</sup> | 36200 | 681 |
|  Innovent Biologics, Inc. <sup>(a)</sup> | 675873 | 6750 |
|  Zai Lab, Ltd. (ADR) <sup>(a)(e)</sup> | 174660 | 6108 |
|  Abbott Laboratories | 44758 | 6088 |
|  EssilorLuxottica SA | 15989 | 4386 |
|  Danaher Corp. | 18681 | 3690 |
|  Mankind Pharma, Ltd. <sup>(a)</sup> | 116150 | 3142 |
|  OdontoPrev SA | 1320175 | 2848 |
|  Revvity, Inc. | 24914 | 2410 |
|  bioMerieux SA | 16481 | 2279 |
|  Teva Pharmaceutical Industries, Ltd. (ADR) <sup>(a)</sup> | 133206 | 2232 |
|  Lupin, Ltd. | 85261 | 1927 |
|  WuXi AppTec Co., Ltd., Class H | 154400 | 1547 |
|  Alcon, Inc. | 17457 | 1544 |
|  Mettler-Toledo International, Inc. <sup>(a)</sup> | 1181 | 1387 |
|  Asahi Intecc Co., Ltd. | 71500 | 1134 |
|  Medtronic PLC | 12711 | 1108 |
|  Wuxi Biologics (Cayman), Inc. <sup>(a)</sup> | 240500 | 786 |
|  CanSino Biologics, Inc., Class H <sup>(a)</sup> | 35921 | 158 |
|  |  | 228078 |
|  **Consumer staples 6.01%** |  |  |
|  Kweichow Moutai Co., Ltd., Class A | 175970 | 34615 |
|  Nestle SA | 195460 | 19419 |
|  ITC, Ltd. | 3337250 | 16206 |
|  Dino Polska SA, non-registered shares <sup>(a)</sup> | 88026 | 12846 |
|  Arca Continental, SAB de CV | 1023525 | 10818 |
|  Carlsberg A/S, Class B | 73053 | 10351 |
|  JBS NV (BDR) <sup>(a)</sup> | 649875 | 9355 |
|  Avenue Supermarts, Ltd. <sup>(a)</sup> | 164225 | 8373 |
|  Anheuser-Busch InBev SA/NV | 110064 | 7551 |
|  KT&G Corp. | 73530 | 6957 |
|  Shoprite Holdings, Ltd. | 411098 | 6431 |

---

**29** American Funds Insurance Series

------

New World Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br>(000) |
|  **Consumer staples (continued)** |  |  |
|  Tsingtao Brewery Co., Ltd., Class H | 950634 | $6206 |
|  Ajinomoto Co., Inc. | 220098 | 5975 |
|  Varun Beverages, Ltd. | 1109686 | 5920 |
|  Monster Beverage Corp. <sup>(a)</sup> | 94046 | 5891 |
|  Philip Morris International, Inc. | 32137 | 5853 |
|  L'Oreal SA, non-registered shares | 12555 | 5370 |
|  Constellation Brands, Inc., Class A | 32052 | 5214 |
|  United Spirits, Ltd. | 271676 | 4524 |
|  Raia Drogasil SA, ordinary nominative shares | 1609884 | 4480 |
|  British American Tobacco PLC | 90968 | 4324 |
|  Masan Group Corp. <sup>(a)</sup> | 1415200 | 4161 |
|  Budweiser Brewing Co., APAC, Ltd. <sup>(e)</sup> | 3732500 | 3695 |
|  BBB Foods, Inc., Class A <sup>(a)</sup> | 125631 | 3488 |
|  Mondelez International, Inc., Class A | 39313 | 2651 |
|  Danone SA | 26928 | 2200 |
|  Kimberly-Clark de Mexico, SAB de CV, Class A, ordinary participation certificates | 1143368 | 2092 |
|  WH Group, Ltd. | 2142000 | 2060 |
|  Godrej Consumer Products, Ltd. | 140237 | 1927 |
|  Coca-Cola Co. | 25766 | 1823 |
|  Dabur India, Ltd. | 279582 | 1582 |
|  Chongqing Brewery Co., Ltd., Class A | 142300 | 1094 |
|  JD Health International, Inc. <sup>(a)</sup> | 107650 | 590 |
|  |  | 224042 |
|  **Materials 4.92%** |  |  |
|  First Quantum Minerals, Ltd. <sup>(a)</sup> | 1714836 | 30462 |
|  Linde PLC | 40288 | 18902 |
|  Freeport-McMoRan, Inc. | 420670 | 18236 |
|  Vale SA, ordinary nominative shares | 1001048 | 9701 |
|  Vale SA (ADR), ordinary nominative shares | 724393 | 7034 |
|  Barrick Mining Corp. | 624702 | 13006 |
|  APL Apollo Tubes, Ltd. | 562052 | 11398 |
|  Glencore PLC | 2517627 | 9801 |
|  Amcor PLC (CDI) | 857203 | 8011 |
|  Grupo Mexico, SAB de CV, Series B | 1305403 | 7907 |
|  BASF SE | 116745 | 5756 |
|  Sika AG | 19448 | 5280 |
|  Anhui Conch Cement Co., Ltd., Class H | 1677500 | 4265 |
|  Nutrien, Ltd. (CAD denominated) | 71990 | 4195 |
|  Southern Copper Corp. | 34299 | 3470 |
|  Impala Platinum Holdings, Ltd. <sup>(a)</sup> | 303087 | 2721 |
|  Fresnillo PLC | 134845 | 2665 |
|  Valterra Platinum, Ltd. (ZAR denominated) | 59708 | 2665 |
|  Corteva, Inc. | 34721 | 2588 |
|  Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> | 343840 | 2583 |
|  Wheaton Precious Metals Corp. (CAD denominated) | 27361 | 2460 |
|  Loma Negra Compania Industrial Argentina SA (ADR) <sup>(a)</sup> | 212030 | 2326 |
|  SRF, Ltd. | 48298 | 1826 |
|  Asian Paints, Ltd. | 63269 | 1727 |
|  Akzo Nobel NV | 20703 | 1449 |
|  Arkema SA | 14823 | 1092 |
|  CEMEX, SAB de CV (ADR), ordinary participation certificates, units | 98397 | 682 |
|  Antofagasta PLC | 20116 | 500 |
|  Albemarle Corp. | 5932 | 372 |
|  Shin-Etsu Chemical Co., Ltd. | 9800 | 325 |
|  Gerdau SA (ADR) | 55796 | 163 |
|  Alrosa PJSC <sup>(b)</sup> | 1123215 | – <sup>(c)</sup> |
|  |  | 183568 |

---

American Funds Insurance Series **30**

------

New World Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Energy 2.23%** |  |  |
|  Reliance Industries, Ltd. | 1019587 | $17840 |
|  TotalEnergies SE | 245605 | 15073 |
|  Adnoc Gas PLC | 11725982 | 10920 |
|  ADNOC Drilling Co. PJSC | 6155841 | 9554 |
|  Vista Energy, SAB de CV, Class A (ADR) <sup>(a)</sup> | 184959 | 8843 |
|  Galp Energia, SGPS, SA, Class B | 243804 | 4472 |
|  Petroleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares | 344847 | 4314 |
|  Cheniere Energy, Inc. | 17049 | 4152 |
|  Shell PLC (GBP denominated) | 92430 | 3240 |
|  Chevron Corp. | 15884 | 2274 |
|  Schlumberger NV | 61022 | 2063 |
|  Borr Drilling, Ltd. <sup>(a)</sup> | 149981 | 274 |
|  Rosneft Oil Co. PJSC <sup>(b)</sup> | 588661 | – <sup>(c)</sup> |
|  |  | 83019 |
|  **Real estate 1.71%** |  |  |
|  Lodha Developers, Ltd. | 2312205 | 37320 |
|  China Resources Mixc Lifestyle Services, Ltd. | 1957600 | 9464 |
|  China Resources Land, Ltd. | 1274000 | 4317 |
|  Emaar Properties PJSC | 1115023 | 4129 |
|  CK Asset Holdings, Ltd. | 741500 | 3268 |
|  KE Holdings, Inc., Class A (ADR) | 128112 | 2273 |
|  SM Prime Holdings, Inc. | 5013400 | 2087 |
|  Longfor Group Holdings, Ltd. | 336846 | 397 |
|  Fibra Uno Administracion REIT, SA de CV | 214685 | 297 |
|  ALLOS SA, ordinary nominative shares | 60765 | 254 |
|  |  | 63806 |
|  **Utilities 1.39%** |  |  |
|  Equatorial Energia SA, ordinary nominative shares | 1522946 | 10080 |
|  Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative shares | 415797 | 9117 |
|  Gulf Development PCL | 7550993 | 9017 |
|  Power Grid Corporation of India, Ltd. | 1889109 | 6606 |
|  SembCorp Industries, Ltd. | 1194800 | 6437 |
|  Torrent Power, Ltd. | 240398 | 4114 |
|  Engie SA | 156238 | 3667 |
|  CPFL Energia SA | 254682 | 1915 |
|  AES Corp. | 74426 | 783 |
|  |  | 51736 |
| **Total common stocks** (cost: $2,102,932,000) |  | 3445376 |
| Preferred securities 0.74% |  |  |
| **Financials 0.32%** |  |  |
|  Itau Unibanco Holding SA (ADR), preferred nominative shares | 1293179 | 8781 |
|  Itau Unibanco Holding SA, preferred nominative shares | 444376 | 3022 |
|  |  | 11803 |
|  **Real estate 0.23%** |  |  |
|  QuintoAndar, Ltd., Series E, preference shares <sup>(a)(b)(d)</sup> | 32657 | 6965 |
|  QuintoAndar, Ltd., Series E-1, preference shares <sup>(a)(b)(d)</sup> | 8400 | 1791 |
|  |  | 8756 |

---

**31** American Funds Insurance Series

------

New World Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Preferred securities (continued) | Shares | Value<br>(000) |
| **Information technology 0.14%** |  |  |
|  Samsung Electronics Co., Ltd., nonvoting preferred shares | 140739 | $5162 |
|  Canva, Inc., Series A, noncumulative preferred shares <sup>(a)(b)(d)</sup> | 34 | 44 |
|  Canva, Inc., Series A-3, noncumulative preferred shares <sup>(a)(b)(d)</sup> | 1 | 1 |
|  |  | 5207 |
|  **Consumer discretionary 0.05%** |  |  |
|  Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares | 35578 | 1758 |
|  Getir BV, Series D, preferred shares <sup>(a)(b)(d)</sup> | 7768 | – <sup>(c)</sup> |
|  |  | 1758 |
| **Total preferred securities** (cost: $28,667,000) |  | 27524 |
| Rights & warrants 0.00% |  |  |
| **Industrials 0.00%** |  |  |
|  Hanwha Aerospace Co., Ltd., rights, expire 7/2/2025 <sup>(a)</sup> | 215 | 26 |
| **Total rights & warrants** (cost: $0) |  | 26 |
| Convertible stocks 0.00% |  |  |
| **Materials 0.00%** |  |  |
|  Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027 | 5700 | 183 |
| **Total convertible stocks** (cost: $286,000) |  | 183 |
| Bonds, notes & other debt instruments 3.42% | Principal amount<br>(000) |  |
|  **Bonds & notes of governments & government agencies outside the U.S. 3.03%** |  |  |
|  Abu Dhabi (Emirate of) 1.70% 3/2/2031 <sup>(f)</sup> | USD200 | 176 |
|  Abu Dhabi (Emirate of) 5.50% 4/30/2054 | 905 | 903 |
|  Angola (Republic of) 9.50% 11/12/2025 | 400 | 402 |
|  Angola (Republic of) 8.25% 5/9/2028 | 600 | 566 |
|  Angola (Republic of) 8.00% 11/26/2029 <sup>(f)</sup> | 445 | 405 |
|  Angola (Republic of) 8.75% 4/14/2032 <sup>(f)</sup> | 280 | 248 |
|  Argentine Republic 4.125% 7/9/2035 (4.75% on 7/9/2027) <sup>(g)</sup> | 937 | 633 |
|  Argentine Republic 5.00% 1/9/2038 | 601 | 430 |
|  Brazil (Federative Republic of) 10.00% 1/1/2027 | BRL16,913 | 2954 |
|  Brazil (Federative Republic of) 6.00% 5/15/2027 <sup>(h)</sup> | 26460 | 4646 |
|  Brazil (Federative Republic of) 10.00% 1/1/2031 | 11625 | 1879 |
|  Brazil (Federative Republic of) 6.00% 8/15/2032 <sup>(h)</sup> | 3284 | 559 |
|  Brazil (Federative Republic of) 10.00% 1/1/2033 | 27330 | 4280 |
|  Brazil (Federative Republic of) 10.00% 1/1/2035 | 71700 | 10893 |
|  Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(h)</sup> | 7526 | 1232 |
|  Chile (Republic of) 5.30% 11/1/2037 | CLP425,000 | 444 |
|  Chile (Republic of) 4.34% 3/7/2042 | USD350 | 304 |
|  China (People's Republic of), Series INBK, 2.27% 5/25/2034 | CNY5,610 | 821 |
|  China (People's Republic of), Series INBK, 3.72% 4/12/2051 | 23270 | 4429 |
|  China (People's Republic of), Series INBK, 3.12% 10/25/2052 | 1250 | 218 |
|  China (People's Republic of), Series INBK, 2.57% 5/20/2054 | 4480 | 714 |
|  Colombia (Republic of) 3.25% 4/22/2032 | USD700 | 555 |
|  Colombia (Republic of) 8.50% 4/25/2035 | 400 | 416 |
|  Colombia (Republic of) 8.00% 11/14/2035 | 200 | 201 |
|  Colombia (Republic of) 5.20% 5/15/2049 | 755 | 508 |
|  Colombia (Republic of), Series B, 7.00% 3/26/2031 | COP4,320,700 | 858 |
|  Colombia (Republic of), Series B, 13.25% 2/9/2033 | 1734800 | 445 |
|  Colombia (Republic of), Series B, 7.25% 10/18/2034 | 1223500 | 219 |

---

American Funds Insurance Series **32**

------

New World Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
|  Colombia (Republic of), Series UVR, 3.75% 2/25/2037 <sup>(h)</sup> | COP6,870 | $515 |
|  Colombia (Republic of), Series B, 9.25% 5/28/2042 | 4146300 | 780 |
|  Colombia (Republic of), Series B, 7.25% 10/26/2050 | 4713300 | 693 |
|  Cote d'Ivoire (Republic of) 4.875% 1/30/2032 | EUR150 | 159 |
|  Czech Republic 1.95% 7/30/2037 | CZK17,900 | 659 |
|  Dominican Republic 8.625% 4/20/2027 <sup>(f)</sup> | USD383 | 398 |
|  Dominican Republic 5.50% 2/22/2029 <sup>(f)</sup> | 275 | 274 |
|  Dominican Republic 7.05% 2/3/2031 <sup>(f)</sup> | 150 | 158 |
|  Dominican Republic 5.875% 1/30/2060 | 885 | 745 |
|  Egypt (Arab Republic of) 25.318% 8/13/2027 | EGP26,845 | 553 |
|  Egypt (Arab Republic of) 6.375% 4/11/2031 | EUR100 | 109 |
|  Egypt (Arab Republic of) 8.50% 1/31/2047 | USD400 | 325 |
|  Egypt (Arab Republic of) 8.875% 5/29/2050 | 755 | 630 |
|  Egypt (Arab Republic of) 8.15% 11/20/2059 <sup>(f)</sup> | 500 | 386 |
|  Gabonese Republic 7.00% 11/24/2031 | 500 | 399 |
|  Honduras (Republic of) 6.25% 1/19/2027 | 875 | 877 |
|  Honduras (Republic of) 5.625% 6/24/2030 <sup>(f)</sup> | 281 | 269 |
|  Hungary (Republic of) 6.25% 9/22/2032 <sup>(f)</sup> | 330 | 345 |
|  Hungary (Republic of), Series A, 2.00% 5/23/2029 | HUF255,550 | 643 |
|  India (Republic of) 7.32% 11/13/2030 | INR3,480 | 43 |
|  India (Republic of) 6.54% 1/17/2032 | 15620 | 185 |
|  India (Republic of) 7.18% 7/24/2037 | 176070 | 2151 |
|  India (Republic of) 7.09% 8/5/2054 | 280280 | 3303 |
|  Indonesia (Republic of) 6.625% 2/17/2037 | USD300 | 334 |
|  Indonesia (Republic of) 7.125% 8/15/2040 | IDR7,421,000 | 464 |
|  Indonesia (Republic of), Series 82, 7.00% 9/15/2030 | 9590000 | 608 |
|  Indonesia (Republic of), Series 91, 6.375% 4/15/2032 | 317000 | 19 |
|  Indonesia (Republic of), Series 96, 7.00% 2/15/2033 | 16818000 | 1060 |
|  Indonesia (Republic of), Series FR100, 6.625% 2/15/2034 | 29553000 | 1819 |
|  Indonesia (Republic of), Series 80, 7.50% 6/15/2035 | 7953000 | 518 |
|  Kazakhstan (Republic of) 5.50% 7/1/2037 <sup>(f)</sup> | USD945 | 951 |
|  Kenya (Republic of) 6.30% 1/23/2034 | 645 | 523 |
|  Kenya (Republic of) 9.50% 3/5/2036 <sup>(f)</sup> | 555 | 524 |
|  Kenya (Republic of) 9.50% 3/5/2036 | 330 | 312 |
|  Malaysia (Federation of) 4.28% 3/23/2054 | MYR1,255 | 311 |
|  Malaysia (Federation of), Series 0419, 3.828% 7/5/2034 | 8766 | 2132 |
|  Malaysia (Federation of), Series 0418, 4.893% 6/8/2038 | 616 | 164 |
|  Malaysia (Federation of), Series 0124, 4.054% 4/18/2039 | 3245 | 801 |
|  Malaysia (Federation of), Series 0519, 3.757% 5/22/2040 | 2200 | 524 |
|  Malaysia (Federation of), Series 0519, 4.638% 11/15/2049 | 1030 | 270 |
|  Malaysia (Federation of), Series 0120, 4.065% 6/15/2050 | 2776 | 666 |
|  Malaysia (Federation of), Series 022, 5.357% 5/15/2052 | 989 | 286 |
|  MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 6.50% 6/29/2028 | USD490 | 508 |
|  MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 4.375% 6/27/2030 | EUR340 | 406 |
|  Morocco (Kingdom of) 5.95% 3/8/2028 <sup>(f)</sup> | USD255 | 262 |
|  Morocco (Kingdom of) 3.875% 4/2/2029 | EUR625 | 747 |
|  Morocco (Kingdom of) 4.75% 4/2/2035 | 200 | 236 |
|  Mozambique (Republic of) 9.00% 9/15/2031 | USD540 | 447 |
|  Nigeria (Republic of) 7.625% 11/21/2025 <sup>(f)</sup> | 358 | 361 |
|  Nigeria (Republic of) 7.625% 11/21/2025 | 342 | 345 |
|  Nigeria (Republic of) 18.50% 2/21/2031 | NGN730,360 | 480 |
|  Oman (Sultanate of) 6.00% 8/1/2029 | USD715 | 751 |
|  Oman (Sultanate of) 6.75% 1/17/2048 | 485 | 502 |
|  Panama (Republic of) 3.75% 4/17/2026 | 100 | 99 |
|  Panama (Republic of) 7.875% 3/1/2057 | 600 | 612 |
|  Paraguay (Republic of) 4.95% 4/28/2031 | 320 | 319 |
|  Peru (Republic of) 3.00% 1/15/2034 | 225 | 190 |
|  Peru (Republic of) 6.55% 3/14/2037 | 360 | 392 |
|  Peru (Republic of) 2.78% 12/1/2060 | 100 | 54 |
|  PETRONAS Capital, Ltd. 4.55% 4/21/2050 <sup>(f)</sup> | 400 | 339 |
|  Philippines (Republic of) 6.375% 10/23/2034 | 145 | 160 |

---

**33** American Funds Insurance Series

------

New World Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Bonds & notes of governments & government agencies outside the U.S. (continued)**<br>|  |  |
|  Philippines (Republic of) 3.95% 1/20/2040 | USD500 | $432 |
|  Poland (Republic of) 5.75% 4/25/2029 | PLN2,410 | 693 |
|  Poland (Republic of) 4.875% 10/4/2033 | USD560 | 557 |
|  Poland (Republic of), Series 1033, 6.00% 10/25/2033 | PLN9,440 | 2732 |
|  Poland (Republic of), Series 1034, 5.00% 10/25/2034 | 6920 | 1862 |
|  Romania 2.00% 1/28/2032 | EUR950 | 910 |
|  Romania 5.25% 5/30/2032 | 450 | 523 |
|  Romania 5.25% 5/30/2032 | 230 | 267 |
|  Romania 2.00% 4/14/2033 | 300 | 271 |
|  Romania 5.625% 5/30/2037 | 390 | 434 |
|  Romania 2.875% 4/13/2042 | 335 | 246 |
|  Saudi Arabia (Kingdom of) 5.75% 1/16/2054 | USD2,300 | 2195 |
|  Senegal (Republic of) 4.75% 3/13/2028 | EUR600 | 560 |
|  Senegal (Republic of) 4.75% 3/13/2028 | 200 | 187 |
|  Sharjah (Emirate of) 4.625% 2/13/2032 | 651 | 769 |
|  Sharjah Sukuk Programme, Ltd. 5.433% 4/17/2035 <sup>(f)</sup> | USD1,010 | 1007 |
|  South Africa (Republic of) 7.10% 11/19/2036 <sup>(f)</sup> | 200 | 199 |
|  South Africa (Republic of) 11.625% 3/31/2053 | ZAR22,337 | 1324 |
|  South Africa (Republic of), Series R-213, 7.00% 2/28/2031 | 482 | 25 |
|  South Africa (Republic of), Series R-2032, 8.25% 3/31/2032 | 11495 | 621 |
|  South Africa (Republic of), Series R-2035, 8.875% 2/28/2035 | 17388 | 920 |
|  South Africa (Republic of), Series R-2040, 9.00% 1/31/2040 | 32571 | 1593 |
|  South Africa (Republic of), Series R-2044, 8.75% 1/31/2044 | 15670 | 720 |
|  Thailand (Kingdom of) 3.45% 6/17/2043 | THB40,963 | 1526 |
|  Turkey (Republic of) 26.20% 10/5/2033 | TRY41,134 | 955 |
|  Turkey (Republic of), Series 5Y, 12.60% 10/1/2025 | 35060 | 826 |
|  Turkey (Republic of), Series 5Y, 9.875% 1/15/2028 | USD200 | 219 |
|  Turkey (Republic of), Series 5Y, 17.30% 7/19/2028 | TRY23,445 | 417 |
|  Turkey (Republic of), Series 30Y, 11.875% 1/15/2030 | USD500 | 619 |
|  Turkey (Republic of), Series 30Y, 4.875% 4/16/2043 | 1710 | 1208 |
|  United Mexican States 6.875% 5/13/2037 | 610 | 638 |
|  United Mexican States 4.75% 3/8/2044 | 800 | 632 |
|  United Mexican States 3.75% 4/19/2071 | 200 | 114 |
|  United Mexican States, Series M20, 8.50% 5/31/2029 | MXN29,350 | 1560 |
|  United Mexican States, Series M, 7.75% 5/29/2031 | 56500 | 2871 |
|  United Mexican States, Series M, 7.50% 5/26/2033 | 51184 | 2493 |
|  United Mexican States, Series M, 7.75% 11/23/2034 | 38324 | 1864 |
|  United Mexican States, Series M30, 8.50% 11/18/2038 | 21600 | 1059 |
|  United Mexican States, Series M, 8.00% 7/31/2053 | 26949 | 1182 |
|  United Mexican States, Series S, 4.00% 10/29/2054 <sup>(h)</sup> | 14702 | 678 |
|  Venezuela (Bolivarian Republic of) 7.00% 12/1/2018 <sup>(i)</sup> | USD75 | 11 |
|  Venezuela (Bolivarian Republic of) 7.75% 10/13/2019 <sup>(i)</sup> | 930 | 138 |
|  Venezuela (Bolivarian Republic of) 6.00% 12/9/2020 <sup>(i)</sup> | 805 | 113 |
|  Venezuela (Bolivarian Republic of) 9.00% 5/7/2023 <sup>(i)</sup> | 800 | 129 |
|  Venezuela (Bolivarian Republic of) 8.25% 10/13/2024 <sup>(i)</sup> | 180 | 30 |
|  Venezuela (Bolivarian Republic of) 9.25% 5/7/2028 | 230 | 41 |
|  Venezuela (Bolivarian Republic of) 7.00% 3/31/2038 | 65 | 11 |
|  |  | 112814 |
|  **Corporate bonds, notes & loans 0.39%**<br>|  |  |
|  **Energy 0.09%** |  |  |
|  GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(f)</sup> | 410 | 415 |
|  Oleoducto Central SA 4.00% 7/14/2027 <sup>(f)</sup> | 255 | 249 |
|  Petroleos Mexicanos 6.49% 1/23/2027 | 175 | 174 |
|  Petroleos Mexicanos 5.95% 1/28/2031 | 1210 | 1095 |
|  PTTEP Treasury Center Co., Ltd. 2.993% 1/15/2030 | 200 | 187 |
|  Sinopec Group Overseas Development (2018), Ltd. 3.10% 1/8/2051 <sup>(f)</sup> | 430 | 310 |

---

American Funds Insurance Series **34**

------

New World Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)**<br>|  |  |
|  **Energy (continued)** |  |  |
|  Transportadora de Gas del Sur SA 8.50% 7/24/2031 <sup>(f)</sup> | USD250 | $263 |
|  Vista Energy Argentina SAU 7.625% 12/10/2035 <sup>(f)</sup> | 390 | 379 |
|  YPF SA 8.25% 1/17/2034 <sup>(f)</sup> | 335 | 336 |
|  |  | 3408 |
|  **Communication services 0.07%** |  |  |
|  America Movil, SAB de CV, 10.125% 1/22/2029 | MXN13,710 | 753 |
|  America Movil, SAB de CV, 9.50% 1/27/2031 | 24000 | 1283 |
|  PLDT, Inc. 2.50% 1/23/2031 | USD210 | 189 |
|  Tencent Holdings, Ltd. 3.24% 6/3/2050 <sup>(f)</sup> | 380 | 258 |
|  |  | 2483 |
|  **Consumer discretionary 0.04%** |  |  |
|  Alibaba Group Holding, Ltd. 3.15% 2/9/2051 | 410 | 266 |
|  Meituan 3.05% 10/28/2030 <sup>(f)</sup> | 400 | 369 |
|  Melco Resorts Finance, Ltd. 7.625% 4/17/2032 <sup>(f)</sup> | 345 | 349 |
|  MercadoLibre, Inc. 3.125% 1/14/2031 | 200 | 180 |
|  Sands China, Ltd. 4.375% 6/18/2030 | 220 | 211 |
|  Wynn Macau, Ltd. 5.625% 8/26/2028 | 260 | 256 |
|  |  | 1631 |
|  **Utilities 0.04%** |  |  |
|  Aegea Finance SARL 9.00% 1/20/2031 <sup>(f)</sup> | 275 | 292 |
|  AES Panama Generation Holdings, SRL 4.375% 5/31/2030 <sup>(f)</sup> | 264 | 241 |
|  Empresas Publicas de Medellin ESP 4.25% 7/18/2029 <sup>(f)</sup> | 412 | 381 |
|  Greenko Dutch BV 3.85% 3/29/2026 <sup>(f)</sup> | 176 | 173 |
|  Greenko Dutch BV 3.85% 3/29/2026 | 176 | 173 |
|  San Miguel Global Power Holdings Corp. 8.125% perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 6.404% on 3/2/2030) <sup>(g)</sup> | 350 | 347 |
|  |  | 1607 |
|  **Materials 0.04%** |  |  |
|  Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(f)</sup> | 355 | 311 |
|  CSN Resources SA 8.875% 12/5/2030 <sup>(f)</sup> | 400 | 397 |
|  PT Krakatau Posco 6.375% 6/11/2027 | 345 | 347 |
|  Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(d)</sup> | 520 | 515 |
|  |  | 1570 |
|  **Financials 0.04%** |  |  |
|  Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029) <sup>(g)</sup> | 400 | 372 |
|  BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on 6/29/2033) <sup>(f)(g)</sup> | 340 | 360 |
|  CMB International Leasing Management, Ltd. 2.75% 8/12/2030 | 300 | 277 |
|  HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(g)</sup> | 400 | 430 |
|  |  | 1439 |
|  **Industrials 0.03%** |  |  |
|  IRB Infrastructure Developers, Ltd. 7.11% 3/11/2032 <sup>(f)</sup> | 335 | 336 |
|  LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(f)</sup> | 355 | 363 |
|  Mexico City Airport Trust 4.25% 10/31/2026 | 200 | 196 |
|  |  | 895 |

---

**35** American Funds Insurance Series

------

New World Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) |  | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds, notes & loans (continued)**<br>|  |  |  |
|  **Consumer staples 0.02%** |  |  |  |
|  Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028 |  | USD200 | $204 |
|  NBM US Holdings, Inc. 7.00% 5/14/2026 <sup>(d)</sup> |  | 200 | 201 |
|  NBM US Holdings, Inc. 6.625% 8/6/2029 <sup>(d)</sup> |  | 420 | 423 |
|  |  |  | 828 |
|  **Health care 0.02%** |  |  |  |
|  Biocon Biologics Global PLC 6.67% 10/9/2029 <sup>(f)</sup> |  | 260 | 247 |
|  Rede D'Or Finance SARL 4.50% 1/22/2030 |  | 480 | 456 |
|  |  |  | 703 |
|  **Total corporate bonds, notes & loans** |  |  | 14564 |
|  **Total bonds, notes & other debt instruments** (cost: $127,773,000) |  |  | 127378 |
| Short-term securities 4.09% |  | Shares |  |
|  **Money market investments 3.96%** |  |  |  |
|  Capital Group Central Cash Fund 4.35% <sup>(j)(k)</sup> |  | 1476818 | 147681 |
|  **Money market investments purchased with collateral from securities on loan 0.12%**<br>|  |  |  |
|  Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(j)(l)</sup> |  | 4305789 | 4306 |
|  | Weighted<br> average yield<br> at acquisition | Principal amount<br>(000) |  |
|  **Bills & notes of governments & government agencies outside the U.S. 0.01%**<br>|  |  |  |
|  Egypt (Arab Republic of) 9/9/2025 | 21.357% | EGP11,900 | 228 |
|  Egypt (Arab Republic of) 1/6/2026 | 19.531 | 12600 | 222 |
|  |  |  | 450 |
|  **Total short-term securities** (cost: $152,427,000) |  |  | 152437 |
|  **Total investment securities 100.68%** (cost: $2,412,085,000) |  |  | 3752924 |
|  Other assets less liabilities (0.68)% |  |  | (25264) |
|  **Net assets 100.00%** |  |  | $3727660 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts |  |  |  |  |  |
| Contracts | Type | Number of<br> contracts | Expiration<br> date | Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 6/30/2025<br> (000) |
|  2 Year U.S. Treasury Note Futures | Short | 2 | 10/3/2025 | USD(416) | $(1) |
|  5 Year Euro-Bobl Futures | Short | 14 | 9/10/2025 | (1941) | 5 |
|  5 Year U.S. Treasury Note Futures | Short | 3 | 10/3/2025 | (327) | (3) |
|  10 Year Euro-Bund Futures | Short | 15 | 9/10/2025 | (2300) | 12 |
|  10 Year Ultra U.S. Treasury Note Futures | Long | 18 | 9/30/2025 | 2057 | 40 |

---

American Funds Insurance Series **36**

------

New World Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Futures contracts** (continued) | **Futures contracts** (continued) | **Futures contracts** (continued) | **Futures contracts** (continued) | **Futures contracts** (continued) | **Futures contracts** (continued) |
| Contracts | Type | Number of<br>contracts | Expiration<br>date | Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation)<br>at 6/30/2025<br>(000) |
|  20 Year U.S. Treasury Bond Futures | Long | 1 | 9/30/2025 | USD116 | $4 |
|  30 Year Ultra U.S. Treasury Bond Futures | Long | 1 | 9/30/2025 | 119 | 4 |
|  |  |  |  |  | $61 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward currency contracts | Forward currency contracts | Forward currency contracts | Forward currency contracts | Forward currency contracts | Forward currency contracts | Forward currency contracts |
|  |  |  |  |  |  | Unrealized<br> appreciation<br>(depreciation)<br> at 6/30/2025 (000) |
| Contract amount | Contract amount | Contract amount | Contract amount |  |  | Unrealized<br> appreciation<br>(depreciation)<br> at 6/30/2025 (000) |
| Currency purchased<br>(000) | Currency purchased<br>(000) | Currency sold<br> (000) | Currency sold<br> (000) | Counterparty | Settlement<br>date | Unrealized<br> appreciation<br>(depreciation)<br> at 6/30/2025 (000) |
|  CNH | 6810 | USD | 952 | Standard Chartered Bank | 7/9/2025 | $–<sup>(c)</sup> |
|  USD | 471 | MYR | 1995 | BNP Paribas | 7/9/2025 | (2) |
|  INR | 1695 | USD | 20 | Standard Chartered Bank | 7/14/2025 | –<sup>(c)</sup> |
|  USD | 962 | EUR | 839 | Standard Chartered Bank | 7/14/2025 | (28) |
|  EUR | 490 | USD | 560 | BNP Paribas | 7/15/2025 | 17 |
|  MXN | 1228 | USD | 64 | Citibank | 7/15/2025 | 1 |
|  USD | 64 | MXN | 1228 | Bank of New York Mellon | 7/15/2025 | (1) |
|  THB | 39695 | USD | 1226 | Citibank | 7/15/2025 | (1) |
|  USD | 297 | THB | 9665 | Citibank | 7/15/2025 | (2) |
|  CNH | 7185 | USD | 1003 | Citibank | 7/16/2025 | 2 |
|  USD | 1371 | ZAR | 24367 | Goldman Sachs | 7/16/2025 | (4) |
|  USD | 2447 | EUR | 2127 | Bank of America | 7/16/2025 | (61) |
|  USD | 38 | IDR | 622415 | Citibank | 7/18/2025 | –<sup>(c)</sup> |
|  USD | 861 | BRL | 4817 | Citibank | 7/18/2025 | (21) |
|  USD | 717 | COP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3027600 | Morgan Stanley | 7/18/2025 | (22) |
|  USD | 47 | MYR | 201 | BNP Paribas | 7/21/2025 | –<sup>(c)</sup> |
|  USD | 98 | PLN | 360 | Citibank | 7/21/2025 | (2) |
|  USD | 1285 | MYR | 5447 | JPMorgan Chase | 7/21/2025 | (9) |
|  IDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3560000 | USD | 217 | HSBC Bank | 7/23/2025 | 3 |
|  EUR | 76 | USD | 88 | Morgan Stanley | 7/25/2025 | 2 |
|  INR | 12140 | USD | 141 | BNP Paribas | 7/28/2025 | 1 |
|  USD | 98 | MXN | 1875 | Morgan Stanley | 7/28/2025 | (1) |
|  CZK | 31590 | USD | 1496 | Citibank | 8/6/2025 | 10 |
|  HUF | 348902 | USD | 1021 | HSBC Bank | 8/6/2025 | 5 |
|  CZK | 20855 | USD | 947 | Citibank | 8/27/2025 | 49 |
|  USD | 653 | ZAR | 11850 | Goldman Sachs | 8/27/2025 | (14) |
|  |  |  |  |  |  | $(78) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments in affiliates <sup>(k)</sup> |  |  |  |  |  |  |  |
|  | Value at<br>1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain (loss)<br> (000) | Net<br> unrealized<br>appreciation<br>(depreciation)<br> (000) | Value at<br>6/30/2025<br>(000) | Dividend<br> or interest<br>income<br> (000) |
|  Short-term securities 3.96% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 3.96%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.35% <sup>(j)</sup> | $94686 | $320134 | $267116 | $(15) | $(8) | $147681 | $2879 |

---

**37** American Funds Insurance Series

------

New World Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted securities <sup>(d)</sup>**<br>| | | | |
|  | Acquisition<br> date(s) | Cost<br>(000) | Value<br>(000) | Percent<br>of net<br>assets |
| &nbsp;&nbsp;&nbsp;&nbsp; QuintoAndar, Ltd., Series E, preference shares <sup>(a)(b)</sup> | 5/26/2021 | $5258 | $6965 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; QuintoAndar, Ltd., Series E-1, preference shares <sup>(a)(b)</sup> | 12/20/2021 | 1716 | 1791 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; NBM US Holdings, Inc. 6.625% 8/6/2029 | 7/8/2022 | 410 | 423 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; NBM US Holdings, Inc. 7.00% 5/14/2026 | 5/16/2023 | 197 | 201 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canva, Inc. <sup>(a)(b)</sup> | 8/26/2021-11/4/2021 | 656 | 493 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canva, Inc., Series A, noncumulative preferred shares <sup>(a)(b)</sup> | 11/4/2021 | 58 | 44 | 0.00 <sup>(m)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Canva, Inc., Series A-3, noncumulative preferred shares <sup>(a)(b)</sup> | 11/4/2021 | 2 | 1 | 0.00 <sup>(m)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasol Financing USA, LLC 8.75% 5/3/2029 | 1/24/2024 | 525 | 515 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getir BV, Series D, preferred shares <sup>(a)(b)</sup> | 5/27/2021 | 3500 | –<sup>(c</sup><sup>)</sup> | 0.00 <sup>(m)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $12322 | $10433 | 0.28% |

---

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Amount less than one thousand. 

<sup>(d)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $10,433,000, which represented 0.28% of the net assets of the fund. 

<sup>(e)</sup> All or a portion of this security was on loan. The total value of all such securities was $7,151,000, which represented 0.19% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(f)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $12,331,000, which represented 0.33% of the net assets of the fund. 

<sup>(g)</sup> Step bond; coupon rate may change at a later date.

<sup>(h)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(i)</sup> Scheduled interest and/or principal payment was not received.

<sup>(j)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(k)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(l)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(m)</sup> Amount less than 0.01%. 

---

| | |
|:---|:---|
| ADR = American Depositary Receipts | HUF = Hungarian forints |
| BDR = Brazilian Depositary Receipts | IDR = Indonesian rupiah |
| BRL = Brazilian reais | INR = Indian rupees |
| CAD = Canadian dollars | MXN = Mexican pesos |
| CDI = CREST Depository Interest | MYR = Malaysian ringgits |
| CLP = Chilean pesos | NGN = Nigerian naira |
| CNH = Chinese yuan renminbi | PLN = Polish zloty |
| CNY = Chinese yuan renminbi | REIT = Real Estate Investment Trust |
| COP = Colombian pesos | SOFR = Secured Overnight Financing Rate |
| CZK = Czech korunas | THB = Thai baht |
| EGP = Egyptian pounds | TRY = Turkish lira |
| EUR = Euros | USD = U.S. dollars |
| GBP = British pounds | UST = U.S. Treasury |
| GDR = Global Depositary Receipts | ZAR = South African rand |

---

Refer to the notes to financial statements.

American Funds Insurance Series **38**

------

---

| | |
|:---|:---|
| Washington Mutual Investors Fund | Washington Mutual Investors Fund |
| **Investment portfolio** June 30, 2025 | unaudited |

---

---

| | | |
|:---|:---|:---|
| Common stocks 96.21% | Shares | Value<br> (000) |
| **Information technology 22.40%** |  |  |
| Broadcom, Inc. | 3180875 | $876808 |
| Microsoft Corp. | 1477941 | 735143 |
| NVIDIA Corp. | 1376003 | 217395 |
| Apple, Inc. | 959455 | 196851 |
| KLA Corp. | 125916 | 112788 |
| ASML Holding NV (ADR) | 112763 | 90367 |
| Motorola Solutions, Inc. | 149143 | 62709 |
| International Business Machines Corp. | 210325 | 62000 |
| Accenture PLC, Class A | 143216 | 42806 |
| SAP SE (ADR) | 135006 | 41055 |
| Texas Instruments, Inc. | 180420 | 37459 |
| Oracle Corp. | 148419 | 32449 |
| Salesforce, Inc. | 97867 | 26687 |
| Applied Materials, Inc. | 100045 | 18315 |
| Synopsys, Inc. <sup>(a)</sup> | 31950 | 16380 |
| ASM International NV (ADR) | 21707 | 13913 |
| Adobe, Inc. <sup>(a)</sup> | 34743 | 13441 |
| Intel Corp. | 545538 | 12220 |
| TE Connectivity Public, Ltd. Co. | 36193 | 6105 |
|  |  | 2614891 |
| **Financials 18.36%** |  |  |
| Marsh & McLennan Cos., Inc. | 1137983 | 248808 |
| JPMorgan Chase & Co. | 666861 | 193330 |
| BlackRock, Inc. | 166414 | 174610 |
| Visa, Inc., Class A | 471682 | 167471 |
| Mastercard, Inc., Class A | 230802 | 129697 |
| Capital One Financial Corp. | 603410 | 128381 |
| Chubb, Ltd. | 393830 | 114100 |
| Arthur J. Gallagher & Co. | 340478 | 108994 |
| Bank of America Corp. | 2241655 | 106075 |
| Wells Fargo & Co. | 1022919 | 81956 |
| Truist Financial Corp. | 1752492 | 75340 |
| Morgan Stanley | 514896 | 72528 |
| Apollo Asset Management, Inc. | 429153 | 60884 |
| Citizens Financial Group, Inc. | 1320920 | 59111 |
| KKR & Co., Inc. | 432202 | 57496 |
| Blackstone, Inc. | 338091 | 50572 |
| CME Group, Inc., Class A | 134224 | 36995 |
| Aon PLC, Class A | 100447 | 35835 |
| American Express Co. | 111170 | 35461 |
| S&P Global, Inc. | 66315 | 34967 |
| Progressive Corp. | 128261 | 34228 |
| Brookfield Asset Management, Ltd., Class A | 483694 | 26739 |
| Goldman Sachs Group, Inc. | 29966 | 21208 |
| Citigroup, Inc. | 233574 | 19882 |
| AXA SA (ADR) | 365158 | 17936 |
| Carlyle Group, Inc. (The) | 270192 | 13888 |
| PNC Financial Services Group, Inc. | 68886 | 12842 |
| Intercontinental Exchange, Inc. | 52537 | 9639 |
| Fifth Third Bancorp | 178306 | 7334 |
| KeyCorp | 397800 | 6930 |
|  |  | 2143237 |
| **Industrials 11.50%** |  |  |
| RTX Corp. | 1224474 | 178798 |
| General Electric Co. | 641966 | 165236 |
| Northrop Grumman Corp. | 283061 | 141525 |
| Boeing Co. (The) <sup>(a)</sup> | 374770 | 78526 |

---

**39** American Funds Insurance Series

------

Washington Mutual Investors Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Industrials (continued)** |  |  |
|  Honeywell International, Inc. | 324457 | $75560 |
|  Union Pacific Corp. | 289892 | 66698 |
|  Paychex, Inc. | 451500 | 65675 |
|  3M Co. | 398062 | 60601 |
|  L3Harris Technologies, Inc. | 234851 | 58910 |
|  Caterpillar, Inc. | 145015 | 56296 |
|  Deere & Co. | 102849 | 52298 |
|  Delta Air Lines, Inc. | 769587 | 37848 |
|  Ingersoll-Rand, Inc. | 444378 | 36963 |
|  Equifax, Inc. | 139296 | 36129 |
|  Carrier Global Corp. | 438946 | 32126 |
|  Parker-Hannifin Corp. | 41006 | 28642 |
|  PACCAR, Inc. | 209348 | 19901 |
|  Waste Connections, Inc. | 99256 | 18533 |
|  FedEx Corp. | 79115 | 17984 |
|  Johnson Controls International PLC | 162291 | 17141 |
|  Siemens AG (ADR) | 132607 | 17089 |
|  BAE Systems PLC (ADR) | 161872 | 17008 |
|  Republic Services, Inc. | 67539 | 16656 |
|  HEICO Corp. | 44486 | 14591 |
|  CSX Corp. | 440277 | 14366 |
|  Eaton Corp. PLC | 17329 | 6186 |
|  Lennox International, Inc. | 8982 | 5149 |
|  Deutsche Post AG (ADR) | 94500 | 4390 |
|  TransUnion | 21970 | 1933 |
|  Veralto Corp. | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  |  | 1342758 |
|  **Health care 11.37%** |  |  |
|  Eli Lilly and Co. | 288964 | 225256 |
|  UnitedHealth Group, Inc. | 488501 | 152398 |
|  Abbott Laboratories | 1103923 | 150145 |
|  Amgen, Inc. | 521767 | 145682 |
|  CVS Health Corp. | 1797053 | 123961 |
|  Gilead Sciences, Inc. | 780218 | 86503 |
|  AstraZeneca PLC (ADR) | 1172994 | 81969 |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 174716 | 77783 |
|  Danaher Corp. | 299736 | 59210 |
|  AbbVie, Inc. | 301318 | 55931 |
|  Elevance Health, Inc. | 129557 | 50392 |
|  Sanofi (ADR) | 450166 | 21747 |
|  Bristol-Myers Squibb Co. | 425890 | 19714 |
|  Zimmer Biomet Holdings, Inc. | 210007 | 19155 |
|  Novo Nordisk AS, Class B (ADR) | 193034 | 13323 |
|  Thermo Fisher Scientific, Inc. | 30868 | 12516 |
|  Humana, Inc. | 31515 | 7705 |
|  Illumina, Inc. <sup>(a)</sup> | 80452 | 7676 |
|  Regeneron Pharmaceuticals, Inc. | 13923 | 7310 |
|  Cooper Cos., Inc. <sup>(a)</sup> | 79881 | 5684 |
|  Zoetis, Inc., Class A | 20870 | 3255 |
|  |  | 1327315 |
|  **Consumer staples 8.74%** |  |  |
|  Philip Morris International, Inc. | 2426916 | 442014 |
|  British American Tobacco PLC (ADR) | 1900519 | 89952 |
|  Keurig Dr Pepper, Inc. | 2618399 | 86564 |
|  Altria Group, Inc. | 1020176 | 59813 |
|  Constellation Brands, Inc., Class A | 347154 | 56475 |
|  Mondelez International, Inc., Class A | 776532 | 52369 |

---

American Funds Insurance Series **40**

------

Washington Mutual Investors Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Consumer staples (continued)** |  |  |
|  Coca-Cola Co. | 590211 | $41757 |
|  Procter & Gamble Co. | 216242 | 34452 |
|  Costco Wholesale Corp. | 33711 | 33372 |
|  Hershey Co. | 120501 | 19997 |
|  Church & Dwight Co., Inc. | 184306 | 17714 |
|  Nestlé SA (ADR) | 178302 | 17709 |
|  Dollar General Corp. | 138016 | 15786 |
|  Kimberly-Clark Corp. | 103829 | 13386 |
|  Estee Lauder Cos., Inc. (The), Class A | 145769 | 11778 |
|  Kraft Heinz Co. (The) | 412788 | 10658 |
|  Target Corp. | 98519 | 9719 |
|  Bunge Global SA | 80582 | 6469 |
|  |  | 1019984 |
|  **Consumer discretionary 6.59%** |  |  |
|  Royal Caribbean Cruises, Ltd. | 568612 | 178055 |
|  Home Depot, Inc. | 250518 | 91850 |
|  Starbucks Corp. | 949091 | 86965 |
|  YUM! Brands, Inc. | 530703 | 78640 |
|  Amazon.com, Inc. <sup>(a)</sup> | 356329 | 78175 |
|  Darden Restaurants, Inc. | 342240 | 74598 |
|  TJX Companies, Inc. (The) | 336253 | 41524 |
|  Marriott International, Inc., Class A | 100754 | 27527 |
|  NIKE, Inc., Class B | 360727 | 25626 |
|  D.R. Horton, Inc. | 171613 | 22124 |
|  Vail Resorts, Inc. | 118995 | 18698 |
|  Tractor Supply Co. | 340785 | 17983 |
|  General Motors Co. | 226927 | 11167 |
|  Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 165637 | 9301 |
|  Sony Group Corp. (ADR) <sup>(c)</sup> | 268839 | 6998 |
|  |  | 769231 |
|  **Communication services 4.85%** |  |  |
|  Alphabet, Inc., Class C | 591921 | 105001 |
|  Alphabet, Inc., Class A | 449491 | 79214 |
|  Meta Platforms, Inc., Class A | 241141 | 177984 |
|  Comcast Corp., Class A | 3506395 | 125143 |
|  Walt Disney Co. (The) | 323772 | 40151 |
|  Electronic Arts, Inc. | 144232 | 23034 |
|  Deutsche Telekom AG (ADR) | 267761 | 9797 |
|  AT&T, Inc. | 189961 | 5497 |
|  |  | 565821 |
|  **Utilities 3.74%** |  |  |
|  Constellation Energy Corp. | 389313 | 125655 |
|  Sempra | 1188525 | 90054 |
|  Southern Co. (The) | 821429 | 75432 |
|  FirstEnergy Corp. | 1235342 | 49735 |
|  DTE Energy Co. | 225528 | 29873 |
|  CenterPoint Energy, Inc. | 560529 | 20594 |
|  Entergy Corp. | 238997 | 19865 |
|  Public Service Enterprise Group, Inc. | 192090 | 16170 |
|  NextEra Energy, Inc. | 125161 | 8689 |
|  |  | 436067 |
|  **Energy 3.52%** |  |  |
|  EOG Resources, Inc. | 1101276 | 131724 |

---

**41** American Funds Insurance Series

------

Washington Mutual Investors Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Energy (continued)** |  |  |
|  Exxon Mobil Corp. | 818910 | $88278 |
|  ConocoPhillips | 625790 | 56158 |
|  Canadian Natural Resources, Ltd. | 1752296 | 55022 |
|  Shell PLC (ADR) | 378073 | 26620 |
|  TC Energy Corp. | 434970 | 21222 |
|  Cenovus Energy, Inc. | 951373 | 12939 |
|  Halliburton Co. | 398694 | 8125 |
|  Schlumberger NV | 216823 | 7329 |
|  Chevron Corp. | 20964 | 3002 |
|  |  | 410419 |
|  **Materials 2.86%** |  |  |
|  Linde PLC | 187287 | 87871 |
|  Corteva, Inc. | 873022 | 65066 |
|  Wheaton Precious Metals Corp. | 565165 | 50752 |
|  Air Products and Chemicals, Inc. | 177158 | 49969 |
|  International Paper Co. | 770696 | 36092 |
|  Freeport-McMoRan, Inc. | 258172 | 11192 |
|  Rio Tinto PLC (ADR) | 156586 | 9134 |
|  LyondellBasell Industries NV | 153562 | 8885 |
|  Royal Gold, Inc. | 44934 | 7991 |
|  H.B. Fuller Co. | 114890 | 6911 |
|  |  | 333863 |
|  **Real estate 2.28%** |  |  |
|  Welltower, Inc. REIT | 912865 | 140335 |
|  Mid-America Apartment Communities, Inc. REIT | 327583 | 48486 |
|  Prologis, Inc. REIT | 262923 | 27638 |
|  American Tower Corp. REIT | 87159 | 19264 |
|  Simon Property Group, Inc. REIT | 93346 | 15006 |
|  AvalonBay Communities, Inc. REIT | 43005 | 8751 |
|  Extra Space Storage, Inc. REIT | 42274 | 6233 |
|  |  | 265713 |
|  **Total common stocks (**cost: $6,870,557,000) |  | 11229299 |
| Convertible stocks 0.50% |  |  |
|  **Industrials 0.27%** |  |  |
|  Boeing Co., Series A, convertible preferred depositary shares, 6.00% 10/15/2027 | 455591 | 30980 |
|  **Financials 0.23%** |  |  |
|  KKR & Co., Inc., Class D, convertible preferred shares, 6.25% 3/1/2028 | 436775 | 23411 |
|  Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026 | 54000 | 4042 |
|  |  | 27453 |
|  **Total convertible stocks** (cost: $47,807,000) |  | 58433 |
| Short-term securities 3.14% |  |  |
|  **Money market investments 3.14%** |  |  |
|  Capital Group Central Cash Fund 4.35% <sup>(d)(e)</sup> | 3667823 | 366782 |

---

American Funds Insurance Series **42**

------

Washington Mutual Investors Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Shares | Value<br> (000) |
|  **Money market investments purchased with collateral from securities on loan 0.00%** |  |  |
|  Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(d)(f)</sup> | 4082 | $4 |
|  **Total short-term securities** (cost: $366,736,000) |  | 366786 |
|  **Total investment securities 99.85%** (cost: $7,285,100,000) |  | 11654518 |
|  Other assets less liabilities 0.15% |  | 17171 |
|  **Net assets 100.00%** |  | $11671689 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in affiliates <sup>(e)</sup>**<br>| | | | | | | |
|  | Value at<br>1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br> realized<br>gain (loss)<br> (000) | Net<br> unrealized<br>appreciation<br>(depreciation)<br> (000) | Value at<br>6/30/2025<br>(000) | Dividend<br> or interest<br>income<br> (000) |
|  Short-term securities 3.14% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 3.14%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.35% <sup>(d)</sup> | $245250 | $902891 | $781291 | $(31) | $(37) | $366782 | $7099 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments purchased with collateral from securities on loan 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.35% <sup>(d)</sup> | 9850 |  | 9850 <sup>(g)</sup> |  |  |  | – <sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 3.14%** |  |  |  | $(31) |  | $366782 | $7099 |

---

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Amount less than one thousand. 

<sup>(c)</sup> All or a portion of this security was on loan. The total value of all such securities was $4,000, which represented less than 0.01% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(d)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(e)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(f)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(g)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(h)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviation(s)**

ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

**43** American Funds Insurance Series

------

---

| | |
|:---|:---|
| U.S. Small and Mid Cap Equity Fund |  |
| **Investment portfolio** June 30, 2025 | unaudited |

---

---

| | | |
|:---|:---|:---|
| Common stocks 96.54%<br>| Shares | Value<br>(000) |
| **Financials 23.50%** |  |  |
| Capital One Financial Corp. | 2354 | $501 |
| Brown & Brown, Inc. | 3591 | 398 |
| Fifth Third Bancorp | 7211 | 297 |
| Victory Capital Holdings, Inc., Class A | 4402 | 280 |
| RenaissanceRe Holdings, Ltd. | 1100 | 267 |
| KeyCorp | 13000 | 227 |
| TPG, Inc., Class A | 3952 | 207 |
| LPL Financial Holdings, Inc. | 534 | 200 |
| Hamilton Lane, Inc., Class A | 1186 | 169 |
| StepStone Group, Inc., Class A | 2938 | 163 |
| Affirm Holdings, Inc., Class A <sup>(a)</sup> | 2094 | 145 |
| Aspen Insurance Holdings, Ltd., Class A <sup>(a)</sup> | 4099 | 129 |
| WEX, Inc. <sup>(a)</sup> | 864 | 127 |
| Radian Group, Inc. | 3119 | 112 |
| Tradeweb Markets, Inc., Class A | 614 | 90 |
| Ameriprise Financial, Inc. | 158 | 84 |
| Artisan Partners Asset Management, Inc., Class A | 1682 | 75 |
| Ally Financial, Inc. | 1756 | 68 |
| Citizens Financial Group, Inc. | 1105 | 50 |
| Kinsale Capital Group, Inc. | 91 | 44 |
| Arthur J. Gallagher & Co. | 109 | 35 |
| Block, Inc., Class A <sup>(a)</sup> | 521 | 35 |
|  |  | 3703 |
| **Industrials 20.22%** |  |  |
| XPO, Inc. <sup>(a)</sup> | 2218 | 280 |
| United Rentals, Inc. | 342 | 258 |
| Karman Holdings, Inc. <sup>(a)</sup> | 4909 | 247 |
| Crane Co. | 1255 | 238 |
| Ingersoll-Rand, Inc. | 2725 | 227 |
| ATI, Inc. <sup>(a)</sup> | 1884 | 163 |
| Comfort Systems USA, Inc. | 284 | 152 |
| AGCO Corp. | 1407 | 145 |
| Core & Main, Inc., Class A <sup>(a)</sup> | 2211 | 133 |
| Generac Holdings, Inc. <sup>(a)</sup> | 853 | 122 |
| Kadant, Inc. | 378 | 120 |
| APi Group Corp. <sup>(a)</sup> | 2013 | 103 |
| SiteOne Landscape Supply, Inc. <sup>(a)</sup> | 830 | 100 |
| Advanced Drainage Systems, Inc. | 718 | 83 |
| Copart, Inc. <sup>(a)</sup> | 1583 | 78 |
| PACCAR, Inc. | 756 | 72 |
| Applied Industrial Technologies, Inc. | 306 | 71 |
| Toro Co. (The) | 897 | 63 |
| HEICO Corp. | 180 | 59 |
| Alight, Inc., Class A | 10335 | 59 |
| L3Harris Technologies, Inc. | 192 | 48 |
| Robert Half, Inc. | 1150 | 47 |
| Graco, Inc. | 521 | 45 |
| AMETEK, Inc. | 246 | 45 |
| Fluor Corp. <sup>(a)</sup> | 774 | 40 |
| Bloom Energy Corp., Class A <sup>(a)</sup> | 1537 | 37 |
| Nextracker, Inc., Class A <sup>(a)</sup> | 598 | 33 |
| Oshkosh Corp. | 282 | 32 |
| CBIZ, Inc. <sup>(a)</sup> | 408 | 29 |
| FTI Consulting, Inc. <sup>(a)</sup> | 139 | 22 |
| FTAI Aviation, Ltd. | 186 | 21 |
| Regal Rexnord Corp. | 98 | 14 |
|  |  | 3186 |

---

American Funds Insurance Series **44** 

------

U.S. Small and Mid Cap Equity Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued)<br>| Shares | Value<br>(000) |
| **Consumer discretionary 16.33%** |  |  |
| YUM! Brands, Inc. | 2323 | $344 |
| Hilton Worldwide Holdings, Inc. | 1003 | 267 |
| Vail Resorts, Inc. | 1634 | 257 |
| LKQ Corp. | 6101 | 226 |
| Aptiv Holdings, Ltd. <sup>(a)</sup> | 2253 | 154 |
| Bright Horizons Family Solutions, Inc. <sup>(a)</sup> | 970 | 120 |
| Wingstop, Inc. | 341 | 115 |
| Flutter Entertainment PLC <sup>(a)</sup> | 400 | 114 |
| Five Below, Inc. <sup>(a)</sup> | 714 | 94 |
| Darden Restaurants, Inc. | 422 | 92 |
| General Motors Co. | 1825 | 90 |
| Williams-Sonoma, Inc. | 475 | 77 |
| Polaris, Inc. | 1836 | 75 |
| Murphy USA, Inc. | 154 | 63 |
| TopBuild Corp. <sup>(a)</sup> | 191 | 62 |
| Chewy, Inc., Class A <sup>(a)</sup> | 1441 | 61 |
| Texas Roadhouse, Inc. | 321 | 60 |
| Royal Caribbean Cruises, Ltd. | 181 | 57 |
| D.R. Horton, Inc. | 396 | 51 |
| Brinker International, Inc. <sup>(a)</sup> | 266 | 48 |
| Toll Brothers, Inc. | 408 | 46 |
| Cavco Industries, Inc. <sup>(a)</sup> | 78 | 34 |
| AutoZone, Inc. <sup>(a)</sup> | 9 | 33 |
| CAVA Group, Inc. <sup>(a)</sup> | 385 | 32 |
|  |  | 2572 |
| **Information technology 10.90%** |  |  |
| Ingram Micro Holding Corp. | 12295 | 256 |
| Insight Enterprises, Inc. <sup>(a)</sup> | 1116 | 154 |
| Fabrinet, non-registered shares <sup>(a)</sup> | 513 | 151 |
| Keysight Technologies, Inc. <sup>(a)</sup> | 836 | 137 |
| Flex, Ltd. <sup>(a)</sup> | 2187 | 109 |
| Lumentum Holdings, Inc. <sup>(a)</sup> | 1084 | 103 |
| Vontier Corp. | 2653 | 98 |
| Procore Technologies, Inc. <sup>(a)</sup> | 1410 | 97 |
| Cloudflare, Inc., Class A <sup>(a)</sup> | 394 | 77 |
| Pure Storage, Inc., Class A <sup>(a)</sup> | 1273 | 73 |
| TD SYNNEX Corp. | 472 | 64 |
| MongoDB, Inc., Class A <sup>(a)</sup> | 293 | 62 |
| Ciena Corp. <sup>(a)</sup> | 657 | 54 |
| CDW Corp. | 276 | 49 |
| EPAM Systems, Inc. <sup>(a)</sup> | 221 | 39 |
| RingCentral, Inc., Class A <sup>(a)</sup> | 1316 | 37 |
| Okta, Inc., Class A <sup>(a)</sup> | 369 | 37 |
| Fair Isaac Corp. <sup>(a)</sup> | 18 | 33 |
| Clearwater Analytics Holdings, Inc., Class A <sup>(a)</sup> | 1392 | 31 |
| Klaviyo, Inc., Class A <sup>(a)</sup> | 693 | 23 |
| ServiceTitan, Inc., Class A <sup>(a)</sup> | 160 | 17 |
| Circle Internet Group, Inc. <sup>(a)(b)</sup> | 96 | 17 |
|  |  | 1718 |
| **Consumer staples 8.32%** |  |  |
| US Foods Holding Corp. <sup>(a)</sup> | 4947 | 381 |
| Monster Beverage Corp. <sup>(a)</sup> | 3877 | 243 |
| e.l.f. Beauty, Inc. <sup>(a)</sup> | 1295 | 161 |
| Kimberly-Clark Corp. | 801 | 103 |
| Casey's General Stores, Inc. | 189 | 96 |
| Dollar General Corp. | 823 | 94 |
| Estee Lauder Cos., Inc. (The), Class A | 801 | 65 |

---

**45** American Funds Insurance Series

------

U.S. Small and Mid Cap Equity Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br>(000) |
|  **Consumer staples (continued)** |  |  |
|  Keurig Dr Pepper, Inc. | 1967 | $65 |
|  Maplebear, Inc. <sup>(a)</sup> | 1127 | 51 |
|  Target Corp. | 347 | 34 |
|  Constellation Brands, Inc., Class A | 75 | 12 |
|  Bunge Global SA | 56 | 5 |
|  |  | 1310 |
|  **Health care 7.45%** |  |  |
|  Hims & Hers Health, Inc., Class A <sup>(a)</sup> | 2204 | 110 |
|  Medpace Holdings, Inc. <sup>(a)</sup> | 305 | 96 |
|  Exact Sciences Corp. <sup>(a)</sup> | 1764 | 94 |
|  Ionis Pharmaceuticals, Inc. <sup>(a)</sup> | 2386 | 94 |
|  Align Technology, Inc. <sup>(a)</sup> | 458 | 87 |
|  Illumina, Inc. <sup>(a)</sup> | 885 | 84 |
|  Veeva Systems, Inc., Class A <sup>(a)</sup> | 291 | 84 |
|  Cooper Cos., Inc. <sup>(a)</sup> | 1132 | 81 |
|  Molina Healthcare, Inc. <sup>(a)</sup> | 233 | 69 |
|  Halozyme Therapeutics, Inc. <sup>(a)</sup> | 1133 | 59 |
|  Doximity, Inc., Class A <sup>(a)</sup> | 884 | 54 |
|  Penumbra, Inc. <sup>(a)</sup> | 203 | 52 |
|  Natera, Inc. <sup>(a)</sup> | 275 | 47 |
|  Zimmer Biomet Holdings, Inc. | 328 | 30 |
|  NewAmsterdam Pharma Co. NV <sup>(a)</sup> | 1638 | 30 |
|  DexCom, Inc. <sup>(a)</sup> | 310 | 27 |
|  Humana, Inc. | 95 | 23 |
|  Krystal Biotech, Inc. <sup>(a)</sup> | 147 | 20 |
|  Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 34 | 11 |
|  agilon health, Inc. <sup>(a)</sup> | 4503 | 10 |
|  Caris Life Sciences, Inc., Class A <sup>(a)</sup> | 345 | 9 |
|  GRAIL, Inc. <sup>(a)(b)</sup> | 57 | 3 |
|  |  | 1174 |
|  **Communication services 3.44%** |  |  |
|  ROBLOX Corp., Class A <sup>(a)</sup> | 2872 | 302 |
|  Live Nation Entertainment, Inc. <sup>(a)</sup> | 613 | 93 |
|  Charter Communications, Inc., Class A <sup>(a)</sup> | 128 | 52 |
|  Trade Desk, Inc. (The), Class A <sup>(a)</sup> | 669 | 48 |
|  Take-Two Interactive Software, Inc. <sup>(a)</sup> | 192 | 47 |
|  |  | 542 |
|  **Real estate 2.79%** |  |  |
|  Mid-America Apartment Communities, Inc. REIT | 898 | 133 |
|  Essex Property Trust, Inc. REIT | 370 | 105 |
|  Crown Castle, Inc. REIT | 828 | 85 |
|  NNN REIT, Inc. | 1771 | 76 |
|  Lineage, Inc. REIT | 937 | 41 |
|  |  | 440 |
|  **Energy 2.03%** |  |  |
|  Diamondback Energy, Inc. | 883 | 121 |
|  Baker Hughes Co., Class A | 2254 | 87 |
|  Viper Energy, Inc., Class A | 1358 | 52 |
|  Permian Resources Corp., Class A | 3106 | 42 |
|  Cheniere Energy, Inc. | 71 | 17 |
|  |  | 319 |

---

American Funds Insurance Series **46**

------

U.S. Small and Mid Cap Equity Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br>(000) |
|  **Materials 1.46%** |  |  |
|  International Paper Co. | 3154 | $148 |
|  Element Solutions, Inc. | 2825 | 64 |
|  Albemarle Corp. | 295 | 18 |
|  |  | 230 |
|  **Utilities 0.10%** |  |  |
|  FirstEnergy Corp. | 364 | 15 |
|  **Total common stocks** (cost: $14,596,000) |  | 15209 |
| Short-term securities 3.28% |  |  |
|  **Money market investments 3.24%** |  |  |
|  Capital Group Central Cash Fund 4.35% <sup>(c)(d)</sup> | 5099 | 510 |
|  **Money market investments purchased with collateral from securities on loan 0.04%** |  |  |
|  Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(c)(e)</sup> | 6301 | 7 |
|  **Total short-term securities** (cost: $516,000) |  | 517 |
|  **Total investment securities 99.82%** (cost: $15,112,000) |  | 15726 |
|  Other assets less liabilities 0.18% |  | 29 |
|  **Net assets 100.00%** |  | $15755 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments in affiliates <sup>(d)</sup> |  |  |  |  |  |  |  |
|  | Value at<br>1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain (loss)<br> (000) | Net<br>unrealized<br>appreciation<br>(depreciation)<br> (000) | Value at<br>6/30/2025<br>(000) | Dividend<br>or interest<br>income<br> (000) |
|  Short-term securities 3.24% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 3.24%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.35% <sup>(c)</sup> | $288 | $2214 | $1992 | $– <sup>(f)</sup> | $– <sup>(f)</sup> | $510 | $7 |

---

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> All or a portion of this security was on loan. The total value of all such securities was $7,000, which represented 0.04% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(d)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(e)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(f)</sup> Amount less than one thousand. 

**Key to abbreviation(s)**

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

**47** American Funds Insurance Series

------

---

| | |
|:---|:---|
| Capital World Growth and Income Fund |  |
| **Investment portfolio** June 30, 2025 | unaudited |

---

---

| | | |
|:---|:---|:---|
| Common stocks 95.96% | Shares | Value<br>(000) |
|  **Information technology 21.38%** |  |  |
|  Broadcom, Inc. | 322908 | $89010 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 2154772 | 78189 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 3201 | 725 |
|  Microsoft Corp. | 148122 | 73677 |
|  NVIDIA Corp. | 275672 | 43553 |
|  Apple, Inc. | 106641 | 21880 |
|  ASML Holding NV | 17464 | 13939 |
|  ASML Holding NV (ADR) | 1512 | 1212 |
|  International Business Machines Corp. | 41677 | 12286 |
|  Micron Technology, Inc. | 97542 | 12022 |
|  Tokyo Electron, Ltd. | 50675 | 9741 |
|  Oracle Corp. | 35633 | 7790 |
|  Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup> | 65481 | 7553 |
|  SAP SE | 20143 | 6125 |
|  Texas Instruments, Inc. | 25295 | 5252 |
|  MediaTek, Inc. | 122094 | 5224 |
|  Seagate Technology Holdings PLC | 27052 | 3904 |
|  ANSYS, Inc. <sup>(a)</sup> | 10370 | 3642 |
|  Accenture PLC, Class A | 10695 | 3197 |
|  KLA Corp. | 3423 | 3066 |
|  Salesforce, Inc. | 10034 | 2736 |
|  Constellation Software, Inc. | 721 | 2644 |
|  Intel Corp. | 116540 | 2611 |
|  Capgemini SE | 14221 | 2430 |
|  Allegro MicroSystems, Inc. <sup>(a)</sup> | 64600 | 2209 |
|  Keyence Corp. | 5100 | 2048 |
|  Synopsys, Inc. <sup>(a)</sup> | 3579 | 1835 |
|  EPAM Systems, Inc. <sup>(a)</sup> | 10025 | 1773 |
|  Cloudflare, Inc., Class A <sup>(a)</sup> | 8686 | 1701 |
|  Ciena Corp. <sup>(a)</sup> | 17848 | 1452 |
|  Adobe, Inc. <sup>(a)</sup> | 3195 | 1236 |
|  Elastic NV, non-registered shares <sup>(a)</sup> | 11780 | 993 |
|  Fair Isaac Corp. <sup>(a)</sup> | 458 | 837 |
|  Advantech Co., Ltd. | 36098 | 420 |
|  Applied Materials, Inc. | 743 | 136 |
|  |  | 427048 |
|  **Financials 15.86%** |  |  |
|  Zurich Insurance Group AG | 20837 | 14565 |
|  JPMorgan Chase & Co. | 44526 | 12909 |
|  AXA SA | 262359 | 12878 |
|  Chubb, Ltd. | 41672 | 12073 |
|  Mastercard, Inc., Class A | 18748 | 10535 |
|  BlackRock, Inc. | 9891 | 10378 |
|  Apollo Asset Management, Inc. | 70768 | 10040 |
|  Capital One Financial Corp. | 46086 | 9805 |
|  Citigroup, Inc. | 110046 | 9367 |
|  Aviva PLC | 1042205 | 8858 |
|  NatWest Group PLC | 1253488 | 8799 |
|  ING Groep NV | 342713 | 7519 |
|  Arthur J. Gallagher & Co. | 22995 | 7361 |
|  Blackstone, Inc. | 47902 | 7165 |
|  American Express Co. | 22216 | 7086 |
|  Banco Bilbao Vizcaya Argentaria SA | 444681 | 6838 |
|  Ping An Insurance (Group) Company of China, Ltd., Class H | 1005280 | 6384 |
|  Ping An Insurance (Group) Company of China, Ltd., Class A | 35100 | 272 |
|  UniCredit SpA | 93613 | 6276 |
|  Visa, Inc., Class A | 17504 | 6215 |
|  HSBC Holdings PLC (GBP denominated) | 351246 | 4252 |
|  HSBC Holdings PLC (HKD denominated) | 130000 | 1572 |

---

American Funds Insurance Series **48**

------

Capital World Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Financials (continued)** |  |  |
|  HDFC Life Insurance Co., Ltd. | 598632 | $5684 |
|  Wells Fargo & Co. | 70909 | 5681 |
|  3i Group PLC | 93637 | 5295 |
|  Marsh & McLennan Cos., Inc. | 22870 | 5000 |
|  Bank of America Corp. | 104457 | 4943 |
|  Aon PLC, Class A | 12988 | 4634 |
|  Blue Owl Capital, Inc., Class A | 230174 | 4422 |
|  CVC Capital Partners PLC | 207761 | 4253 |
|  Israel Discount Bank, Ltd., Class A | 426539 | 4250 |
|  Ares Management Corp., Class A | 24360 | 4219 |
|  Partners Group Holding AG | 3100 | 4044 |
|  Postal Savings Bank of China Co., Ltd., Class H | 5705383 | 3983 |
|  Progressive Corp. | 14883 | 3972 |
|  BNP Paribas SA | 42005 | 3776 |
|  Munchener Ruckversicherungs-Gesellschaft AG | 5305 | 3441 |
|  KB Financial Group, Inc. | 40508 | 3329 |
|  AIA Group, Ltd. | 365869 | 3281 |
|  Mizuho Financial Group, Inc. | 116000 | 3216 |
|  FinecoBank SpA | 139663 | 3099 |
|  Axis Bank, Ltd. | 213293 | 2983 |
|  Erste Group Bank AG | 34767 | 2961 |
|  Danske Bank AS | 71120 | 2900 |
|  Morgan Stanley | 20517 | 2890 |
|  Svenska Handelsbanken AB, Class A | 193544 | 2587 |
|  China Merchants Bank Co., Ltd., Class A | 256800 | 1647 |
|  China Merchants Bank Co., Ltd., Class H | 122403 | 855 |
|  Brown & Brown, Inc. | 22407 | 2484 |
|  Brookfield Asset Management, Ltd., Class A (CAD denominated) | 44450 | 2460 |
|  Nu Holdings, Ltd., Class A <sup>(a)</sup> | 174140 | 2389 |
|  DBS Group Holdings, Ltd. | 67000 | 2367 |
|  HDFC Bank, Ltd. | 66556 | 1553 |
|  HDFC Bank, Ltd. (ADR) | 8629 | 662 |
|  CaixaBank SA, non-registered shares | 249398 | 2160 |
|  Bank Central Asia Tbk PT | 4024400 | 2150 |
|  B3 SA - Brasil, Bolsa, Balcao | 732050 | 1965 |
|  American International Group, Inc. | 22219 | 1902 |
|  TPG, Inc., Class A | 34713 | 1821 |
|  KKR & Co., Inc. | 12817 | 1705 |
|  National Bank of Canada | 14828 | 1530 |
|  Skandinaviska Enskilda Banken AB, Class A | 84086 | 1467 |
|  Societe Generale | 24943 | 1427 |
|  Banco Comercial Portugues, SA | 1692704 | 1317 |
|  Sumitomo Mitsui Financial Group, Inc. | 50300 | 1269 |
|  Fiserv, Inc. <sup>(a)</sup> | 6083 | 1049 |
|  Fidelity National Information Services, Inc. | 11892 | 968 |
|  Bank Hapoalim BM | 46715 | 896 |
|  Goldman Sachs Group, Inc. | 1233 | 873 |
|  Abu Dhabi Islamic Bank PJSC | 141991 | 831 |
|  Federal Home Loan Mortgage Corp. <sup>(a)(b)</sup> | 98292 | 810 |
|  Fannie Mae <sup>(a)</sup> | 77815 | 742 |
|  XP, Inc., Class A | 36512 | 738 |
|  Macquarie Group, Ltd. | 4650 | 700 |
|  Sberbank of Russia PJSC <sup>(c)</sup> | 3196952 | – <sup>(d)</sup> |
|  |  | 316727 |
|  **Industrials 15.14%** |  |  |
|  General Electric Co. | 121801 | 31350 |
|  BAE Systems PLC | 911124 | 23594 |
|  Airbus SE, non-registered shares | 93536 | 19531 |
|  RTX Corp. | 113584 | 16586 |

---

**49** American Funds Insurance Series

------

Capital World Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  Industrials (continued) |  |  |
|  Siemens AG | 63126 | $16184 |
|  TransDigm Group, Inc. | 10394 | 15806 |
|  Leonardo SpA | 245803 | 13834 |
|  Carrier Global Corp. | 143154 | 10478 |
|  Deere & Co. | 20164 | 10253 |
|  Melrose Industries PLC | 1341959 | 9778 |
|  Compagnie de Saint-Gobain SA, non-registered shares | 80853 | 9490 |
|  Ryanair Holdings PLC (ADR) | 153215 | 8836 |
|  Safran SA | 22275 | 7239 |
|  United Rentals, Inc. | 9359 | 7051 |
|  Hitachi, Ltd. | 237400 | 6932 |
|  RELX PLC | 121544 | 6568 |
|  Deutsche Post AG | 135573 | 6262 |
|  Rolls-Royce Holdings PLC | 447691 | 5946 |
|  Mitsui & Co., Ltd. | 253700 | 5192 |
|  L3Harris Technologies, Inc. | 20021 | 5022 |
|  Lockheed Martin Corp. | 10375 | 4805 |
|  Siemens Energy AG <sup>(a)</sup> | 40154 | 4638 |
|  Volvo AB, Class B | 161206 | 4522 |
|  Bureau Veritas SA | 130575 | 4451 |
|  Ingersoll-Rand, Inc. | 51987 | 4324 |
|  Parker-Hannifin Corp. | 5942 | 4150 |
|  Techtronic Industries Co., Ltd. | 359000 | 3947 |
|  Recruit Holdings Co., Ltd. | 65950 | 3909 |
|  MTU Aero Engines AG | 8343 | 3707 |
|  Saab AB, Class B | 50858 | 2836 |
|  ITOCHU Corp. | 49800 | 2613 |
|  International Consolidated Airlines Group SA (CDI) | 547301 | 2563 |
|  XPO, Inc. <sup>(a)</sup> | 15581 | 1968 |
|  Crane Co. | 10233 | 1943 |
|  Comfort Systems USA, Inc. | 2936 | 1574 |
|  CSX Corp. | 45296 | 1478 |
|  AMETEK, Inc. | 7650 | 1384 |
|  Weir Group PLC (The) | 40053 | 1369 |
|  Bunzl PLC | 42369 | 1349 |
|  SS&C Technologies Holdings, Inc. | 13786 | 1142 |
|  FTAI Aviation, Ltd. | 9560 | 1100 |
|  Boeing Co. (The) <sup>(a)</sup> | 4235 | 887 |
|  Grupo Aeroportuario del Pacifico, SAB de CV, Class B | 37007 | 850 |
|  Howmet Aerospace, Inc. | 4460 | 830 |
|  Woodward, Inc. | 3354 | 822 |
|  Diploma PLC | 11469 | 770 |
|  Core & Main, Inc., Class A <sup>(a)</sup> | 12400 | 748 |
|  Ferguson Enterprises, Inc. | 2880 | 627 |
|  Arcadis NV, non-registered shares | 10404 | 505 |
|  FedEx Corp. | 1469 | 334 |
|  Marubeni Corp. | 13600 | 275 |
|  GE Vernova, Inc. | – <sup>(d)</sup> | – <sup>(d)</sup> |
|  |  | 302352 |
|  **Consumer discretionary 9.07%** |  |  |
|  Amazon.com, Inc. <sup>(a)</sup> | 140588 | 30844 |
|  Starbucks Corp. | 160763 | 14731 |
|  Flutter Entertainment PLC <sup>(a)</sup> | 44504 | 12717 |
|  Royal Caribbean Cruises, Ltd. | 35581 | 11142 |
|  Las Vegas Sands Corp. | 253300 | 11021 |
|  Compagnie Financiere Richemont SA, Class A | 50832 | 9574 |
|  Trip.com Group, Ltd. (ADR) | 81904 | 4803 |
|  Trip.com Group, Ltd. | 77436 | 4498 |
|  Industria de Diseno Textil SA | 172358 | 8970 |

---

American Funds Insurance Series **50**

------

Capital World Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Consumer discretionary (continued)** |  |  |
|  Tesla, Inc. <sup>(a)</sup> | 26703 | $8483 |
|  NEXT PLC | 49226 | 8406 |
|  MercadoLibre, Inc. <sup>(a)</sup> | 2554 | 6675 |
|  Home Depot, Inc. | 15110 | 5540 |
|  LVMH Moet Hennessy-Louis Vuitton SE | 10539 | 5519 |
|  Booking Holdings, Inc. | 891 | 5158 |
|  Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 82008 | 4605 |
|  Moncler SpA | 60825 | 3467 |
|  Hermes International | 1159 | 3139 |
|  Marriott International, Inc., Class A | 8912 | 2435 |
|  Shimano, Inc. | 16700 | 2424 |
|  Restaurant Brands International, Inc. (CAD denominated) | 28394 | 1884 |
|  Aristocrat Leisure, Ltd. | 39374 | 1689 |
|  Dollarama, Inc. | 11674 | 1645 |
|  D.R. Horton, Inc. | 12445 | 1604 |
|  InterContinental Hotels Group PLC | 13475 | 1536 |
|  Hyundai Motor Co. | 9840 | 1484 |
|  adidas AG | 5898 | 1375 |
|  Ferrari NV (EUR denominated) | 2794 | 1369 |
|  Midea Group Co., Ltd., Class A | 123300 | 1242 |
|  Suzuki Motor Corp. | 98300 | 1190 |
|  Compass Group PLC | 24325 | 824 |
|  BYD Co., Ltd., Class H | 42000 | 655 |
|  Stellantis NV | 60662 | 608 |
|  |  | 181256 |
|  **Health care 8.41%** |  |  |
|  Eli Lilly and Co. | 40598 | 31647 |
|  Abbott Laboratories | 157539 | 21427 |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 46256 | 20593 |
|  Stryker Corp. | 27929 | 11050 |
|  Novo Nordisk AS, Class B | 149699 | 10390 |
|  Gilead Sciences, Inc. | 87671 | 9720 |
|  Sanofi | 80343 | 7780 |
|  Medtronic PLC | 75839 | 6611 |
|  UnitedHealth Group, Inc. | 20150 | 6286 |
|  Takeda Pharmaceutical Co., Ltd. | 189200 | 5814 |
|  Molina Healthcare, Inc. <sup>(a)</sup> | 15146 | 4512 |
|  Amgen, Inc. | 14806 | 4134 |
|  Daiichi Sankyo Co., Ltd. | 152300 | 3559 |
|  Novartis AG | 28740 | 3483 |
|  Insulet Corp. <sup>(a)</sup> | 10680 | 3356 |
|  EssilorLuxottica SA | 11285 | 3096 |
|  Thermo Fisher Scientific, Inc. | 7404 | 3002 |
|  GE HealthCare Technologies, Inc. | 21529 | 1595 |
|  Haleon PLC | 246030 | 1264 |
|  Boston Scientific Corp. <sup>(a)</sup> | 10781 | 1158 |
|  Lonza Group AG | 1598 | 1138 |
|  CVS Health Corp. | 16336 | 1127 |
|  AstraZeneca PLC | 7502 | 1042 |
|  Cigna Group (The) | 3100 | 1025 |
|  Chugai Pharmaceutical Co., Ltd. | 17100 | 894 |
|  Rede D'Or Sao Luiz SA | 122458 | 798 |
|  Coloplast AS, Class B | 6002 | 570 |
|  Centene Corp. <sup>(a)</sup> | 8628 | 468 |
|  agilon health, Inc. <sup>(a)</sup> | 125582 | 289 |
|  Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 568 | 185 |
|  |  | 168013 |

---

**51** American Funds Insurance Series

------

Capital World Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Communication services 8.30%** |  |  |
|  Meta Platforms, Inc., Class A | 55225 | $40761 |
|  Alphabet, Inc., Class A | 91743 | 16168 |
|  Alphabet, Inc., Class C | 61561 | 10920 |
|  Netflix, Inc. <sup>(a)</sup> | 9626 | 12891 |
|  Deutsche Telekom AG | 330282 | 12049 |
|  Publicis Groupe SA | 106720 | 12028 |
|  SoftBank Group Corp. | 116000 | 8470 |
|  AT&T, Inc. | 240744 | 6967 |
|  NetEase, Inc. | 216200 | 5811 |
|  NetEase, Inc. (ADR) | 4665 | 628 |
|  Singapore Telecommunications, Ltd. | 2083063 | 6258 |
|  Bharti Airtel, Ltd. | 230486 | 5401 |
|  Bharti Airtel, Ltd., interim shares | 7924 | 141 |
|  Universal Music Group NV | 170542 | 5521 |
|  SoftBank Corp. | 3155950 | 4887 |
|  Tencent Holdings, Ltd. | 58900 | 3774 |
|  Comcast Corp., Class A | 100858 | 3600 |
|  Nintendo Co., Ltd. | 34000 | 3277 |
|  Spotify Technology SA <sup>(a)</sup> | 3523 | 2703 |
|  Omnicom Group, Inc. | 19663 | 1415 |
|  Walt Disney Co. (The) | 10921 | 1354 |
|  Sea, Ltd., Class A (ADR) <sup>(a)</sup> | 4749 | 760 |
|  Advanced Info Service PCL, foreign registered shares | 7000 | 60 |
|  |  | 165844 |
|  **Consumer staples 6.05%** |  |  |
|  Philip Morris International, Inc. | 270760 | 49313 |
|  Nestle SA | 120933 | 12015 |
|  Imperial Brands PLC | 302229 | 11935 |
|  British American Tobacco PLC | 242773 | 11540 |
|  Kroger Co. | 117170 | 8405 |
|  JBS NV (BDR) <sup>(a)</sup> | 238801 | 3438 |
|  Ajinomoto Co., Inc. | 123600 | 3355 |
|  Ocado Group PLC <sup>(a)</sup> | 792264 | 2468 |
|  Costco Wholesale Corp. | 2306 | 2283 |
|  Danone SA | 27147 | 2218 |
|  Sysco Corp. | 24507 | 1856 |
|  Kweichow Moutai Co., Ltd., Class A | 9100 | 1790 |
|  Bunge Global SA | 17875 | 1435 |
|  Procter & Gamble Co. | 7660 | 1220 |
|  Uni-Charm Corp. | 147000 | 1062 |
|  Suntory Beverage & Food, Ltd. <sup>(b)</sup> | 31400 | 1005 |
|  US Foods Holding Corp. <sup>(a)</sup> | 12968 | 999 |
|  Arca Continental, SAB de CV | 87378 | 924 |
|  L'Oreal SA, non-registered shares | 2062 | 882 |
|  Loblaw Companies, Ltd. | 5274 | 872 |
|  Coca-Cola Co. | 11233 | 795 |
|  Keurig Dr Pepper, Inc. | 19565 | 647 |
|  Altria Group, Inc. | 6282 | 368 |
|  General Mills, Inc. | 1805 | 93 |
|  |  | 120918 |
|  **Materials 5.30%** |  |  |
|  Freeport-McMoRan, Inc. | 411150 | 17823 |
|  Linde PLC | 27617 | 12957 |
|  Heidelberg Materials AG, non-registered shares | 45768 | 10753 |
|  Vale SA, ordinary nominative shares | 962864 | 9331 |
|  Vale SA (ADR), ordinary nominative shares | 140029 | 1359 |
|  Rio Tinto PLC | 159054 | 9268 |

---

American Funds Insurance Series **52**

------

Capital World Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Materials (continued)** |  |  |
|  First Quantum Minerals, Ltd. <sup>(a)</sup> | 366873 | $6517 |
|  Air Products and Chemicals, Inc. | 18638 | 5257 |
|  Corteva, Inc. | 68862 | 5132 |
|  Glencore PLC | 982063 | 3823 |
|  Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> | 450844 | 3387 |
|  Air Liquide SA | 15673 | 3234 |
|  Smurfit Westrock PLC | 63371 | 2735 |
|  Dow, Inc. | 84736 | 2244 |
|  Agnico Eagle Mines, Ltd./ Mines Agnico Eagle Limitee | 17572 | 2094 |
|  Grupo Mexico, SAB de CV, Series B | 249082 | 1509 |
|  Southern Copper Corp. | 14886 | 1506 |
|  Shin-Etsu Chemical Co., Ltd. | 31900 | 1057 |
|  Akzo Nobel NV | 14643 | 1025 |
|  Lundin Mining Corp. | 95894 | 1008 |
|  CRH PLC | 10569 | 970 |
|  Franco-Nevada Corp. | 5675 | 930 |
|  Antofagasta PLC | 35642 | 885 |
|  Anglogold Ashanti PLC | 15965 | 728 |
|  Evonik Industries AG | 20222 | 417 |
|  Anglo American PLC | – <sup>(d)</sup> | – <sup>(d)</sup> |
|  |  | 105949 |
|  **Energy 3.99%** |  |  |
|  Shell PLC (GBP denominated) | 444092 | 15565 |
|  Shell PLC (EUR denominated) | 14064 | 497 |
|  EOG Resources, Inc. | 125943 | 15064 |
|  Cameco Corp. (CAD denominated) | 127926 | 9500 |
|  Cameco Corp. | 39775 | 2953 |
|  Canadian Natural Resources, Ltd. (CAD denominated) | 333819 | 10492 |
|  TC Energy Corp. (CAD denominated) <sup>(b)</sup> | 153662 | 7502 |
|  Tourmaline Oil Corp. | 64998 | 3136 |
|  Baker Hughes Co., Class A | 76799 | 2944 |
|  BP PLC | 567500 | 2849 |
|  Suncor Energy, Inc. | 68296 | 2558 |
|  ConocoPhillips | 21973 | 1972 |
|  Expand Energy Corp. | 12380 | 1448 |
|  Neste OYJ | 85724 | 1163 |
|  Schlumberger NV | 21356 | 722 |
|  TotalEnergies SE | 11680 | 717 |
|  ADNOC Drilling Co. PJSC | 381223 | 592 |
|  |  | 79674 |
|  **Utilities 1.69%** |  |  |
|  E.ON SE | 252314 | 4644 |
|  Iberdrola SA, non-registered shares | 231736 | 4447 |
|  Constellation Energy Corp. | 11628 | 3753 |
|  Pinnacle West Capital Corp. | 36700 | 3284 |
|  Engie SA | 134866 | 3165 |
|  NextEra Energy, Inc. | 38632 | 2682 |
|  Dominion Energy, Inc. | 39815 | 2250 |
|  Duke Energy Corp. | 18764 | 2214 |
|  China Resources Gas Group, Ltd. | 728832 | 1862 |
|  National Grid PLC | 105993 | 1544 |
|  DTE Energy Co. | 10763 | 1426 |
|  Public Service Enterprise Group, Inc. | 11944 | 1005 |
|  FirstEnergy Corp. | 24064 | 969 |
|  Southern Co. (The) | 5700 | 523 |
|  |  | 33768 |

---

**53** American Funds Insurance Series

------

Capital World Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Real estate 0.77%** |  |  |
|  Prologis, Inc. REIT | 44269 | $4653 |
|  China Resources Mixc Lifestyle Services, Ltd. | 943600 | 4562 |
|  VICI Properties, Inc. REIT | 134656 | 4390 |
|  Simon Property Group, Inc. REIT | 6679 | 1074 |
|  Longfor Group Holdings, Ltd. <sup>(b)</sup> | 668238 | 788 |
|  |  | 15467 |
|  **Total common stocks** (cost: $1,143,827,000) |  | 1917016 |
| Preferred securities 0.26% |  |  |
|  **Financials 0.26%** |  |  |
|  Itau Unibanco Holding SA, preferred nominative shares | 320549 | 2180 |
|  Itau Unibanco Holding SA (ADR), preferred nominative shares | 219472 | 1490 |
|  Fannie Mae, Series S, 8.25% noncumulative preferred shares <sup>(a)(b)</sup> | 58679 | 880 |
|  Fannie Mae, Series T, 8.25% noncumulative preferred shares <sup>(a)</sup> | 700 | 10 |
|  Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares <sup>(a)(b)</sup> | 37228 | 531 |
|  |  | 5091 |
|  **Total preferred securities** (cost: $4,428,000) |  | 5091 |
| Bonds, notes & other debt instruments 0.07% | Principal amount<br>(000) |  |
|  **Corporate bonds, notes & loans 0.04%** |  |  |
|  **Financials 0.02%** |  |  |
|  Lloyds Banking Group PLC 3.369% 12/14/2046 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.50% on 12/14/2041) <sup>(e)</sup> | USD709 | 505 |
|  **Health care 0.02%** |  |  |
|  Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026 | 432 | 424 |
|  **Total corporate bonds, notes & loans** |  | 929 |
|  **Bonds & notes of governments & government agencies outside the U.S. 0.03%** |  |  |
|  Brazil (Federative Republic of) 10.00% 1/1/2027 | BRL3,300 | 577 |
|  **Total bonds, notes & other debt instruments** (cost: $1,581,000) |  | 1506 |
| Short-term securities 4.22% | Shares |  |
|  **Money market investments 3.82%** |  |  |
|  Capital Group Central Cash Fund 4.35% <sup>(f)(g)</sup> | 762860 | 76286 |
|  **Money market investments purchased with collateral from securities on loan 0.40%** |  |  |
|  Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(f)(h)</sup> | 8089301 | 8089 |
|  **Total short-term securities** (cost: $84,370,000) |  | 84375 |
|  **Total investment securities 100.51%** (cost: $1,234,206,000) |  | 2007988 |
|  Other assets less liabilities (0.51)% |  | (10284) |
|  **Net assets 100.00%** |  | $1997704 |

---

American Funds Insurance Series **54**

------

Capital World Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments in affiliates <sup>(g)</sup> |  |  |  |  |  |  |  |
|  | Value at<br>1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain (loss)<br> (000) | Net<br>unrealized<br>appreciation<br>(depreciation)<br> (000) | Value at<br>6/30/2025<br>(000) | Dividend<br>or interest<br>income<br> (000) |
|  Short-term securities 3.82% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 3.82%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.35% <sup>(f)</sup> | $46673 | $205977 | $176354 | $(8) | $(2) | $76286 | $1606 |

---

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> All or a portion of this security was on loan. The total value of all such securities was $8,902,000, which represented 0.45% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Amount less than one thousand. 

<sup>(e)</sup> Step bond; coupon rate may change at a later date.

<sup>(f)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(g)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(h)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

ADR = American Depositary Receipts

BDR = Brazilian Depositary Receipts

BRL = Brazilian reais

CAD = Canadian dollars

CDI = CREST Depository Interest

EUR = Euros

GBP = British pounds

HKD = Hong Kong dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

UST = U.S. Treasury

Refer to the notes to financial statements.

**55** American Funds Insurance Series

------

---

| | | |
|:---|:---|:---|
| Growth-Income Fund | Growth-Income Fund |  |
| **Investment portfolio** June 30, 2025 | **Investment portfolio** June 30, 2025 | unaudited |
| Common stocks 97.21% | Shares | Value<br> (000) |
| **Information technology 27.82%** |  |  |
|  Microsoft Corp. | 6355199 | $3161140 |
|  NVIDIA Corp. | 15063719 | 2379917 |
|  Broadcom, Inc. | 7692044 | 2120312 |
|  Apple, Inc. | 5646237 | 1158438 |
|  Accenture PLC, Class A | 1488978 | 445041 |
|  Oracle Corp. | 1909313 | 417433 |
|  Amphenol Corp., Class A | 3069782 | 303141 |
|  Arista Networks, Inc. <sup>(a)</sup> | 2911504 | 297876 |
|  Cognizant Technology Solutions Corp., Class A | 3381043 | 263823 |
|  Seagate Technology Holdings PLC | 1823912 | 263245 |
|  Texas Instruments, Inc. | 993770 | 206327 |
|  Salesforce, Inc. | 684185 | 186570 |
|  Applied Materials, Inc. | 933753 | 170942 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 4102000 | 148847 |
|  Microchip Technology, Inc. | 1828376 | 128663 |
|  Adobe, Inc. <sup>(a)</sup> | 163526 | 63265 |
|  Palo Alto Networks, Inc. <sup>(a)</sup> | 220554 | 45134 |
|  Micron Technology, Inc. | 268034 | 33035 |
|  ASML Holding NV | 28845 | 23023 |
|  QUALCOMM, Inc. | 141313 | 22506 |
|  |  | 11838678 |
|  **Industrials 15.48%** |  |  |
|  RTX Corp. | 7207131 | 1052385 |
|  Automatic Data Processing, Inc. | 1993331 | 614743 |
|  Boeing Co. (The) <sup>(a)</sup> | 2376190 | 497883 |
|  Carrier Global Corp. | 6092070 | 445878 |
|  General Dynamics Corp. | 1519363 | 443137 |
|  GFL Environmental, Inc., subordinate voting shares | 8442865 | 426027 |
|  Woodward, Inc. | 1642573 | 402578 |
|  Airbus SE, non-registered shares | 1921964 | 401313 |
|  General Electric Co. | 1504665 | 387286 |
|  United Rentals, Inc. | 293723 | 221291 |
|  Paychex, Inc. | 1519430 | 221016 |
|  XPO, Inc. <sup>(a)</sup> | 1749629 | 220961 |
|  Honeywell International, Inc. | 828971 | 193051 |
|  Ingersoll-Rand, Inc. | 2182540 | 181544 |
|  Caterpillar, Inc. | 418832 | 162595 |
|  APi Group Corp. <sup>(a)</sup> | 2760328 | 140915 |
|  Uber Technologies, Inc. <sup>(a)</sup> | 1288242 | 120193 |
|  CSX Corp. | 3114334 | 101621 |
|  TransDigm Group, Inc. | 65897 | 100206 |
|  L3Harris Technologies, Inc. | 381989 | 95818 |
|  Union Pacific Corp. | 360831 | 83020 |
|  StandardAero, Inc. <sup>(a)</sup> | 1589110 | 50295 |
|  Waste Management, Inc. | 113395 | 25947 |
|  |  | 6589703 |
|  **Financials 12.23%** |  |  |
|  JPMorgan Chase & Co. | 2970358 | 861136 |
|  Mastercard, Inc., Class A | 1095825 | 615788 |
|  Fidelity National Information Services, Inc. | 6648960 | 541292 |
|  BlackRock, Inc. | 504695 | 529551 |
|  Wells Fargo & Co. | 3777575 | 302659 |
|  Marsh & McLennan Cos., Inc. | 1141737 | 249629 |
|  Capital One Financial Corp. | 1018858 | 216772 |
|  Chubb, Ltd. | 559859 | 162202 |
|  Visa, Inc., Class A | 445602 | 158211 |
|  B3 SA - Brasil, Bolsa, Balcao | 56528755 | 151698 |

---

American Funds Insurance Series **56**

------

Growth-Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Financials (continued)** |  |  |
|  Morgan Stanley | 957257 | $134839 |
|  Berkshire Hathaway, Inc., Class B <sup>(a)</sup> | 269334 | 130834 |
|  Pinnacle Financial Partners, Inc. | 1131294 | 124906 |
|  Arthur J. Gallagher & Co. | 386229 | 123640 |
|  Goldman Sachs Group, Inc. | 174257 | 123330 |
|  Progressive Corp. | 441636 | 117855 |
|  PNC Financial Services Group, Inc. | 520903 | 97107 |
|  PayPal Holdings, Inc. <sup>(a)</sup> | 1170785 | 87013 |
|  S&P Global, Inc. | 165000 | 87003 |
|  CME Group, Inc., Class A | 292470 | 80611 |
|  State Street Corp. | 681940 | 72518 |
|  American Express Co. | 214890 | 68546 |
|  American International Group, Inc. | 704000 | 60255 |
|  First Citizens BancShares, Inc., Class A | 27589 | 53977 |
|  Apollo Asset Management, Inc. | 373721 | 53020 |
|  |  | 5204392 |
|  **Consumer discretionary 10.82%** |  |  |
|  Amazon.com, Inc. <sup>(a)</sup> | 7885129 | 1729918 |
|  Starbucks Corp. | 5895185 | 540176 |
|  Royal Caribbean Cruises, Ltd. | 1347194 | 421860 |
|  Wyndham Hotels & Resorts, Inc. <sup>(b)</sup> | 4703154 | 381943 |
|  Home Depot, Inc. | 851415 | 312163 |
|  Tesla, Inc. <sup>(a)</sup> | 809068 | 257009 |
|  Las Vegas Sands Corp. | 5713687 | 248603 |
|  Sony Group Corp. | 5225500 | 135350 |
|  Viking Holdings, Ltd. <sup>(a)</sup> | 2360527 | 125793 |
|  Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 2131290 | 119672 |
|  Hasbro, Inc. | 1121640 | 82799 |
|  TJX Companies, Inc. (The) | 495864 | 61234 |
|  DoorDash, Inc., Class A <sup>(a)</sup> | 176256 | 43449 |
|  Carvana Co., Class A <sup>(a)</sup> | 122390 | 41241 |
|  YUM! Brands, Inc. | 272921 | 40441 |
|  Hilton Worldwide Holdings, Inc. | 151393 | 40322 |
|  LVMH Moet Hennessy-Louis Vuitton SE | 44522 | 23317 |
|  |  | 4605290 |
|  **Health care 9.29%** |  |  |
|  Eli Lilly and Co. | 1455976 | 1134977 |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 1278119 | 569019 |
|  AbbVie, Inc. | 1919793 | 356352 |
|  Abbott Laboratories | 2330871 | 317022 |
|  Thermo Fisher Scientific, Inc. | 529687 | 214767 |
|  Revvity, Inc. | 1740393 | 168331 |
|  IQVIA Holdings, Inc. <sup>(a)</sup> | 861315 | 135735 |
|  Johnson & Johnson | 807444 | 123337 |
|  Sanofi | 1245837 | 120646 |
|  Cencora, Inc. | 401982 | 120534 |
|  Insulet Corp. <sup>(a)</sup> | 303962 | 95499 |
|  Gilead Sciences, Inc. | 715085 | 79281 |
|  UnitedHealth Group, Inc. | 238376 | 74366 |
|  Intuitive Surgical, Inc. <sup>(a)</sup> | 129867 | 70571 |
|  Cigna Group (The) | 169900 | 56165 |
|  Stryker Corp. | 138782 | 54906 |
|  Danaher Corp. | 250263 | 49437 |
|  GE HealthCare Technologies, Inc. | 626693 | 46419 |
|  Amgen, Inc. | 151000 | 42161 |
|  CVS Health Corp. | 535085 | 36910 |
|  DexCom, Inc. <sup>(a)</sup> | 390182 | 34059 |

---

**57** American Funds Insurance Series

------

Growth-Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Health care (continued)** |  |  |
|  Masimo Corp. <sup>(a)</sup> | 119168 | $20046 |
|  Medtronic PLC | 210000 | 18306 |
|  Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 44175 | 14405 |
|  |  | 3953251 |
|  **Communication services 8.98%** |  |  |
|  Meta Platforms, Inc., Class A | 2978719 | 2198563 |
|  Alphabet, Inc., Class A | 4123004 | 726597 |
|  Alphabet, Inc., Class C | 2168410 | 384654 |
|  Netflix, Inc. <sup>(a)</sup> | 262557 | 351598 |
|  Universal Music Group NV | 3239458 | 104862 |
|  SoftBank Group Corp. | 484100 | 35348 |
|  Comcast Corp., Class A | 624053 | 22272 |
|  |  | 3823894 |
|  **Consumer staples 3.14%** |  |  |
|  British American Tobacco PLC | 11381282 | 541008 |
|  Procter & Gamble Co. | 1370988 | 218426 |
|  Philip Morris International, Inc. | 1042193 | 189815 |
|  Coca-Cola Co. | 2053492 | 145284 |
|  Imperial Brands PLC | 3663668 | 144682 |
|  Mondelez International, Inc., Class A | 851894 | 57452 |
|  Keurig Dr Pepper, Inc. | 1164623 | 38502 |
|  |  | 1335169 |
|  **Energy 2.99%** |  |  |
|  Baker Hughes Co., Class A | 8415638 | 322656 |
|  Canadian Natural Resources, Ltd. (CAD denominated) | 9452456 | 297092 |
|  Exxon Mobil Corp. | 2651600 | 285843 |
|  Expand Energy Corp. | 715878 | 83715 |
|  TC Energy Corp. | 1629755 | 79516 |
|  EOG Resources, Inc. | 575078 | 68785 |
|  Chevron Corp. | 444985 | 63717 |
|  ConocoPhillips | 434738 | 39013 |
|  Halliburton Co. | 1672003 | 34075 |
|  |  | 1274412 |
|  **Materials 2.72%** |  |  |
|  Air Products and Chemicals, Inc. | 1428502 | 402923 |
|  International Paper Co. | 5806574 | 271922 |
|  Linde PLC | 565683 | 265407 |
|  Eastman Chemical Co. | 1388765 | 103685 |
|  LyondellBasell Industries NV | 769974 | 44551 |
|  Freeport-McMoRan, Inc. | 1005668 | 43596 |
|  Albemarle Corp. | 431100 | 27017 |
|  |  | 1159101 |
|  **Utilities 1.97%** |  |  |
|  PG&E Corp. | 18016861 | 251155 |
|  Dominion Energy, Inc. | 4402764 | 248844 |
|  CenterPoint Energy, Inc. | 3037684 | 111605 |
|  Entergy Corp. | 1337004 | 111132 |
|  Sempra | 800000 | 60616 |
|  NextEra Energy, Inc. | 793264 | 55068 |
|  |  | 838420 |

---

American Funds Insurance Series **58**

------

Growth-Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Real estate 1.77%** |  |  |
|  VICI Properties, Inc. REIT | 10163137 | $331319 |
|  Equinix, Inc. REIT | 235188 | 187085 |
|  American Tower Corp. REIT | 428106 | 94620 |
|  Prologis, Inc. REIT | 866060 | 91040 |
|  Welltower, Inc. REIT | 306310 | 47089 |
|  |  | 751153 |
|  **Total common stocks** (cost: $22,661,815,000) |  | 41373463 |
| Bonds, notes & other debt instruments 0.00% | Principal amount<br>(000) |  |
|  **Corporate bonds, notes & loans 0.00%**<br>|  |  |
|  **Consumer discretionary 0.00%** |  |  |
|  General Motors Financial Co., Inc. 4.30% 7/13/2025 | USD160 | 160 |
|  General Motors Financial Co., Inc. 5.25% 3/1/2026 | 827 | 828 |
|  **Total corporate bonds, notes & loans** |  | 988 |
|  **Total bonds, notes & other debt instruments** (cost: $969,000) |  | 988 |
| Short-term securities 2.96% | Shares |  |
|  **Money market investments 2.96%**<br>|  |  |
|  Capital Group Central Cash Fund 4.35% <sup>(b)(c)</sup> | 12613746 | 1261375 |
|  **Total short-term securities** (cost: $1,261,311,000) |  | 1261375 |
|  **Total investment securities 100.17%** (cost: $23,924,095,000) |  | 42635826 |
|  Other assets less liabilities (0.17)% |  | (73509) |
|  **Net assets 100.00%** |  | $42562317 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Investments in affiliates <sup>(b)</sup>** | **Investments in affiliates <sup>(b)</sup>** | **Investments in affiliates <sup>(b)</sup>** | **Investments in affiliates <sup>(b)</sup>** | **Investments in affiliates <sup>(b)</sup>** | **Investments in affiliates <sup>(b)</sup>** | **Investments in affiliates <sup>(b)</sup>** | **Investments in affiliates <sup>(b)</sup>** |
|  | Value at<br>1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain (loss)<br>(000) | Net<br>unrealized<br>appreciation<br>(depreciation)<br>(000) | Value at<br>6/30/2025<br>(000) | Dividend<br>or interest<br>income<br>(000) |
|  Common stocks 0.90% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer discretionary 0.90%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | $509003 | $– | $32068 | $6460 | $(101452) | $381943 | $3857 |
|  Short-term securities 2.96% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 2.96%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.35% <sup>(c)</sup> | 1471964 | 3884821 | 4095042 | (247) | (121) | 1261375 | 33418 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 3.86%** |  |  |  | $6213 | $(101573) | $1643318 | $37275 |

---

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(c)</sup> Rate represents the seven-day yield at 6/30/2025.

**Key to abbreviation(s)**

CAD = Canadian dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

**59** American Funds Insurance Series

------

---

| | |
|:---|:---|
| International Growth and Income Fund |  |
| **Investment portfolio** June 30, 2025 | unaudited |

---

---

| | | |
|:---|:---|:---|
| Common stocks 95.81% | Shares | Value<br> (000) |
|  **Financials 24.20%** |  |  |
|  UniCredit SpA | 82015 | $5498 |
|  AXA SA | 98049 | 4813 |
|  Societe Generale | 83606 | 4781 |
|  Skandinaviska Enskilda Banken AB, Class A | 213375 | 3724 |
|  DBS Group Holdings, Ltd. | 92484 | 3267 |
|  Banco Bilbao Vizcaya Argentaria SA | 207319 | 3188 |
|  Zurich Insurance Group AG | 4329 | 3026 |
|  CaixaBank SA, non-registered shares | 346304 | 3000 |
|  HSBC Holdings PLC (GBP denominated) | 187318 | 2267 |
|  HSBC Holdings PLC (HKD denominated) | 57200 | 692 |
|  KB Financial Group, Inc. | 33773 | 2775 |
|  Hana Financial Group, Inc. | 38096 | 2436 |
|  AIA Group, Ltd. | 269000 | 2412 |
|  Banco Santander SA | 278262 | 2303 |
|  Euronext NV | 13050 | 2231 |
|  Prudential PLC | 176972 | 2217 |
|  PICC Property and Casualty Co., Ltd., Class H | 1140000 | 2207 |
|  NatWest Group PLC | 307586 | 2159 |
|  Deutsche Bank AG | 72520 | 2150 |
|  Resona Holdings, Inc. | 231000 | 2137 |
|  HDFC Bank, Ltd. | 84415 | 1970 |
|  Bank Hapoalim BM | 100063 | 1920 |
|  Aviva PLC | 214434 | 1823 |
|  London Stock Exchange Group PLC | 11847 | 1729 |
|  Kotak Mahindra Bank, Ltd. | 67163 | 1694 |
|  Bank Leumi le-Israel BM | 85824 | 1596 |
|  Munchener Ruckversicherungs-Gesellschaft AG | 2352 | 1525 |
|  Allianz SE | 3670 | 1488 |
|  Ping An Insurance (Group) Company of China, Ltd., Class H | 198500 | 1261 |
|  Abu Dhabi Islamic Bank PJSC | 213614 | 1251 |
|  3i Group PLC | 22022 | 1245 |
|  Tokio Marine Holdings, Inc. | 27700 | 1175 |
|  Edenred SA | 36354 | 1126 |
|  Aon PLC, Class A | 2980 | 1063 |
|  CVC Capital Partners PLC | 50136 | 1026 |
|  XP, Inc., Class A | 45340 | 916 |
|  ICICI Bank, Ltd. (ADR) | 26538 | 893 |
|  Mediobanca SpA <sup>(a)</sup> | 37649 | 875 |
|  Adyen NV <sup>(b)</sup> | 463 | 850 |
|  Etoro Group, Ltd., Class A <sup>(b)</sup> | 12624 | 841 |
|  Hiscox, Ltd. | 48322 | 832 |
|  Hong Kong Exchanges and Clearing, Ltd. | 15500 | 827 |
|  Tryg A/S | 31592 | 816 |
|  Macquarie Group, Ltd. | 5051 | 760 |
|  Pluxee NV | 34882 | 760 |
|  Canadian Imperial Bank of Commerce | 9407 | 668 |
|  Partners Group Holding AG | 510 | 665 |
|  Mizuho Financial Group, Inc. | 23700 | 657 |
|  Plus500, Ltd. | 13607 | 634 |
|  Brookfield Corp., Class A (CAD denominated) | 8991 | 556 |
|  Grupo Financiero Banorte, SAB de CV, Series O | 56281 | 514 |
|  People's Insurance Company (Group) of China, Ltd. (The), Class H | 640000 | 487 |
|  Banco BTG Pactual SA, units | 61713 | 480 |
|  Canara Bank | 300837 | 401 |
|  Sampo OYJ, Class A | 36843 | 396 |
|  Intesa Sanpaolo SpA | 64163 | 370 |
|  Grupo Financiero Inbursa, SAB de CV | 139929 | 361 |
|  MS&AD Insurance Group Holdings, Inc. | 16000 | 359 |
|  Saudi National Bank (The) | 36707 | 354 |
|  Bank Central Asia Tbk PT | 641400 | 343 |
|  Banca Generali SpA | 6155 | 342 |

---

American Funds Insurance Series **60**

------

International Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br>(000) |
| **Financials (continued)** |  |  |
| Japan Post Bank Co., Ltd. | 28500 | $308 |
| ING Groep NV | 10568 | 232 |
| Hang Seng Bank, Ltd. | 12900 | 193 |
| Sberbank of Russia PJSC <sup>(c)</sup> | 476388 | — <sup>(d)</sup> |
|  |  | 95865 |
| **Industrials 16.00%** |  |  |
| BAE Systems PLC | 371144 | 9611 |
| Airbus SE, non-registered shares | 27613 | 5766 |
| Ryanair Holdings PLC (ADR) | 76887 | 4434 |
| Siemens AG | 11090 | 2843 |
| Rheinmetall AG, non-registered shares | 1264 | 2676 |
| Hitachi, Ltd. | 88400 | 2581 |
| ABB, Ltd. | 42447 | 2531 |
| Safran SA | 7110 | 2311 |
| Deutsche Post AG | 45152 | 2085 |
| RELX PLC | 38138 | 2061 |
| ITOCHU Corp. | 34700 | 1821 |
| DSV A/S | 7290 | 1752 |
| Epiroc AB, Class B | 42138 | 806 |
| Epiroc AB, Class A | 33488 | 727 |
| Motiva Infraestrutura de Mobilidade SA | 599534 | 1522 |
| Canadian National Railway Co. (CAD denominated) | 13158 | 1371 |
| Diploma PLC | 19393 | 1301 |
| Alliance Global Group, Inc. | 7546600 | 1208 |
| Copa Holdings SA, Class A | 10519 | 1157 |
| Compagnie de Saint-Gobain SA, non-registered shares | 9633 | 1131 |
| SMC Corp. | 3000 | 1084 |
| Volvo AB, Class B | 38529 | 1081 |
| Deutsche Lufthansa AG | 123520 | 1045 |
| Singapore Technologies Engineering, Ltd. | 166300 | 1019 |
| ASSA ABLOY AB, Class B | 31106 | 971 |
| SPIE SA | 15845 | 890 |
| SGH, Ltd. | 22731 | 809 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B | 34778 | 798 |
| Komatsu, Ltd. | 20200 | 664 |
| Brambles, Ltd. | 34999 | 539 |
| Kingspan Group PLC | 6112 | 520 |
| Metso Corp. | 39888 | 516 |
| Daikin Industries, Ltd. | 4000 | 473 |
| Caterpillar, Inc. | 1195 | 464 |
| Bombardier, Inc., Class B <sup>(b)</sup> | 4952 | 431 |
| Jiangsu Hengli Hydraulic Co., Ltd., Class A | 40100 | 403 |
| Mitsui & Co., Ltd. | 15800 | 323 |
| Rolls-Royce Holdings PLC | 23754 | 316 |
| International Consolidated Airlines Group SA (CDI) | 66727 | 313 |
| Ashtead Group PLC | 4715 | 302 |
| Salik Co. PJSC | 174803 | 288 |
| International Container Terminal Services, Inc. | 32510 | 237 |
| Wizz Air Holdings PLC <sup>(b)</sup> | 12727 | 190 |
|  |  | 63371 |
| **Information technology 11.17%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 403000 | 14623 |
| ASML Holding NV | 7732 | 6171 |
| MediaTek, Inc. | 90000 | 3851 |
| Samsung Electronics Co., Ltd. | 71381 | 3163 |
| Broadcom, Inc. | 8075 | 2226 |
| SAP SE | 7175 | 2182 |

---

**61** American Funds Insurance Series

------

International Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br>(000) |
| **Information technology (continued)** |  |  |
| NEC Corp. | 55900 | $1638 |
| Sage Group PLC (The) | 68516 | 1176 |
| Capgemini SE | 6781 | 1159 |
| ASMPT, Ltd. | 137500 | 1008 |
| SK hynix, Inc. | 4609 | 997 |
| Halma PLC | 20776 | 913 |
| ASM International NV | 1296 | 830 |
| Fujitsu, Ltd. | 31500 | 769 |
| Tokyo Electron, Ltd. | 3900 | 750 |
| E Ink Holdings, Inc. | 95000 | 719 |
| Bechtle AG, non-registered shares | 12590 | 590 |
| Lumine Group, Inc., subordinate voting shares <sup>(b)</sup> | 10419 | 366 |
| Tata Consultancy Services, Ltd. | 8945 | 361 |
| Keyence Corp. | 800 | 321 |
| eMemory Technology, Inc. | 3000 | 242 |
| Newgen Software Technologies, Ltd. | 13433 | 183 |
|  |  | 44238 |
| **Consumer staples 8.81%** |  |  |
| British American Tobacco PLC | 131714 | 6261 |
| Philip Morris International, Inc. | 27581 | 5023 |
| Nestle SA | 44604 | 4431 |
| Imperial Brands PLC | 91475 | 3613 |
| Carlsberg A/S, Class B | 14001 | 1984 |
| KT&G Corp. | 18007 | 1704 |
| Pernod Ricard SA | 16278 | 1622 |
| Arca Continental, SAB de CV | 127111 | 1344 |
| L'Oreal SA, non-registered shares | 3110 | 1330 |
| Carrefour SA, non-registered shares | 91237 | 1286 |
| Danone SA | 13637 | 1114 |
| Anheuser-Busch InBev SA/NV | 15787 | 1083 |
| Yamazaki Baking Co., Ltd. | 39500 | 886 |
| Tsingtao Brewery Co., Ltd., Class H | 129738 | 847 |
| Kweichow Moutai Co., Ltd., Class A | 3290 | 647 |
| Ocado Group PLC <sup>(b)</sup> | 175541 | 547 |
| Unilever PLC | 8946 | 543 |
| United Spirits, Ltd. | 19088 | 318 |
| Seven & i Holdings Co., Ltd. | 18100 | 292 |
|  |  | 34875 |
| **Consumer discretionary 8.23%** |  |  |
| Industria de Diseno Textil SA | 85241 | 4436 |
| Renault SA | 67213 | 3098 |
| Trip.com Group, Ltd. (ADR) | 37365 | 2191 |
| Trip.com Group, Ltd. | 10050 | 584 |
| Prosus NV, Class N | 48589 | 2717 |
| MGM China Holdings, Ltd. | 1190000 | 1952 |
| Amadeus IT Group SA, Class A, non-registered shares | 17324 | 1459 |
| LVMH Moet Hennessy-Louis Vuitton SE | 2363 | 1238 |
| Aristocrat Leisure, Ltd. | 28439 | 1220 |
| Evolution AB | 13052 | 1037 |
| Entain PLC | 83159 | 1028 |
| Midea Group Co., Ltd., Class A | 95500 | 962 |
| ANTA Sports Products, Ltd. | 72700 | 875 |
| Compagnie Financiere Richemont SA, Class A | 4098 | 772 |
| InterContinental Hotels Group PLC | 6711 | 765 |
| Hyundai Motor Co. | 5056 | 762 |
| Suzuki Motor Corp. | 51100 | 618 |
| Games Workshop Group PLC | 2664 | 593 |

---

American Funds Insurance Series **62**

------

International Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br>(000) |
| **Consumer discretionary (continued)** |  |  |
| Restaurant Brands International, Inc. (CAD denominated) | 8197 | $544 |
| D'Ieteren Group | 2461 | 529 |
| B&M European Value Retail SA | 138745 | 517 |
| Meituan, Class B <sup>(b)</sup> | 32000 | 511 |
| Dixon Technologies (India), Ltd. | 2917 | 510 |
| Accor SA | 9691 | 506 |
| Nitori Holdings Co., Ltd. | 4900 | 474 |
| H World Group, Ltd. (ADR) | 12538 | 425 |
| JD.com, Inc., Class A (ADR) | 12568 | 410 |
| Paltac Corp. | 14300 | 401 |
| Galaxy Entertainment Group, Ltd. | 89361 | 397 |
| Amber Enterprises India, Ltd. <sup>(b)</sup> | 4368 | 345 |
| BYD Co., Ltd., Class A | 6400 | 296 |
| Maruti Suzuki India, Ltd. | 1989 | 288 |
| Jumbo SA | 3722 | 128 |
|  |  | 32588 |
| **Communication services 7.32%** |  |  |
| Koninklijke KPN NV | 950618 | 4631 |
| Singapore Telecommunications, Ltd. | 972800 | 2923 |
| Publicis Groupe SA | 24160 | 2723 |
| Tencent Holdings, Ltd. | 32500 | 2082 |
| Deutsche Telekom AG | 49481 | 1805 |
| Nintendo Co., Ltd. | 17500 | 1687 |
| Bharti Airtel, Ltd. | 62029 | 1453 |
| MTN Group, Ltd. | 181961 | 1448 |
| BT Group PLC | 487864 | 1297 |
| Orange | 82607 | 1257 |
| Kanzhun, Ltd., Class A (ADR) <sup>(b)</sup> | 61210 | 1092 |
| Swisscom AG <sup>(b)</sup> | 1375 | 975 |
| NetEase, Inc. | 34200 | 919 |
| Nippon Television Holdings, Inc. | 38500 | 895 |
| HYBE Co., Ltd. | 3666 | 839 |
| Indus Towers, Ltd. <sup>(b)</sup> | 153766 | 755 |
| America Movil, SAB de CV, Class B (ADR) | 37216 | 668 |
| Universal Music Group NV | 20503 | 664 |
| KT Corp. (ADR) | 22308 | 464 |
| Vend Marketplaces ASA, Class A | 11389 | 401 |
|  |  | 28978 |
| **Health care 6.52%** |  |  |
| Sanofi | 67985 | 6584 |
| AstraZeneca PLC | 38492 | 5347 |
| EssilorLuxottica SA | 11732 | 3219 |
| Novo Nordisk AS, Class B | 44521 | 3090 |
| Chugai Pharmaceutical Co., Ltd. | 24300 | 1270 |
| bioMerieux SA | 8453 | 1169 |
| Haleon PLC | 180035 | 925 |
| Grifols SA, Class B (ADR) <sup>(b)</sup> | 96958 | 876 |
| Roche Holding AG, nonvoting non-registered shares | 2659 | 866 |
| Bayer AG | 25374 | 763 |
| Genus PLC | 15716 | 441 |
| Max Healthcare Institute, Ltd. | 27843 | 414 |
| Fresenius SE & Co. KGaA | 7058 | 355 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H <sup>(b)</sup> | 40000 | 274 |

---

**63** American Funds Insurance Series

------

International Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br>(000) |
|  **Health care (continued)** |  |  |
|  HOYA Corp. | 1100 | $131 |
|  Akums Drugs and Pharmaceuticals, Ltd. <sup>(b)</sup> | 16884 | 115 |
|  Euroapi SA <sup>(a)(b)</sup> | 1412 | 5 |
|  |  | 25844 |
|  **Materials 5.20%** |  |  |
|  Barrick Mining Corp. | 145374 | 3027 |
|  Linde PLC | 4443 | 2084 |
|  Glencore PLC | 443045 | 1725 |
|  BASF SE | 34443 | 1698 |
|  Agnico Eagle Mines, Ltd./ Mines Agnico Eagle Limitee | 11435 | 1362 |
|  Shin-Etsu Chemical Co., Ltd. | 35500 | 1176 |
|  Vale SA (ADR), ordinary nominative shares | 84314 | 819 |
|  Vale SA, ordinary nominative shares | 32911 | 319 |
|  Heidelberg Materials AG, non-registered shares | 3882 | 912 |
|  Anhui Conch Cement Co., Ltd., Class H | 345000 | 877 |
|  Norsk Hydro ASA | 141880 | 810 |
|  Nutrien, Ltd. (CAD denominated) | 13615 | 793 |
|  Air Liquide SA | 3426 | 707 |
|  Rio Tinto PLC | 11504 | 670 |
|  Grupo Mexico, SAB de CV, Series B | 102232 | 619 |
|  Sika AG | 2232 | 606 |
|  Valterra Platinum, Ltd. (ZAR denominated) | 11207 | 500 |
|  Valterra Platinum, Ltd. (GBP denominated) <sup>(b)</sup> | 1235 | 54 |
|  Fresnillo PLC | 25025 | 495 |
|  Franco-Nevada Corp. (CAD denominated) | 2647 | 435 |
|  Anglo American PLC | 10633 | 314 |
|  Fortescue, Ltd. | 23624 | 238 |
|  Givaudan SA | 43 | 208 |
|  Freeport-McMoRan, Inc. | 3152 | 137 |
|  Alrosa PJSC <sup>(c)</sup> | 53607 | – <sup>(d)</sup> |
|  |  | 20585 |
|  **Energy 4.55%** |  |  |
|  TotalEnergies SE | 113612 | 6972 |
|  Cameco Corp. (CAD denominated) | 32219 | 2393 |
|  Canadian Natural Resources, Ltd. (CAD denominated) | 59516 | 1871 |
|  Shell PLC (GBP denominated) | 50148 | 1758 |
|  Gaztransport & Technigaz SA | 4044 | 801 |
|  Cenovus Energy, Inc. (CAD denominated) | 37928 | 516 |
|  Cenovus Energy, Inc. | 12761 | 174 |
|  Repsol SA, non-registered shares | 46619 | 683 |
|  TC Energy Corp. (CAD denominated) | 13038 | 636 |
|  BP PLC | 125880 | 632 |
|  ADNOC Drilling Co. PJSC | 316861 | 492 |
|  Petroleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares | 30053 | 376 |
|  Tourmaline Oil Corp. | 7613 | 367 |
|  Schlumberger NV | 7986 | 270 |
|  South Bow Corp. <sup>(a)</sup> | 2470 | 64 |
|  Sovcomflot PAO <sup>(c)</sup> | 356717 | – <sup>(d)</sup> |
|  |  | 18005 |
|  **Utilities 2.76%** |  |  |
|  Engie SA | 138827 | 3258 |
|  SSE PLC | 64755 | 1628 |
|  Iberdrola SA, non-registered shares | 80462 | 1544 |
|  Brookfield Infrastructure Partners, LP | 37345 | 1251 |
|  RWE AG | 29722 | 1240 |

---

American Funds Insurance Series **64**

------

International Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br>(000) |
|  **Utilities (continued)** |  |  |
|  Veolia Environnement SA | 18018 | $642 |
|  National Grid PLC | 42387 | 618 |
|  CPFL Energia SA | 58911 | 443 |
|  NTPC, Ltd. | 81979 | 320 |
|  |  | 10944 |
|  **Real estate 1.05%** |  |  |
|  Mitsubishi Estate Co., Ltd. | 42900 | 805 |
|  Prologis Property Mexico, SA de CV, REIT | 186799 | 706 |
|  CK Asset Holdings, Ltd. | 124000 | 547 |
|  Link REIT | 93568 | 500 |
|  Sun Hung Kai Properties, Ltd. | 34000 | 390 |
|  CapitaLand Integrated Commercial Trust REIT | 222900 | 380 |
|  Henderson Land Development Co., Ltd. | 92000 | 322 |
|  Longfor Group Holdings, Ltd. | 248742 | 293 |
|  Goodman Logistics (HK), Ltd. REIT | 10467 | 236 |
|  |  | 4179 |
|  **Total common stocks** (cost: $274,155,000) |  | 379472 |
| Preferred securities 0.04% |  |  |
|  **Materials 0.04%** |  |  |
|  Gerdau SA, preferred nominative shares | 58932 | 174 |
|  **Total preferred securities** (cost: $222,000) |  | 174 |
| Short-term securities 4.17% |  |  |
|  **Money market investments 3.96%** |  |  |
|  Capital Group Central Cash Fund 4.35% <sup>(e)(f)</sup> | 156755 | 15675 |
|  **Money market investments purchased with collateral from securities on loan 0.21%** |  |  |
|  Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(e)(g)</sup> | 842889 | 843 |
|  **Total short-term securities** (cost: $16,516,000) |  | 16518 |
|  **Total investment securities 100.02%** (cost: $290,893,000) |  | 396164 |
|  Other assets less liabilities (0.02)% |  | (99) |
|  **Net assets 100.00%** |  | $396065 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments in affiliates <sup>(f)</sup> |  |  |  |  |  |  |  |
|  | Value at<br>1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain (loss)<br> (000) | Net<br>unrealized<br>appreciation<br>(depreciation)<br> (000) | Value at<br>6/30/2025<br>(000) | Dividend<br>or interest<br>income<br> (000) |
|  Short-term securities 3.96% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 3.96%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.35% <sup>(e)</sup> | $11674 | $48655 | $44653 | $– <sup>(d)</sup> | $(1) | $15675 | $272 |

---

**65** American Funds Insurance Series

------

International Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security was on loan. The total value of all such securities was $891,000, which represented 0.22% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(b)</sup> Security did not produce income during the last 12 months.

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Amount less than one thousand. 

<sup>(e)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(f)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(g)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

**Key to abbreviation(s)**

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

GBP = British pounds

HKD = Hong Kong dollars

REIT = Real Estate Investment Trust

ZAR = South African rand

Refer to the notes to financial statements.

American Funds Insurance Series **66**

------

---

| | |
|:---|:---|
| Capital Income Builder |  |
| **Investment portfolio** June 30, 2025 | unaudited |

---

---

| | | |
|:---|:---|:---|
| Common stocks 74.97% | Shares | Value<br>(000) |
|  **Financials 14.92%** |  |  |
|  JPMorgan Chase & Co. | 85808 | $24877 |
|  Morgan Stanley | 105303 | 14833 |
|  Munchener Ruckversicherungs-Gesellschaft AG | 20000 | 12972 |
|  Zurich Insurance Group AG | 17253 | 12059 |
|  NatWest Group PLC | 1714879 | 12038 |
|  ING Groep NV | 431972 | 9478 |
|  BlackRock, Inc. | 8807 | 9241 |
|  Wells Fargo & Co. | 100287 | 8035 |
|  Intact Financial Corp. | 34475 | 8017 |
|  DBS Group Holdings, Ltd. | 213416 | 7538 |
|  PNC Financial Services Group, Inc. | 33774 | 6296 |
|  Truist Financial Corp. | 133958 | 5759 |
|  KB Financial Group, Inc. | 67130 | 5516 |
|  Tokio Marine Holdings, Inc. | 104800 | 4447 |
|  Hana Financial Group, Inc. | 69407 | 4438 |
|  Euronext NV | 22802 | 3897 |
|  American International Group, Inc. | 43446 | 3719 |
|  AIA Group, Ltd. | 400000 | 3587 |
|  TPG, Inc., Class A | 68006 | 3567 |
|  National Bank of Canada | 33144 | 3420 |
|  BNP Paribas SA | 36399 | 3272 |
|  Banco Santander SA | 392996 | 3253 |
|  East West Bancorp, Inc. | 31456 | 3176 |
|  Sampo OYJ, Class A | 289641 | 3115 |
|  Progressive Corp. | 11438 | 3052 |
|  360 ONE WAM, Ltd. | 213984 | 2981 |
|  Toronto-Dominion Bank (The) (CAD denominated) | 38971 | 2866 |
|  Power Corporation of Canada, subordinate voting shares <sup>(a)</sup> | 71810 | 2805 |
|  Banco Bilbao Vizcaya Argentaria SA | 178297 | 2742 |
|  UniCredit SpA | 38177 | 2559 |
|  Apollo Asset Management, Inc. | 17756 | 2519 |
|  CME Group, Inc., Class A | 9068 | 2499 |
|  PICC Property and Casualty Co., Ltd., Class H | 1252000 | 2424 |
|  3i Group PLC | 35575 | 2012 |
|  Blackstone, Inc. | 13386 | 2002 |
|  EFG International AG | 105100 | 1947 |
|  Kaspi.kz JSC | 21756 | 1916 |
|  Webster Financial Corp. | 33891 | 1851 |
|  Skandinaviska Enskilda Banken AB, Class A | 105131 | 1835 |
|  Mizuho Financial Group, Inc. | 64500 | 1789 |
|  Swiss Re AG | 10267 | 1775 |
|  Samsung Fire & Marine Insurance Co., Ltd. | 5329 | 1714 |
|  Deutsche Bank AG | 53468 | 1585 |
|  State Street Corp. | 14738 | 1567 |
|  Hong Kong Exchanges and Clearing, Ltd. | 28000 | 1494 |
|  Standard Chartered PLC | 87032 | 1442 |
|  SouthState Corp. | 12116 | 1115 |
|  Patria Investments, Ltd., Class A | 70098 | 986 |
|  Bank Central Asia Tbk PT | 1673400 | 894 |
|  Canadian Imperial Bank of Commerce | 12050 | 855 |
|  Western Union Co. | 98671 | 831 |
|  Marsh & McLennan Cos., Inc. | 3782 | 827 |
|  Citizens Financial Group, Inc. | 17188 | 769 |
|  Vontobel Holding AG | 9350 | 755 |
|  Houlihan Lokey, Inc., Class A | 3658 | 658 |
|  Great-West Lifeco, Inc. | 17173 | 653 |
|  Resona Holdings, Inc. | 62400 | 577 |

---

**67** American Funds Insurance Series

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Financials (continued)** |  |  |
|  First American Financial Corp. | 6638 | $408 |
|  Bank Mandiri (Persero) Tbk PT | 1301701 | 391 |
|  Sberbank of Russia PJSC <sup>(b)</sup> | 204176 | – <sup>(c)</sup> |
|  |  | 233645 |
|  **Information technology 9.73%** |  |  |
|  Broadcom, Inc. | 218318 | 60179 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 821800 | 29820 |
|  Microsoft Corp. | 47315 | 23535 |
|  Accenture PLC, Class A | 24540 | 7335 |
|  Seagate Technology Holdings PLC | 33236 | 4797 |
|  Tokyo Electron, Ltd. | 23200 | 4459 |
|  Texas Instruments, Inc. | 21302 | 4423 |
|  SAP SE | 12964 | 3942 |
|  KLA Corp. | 3797 | 3401 |
|  HCL Technologies, Ltd. | 134835 | 2718 |
|  MediaTek, Inc. | 50000 | 2140 |
|  TE Connectivity Public, Ltd. Co. | 10940 | 1845 |
|  Analog Devices, Inc. | 7300 | 1738 |
|  TDK Corp. | 140100 | 1649 |
|  Capgemini SE | 2349 | 401 |
|  |  | 152382 |
|  **Industrials 8.67%** |  |  |
|  RTX Corp. | 200678 | 29303 |
|  Volvo AB, Class B | 331726 | 9306 |
|  Siemens AG | 34165 | 8759 |
|  Deutsche Post AG | 170160 | 7859 |
|  BAE Systems PLC | 287802 | 7453 |
|  RELX PLC | 110698 | 5982 |
|  Paychex, Inc. | 35883 | 5220 |
|  Mitsubishi Corp. | 228781 | 4588 |
|  Singapore Technologies Engineering, Ltd. | 716900 | 4392 |
|  Marubeni Corp. | 211300 | 4274 |
|  FedEx Corp. | 17546 | 3988 |
|  Honeywell International, Inc. | 16873 | 3929 |
|  Automatic Data Processing, Inc. | 12139 | 3744 |
|  Carrier Global Corp. | 43991 | 3220 |
|  Broadridge Financial Solutions, Inc. | 13014 | 3163 |
|  Airbus SE, non-registered shares | 12725 | 2657 |
|  Canadian National Railway Co. (CAD denominated) | 23624 | 2462 |
|  Northrop Grumman Corp. | 4914 | 2457 |
|  Union Pacific Corp. | 10554 | 2428 |
|  ITOCHU Corp. | 41500 | 2178 |
|  Localiza Rent a Car SA, ordinary nominative shares | 272638 | 2033 |
|  Bureau Veritas SA | 58499 | 1994 |
|  Robert Half, Inc. | 41739 | 1713 |
|  Epiroc AB, Class A | 60943 | 1323 |
|  Epiroc AB, Class B | 4933 | 95 |
|  Trinity Industries, Inc. | 51776 | 1399 |
|  Schneider Electric SE | 5014 | 1334 |
|  UL Solutions, Inc., Class A | 16361 | 1192 |
|  SGS SA | 11681 | 1185 |
|  PACCAR, Inc. | 12078 | 1148 |
|  Transurban Group | 121112 | 1114 |
|  Sulzer AG | 5386 | 972 |
|  Logista Integral SA, non-registered shares | 23729 | 777 |
|  ABB, Ltd. | 11891 | 709 |

---

American Funds Insurance Series **68**

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Industrials (continued)** |  |  |
|  Brambles, Ltd. | 40818 | $629 |
|  Computershare Ltd. | 22570 | 593 |
|  Watsco, Inc. | 415 | 183 |
|  |  | 135755 |
|  **Consumer staples 8.60%** |  |  |
|  Philip Morris International, Inc. | 232304 | 42309 |
|  British American Tobacco PLC | 501602 | 23843 |
|  British American Tobacco PLC (ADR) | 40836 | 1933 |
|  Mondelez International, Inc., Class A | 220906 | 14898 |
|  Imperial Brands PLC | 229612 | 9068 |
|  Nestle SA | 60265 | 5987 |
|  Sysco Corp. | 57604 | 4363 |
|  Danone SA | 45261 | 3698 |
|  ITC, Ltd. | 710417 | 3450 |
|  Altria Group, Inc. | 58605 | 3436 |
|  Carlsberg A/S, Class B | 21785 | 3087 |
|  Coca-Cola Co. | 42247 | 2989 |
|  Kimberly-Clark Corp. | 19552 | 2521 |
|  General Mills, Inc. | 42990 | 2227 |
|  WH Group, Ltd. | 2022500 | 1945 |
|  Suntory Beverage & Food, Ltd. | 51300 | 1642 |
|  Procter & Gamble Co. | 9712 | 1547 |
|  Dollar General Corp. | 10394 | 1189 |
|  PepsiCo, Inc. | 8237 | 1088 |
|  Unilever PLC | 16272 | 988 |
|  Anheuser-Busch InBev SA/NV | 12112 | 831 |
|  Molson Coors Beverage Co., Class B, restricted voting shares | 15116 | 727 |
|  Pernod Ricard SA | 5475 | 545 |
|  Constellation Brands, Inc., Class A | 1891 | 308 |
|  Scandinavian Tobacco Group A/S | 9175 | 122 |
|  |  | 134741 |
|  **Health care 8.10%** |  |  |
|  AbbVie, Inc. | 109793 | 20380 |
|  Abbott Laboratories | 124644 | 16953 |
|  Amgen, Inc. | 49129 | 13717 |
|  Gilead Sciences, Inc. | 117805 | 13061 |
|  AstraZeneca PLC | 88789 | 12334 |
|  Sanofi | 108546 | 10512 |
|  Novo Nordisk AS, Class B | 110487 | 7668 |
|  Medtronic PLC | 82172 | 7163 |
|  UnitedHealth Group, Inc. | 14130 | 4408 |
|  Bristol-Myers Squibb Co. | 85101 | 3939 |
|  Takeda Pharmaceutical Co., Ltd. | 106625 | 3276 |
|  Merck & Co., Inc. | 28632 | 2267 |
|  CVS Health Corp. | 31588 | 2179 |
|  EBOS Group, Ltd. | 81078 | 1899 |
|  EssilorLuxottica SA | 6880 | 1887 |
|  Roche Holding AG, nonvoting non-registered shares | 4650 | 1514 |
|  Novartis AG | 9389 | 1138 |
|  Sandoz Group AG | 18029 | 987 |
|  GSK PLC | 43796 | 836 |
|  Royalty Pharma PLC, Class A | 22537 | 812 |
|  |  | 126930 |
|  **Utilities 5.29%** |  |  |
|  Engie SA | 348234 | 8173 |

---

**69** American Funds Insurance Series

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Utilities (continued)** |  |  |
|  Iberdrola SA, non-registered shares | 391173 | $7506 |
|  E.ON SE | 386133 | 7107 |
|  Dominion Energy, Inc. | 124159 | 7017 |
|  National Grid PLC | 446695 | 6509 |
|  SSE PLC | 209134 | 5256 |
|  Pinnacle West Capital Corp. | 56998 | 5100 |
|  DTE Energy Co. | 37944 | 5026 |
|  CenterPoint Energy, Inc. | 124795 | 4585 |
|  Duke Energy Corp. | 33133 | 3910 |
|  Southern Co. (The) | 41174 | 3781 |
|  Entergy Corp. | 37644 | 3129 |
|  Sempra | 39487 | 2992 |
|  Atmos Energy Corp. | 15655 | 2413 |
|  Enel SpA | 230994 | 2192 |
|  Power Grid Corporation of India, Ltd. | 616919 | 2157 |
|  SembCorp Industries, Ltd. | 268900 | 1449 |
|  AES Corp. | 132318 | 1392 |
|  NextEra Energy, Inc. | 18420 | 1279 |
|  Edison International | 21128 | 1090 |
|  Power Assets Holdings, Ltd. | 127000 | 816 |
|  |  | 82879 |
|  **Consumer discretionary 4.85%** |  |  |
|  McDonald's Corp. | 32086 | 9375 |
|  Industria de Diseno Textil SA | 154521 | 8042 |
|  Home Depot, Inc. | 19698 | 7222 |
|  Starbucks Corp. | 74312 | 6809 |
|  YUM! Brands, Inc. | 33673 | 4990 |
|  Midea Group Co., Ltd., Class A | 484566 | 4882 |
|  Royal Caribbean Cruises, Ltd. | 11474 | 3593 |
|  Compagnie Generale des Etablissements Michelin | 92890 | 3451 |
|  LVMH Moet Hennessy-Louis Vuitton SE | 6411 | 3358 |
|  Evolution AB | 39788 | 3161 |
|  Amadeus IT Group SA, Class A, non-registered shares | 33725 | 2840 |
|  Tractor Supply Co. | 42150 | 2224 |
|  NEXT PLC | 12951 | 2211 |
|  Compagnie Financiere Richemont SA, Class A | 11374 | 2142 |
|  Aristocrat Leisure, Ltd. | 49212 | 2111 |
|  Darden Restaurants, Inc. | 9659 | 2105 |
|  Vail Resorts, Inc. | 12620 | 1983 |
|  Restaurant Brands International, Inc. | 27181 | 1802 |
|  Galaxy Entertainment Group, Ltd. | 283000 | 1256 |
|  Las Vegas Sands Corp. | 26266 | 1143 |
|  OPAP SA | 26284 | 596 |
|  Jumbo SA | 13271 | 458 |
|  International Game Technology PLC | 17882 | 283 |
|  |  | 76037 |
|  **Energy 4.64%** |  |  |
|  Exxon Mobil Corp. | 134162 | 14463 |
|  Canadian Natural Resources, Ltd. (CAD denominated) | 372833 | 11718 |
|  TC Energy Corp. (CAD denominated) <sup>(a)</sup> | 195019 | 9521 |
|  Shell PLC (GBP denominated) | 187059 | 6557 |
|  Shell PLC (ADR) | 9821 | 691 |
|  TotalEnergies SE | 100624 | 6175 |
|  EOG Resources, Inc. | 42410 | 5073 |
|  ConocoPhillips | 52067 | 4672 |
|  South Bow Corp. <sup>(a)</sup> | 156968 | 4075 |
|  EQT Corp. | 62823 | 3664 |

---

American Funds Insurance Series **70**

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Energy (continued)** |  |  |
|  Chevron Corp. | 18330 | $2625 |
|  Cenovus Energy, Inc. | 93424 | 1271 |
|  DT Midstream, Inc. | 10047 | 1104 |
|  Schlumberger NV | 17806 | 602 |
|  BP PLC | 99480 | 499 |
|  New Fortress Energy, Inc., Class A <sup>(d)</sup> | 950 | 3 |
|  |  | 72713 |
|  **Communication services 3.51%** |  |  |
|  Singapore Telecommunications, Ltd. | 3454300 | 10378 |
|  T-Mobile US, Inc. | 30317 | 7223 |
|  Publicis Groupe SA | 59664 | 6725 |
|  AT&T, Inc. | 208493 | 6034 |
|  Deutsche Telekom AG | 135327 | 4937 |
|  Koninklijke KPN NV | 881213 | 4293 |
|  Comcast Corp., Class A | 108926 | 3888 |
|  Verizon Communications, Inc. | 65877 | 2850 |
|  NetEase, Inc. | 86600 | 2328 |
|  Nintendo Co., Ltd. | 18200 | 1754 |
|  America Movil, SAB de CV, Class B (ADR) | 82076 | 1472 |
|  HKT Trust and HKT, Ltd., units | 984240 | 1469 |
|  Omnicom Group, Inc. | 12215 | 879 |
|  Swisscom AG <sup>(d)</sup> | 566 | 401 |
|  Telkom Indonesia (Persero) Tbk PT, Class B | 2242000 | 384 |
|  |  | 55015 |
|  **Real estate 3.43%** |  |  |
|  VICI Properties, Inc. REIT | 627033 | 20441 |
|  Welltower, Inc. REIT | 45047 | 6925 |
|  Prologis, Inc. REIT | 37913 | 3985 |
|  Extra Space Storage, Inc. REIT | 23759 | 3503 |
|  American Tower Corp. REIT | 14128 | 3123 |
|  Rexford Industrial Realty, Inc. REIT | 84140 | 2993 |
|  Mindspace Business Parks REIT | 399976 | 1866 |
|  Link REIT | 302148 | 1613 |
|  CTP NV | 75076 | 1578 |
|  CK Asset Holdings, Ltd. | 322500 | 1421 |
|  UDR, Inc. REIT | 34393 | 1404 |
|  Equinix, Inc. REIT | 1676 | 1333 |
|  SBA Communications Corp. REIT, Class A | 4761 | 1118 |
|  Sun Communities, Inc. REIT | 5902 | 747 |
|  Embassy Office Parks REIT | 140661 | 639 |
|  Lineage, Inc. REIT <sup>(a)</sup> | 9785 | 426 |
|  Longfor Group Holdings, Ltd. | 357634 | 422 |
|  Kimco Realty Corp. REIT | 5095 | 107 |
|  |  | 53644 |
|  **Materials 3.23%** |  |  |
|  Air Products and Chemicals, Inc. | 28543 | 8051 |
|  Rio Tinto PLC | 117196 | 6829 |
|  Smurfit Westrock PLC | 148945 | 6427 |
|  Shin-Etsu Chemical Co., Ltd. | 191162 | 6335 |
|  Nitto Denko Corp. | 218938 | 4244 |
|  Linde PLC | 8566 | 4019 |
|  Vale SA, ordinary nominative shares | 211978 | 2054 |
|  Vale SA (ADR), ordinary nominative shares | 91722 | 891 |
|  International Paper Co. | 55076 | 2579 |
|  Anglo American PLC | 75013 | 2214 |

---

**71** American Funds Insurance Series

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Materials (continued)** |  |  |
|  Antofagasta PLC | 47581 | $1182 |
|  BASF SE | 23462 | 1157 |
|  Dow, Inc. | 31474 | 833 |
|  Eastman Chemical Co. | 11125 | 830 |
|  Barrick Mining Corp. | 34519 | 719 |
|  Evonik Industries AG | 27512 | 567 |
|  Givaudan SA | 110 | 532 |
|  Air Liquide SA | 2512 | 518 |
|  BHP Group, Ltd. (CDI) | 19509 | 468 |
|  Valterra Platinum, Ltd. (GBP denominated) <sup>(d)</sup> | 3257 | 143 |
|  |  | 50592 |
|  **Total common stocks** (cost: $810,358,000) |  | 1174333 |
| Convertible stocks 0.43% |  |  |
|  **Information technology 0.19%** |  |  |
|  Microchip Technology, Inc., Series A, cumulative convertible preferred depositary shares, 7.50% 3/15/2028 | 44749 | 2982 |
|  **Utilities 0.13%** |  |  |
|  NextEra Energy, Inc., convertible preferred shares, 7.234% 11/1/2027 | 31400 | 1390 |
|  PG&E Corp., Class A, convertible preferred shares, 6.00% 12/1/2027 | 18300 | 688 |
|  |  | 2078 |
|  **Materials 0.06%** |  |  |
|  Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027 | 30256 | 971 |
|  **Financials 0.05%** |  |  |
|  KKR & Co., Inc., Class D, convertible preferred shares, 6.25% 3/1/2028 | 13000 | 697 |
|  **Total convertible stocks (cost: $6,289,000)** |  | 6728 |
| Bonds, notes & other debt instruments 13.99% | Principal amount<br>(000) |  |
|  **Mortgage-backed obligations 5.57%**<br>|  |  |
|  **Federal agency mortgage-backed obligations 4.63%** |  |  |
|  Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(e)</sup> | USD– <sup>(c)</sup> | – <sup>(c)</sup> |
|  Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(e)</sup> | 802 | 757 |
|  Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(e)</sup> | 1 | 1 |
|  Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(e)</sup> | 273 | 255 |
|  Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(e)</sup> | 1 | 1 |
|  Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(e)</sup> | 4 | 5 |
|  Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(e)</sup> | 2 | 2 |
|  Fannie Mae Pool #AE0311 3.50% 8/1/2040 <sup>(e)</sup> | 6 | 6 |
|  Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(e)</sup> | 7 | 7 |
|  Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(e)</sup> | 5 | 5 |
|  Fannie Mae Pool #AE1274 5.00% 10/1/2041 <sup>(e)</sup> | 4 | 4 |
|  Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(e)</sup> | 3 | 3 |
|  Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(e)</sup> | 2 | 2 |
|  Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(e)</sup> | 4 | 4 |
|  Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(e)</sup> | 1 | 1 |
|  Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(e)</sup> | 1 | 1 |
|  Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(e)</sup> | 2 | 2 |
|  Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(e)</sup> | 1 | 1 |
|  Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(e)</sup> | 26 | 25 |
|  Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(e)</sup> | 15 | 15 |

---

American Funds Insurance Series **72**

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(e)</sup> | USD22 | $21 |
|  Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(e)</sup> | 6 | 6 |
|  Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(e)</sup> | 3 | 3 |
|  Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(e)</sup> | 29 | 27 |
|  Fannie Mae Pool #FS5372 3.50% 7/1/2049 <sup>(e)</sup> | 162 | 149 |
|  Fannie Mae Pool #FS5313 3.50% 1/1/2050 <sup>(e)</sup> | 1853 | 1702 |
|  Fannie Mae Pool #CA5540 3.00% 4/1/2050 <sup>(e)</sup> | 2584 | 2279 |
|  Fannie Mae Pool #CA6309 3.00% 7/1/2050 <sup>(e)</sup> | 296 | 263 |
|  Fannie Mae Pool #CA6349 3.00% 7/1/2050 <sup>(e)</sup> | 115 | 100 |
|  Fannie Mae Pool #CA6740 3.00% 8/1/2050 <sup>(e)</sup> | 76 | 67 |
|  Fannie Mae Pool #CA7048 3.00% 9/1/2050 <sup>(e)</sup> | 42 | 37 |
|  Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(e)</sup> | 12 | 10 |
|  Fannie Mae Pool #CA7381 3.00% 10/1/2050 <sup>(e)</sup> | 127 | 111 |
|  Fannie Mae Pool #FM5166 3.00% 12/1/2050 <sup>(e)</sup> | 82 | 71 |
|  Fannie Mae Pool #BR4104 2.00% 1/1/2051 <sup>(e)</sup> | 43 | 34 |
|  Fannie Mae Pool #FM5509 3.00% 1/1/2051 <sup>(e)</sup> | 125 | 110 |
|  Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(e)</sup> | 185 | 147 |
|  Fannie Mae Pool #FS1086 2.00% 4/1/2051 <sup>(e)</sup> | 22 | 17 |
|  Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(e)</sup> | 157 | 137 |
|  Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(e)</sup> | 19 | 17 |
|  Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(e)</sup> | 14 | 13 |
|  Fannie Mae Pool #FM8477 3.00% 8/1/2051 <sup>(e)</sup> | 110 | 96 |
|  Fannie Mae Pool #CB2527 2.00% 12/1/2051 <sup>(e)</sup> | 171 | 136 |
|  Fannie Mae Pool #CB2787 3.50% 12/1/2051 <sup>(e)</sup> | 18 | 17 |
|  Fannie Mae Pool #BU1450 2.00% 1/1/2052 <sup>(e)</sup> | 4 | 3 |
|  Fannie Mae Pool #BV0790 3.50% 1/1/2052 <sup>(e)</sup> | 71 | 64 |
|  Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(e)</sup> | 806 | 710 |
|  Fannie Mae Pool #FS0752 3.00% 3/1/2052 <sup>(e)</sup> | 460 | 403 |
|  Fannie Mae Pool #CB3179 3.50% 3/1/2052 <sup>(e)</sup> | 269 | 244 |
|  Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(e)</sup> | 4 | 4 |
|  Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(e)</sup> | 105 | 98 |
|  Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(e)</sup> | 9 | 8 |
|  Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(e)</sup> | 53 | 53 |
|  Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(e)</sup> | 150 | 119 |
|  Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(e)</sup> | 107 | 107 |
|  Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(e)</sup> | 97 | 97 |
|  Fannie Mae Pool #MA4842 5.50% 12/1/2052 <sup>(e)</sup> | 148 | 148 |
|  Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(e)</sup> | 93 | 93 |
|  Fannie Mae Pool #CB5986 5.00% 3/1/2053 <sup>(e)</sup> | 90 | 89 |
|  Fannie Mae Pool #CB6012 4.00% 4/1/2053 <sup>(e)</sup> | 798 | 743 |
|  Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(e)</sup> | 71 | 70 |
|  Fannie Mae Pool #BX9827 5.00% 5/1/2053 <sup>(e)</sup> | 232 | 228 |
|  Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(e)</sup> | 59 | 58 |
|  Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(e)</sup> | 253 | 253 |
|  Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(e)</sup> | 1378 | 1406 |
|  Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(e)</sup> | 313 | 313 |
|  Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(e)</sup> | 369 | 376 |
|  Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(e)</sup> | 229 | 234 |
|  Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(e)</sup> | 173 | 177 |
|  Fannie Mae Pool #MA5089 4.00% 7/1/2053 <sup>(e)</sup> | 268 | 249 |
|  Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(e)</sup> | 99 | 94 |
|  Fannie Mae Pool #MA5071 5.00% 7/1/2053 <sup>(e)</sup> | 123 | 121 |
|  Fannie Mae Pool #BU4112 5.00% 7/1/2053 <sup>(e)</sup> | 93 | 92 |
|  Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(e)</sup> | 815 | 817 |
|  Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(e)</sup> | 409 | 416 |
|  Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(e)</sup> | 911 | 848 |
|  Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(e)</sup> | 8 | 8 |
|  Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(e)</sup> | 45 | 46 |
|  Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(e)</sup> | 669 | 682 |
|  Fannie Mae Pool #CB7426 6.50% 11/1/2053 <sup>(e)</sup> | 68 | 71 |

---

**73** American Funds Insurance Series

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #CB7626 6.50% 12/1/2053 <sup>(e)</sup> | USD24 | $25 |
|  Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(e)</sup> | 27 | 28 |
|  Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(e)</sup> | 869 | 871 |
|  Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(e)</sup> | 117 | 119 |
|  Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(e)</sup> | 62 | 63 |
|  Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(e)</sup> | 948 | 955 |
|  Fannie Mae Pool #MA5354 6.00% 5/1/2054 <sup>(e)</sup> | 115 | 117 |
|  Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(e)</sup> | 71 | 71 |
|  Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(e)</sup> | 395 | 405 |
|  Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(e)</sup> | 125 | 127 |
|  Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(e)</sup> | 26 | 27 |
|  Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(e)</sup> | 19 | 19 |
|  Fannie Mae Pool #DB4399 6.50% 6/1/2054 <sup>(e)</sup> | 21 | 22 |
|  Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(e)</sup> | 153 | 153 |
|  Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(e)</sup> | 843 | 857 |
|  Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(e)</sup> | 185 | 188 |
|  Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(e)</sup> | 165 | 169 |
|  Fannie Mae Pool #DB6905 6.00% 7/1/2054 <sup>(e)</sup> | 109 | 111 |
|  Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(e)</sup> | 97 | 100 |
|  Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(e)</sup> | 80 | 81 |
|  Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(e)</sup> | 20 | 20 |
|  Fannie Mae Pool #FS9819 7.00% 7/1/2054 <sup>(e)</sup> | 465 | 490 |
|  Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(e)</sup> | 2755 | 2820 |
|  Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(e)</sup> | 358 | 364 |
|  Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(e)</sup> | 9 | 10 |
|  Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(e)</sup> | 9 | 10 |
|  Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(e)</sup> | 10 | 10 |
|  Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(e)</sup> | 9 | 9 |
|  Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(e)</sup> | 7 | 7 |
|  Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(e)</sup> | 18 | 19 |
|  Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(e)</sup> | 240 | 240 |
|  Fannie Mae Pool #FS9001 5.50% 9/1/2054 <sup>(e)</sup> | 34 | 34 |
|  Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(e)</sup> | 237 | 237 |
|  Fannie Mae Pool #DC9197 4.50% 12/1/2054 <sup>(e)</sup> | 575 | 551 |
|  Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(e)</sup> | 200 | 196 |
|  Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(e)</sup> | 1177 | 1095 |
|  Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(e)</sup> | 44 | 45 |
|  Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(e)</sup> | 628 | 639 |
|  Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(e)</sup> | 318 | 305 |
|  Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(e)</sup> | 25 | 25 |
|  Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(e)</sup> | 334 | 320 |
|  Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(e)</sup> | 79 | 80 |
|  Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(e)</sup> | 20 | 19 |
|  Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(e)</sup> | 204 | 208 |
|  Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(e)</sup> | 14 | 14 |
|  Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(e)</sup> | 1 | 1 |
|  Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(e)</sup> | 207 | 214 |
|  Fannie Mae Pool #BF0142 5.50% 8/1/2056 <sup>(e)</sup> | 328 | 338 |
|  Fannie Mae Pool #BF0342 5.50% 1/1/2059 <sup>(e)</sup> | 218 | 220 |
|  Fannie Mae Pool #BM6737 4.50% 11/1/2059 <sup>(e)</sup> | 535 | 514 |
|  Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(e)</sup> | 368 | 317 |
|  Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(e)</sup> | 401 | 375 |
|  Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(e)</sup> | 115 | 107 |
|  Freddie Mac Pool #SC0149 2.00% 3/1/2041 <sup>(e)</sup> | 63 | 54 |
|  Freddie Mac Pool #RB0544 2.00% 6/1/2041 <sup>(e)</sup> | 109 | 94 |
|  Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(e)</sup> | 1 | 1 |
|  Freddie Mac Pool #G67711 4.00% 3/1/2048 <sup>(e)</sup> | 181 | 171 |
|  Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(e)</sup> | 15 | 14 |
|  Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(e)</sup> | 12 | 11 |
|  Freddie Mac Pool #Q55970 4.00% 5/1/2048 <sup>(e)</sup> | 7 | 7 |

---

American Funds Insurance Series **74**

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(e)</sup> | USD23 | $22 |
|  Freddie Mac Pool #Q57242 4.50% 7/1/2048 <sup>(e)</sup> | 10 | 10 |
|  Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(e)</sup> | 41 | 40 |
|  Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(e)</sup> | 19 | 19 |
|  Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(e)</sup> | 14 | 13 |
|  Freddie Mac Pool #ZT1704 4.50% 1/1/2049 <sup>(e)</sup> | 946 | 923 |
|  Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(e)</sup> | 12 | 11 |
|  Freddie Mac Pool #RA3506 3.00% 9/1/2050 <sup>(e)</sup> | 136 | 119 |
|  Freddie Mac Pool #RA5901 3.00% 9/1/2051 <sup>(e)</sup> | 64 | 56 |
|  Freddie Mac Pool #RA6347 3.00% 11/1/2051 <sup>(e)</sup> | 129 | 113 |
|  Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(e)</sup> | 48 | 40 |
|  Freddie Mac Pool #QD3812 3.00% 1/1/2052 <sup>(e)</sup> | 102 | 89 |
|  Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(e)</sup> | 243 | 193 |
|  Freddie Mac Pool #SD1156 3.00% 4/1/2052 <sup>(e)</sup> | 110 | 95 |
|  Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(e)</sup> | 796 | 691 |
|  Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(e)</sup> | 455 | 394 |
|  Freddie Mac Pool #QE4383 4.00% 6/1/2052 <sup>(e)</sup> | 313 | 292 |
|  Freddie Mac Pool #RA7556 4.50% 6/1/2052 <sup>(e)</sup> | 753 | 722 |
|  Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(e)</sup> | 146 | 127 |
|  Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(e)</sup> | 44 | 35 |
|  Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(e)</sup> | 111 | 96 |
|  Freddie Mac Pool #SD1584 4.50% 9/1/2052 <sup>(e)</sup> | 165 | 160 |
|  Freddie Mac Pool #QE9222 5.00% 9/1/2052 <sup>(e)</sup> | 586 | 577 |
|  Freddie Mac Pool #QF0924 5.50% 9/1/2052 <sup>(e)</sup> | 287 | 288 |
|  Freddie Mac Pool #QF2223 4.00% 10/1/2052 <sup>(e)</sup> | 26 | 24 |
|  Freddie Mac Pool #SD5845 3.50% 11/1/2052 <sup>(e)</sup> | 2430 | 2191 |
|  Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(e)</sup> | 103 | 103 |
|  Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(e)</sup> | 23 | 20 |
|  Freddie Mac Pool #SD4116 4.50% 12/1/2052 <sup>(e)</sup> | 437 | 419 |
|  Freddie Mac Pool #SD8286 4.00% 1/1/2053 <sup>(e)</sup> | 754 | 703 |
|  Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(e)</sup> | 93 | 92 |
|  Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(e)</sup> | 517 | 518 |
|  Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(e)</sup> | 391 | 392 |
|  Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(e)</sup> | 31 | 31 |
|  Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(e)</sup> | 979 | 981 |
|  Freddie Mac Pool #SD3175 6.00% 6/1/2053 <sup>(e)</sup> | 79 | 80 |
|  Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(e)</sup> | 15 | 16 |
|  Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(e)</sup> | 12 | 13 |
|  Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(e)</sup> | 12 | 13 |
|  Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(e)</sup> | 13 | 13 |
|  Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(e)</sup> | 8 | 9 |
|  Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(e)</sup> | 6 | 6 |
|  Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(e)</sup> | 4 | 4 |
|  Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(e)</sup> | 3 | 3 |
|  Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(e)</sup> | 32 | 32 |
|  Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(e)</sup> | 18 | 19 |
|  Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(e)</sup> | 17 | 17 |
|  Freddie Mac Pool #SD8367 5.50% 10/1/2053 <sup>(e)</sup> | 214 | 215 |
|  Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(e)</sup> | 850 | 835 |
|  Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(e)</sup> | 45 | 45 |
|  Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(e)</sup> | 9 | 10 |
|  Freddie Mac Pool #SD8392 4.00% 12/1/2053 <sup>(e)</sup> | 53 | 49 |
|  Freddie Mac Pool #SD8386 7.00% 12/1/2053 <sup>(e)</sup> | 243 | 256 |
|  Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(e)</sup> | 8 | 8 |
|  Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(e)</sup> | 17 | 17 |
|  Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(e)</sup> | 1190 | 1211 |
|  Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(e)</sup> | 874 | 875 |
|  Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(e)</sup> | 18 | 18 |
|  Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(e)</sup> | 9 | 9 |
|  Freddie Mac Pool #SD5303 6.00% 4/1/2054 <sup>(e)</sup> | 450 | 461 |

---

**75** American Funds Insurance Series

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(e)</sup> | USD9 | $10 |
|  Freddie Mac Pool #RJ1512 5.50% 5/1/2054 <sup>(e)</sup> | 270 | 272 |
|  Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(e)</sup> | 53 | 53 |
|  Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(e)</sup> | 17 | 17 |
|  Freddie Mac Pool #QI5199 6.50% 5/1/2054 <sup>(e)</sup> | 25 | 26 |
|  Freddie Mac Pool #QI7522 5.50% 6/1/2054 <sup>(e)</sup> | 116 | 116 |
|  Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(e)</sup> | 24 | 24 |
|  Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(e)</sup> | 1 | 1 |
|  Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(e)</sup> | 76 | 77 |
|  Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(e)</sup> | 64 | 64 |
|  Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(e)</sup> | 358 | 365 |
|  Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(e)</sup> | 291 | 300 |
|  Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(e)</sup> | 252 | 256 |
|  Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(e)</sup> | 76 | 77 |
|  Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(e)</sup> | 18 | 19 |
|  Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(e)</sup> | 16 | 16 |
|  Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(e)</sup> | 176 | 179 |
|  Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(e)</sup> | 18 | 18 |
|  Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(e)</sup> | 9 | 10 |
|  Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(e)</sup> | 5 | 5 |
|  Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(e)</sup> | 38 | 39 |
|  Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(e)</sup> | 19 | 20 |
|  Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(e)</sup> | 18 | 19 |
|  Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(e)</sup> | 19 | 19 |
|  Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(e)</sup> | 9 | 9 |
|  Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(e)</sup> | 82 | 79 |
|  Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(e)</sup> | 53 | 52 |
|  Freddie Mac Pool #RJ2917 5.50% 11/1/2054 <sup>(e)</sup> | 63 | 63 |
|  Freddie Mac Pool #RJ2922 6.00% 11/1/2054 <sup>(e)</sup> | 18 | 18 |
|  Freddie Mac Pool #SD8489 4.50% 12/1/2054 <sup>(e)</sup> | 568 | 543 |
|  Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(e)</sup> | 339 | 339 |
|  Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(e)</sup> | 37 | 35 |
|  Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(e)</sup> | 171 | 175 |
|  Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(e)</sup> | 84 | 85 |
|  Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(e)</sup> | 8 | 8 |
|  Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(e)</sup> | 12 | 13 |
|  Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(e)</sup> | 3033 | 3134 |
|  Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(e)</sup> | 12 | 12 |
|  Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(e)</sup> | 350 | 356 |
|  Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(e)</sup> | 20 | 19 |
|  Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(e)</sup> | 92 | 93 |
|  Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(e)</sup> | 15 | 15 |
|  Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(e)</sup> | 1 | 1 |
|  Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(e)</sup> | 79 | 80 |
|  Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/2033 <sup>(e)(f)</sup> | 160 | 160 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(e)(f)</sup> | 89 | 84 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(e)</sup> | 187 | 174 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(e)(f)</sup> | 180 | 169 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(e)(f)</sup> | 81 | 73 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057 <sup>(e)</sup> | 68 | 61 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(e)</sup> | 13 | 13 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/2058 <sup>(e)</sup> | 837 | 749 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058 <sup>(e)</sup> | 289 | 278 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058 <sup>(e)</sup> | 457 | 437 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 10/25/2058 <sup>(e)</sup> | 12 | 12 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(e)</sup> | 8 | 7 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(e)</sup> | 688 | 669 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 9/25/2029 <sup>(e)</sup> | 995 | 946 |
|  Government National Mortgage Assn. 5.50% 7/1/2055 <sup>(e)(g)</sup> | 609 | 610 |
|  Government National Mortgage Assn. Pool #MA5764 4.50% 2/20/2049 <sup>(e)</sup> | 160 | 156 |

---

American Funds Insurance Series **76**

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/2052 <sup>(e)</sup> | USD2,792 | $2611 |
|  Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(e)</sup> | 59 | 55 |
|  Government National Mortgage Assn. Pool #MA8723 4.00% 3/20/2053 <sup>(e)</sup> | 208 | 194 |
|  Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/2053 <sup>(e)</sup> | 380 | 375 |
|  Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(e)</sup> | 1022 | 1007 |
|  Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(e)</sup> | 25 | 23 |
|  Government National Mortgage Assn. Pool #694836 5.683% 9/20/2059 <sup>(e)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Government National Mortgage Assn. Pool #725893 5.20% 9/20/2064 <sup>(e)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Uniform Mortgage-Backed Security 2.50% 7/1/2055 <sup>(e)(g)</sup> | 1951 | 1618 |
|  Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(e)(g)</sup> | 1431 | 1289 |
|  Uniform Mortgage-Backed Security 4.00% 7/1/2055 <sup>(e)(g)</sup> | 88 | 82 |
|  Uniform Mortgage-Backed Security 4.50% 7/1/2055 <sup>(e)(g)</sup> | 164 | 157 |
|  Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(e)(g)</sup> | 162 | 159 |
|  Uniform Mortgage-Backed Security 5.50% 7/1/2055 <sup>(e)(g)</sup> | 191 | 191 |
|  Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(e)(g)</sup> | 1703 | 1731 |
|  Uniform Mortgage-Backed Security 7.00% 7/1/2055 <sup>(e)(g)</sup> | 3754 | 3953 |
|  Uniform Mortgage-Backed Security 2.00% 8/1/2055 <sup>(e)(g)</sup> | 51 | 40 |
|  Uniform Mortgage-Backed Security 3.00% 8/1/2055 <sup>(e)(g)</sup> | 872 | 754 |
|  Uniform Mortgage-Backed Security 4.00% 8/1/2055 <sup>(e)(g)</sup> | 187 | 174 |
|  Uniform Mortgage-Backed Security 6.00% 8/1/2055 <sup>(e)(g)</sup> | 156 | 158 |
|  Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(e)(g)</sup> | 154 | 159 |
|  Uniform Mortgage-Backed Security 7.00% 8/1/2055 <sup>(e)(g)</sup> | 243 | 255 |
|  |  | 72469 |
|  **Commercial mortgage-backed securities 0.47%** |  |  |
|  Atrium Hotel Portfolio Trust, Series 2024-ATRM, Class A, 5.409% 11/10/2029 <sup>(e)(f)(h)</sup> | 296 | 302 |
|  Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/2057 <sup>(e)</sup> | 41 | 43 |
|  BMO Mortgage Trust, Series 2024-5C5, Class AS, 6.364% 2/15/2057 <sup>(e)(f)</sup> | 122 | 128 |
|  BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.427% 6/15/2027 <sup>(e)(f)(h)</sup> | 332 | 334 |
|  BX Trust, Series 2024-KING, Class A, (1-month USD CME Term SOFR + 1.541%) 5.853% 5/15/2034 <sup>(e)(f)(h)</sup> | 105 | 106 |
|  BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 5.126% 9/15/2036 <sup>(e)(f)(h)</sup> | 628 | 626 |
|  BX Trust, Series 2021-ARIA, Class C, (1-month USD CME Term SOFR + 1.76%) 6.072% 10/15/2036 <sup>(e)(f)(h)</sup> | 100 | 100 |
|  BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.803% 4/15/2037 <sup>(e)(f)(h)</sup> | 97 | 97 |
|  BX Trust, Series 2021-SOAR, Class A, (1-month USD CME Term SOFR + 0.784%) 5.096% 6/15/2038 <sup>(e)(f)(h)</sup> | 152 | 152 |
|  BX Trust, Series 2021-SOAR, Class D, (1-month USD CME Term SOFR + 1.514%) 5.826% 6/15/2038 <sup>(e)(f)(h)</sup> | 88 | 88 |
|  BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 5.926% 11/15/2038 <sup>(e)(f)(h)</sup> | 86 | 86 |
|  BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 6.003% 8/15/2039 <sup>(e)(f)(h)</sup> | 176 | 177 |
|  BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 6.763% 8/15/2039 <sup>(e)(f)(h)</sup> | 39 | 39 |
|  BX Trust, Series 2024-BIO2, Class A, 5.594% 8/13/2041 <sup>(e)(f)(h)</sup> | 590 | 599 |
|  CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 6.203% 7/15/2041 <sup>(e)(f)(h)</sup> | 100 | 100 |
|  CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.984% 8/15/2041 <sup>(e)(f)(h)</sup> | 120 | 120 |
|  Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(e)(f)(h)</sup> | 237 | 245 |
|  DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.919% 8/12/2043 <sup>(e)(f)(h)</sup> | 574 | 582 |
|  ELM Trust 2024, Series 2024-ELM, Class B10, 6.195% 6/10/2039 <sup>(e)(f)(h)</sup> | 213 | 215 |
|  ELM Trust 2024, Series 2024-ELM, Class B15, 6.195% 6/10/2039 <sup>(e)(f)(h)</sup> | 191 | 192 |
|  ELM Trust 2024, Series 2024-ELM, Class C15, 6.396% 6/10/2039 <sup>(e)(f)(h)</sup> | 133 | 134 |
|  ELM Trust 2024, Series 2024-ELM, Class C10, 6.396% 6/10/2039 <sup>(e)(f)(h)</sup> | 120 | 121 |
|  ELM Trust 2024, Series 2024-ELM, Class D10, 6.847% 6/10/2039 <sup>(e)(f)(h)</sup> | 100 | 100 |
|  ELM Trust 2024, Series 2024-ELM, Class D15, 6.897% 6/10/2039 <sup>(e)(f)(h)</sup> | 100 | 100 |
|  FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056 <sup>(e)</sup> | 73 | 75 |
|  GS Mortgage Securities Trust, Series 2024-70P, Class A, 5.487% 3/10/2041 <sup>(e)(f)(h)</sup> | 592 | 596 |
|  Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.644% 2/5/2045 <sup>(e)(f)(h)</sup> | 329 | 338 |
|  HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.875% 5/10/2039 <sup>(e)(f)(h)</sup> | 100 | 101 |
|  HTL Commercial Mortgage Trust, Series 2024-T53, Class B, 6.555% 5/10/2039 <sup>(e)(f)(h)</sup> | 243 | 245 |

---

**77** American Funds Insurance Series

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)**<br>|  |  |
|  **Commercial mortgage-backed securities (continued)** |  |  |
|  Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.649% 1/13/2040 <sup>(e)(f)(h)</sup> | USD541 | $558 |
|  Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%)<br>7.055% 7/25/2054 <sup>(e)(f)(h)</sup> | 110 | 111 |
|  SWCH Commercial Mortgage Trust, Series 2025-DATA, Class D, (1-month USD CME Term SOFR + 2.591%)<br>6.953% 3/15/2042 <sup>(e)(f)(h)</sup> | 597 | 592 |
|  |  | 7402 |
|  **Collateralized mortgage-backed obligations (privately originated) 0.47%** |  |  |
|  Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(e)(f)(h)</sup> | 86 | 78 |
|  Atlas SP, Series 2024-RPL1, Class A1, 3.85% 4/25/2064 (4.85% on 8/1/2028) <sup>(e)(h)(i)</sup> | 514 | 498 |
|  BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/2061 <sup>(e)(f)(h)</sup> | 60 | 56 |
|  Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(e)(f)(h)</sup> | 175 | 173 |
|  Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(e)(f)(h)</sup> | 398 | 390 |
|  CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(e)(f)(h)</sup> | 139 | 133 |
|  Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060 <sup>(e)(f)(h)</sup> | 6 | 6 |
|  Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) 6.705% 12/25/2042 <sup>(e)(f)(h)</sup> | 28 | 29 |
|  Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 6.205% 6/25/2043 <sup>(e)(f)(h)</sup> | 244 | 246 |
|  Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) 6.005% 7/25/2043 <sup>(e)(f)(h)</sup> | 82 | 82 |
|  Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) 5.405% 5/25/2044 <sup>(e)(f)(h)</sup> | 66 | 66 |
|  Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2, (30-day Average USD-SOFR + 1.60%) 5.905% 9/25/2044 <sup>(e)(f)(h)</sup> | 87 | 87 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.455% 9/25/2042 <sup>(e)(f)(h)</sup> | 11 | 12 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average USD-SOFR + 3.70%) 8.005% 9/25/2042 <sup>(e)(f)(h)</sup> | 64 | 67 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class M1, (30-day Average USD-SOFR + 1.20%)<br>5.505% 5/25/2044 <sup>(e)(f)(h)</sup> | 208 | 209 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M2, (30-day Average USD-SOFR + 1.45%)<br>5.755% 10/25/2044 <sup>(e)(f)(h)</sup> | 90 | 90 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA1, Class M2, (30-day Average USD-SOFR + 1.814%)<br>6.12% 1/25/2050 <sup>(e)(f)(h)</sup> | 7 | 7 |
|  GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(e)(h)(i)</sup> | 97 | 98 |
|  Home Partners of America Trust, Series 2022-1, Class A, 3.93% 4/17/2039 <sup>(e)(h)</sup> | 59 | 58 |
|  HOMES Trust, Series 2024-NQM1, Class A1, 5.915% 7/25/2069 (6.915% on 7/1/2028) <sup>(e)(h)(i)</sup> | 765 | 770 |
|  Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 <sup>(e)(h)</sup> | 57 | 57 |
|  Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (6.25% on 11/25/2025) <sup>(e)(h)(i)</sup> | 96 | 96 |
|  MFRA Trust, Series 2024-NQM2, Class A1, 5.272% 8/25/2069 (6.272% on 8/1/2028) <sup>(e)(h)(i)</sup> | 516 | 514 |
|  Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM2, Class A1, 6.386% 5/25/2069 (7.386%on 5/1/2028) <sup>(e)(h)(i)</sup> | 119 | 120 |
|  Onslow Bay Financial Mortgage Loan Trust, Series 2024-HYB1, Class A1, 3.645% 3/25/2053 <sup>(e)(f)(h)</sup> | 152 | 150 |
|  Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(e)(h)(i)</sup> | 172 | 174 |
|  Onslow Bay Financial, LLC, Series 2024-NQM8, Class A1, 6.233% 5/25/2064 (7.233% on 5/1/2028) <sup>(e)(h)(i)</sup> | 387 | 391 |
|  Onslow Bay Financial, LLC, Series 2024-NQM11, Class A1, 5.875% 6/25/2064 (6.825% on 7/1/2028) <sup>(e)(h)(i)</sup> | 969 | 975 |
|  Progress Residential Trust, Series 2024-SFR5, Class B, 3.25% 8/9/2029 <sup>(e)(h)</sup> | 554 | 520 |
|  Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039 <sup>(e)(h)</sup> | 96 | 93 |
|  Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%)<br>6.062% 10/17/2041 <sup>(e)(f)(h)</sup> | 140 | 141 |
|  Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/2057 <sup>(e)(f)(h)</sup> | 18 | 17 |
|  Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 3/25/2058 <sup>(e)(f)(h)</sup> | 16 | 16 |
|  Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 7/25/2058 <sup>(e)(f)(h)</sup> | 9 | 9 |
|  Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060 <sup>(e)(h)</sup> | 329 | 299 |
|  Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(b)(h)</sup> | 100 | 100 |
|  Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038 <sup>(e)(h)</sup> | 195 | 190 |

---

American Funds Insurance Series **78**

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |  |
|  Tricon Residential Trust, Series 2024-SFR2, Class A, 4.75% 6/17/2040 <sup>(e)(h)</sup> | USD167 | $| 167 |
|  Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(e)(h)(i)</sup> | 77 |  | 78 |
|  Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 <sup>(e)(f)(h)</sup> | 98 |  | 98 |
|  |  |  | 7360 |
| **Total mortgage-backed obligations** |  |  | 87231 |
| **U.S. Treasury bonds & notes 4.93%** | **U.S. Treasury bonds & notes 4.93%** | **U.S. Treasury bonds & notes 4.93%** | **U.S. Treasury bonds & notes 4.93%** |
| **U.S. Treasury 4.93%** |  |  |  |
|  U.S. Treasury 4.00% 2/15/2026 | 2369 |  | 2367 |
|  U.S. Treasury 0.75% 3/31/2026 | 1 |  | 1 |
|  U.S. Treasury 0.75% 5/31/2026 | 3850 |  | 3737 |
|  U.S. Treasury 1.875% 6/30/2026 | 3855 |  | 3775 |
|  U.S. Treasury 1.125% 10/31/2026 | 995 |  | 960 |
|  U.S. Treasury 2.00% 11/15/2026 <sup>(j)</sup> | 2800 |  | 2731 |
|  U.S. Treasury 4.625% 11/15/2026 | 1200 |  | 1212 |
|  U.S. Treasury 4.00% 1/15/2027 <sup>(j)</sup> | 6541 |  | 6557 |
|  U.S. Treasury 0.50% 4/30/2027 | 2375 |  | 2240 |
|  U.S. Treasury 2.625% 5/31/2027 | 80 |  | 78 |
|  U.S. Treasury 3.875% 5/31/2027 | 3009 |  | 3016 |
|  U.S. Treasury 3.75% 6/30/2027 | 11364 |  | 11371 |
|  U.S. Treasury 4.00% 2/29/2028 | 745 |  | 751 |
|  U.S. Treasury 1.25% 3/31/2028 | 1350 |  | 1264 |
|  U.S. Treasury 3.625% 3/31/2028 | 4 |  | 4 |
|  U.S. Treasury 3.875% 6/15/2028 | 7447 |  | 7486 |
|  U.S. Treasury 4.00% 7/31/2029 | 25 |  | 25 |
|  U.S. Treasury 6.25% 5/15/2030 | 345 |  | 382 |
|  U.S. Treasury 4.00% 5/31/2030 | 917 |  | 955 |
|  U.S. Treasury 3.875% 6/30/2030 | 10178 |  | 10217 |
|  U.S. Treasury 4.00% 6/30/2032 | 7532 |  | 7536 |
|  U.S. Treasury 4.125% 11/15/2032 | 9 |  | 9 |
|  U.S. Treasury 4.375% 5/15/2034 | 18 |  | 18 |
|  U.S. Treasury 4.25% 5/15/2035 | 3046 |  | 3050 |
|  U.S. Treasury 4.50% 8/15/2039 | 1045 |  | 1041 |
|  U.S. Treasury 4.75% 2/15/2041 | 1730 |  | 1753 |
|  U.S. Treasury 2.00% 11/15/2041 <sup>(j)</sup> | 300 |  | 206 |
|  U.S. Treasury 5.00% 5/15/2045 | 585 |  | 601 |
|  U.S. Treasury 2.375% 5/15/2051 <sup>(j)</sup> | 196 |  | 125 |
|  U.S. Treasury 4.00% 11/15/2052 | 152 |  | 133 |
|  U.S. Treasury 4.625% 2/15/2055 <sup>(j)</sup> | 3276 |  | 3189 |
| U.S. Treasury 4.75% 5/15/2055 | 310 |  | 308 |
| **Total U.S. Treasury bonds & notes** |  |  | 77098 |
| **Corporate bonds, notes & loans 2.47%** | **Corporate bonds, notes & loans 2.47%** | **Corporate bonds, notes & loans 2.47%** | **Corporate bonds, notes & loans 2.47%** |
| **Financials 0.47%** |  |  |  |
|  Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%)<br>7.61% 11/17/2029 <sup>(b)(f)(h)(k)</sup> | 264 |  | 262 |
|  American Express Co. 4.90% 2/13/2026 | 28 |  | 28 |
|  American Express Co. 5.085% 1/30/2031 (USD-SOFR + 1.02% on 1/30/2030) <sup>(i)</sup> | 50 |  | 51 |
|  American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(i)</sup> | 28 |  | 29 |
|  American International Group, Inc. 4.85% 5/7/2030 | 99 |  | 101 |
|  American International Group, Inc. 5.125% 3/27/2033 | 17 |  | 17 |
|  Aon Corp. 5.35% 2/28/2033 | 21 |  | 22 |
|  Arthur J. Gallagher & Co. 4.85% 12/15/2029 | 125 |  | 127 |
|  Arthur J. Gallagher & Co. 5.00% 2/15/2032 | 50 |  | 51 |
|  Bank of America Corp. 2.884% 10/22/2030 (3-month USD CME Term SOFR + 1.19% on 10/22/2029) <sup>(i)</sup> | 26 |  | 24 |
|  Bank of America Corp. 5.162% 1/24/2031 (USD-SOFR + 1.00% on 1/24/2030) <sup>(i)</sup> | 238 |  | 244 |
|  Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033) <sup>(i)</sup> | 118 |  | 120 |

---

**79** American Funds Insurance Series

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
|  Bank of America Corp. 5.511% 1/24/2036 (USD-SOFR + 1.31% on 1/24/2035) <sup>(i)</sup> | USD75 | $77 |
|  CaixaBank, SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(h)(i)</sup> | 400 | 414 |
|  CaixaBank, SA 6.037% 6/15/2035 (USD-SOFR + 2.26% on 9/15/2034) <sup>(h)(i)</sup> | 200 | 209 |
|  Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033) <sup>(i)</sup> | 45 | 48 |
|  Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(i)</sup> | 95 | 99 |
|  Chubb INA Holdings, LLC 5.00% 3/15/2034 | 35 | 36 |
|  Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(i)</sup> | 50 | 51 |
|  Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(i)</sup> | 36 | 36 |
|  Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032) <sup>(i)</sup> | 35 | 31 |
|  Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(i)</sup> | 44 | 45 |
|  Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(i)</sup> | 55 | 56 |
|  Citizens Financial Group, Inc. 5.841% 1/23/2030 (USD-SOFR + 2.01% on 1/23/2029) <sup>(i)</sup> | 120 | 124 |
|  Corebridge Financial, Inc. 3.85% 4/5/2029 | 180 | 176 |
|  Corebridge Financial, Inc. 3.90% 4/5/2032 | 32 | 30 |
|  Corebridge Financial, Inc. 4.35% 4/5/2042 | 7 | 6 |
|  Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027) <sup>(h)(i)</sup> | 200 | 199 |
|  Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(i)</sup> | 300 | 320 |
|  Deutsche Bank AG 4.999% 9/11/2030 (USD-SOFR + 1.70% on 9/11/2029) <sup>(i)</sup> | 150 | 151 |
|  Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028) <sup>(i)</sup> | 5 | 5 |
|  Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(i)</sup> | 45 | 45 |
|  Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(i)</sup> | 60 | 63 |
|  Goldman Sachs Group, Inc. 5.218% 4/23/2031 (USD-SOFR + 1.58% on 4/23/2030) <sup>(i)</sup> | 40 | 41 |
|  Goldman Sachs Group, Inc. 5.536% 1/28/2036 (USD-SOFR + 1.38% on 1/28/2035) <sup>(i)</sup> | 197 | 202 |
|  JPMorgan Chase & Co. 4.979% 7/22/2028 (USD-SOFR + 0.93% on 7/22/2027) <sup>(i)</sup> | 65 | 66 |
|  JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(i)</sup> | 50 | 52 |
|  JPMorgan Chase & Co. 4.995% 7/22/2030 (USD-SOFR + 1.125% on 7/22/2029) <sup>(i)</sup> | 198 | 202 |
|  JPMorgan Chase & Co. 5.103% 4/22/2031 (USD-SOFR + 1.435% on 4/22/2030) <sup>(i)</sup> | 52 | 53 |
|  JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(i)</sup> | 20 | 17 |
|  JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(i)</sup> | 328 | 334 |
|  JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(i)</sup> | 162 | 168 |
|  Marsh & McLennan Cos., Inc. 5.00% 3/15/2035 | 25 | 25 |
|  Marsh & McLennan Cos., Inc. 5.40% 3/15/2055 | 25 | 24 |
|  Mastercard, Inc. 4.875% 3/9/2028 | 31 | 32 |
|  Morgan Stanley 5.652% 4/13/2028 (USD-SOFR + 1.01% on 4/13/2027) <sup>(i)</sup> | 25 | 26 |
|  Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(i)</sup> | 10 | 10 |
|  Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(i)</sup> | 140 | 145 |
|  Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(i)</sup> | 488 | 489 |
|  Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033) <sup>(i)</sup> | 35 | 36 |
|  Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034) <sup>(i)</sup> | 57 | 58 |
|  Morgan Stanley 5.587% 1/18/2036 (USD-SOFR + 1.418% on 1/18/2035) <sup>(i)</sup> | 38 | 39 |
|  Morgan Stanley 5.664% 4/17/2036 (USD-SOFR + 1.757% on 4/17/2035) <sup>(i)</sup> | 92 | 95 |
|  Navient Corp. 5.00% 3/15/2027 | 150 | 150 |
|  New York Life Global Funding 3.00% 1/10/2028 <sup>(h)</sup> | 150 | 146 |
|  OneMain Finance Corp. 6.625% 5/15/2029 | 340 | 350 |
|  PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028) <sup>(i)</sup> | 50 | 52 |
|  Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(h)</sup> | 100 | 101 |
|  Truist Financial Corp. 5.435% 1/24/2030 (USD-SOFR + 1.62% on 1/24/2029) <sup>(i)</sup> | 11 | 11 |
|  Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031) <sup>(i)</sup> | 50 | 51 |
|  Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033) <sup>(i)</sup> | 10 | 10 |
|  Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034) <sup>(i)</sup> | 40 | 42 |
|  U.S. Bancorp 5.775% 6/12/2029 (USD-SOFR + 2.02% on 6/12/2028) <sup>(i)</sup> | 70 | 73 |
|  U.S. Bancorp 5.384% 1/23/2030 (USD-SOFR + 1.56% on 1/23/2029) <sup>(i)</sup> | 85 | 88 |
|  UBS Group AG 5.617% 9/13/2030 (1-year USD-ICE SOFR Swap + 1.34% on 9/13/2029) <sup>(h)(i)</sup> | 200 | 208 |
|  UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030) <sup>(h)(i)</sup> | 374 | 366 |
|  Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(i)</sup> | 98 | 100 |
|  Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) <sup>(i)</sup> | 55 | 56 |

---

American Funds Insurance Series **80**

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
|  Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(i)</sup> | USD104 | $114 |
|  Wells Fargo & Co. 5.211% 12/3/2035 (USD-SOFR + 1.38% on 12/3/2034) <sup>(i)</sup> | 25 | 25 |
|  Wells Fargo & Co. 5.605% 4/23/2036 (USD-SOFR + 1.74% on 4/23/2035) <sup>(i)</sup> | 56 | 58 |
|  |  | 7412 |
| **Health care 0.34%** |  |  |
|  AbbVie, Inc. 5.05% 3/15/2034 | 175 | 178 |
|  AbbVie, Inc. 5.35% 3/15/2044 | 25 | 25 |
|  AbbVie, Inc. 5.40% 3/15/2054 | 240 | 234 |
|  AbbVie, Inc. 5.50% 3/15/2064 | 25 | 24 |
|  Amgen, Inc. 5.507% 3/2/2026 | 30 | 30 |
|  Amgen, Inc. 5.15% 3/2/2028 | 55 | 56 |
|  Amgen, Inc. 4.05% 8/18/2029 | 100 | 99 |
|  Amgen, Inc. 5.25% 3/2/2030 | 124 | 128 |
|  Amgen, Inc. 4.20% 3/1/2033 | 133 | 128 |
|  Amgen, Inc. 5.25% 3/2/2033 | 71 | 73 |
|  Amgen, Inc. 5.60% 3/2/2043 | 105 | 104 |
|  Amgen, Inc. 4.20% 2/22/2052 | 19 | 15 |
|  Amgen, Inc. 4.875% 3/1/2053 | 25 | 22 |
|  Amgen, Inc. 5.65% 3/2/2053 | 37 | 36 |
|  Amgen, Inc. 5.75% 3/2/2063 | 85 | 83 |
|  AstraZeneca Finance, LLC 5.00% 2/26/2034 | 50 | 51 |
|  Baxter International, Inc. 3.132% 12/1/2051 | 25 | 16 |
|  Bristol-Myers Squibb Co. 4.90% 2/22/2029 | 95 | 97 |
|  Bristol-Myers Squibb Co. 5.10% 2/22/2031 | 260 | 269 |
|  Bristol-Myers Squibb Co. 5.20% 2/22/2034 | 295 | 302 |
|  Bristol-Myers Squibb Co. 5.50% 2/22/2044 | 25 | 25 |
|  Bristol-Myers Squibb Co. 5.55% 2/22/2054 | 325 | 317 |
|  Bristol-Myers Squibb Co. 5.65% 2/22/2064 | 100 | 97 |
|  Centene Corp. 4.625% 12/15/2029 | 530 | 516 |
|  Centene Corp. 2.625% 8/1/2031 | 40 | 34 |
|  CVS Health Corp. 5.125% 2/21/2030 | 50 | 51 |
|  CVS Health Corp. 5.25% 2/21/2033 | 23 | 23 |
|  CVS Health Corp. 5.70% 6/1/2034 | 97 | 100 |
|  CVS Health Corp. 6.00% 6/1/2044 | 50 | 50 |
|  CVS Health Corp. 5.625% 2/21/2053 | 55 | 51 |
|  CVS Health Corp. 6.05% 6/1/2054 | 50 | 49 |
|  Elevance Health, Inc. 4.95% 11/1/2031 | 30 | 30 |
|  Elevance Health, Inc. 5.20% 2/15/2035 | 13 | 13 |
|  Gilead Sciences, Inc. 1.65% 10/1/2030 | 8 | 7 |
|  HCA, Inc. 2.375% 7/15/2031 | 18 | 16 |
|  Humana, Inc. 3.70% 3/23/2029 | 12 | 12 |
|  Humana, Inc. 5.375% 4/15/2031 | 35 | 36 |
|  Medline Borrower, LP 6.25% 4/1/2029 <sup>(h)</sup> | 380 | 391 |
|  Merck & Co., Inc. 1.70% 6/10/2027 | 118 | 113 |
|  Merck & Co., Inc. 3.40% 3/7/2029 | 110 | 107 |
|  Merck & Co., Inc. 4.50% 5/17/2033 | 35 | 35 |
|  Merck & Co., Inc. 4.90% 5/17/2044 | 35 | 33 |
|  Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(h)</sup> | 40 | 36 |
|  Pfizer Investment Enterprises Pte., Ltd. 4.65% 5/19/2030 | 10 | 10 |
|  Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 23 | 23 |
|  Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 17 | 16 |
|  Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026 | 7 | 7 |
|  Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 362 | 364 |
|  Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029 | 600 | 655 |
|  Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046 | 89 | 64 |
|  |  | 5251 |

---

**81** American Funds Insurance Series

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)**<br>|  |  |
|  **Energy 0.25%** |  |  |
|  APA Corp. 4.25% 1/15/2030 <sup>(h)</sup> | USD385 | $369 |
|  Baytex Energy Corp. 7.375% 3/15/2032 <sup>(h)</sup> | 600 | 573 |
|  Cenovus Energy, Inc. 5.40% 6/15/2047 | 44 | 39 |
|  Columbia Pipelines Operating Co., LLC 5.927% 8/15/2030 <sup>(h)</sup> | 9 | 9 |
|  ConocoPhillips Co. 5.50% 1/15/2055 | 50 | 47 |
|  Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(h)</sup> | 270 | 258 |
|  Energy Transfer, LP 6.10% 12/1/2028 | 41 | 43 |
|  Energy Transfer, LP 5.25% 7/1/2029 | 23 | 24 |
|  Energy Transfer, LP 6.40% 12/1/2030 | 34 | 37 |
|  Enterprise Products Operating, LLC 4.95% 2/15/2035 | 6 | 6 |
|  EOG Resources, Inc. 5.95% 7/15/2055 | 110 | 112 |
|  Equinor ASA 2.375% 5/22/2030 | 365 | 335 |
|  Exxon Mobil Corp. 3.452% 4/15/2051 | 210 | 149 |
|  Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(h)</sup> | 35 | 36 |
|  Hilcorp Energy I, LP 6.875% 5/15/2034 <sup>(h)</sup> | 400 | 384 |
|  NFE Financing, LLC 12.00% 11/15/2029 <sup>(h)</sup> | 148 | 67 |
|  Occidental Petroleum Corp. 5.55% 10/1/2034 | 124 | 122 |
|  Petroleos Mexicanos 6.50% 1/23/2029 | 20 | 20 |
|  Petroleos Mexicanos 8.75% 6/2/2029 | 177 | 183 |
|  Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(h)</sup> | 200 | 188 |
|  TotalEnergies Capital SA 4.724% 9/10/2034 | 17 | 17 |
|  Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(h)</sup> | 595 | 551 |
|  Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(h)</sup> | 195 | 195 |
|  Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(h)</sup> | 75 | 81 |
|  |  | 3845 |
|  **Utilities 0.23%** |  |  |
|  AEP Transmission Co., LLC 2.75% 8/15/2051 | 50 | 31 |
|  DTE Energy Co. 3.00% 3/1/2032 | 42 | 38 |
|  Duke Energy Florida, LLC 5.95% 11/15/2052 | 25 | 26 |
|  Edison International 4.125% 3/15/2028 | 132 | 127 |
|  Edison International 5.45% 6/15/2029 | 100 | 99 |
|  Edison International 5.25% 3/15/2032 | 389 | 369 |
|  Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(h)(i)</sup> | 200 | 226 |
|  FirstEnergy Corp. 2.65% 3/1/2030 | 393 | 361 |
|  FirstEnergy Corp. 2.25% 9/1/2030 | 107 | 95 |
|  Florida Power & Light Co. 5.10% 4/1/2033 | 35 | 36 |
|  NiSource, Inc. 5.40% 6/30/2033 | 25 | 26 |
|  Pacific Gas and Electric Co. 2.95% 3/1/2026 | 97 | 96 |
|  Pacific Gas and Electric Co. 3.75% 7/1/2028 | 105 | 102 |
|  Pacific Gas and Electric Co. 4.65% 8/1/2028 | 284 | 283 |
|  Pacific Gas and Electric Co. 2.50% 2/1/2031 | 375 | 326 |
|  Pacific Gas and Electric Co. 6.40% 6/15/2033 | 50 | 52 |
|  Pacific Gas and Electric Co. 5.70% 3/1/2035 | 377 | 374 |
|  Pacific Gas and Electric Co. 4.95% 7/1/2050 | 162 | 131 |
|  Pacific Gas and Electric Co. 3.50% 8/1/2050 | 256 | 164 |
|  Pacific Gas and Electric Co. 5.90% 10/1/2054 | 25 | 23 |
|  PacifiCorp 5.50% 5/15/2054 | 95 | 87 |
|  PacifiCorp 5.80% 1/15/2055 | 25 | 24 |
|  Southern California Edison Co. 5.20% 6/1/2034 | 40 | 39 |
|  Southern California Edison Co. 3.60% 2/1/2045 | 206 | 142 |
|  Southern California Edison Co. 5.90% 3/1/2055 | 30 | 27 |
|  Union Electric Co. 3.90% 4/1/2052 | 25 | 19 |
|  WEC Energy Group, Inc. 5.15% 10/1/2027 | 25 | 25 |
|  Xcel Energy, Inc. 4.75% 3/21/2028 | 264 | 267 |
|  |  | 3615 |

---

American Funds Insurance Series **82**

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)**<br>|  |  |
|  **Communication services 0.23%** |  |  |
|  America Movil, SAB de CV, 8.46% 12/18/2036 | MXN1,300 | $61 |
|  AT&T, Inc. 3.50% 6/1/2041 | USD75 | 59 |
|  CCO Holdings, LLC 4.75% 2/1/2032 <sup>(h)</sup> | 25 | 24 |
|  CCO Holdings, LLC 4.25% 1/15/2034 <sup>(h)</sup> | 655 | 584 |
|  Charter Communications Operating, LLC 6.10% 6/1/2029 | 41 | 43 |
|  Meta Platforms, Inc. 4.30% 8/15/2029 | 40 | 40 |
|  Meta Platforms, Inc. 4.75% 8/15/2034 | 53 | 53 |
|  Meta Platforms, Inc. 5.40% 8/15/2054 | 29 | 28 |
|  Meta Platforms, Inc. 5.55% 8/15/2064 | 40 | 39 |
|  Netflix, Inc. 4.90% 8/15/2034 | 16 | 16 |
|  Netflix, Inc. 5.40% 8/15/2054 | 6 | 6 |
|  SBA Tower Trust 1.631% 11/15/2026 <sup>(h)</sup> | 253 | 243 |
|  Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(h)</sup> | 780 | 750 |
|  TEGNA, Inc. 5.00% 9/15/2029 | 360 | 344 |
|  T-Mobile USA, Inc. 3.875% 4/15/2030 | 625 | 607 |
|  T-Mobile USA, Inc. 2.55% 2/15/2031 | 203 | 182 |
|  T-Mobile USA, Inc. 6.00% 6/15/2054 | 69 | 70 |
|  Univision Communications, Inc. 7.375% 6/30/2030 <sup>(h)</sup> | 340 | 334 |
|  Verizon Communications, Inc. 1.75% 1/20/2031 | 142 | 123 |
|  |  | 3606 |
|  **Consumer discretionary 0.20%** |  |  |
|  Advance Auto Parts, Inc. 3.90% 4/15/2030 | 18 | 17 |
|  Advance Auto Parts, Inc. 3.50% 3/15/2032 | 12 | 11 |
|  Bath & Body Works, Inc. 6.875% 11/1/2035 | 150 | 156 |
|  BMW US Capital, LLC 4.15% 4/9/2030 <sup>(h)</sup> | 290 | 285 |
|  BMW US Capital, LLC 3.70% 4/1/2032 <sup>(h)</sup> | 25 | 23 |
|  Carnival Corp. 6.125% 2/15/2033 <sup>(h)</sup> | 175 | 179 |
|  Daimler Trucks Finance North America, LLC 5.15% 1/16/2026 <sup>(h)</sup> | 150 | 151 |
|  Daimler Trucks Finance North America, LLC 5.125% 9/25/2027 <sup>(h)</sup> | 150 | 152 |
|  Daimler Trucks Finance North America, LLC 2.50% 12/14/2031 <sup>(h)</sup> | 150 | 130 |
|  Ford Motor Credit Co., LLC 2.70% 8/10/2026 | 306 | 298 |
|  Ford Motor Credit Co., LLC 4.95% 5/28/2027 | 604 | 600 |
|  Ford Motor Credit Co., LLC 5.918% 3/20/2028 | 622 | 628 |
|  Ford Motor Credit Co., LLC 6.798% 11/7/2028 | 200 | 207 |
|  General Motors Financial Co., Inc. 5.45% 9/6/2034 | 27 | 27 |
|  Hyundai Capital America 5.275% 6/24/2027 <sup>(h)</sup> | 55 | 56 |
|  McDonald's Corp. 5.15% 9/9/2052 | 10 | 9 |
|  Toyota Motor Credit Corp. 5.40% 11/10/2025 | 228 | 229 |
|  |  | 3158 |
|  **Industrials 0.19%** |  |  |
|  BAE Systems PLC 5.30% 3/26/2034 <sup>(h)</sup> | 200 | 205 |
|  Boeing Co. (The) 2.75% 2/1/2026 | 91 | 90 |
|  Boeing Co. (The) 6.259% 5/1/2027 | 376 | 387 |
|  Boeing Co. (The) 6.298% 5/1/2029 | 12 | 13 |
|  Boeing Co. (The) 3.625% 2/1/2031 | 178 | 168 |
|  Boeing Co. (The) 6.388% 5/1/2031 | 92 | 99 |
|  Boeing Co. (The) 6.528% 5/1/2034 | 921 | 1001 |
|  Boeing Co. (The) 5.805% 5/1/2050 | 136 | 131 |
|  Canadian Pacific Railway Co. 3.00% 12/2/2041 | 25 | 18 |
|  Canadian Pacific Railway Co. 3.10% 12/2/2051 | 80 | 53 |
|  CSX Corp. 4.75% 11/15/2048 | 50 | 44 |
|  CSX Corp. 4.50% 11/15/2052 | 35 | 29 |
|  Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(h)</sup> | 90 | 94 |
|  L3Harris Technologies, Inc. 5.40% 7/31/2033 | 15 | 15 |
|  L3Harris Technologies, Inc. 5.60% 7/31/2053 | 13 | 13 |

---

**83** American Funds Insurance Series

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)**<br>|  |  |
|  **Industrials (continued)** |  |  |
|  Moog, Inc. 4.25% 12/9/2027 <sup>(h)</sup> | USD55 | $54 |
|  Norfolk Southern Corp. 5.35% 8/1/2054 | 51 | 49 |
|  Northrop Grumman Corp. 4.95% 3/15/2053 | 21 | 19 |
|  QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(h)</sup> | 190 | 196 |
|  Republic Services, Inc. 5.00% 4/1/2034 | 13 | 13 |
|  RTX Corp. 6.00% 3/15/2031 | 35 | 38 |
|  RTX Corp. 6.10% 3/15/2034 | 27 | 29 |
|  RTX Corp. 6.40% 3/15/2054 | 22 | 24 |
|  Union Pacific Corp. 2.80% 2/14/2032 | 17 | 15 |
|  Union Pacific Corp. 3.50% 2/14/2053 | 20 | 14 |
|  Waste Management, Inc. 4.625% 2/15/2030 | 60 | 61 |
|  Waste Management, Inc. 4.95% 3/15/2035 | 16 | 16 |
|  Waste Management, Inc. 5.35% 10/15/2054 | 25 | 24 |
|  |  | 2912 |
|  **Real estate 0.16%** |  |  |
|  American Tower Corp. 4.05% 3/15/2032 | 11 | 10 |
|  Boston Properties, LP 2.45% 10/1/2033 | 7 | 6 |
|  Boston Properties, LP 6.50% 1/15/2034 | 38 | 41 |
|  Boston Properties, LP 5.75% 1/15/2035 | 95 | 96 |
|  Crown Castle, Inc. 5.00% 1/11/2028 | 54 | 55 |
|  Equinix, Inc. 1.55% 3/15/2028 | 25 | 23 |
|  Equinix, Inc. 3.20% 11/18/2029 | 144 | 137 |
|  Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(h)</sup> | 530 | 505 |
|  Kennedy-Wilson, Inc. 5.00% 3/1/2031 | 550 | 496 |
|  Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(h)</sup> | 20 | 21 |
|  MPT Operating Partnership, LP 5.00% 10/15/2027 | 475 | 439 |
|  Prologis, LP 5.00% 3/15/2034 | 40 | 40 |
|  Service Properties Trust 8.375% 6/15/2029 | 680 | 708 |
|  |  | 2577 |
|  **Consumer staples 0.16%** |  |  |
|  Altria Group, Inc. 4.875% 2/4/2028 | 13 | 13 |
|  Altria Group, Inc. 5.625% 2/6/2035 | 48 | 49 |
|  BAT Capital Corp. 4.70% 4/2/2027 | 105 | 105 |
|  BAT Capital Corp. 6.343% 8/2/2030 | 9 | 10 |
|  BAT Capital Corp. 5.35% 8/15/2032 | 413 | 423 |
|  BAT Capital Corp. 6.421% 8/2/2033 | 38 | 41 |
|  BAT Capital Corp. 7.079% 8/2/2043 | 31 | 34 |
|  BAT Capital Corp. 4.54% 8/15/2047 | 55 | 44 |
|  BAT Capital Corp. 4.758% 9/6/2049 | 121 | 100 |
|  BAT Capital Corp. 7.081% 8/2/2053 | 69 | 77 |
|  BAT International Finance PLC 4.448% 3/16/2028 | 150 | 150 |
|  H.J. Heinz Co. 4.875% 10/1/2049 | 235 | 202 |
|  Mars, Inc. 4.80% 3/1/2030 <sup>(h)</sup> | 25 | 25 |
|  Mars, Inc. 5.20% 3/1/2035 <sup>(h)</sup> | 165 | 167 |
|  Mars, Inc. 5.65% 5/1/2045 <sup>(h)</sup> | 71 | 71 |
|  Mars, Inc. 5.70% 5/1/2055 <sup>(h)</sup> | 145 | 145 |
|  Mars, Inc. 5.80% 5/1/2065 <sup>(h)</sup> | 24 | 24 |
|  Mondelez International, Inc. 4.75% 8/28/2034 | 127 | 126 |
|  Philip Morris International, Inc. 5.125% 11/17/2027 | 43 | 44 |
|  Philip Morris International, Inc. 5.625% 11/17/2029 | 23 | 24 |
|  Philip Morris International, Inc. 5.125% 2/15/2030 | 56 | 58 |
|  Philip Morris International, Inc. 5.50% 9/7/2030 | 70 | 73 |
|  Philip Morris International, Inc. 5.75% 11/17/2032 | 16 | 17 |
|  Philip Morris International, Inc. 5.375% 2/15/2033 | 55 | 57 |

---

American Funds Insurance Series **84**

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer staples (continued)** |  |  |  |
|  Philip Morris International, Inc. 5.625% 9/7/2033 | USD30 | $| 31 |
|  Philip Morris International, Inc. 4.90% 11/1/2034 | 90 |  | 90 |
|  Post Holdings, Inc. 6.375% 3/1/2033 <sup>(h)</sup> | 330 |  | 334 |
|  |  |  | 2534 |
|  **Information technology 0.13%** |  |  |  |
|  Broadcom, Inc. 5.05% 7/12/2027 | 40 |  | 41 |
|  Broadcom, Inc. 4.00% 4/15/2029 <sup>(h)</sup> | 3 |  | 3 |
|  Broadcom, Inc. 5.05% 7/12/2029 | 45 |  | 46 |
|  Broadcom, Inc. 5.15% 11/15/2031 | 104 |  | 107 |
|  Broadcom, Inc. 4.15% 4/15/2032 <sup>(h)</sup> | 11 |  | 11 |
|  Broadcom, Inc. 4.80% 10/15/2034 | 12 |  | 12 |
|  Broadcom, Inc. 3.137% 11/15/2035 <sup>(h)</sup> | 2 |  | 2 |
|  Cisco Systems, Inc. 4.95% 2/26/2031 | 11 |  | 11 |
|  Cisco Systems, Inc. 5.05% 2/26/2034 | 4 |  | 4 |
|  Cisco Systems, Inc. 5.10% 2/24/2035 | 14 |  | 14 |
|  Cisco Systems, Inc. 5.30% 2/26/2054 | 8 |  | 8 |
|  Cisco Systems, Inc. 5.35% 2/26/2064 | 11 |  | 11 |
|  Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(h)</sup> | 250 |  | 266 |
|  Fair Isaac Corp. 6.00% 5/15/2033 <sup>(h)</sup> | 100 |  | 101 |
|  Oracle Corp. 5.50% 8/3/2035 | 18 |  | 18 |
|  ServiceNow, Inc. 1.40% 9/1/2030 | 54 |  | 47 |
|  Synopsys, Inc. 4.65% 4/1/2028 | 40 |  | 40 |
|  Synopsys, Inc. 4.85% 4/1/2030 | 40 |  | 41 |
|  Synopsys, Inc. 5.00% 4/1/2032 | 40 |  | 40 |
|  Synopsys, Inc. 5.15% 4/1/2035 | 780 |  | 786 |
|  Synopsys, Inc. 5.70% 4/1/2055 | 380 |  | 378 |
|  |  |  | 1987 |
|  **Materials 0.11%** |  |  |  |
|  BHP Billiton Finance (USA), Ltd. 4.875% 2/27/2026 | 35 |  | 35 |
|  BHP Billiton Finance (USA), Ltd. 4.75% 2/28/2028 | 35 |  | 36 |
|  BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033 | 16 |  | 16 |
|  BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033 | 7 |  | 7 |
|  Celanese US Holdings, LLC 6.85% 11/15/2028 | 36 |  | 38 |
|  Celanese US Holdings, LLC 7.05% 11/15/2030 | 27 |  | 28 |
|  Celanese US Holdings, LLC 6.629% 7/15/2032 | 10 |  | 10 |
|  Celanese US Holdings, LLC 7.20% 11/15/2033 | 23 |  | 24 |
|  Chevron Phillips Chemical Co., LLC 4.75% 5/15/2030 <sup>(h)</sup> | 20 |  | 20 |
|  Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(h)</sup> | 125 |  | 121 |
|  Consolidated Energy Finance SA 5.625% 10/15/2028 <sup>(h)</sup> | 750 |  | 647 |
|  Dow Chemical Co. (The) 5.15% 2/15/2034 | 19 |  | 19 |
|  Dow Chemical Co. (The) 5.35% 3/15/2035 | 11 |  | 11 |
|  Dow Chemical Co. (The) 5.55% 11/30/2048 | 15 |  | 14 |
|  Dow Chemical Co. (The) 3.60% 11/15/2050 | 75 |  | 51 |
|  Dow Chemical Co. (The) 6.90% 5/15/2053 | 6 |  | 6 |
|  Dow Chemical Co. (The) 5.60% 2/15/2054 | 53 |  | 48 |
|  First Quantum Minerals, Ltd. 6.875% 10/15/2027 <sup>(h)</sup> | 249 |  | 250 |
|  LYB International Finance III, LLC 3.625% 4/1/2051 | 102 |  | 68 |
|  NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(h)</sup> | 10 |  | 11 |
|  NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(h)</sup> | 325 |  | 313 |
|  |  |  | 1773 |
| **Total corporate bonds, notes & loans** |  |  | 38670 |
|  **Asset-backed obligations 0.95%** | **Asset-backed obligations 0.95%** | **Asset-backed obligations 0.95%** | **Asset-backed obligations 0.95%** |
|  Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(e)(h)</sup> | 215 |  | 216 |

---

**85** American Funds Insurance Series

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
|  American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/2052 <sup>(e)(h)</sup> | USD82 | $82 |
|  American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/2052 <sup>(e)(h)</sup> | 100 | 100 |
|  Auxilior Term Funding, LLC, Series 24-1, Class A2, 5.84% 3/15/2027 <sup>(e)(h)</sup> | 277 | 278 |
|  Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(e)(h)</sup> | 400 | 399 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(e)(h)</sup> | 197 | 195 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(e)(h)</sup> | 100 | 99 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(e)(h)</sup> | 339 | 353 |
|  AXIS Equipment Finance Receivables, LLC, Series 2024-2, Class A2, 5.19% 7/21/2031 <sup>(e)(h)</sup> | 344 | 347 |
|  Blue Owl Asset Leasing Trust, Series 2024-1A, Class A2, 5.05% 3/15/2029 <sup>(e)(h)</sup> | 78 | 78 |
|  Capteris Equipment Finance, Series 2024-1, Class A2, 5.58% 7/20/2032 <sup>(e)(h)</sup> | 662 | 672 |
|  CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(e)(h)</sup> | 351 | 347 |
|  CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(e)(h)</sup> | 87 | 80 |
|  CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060 <sup>(e)(h)</sup> | 90 | 89 |
|  CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060 <sup>(e)(h)</sup> | 90 | 81 |
|  CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(e)(h)</sup> | 316 | 304 |
|  CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 <sup>(e)(h)</sup> | 489 | 490 |
|  Clarus Capital Funding, LLC, Series 2024-1A, Class A2, 4.71% 8/20/2032 <sup>(e)(h)</sup> | 301 | 301 |
|  CPS Auto Receivables Trust, Series 2024-C, Class B, 5.68% 12/15/2028 <sup>(e)(h)</sup> | 497 | 501 |
|  Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(e)</sup> | 139 | 140 |
|  Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(e)(h)</sup> | 323 | 324 |
|  Enterprise Fleet Financing, LLC, Series 2024-4, Class A2, 4.69% 7/20/2027 <sup>(e)(h)</sup> | 206 | 206 |
|  Enterprise Fleet Financing, LLC, Series 2024-1, Class A2, 5.23% 3/20/2030 <sup>(e)(h)</sup> | 394 | 397 |
|  EquipmentShare, Series 2024-2M, Class B, 6.43% 12/20/2032 <sup>(e)(h)</sup> | 149 | 151 |
|  Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/2035 <sup>(e)(h)</sup> | 176 | 179 |
|  Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(e)(h)</sup> | 181 | 187 |
|  Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/2028 <sup>(e)(h)</sup> | 188 | 189 |
|  GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(e)(h)</sup> | 345 | 326 |
|  GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046 <sup>(e)(h)</sup> | 64 | 59 |
|  Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/2039 <sup>(e)(h)</sup> | 83 | 81 |
|  Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040 <sup>(e)(h)</sup> | 314 | 300 |
|  GLS Auto Receivables Trust, Series 2024-3A, Class A2, 5.35% 8/16/2027 <sup>(e)(h)</sup> | 59 | 59 |
|  GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(e)(h)</sup> | 88 | 88 |
|  GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/2035 <sup>(e)(h)</sup> | 285 | 292 |
|  GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035 <sup>(e)(h)</sup> | 184 | 191 |
|  GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A3, 4.47% 2/16/2028 <sup>(e)</sup> | 18 | 18 |
|  GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A4, 4.43% 10/16/2028 <sup>(e)</sup> | 48 | 48 |
|  Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(e)(h)</sup> | 268 | 258 |
|  Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(e)(h)</sup> | 100 | 96 |
|  Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(e)(h)</sup> | 100 | 96 |
|  Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(e)(h)</sup> | 187 | 190 |
|  Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(e)(h)</sup> | 364 | 365 |
|  Hyundai Auto Receivables Trust, Series 2023-A, Class A3, 4.58% 4/15/2027 <sup>(e)</sup> | 15 | 14 |
|  Hyundai Auto Receivables Trust, Series 2023-A, Class A4, 4.48% 7/17/2028 <sup>(e)</sup> | 28 | 28 |
|  Merchants Fleet Funding, LLC, Series 2024-1, Class A, 5.82% 4/20/2037 <sup>(e)(h)</sup> | 172 | 173 |
|  Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.40% 9/15/2031 <sup>(e)(h)</sup> | 246 | 246 |
|  Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(e)(h)</sup> | 26 | 24 |
|  Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(e)(h)</sup> | 47 | 43 |
|  Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(e)(h)</sup> | 111 | 104 |
|  Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(e)(h)</sup> | 220 | 206 |
|  Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 5.172% 4/20/2062 <sup>(e)(f)(h)</sup> | 114 | 114 |
|  New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(e)(h)</sup> | 935 | 881 |
|  NMEF Funding, LLC, Series 2024-A, Class A2, 5.15% 12/15/2031 <sup>(e)(h)</sup> | 445 | 447 |
|  OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(e)(h)</sup> | 100 | 101 |
|  OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class A, 4.98% 10/17/2031 <sup>(e)(h)</sup> | 127 | 126 |
|  Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 5/8/2031 <sup>(e)(h)</sup> | 36 | 35 |
|  PEAC Solutions Receivables, LLC, Series 2024-2A, Class A2, 4.74% 4/20/2027 <sup>(e)(h)</sup> | 153 | 153 |
|  PEAC Solutions Receivables, LLC, Series 2024-1A, Class A2, 5.79% 6/21/2027 <sup>(e)(h)</sup> | 214 | 216 |
|  PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/2027 <sup>(e)(h)</sup> | 100 | 100 |
|  PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(e)(h)</sup> | 175 | 176 |
|  PK ALIFT Loan Funding 4, LP, Series 2024-2, Class A, 5.052% 10/15/2039 <sup>(e)(h)</sup> | 198 | 197 |

---

American Funds Insurance Series **86**

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value (000) |
|  **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
|  Post Road Equipment Finance, Series 2024-1, Class A2, 5.59% 11/15/2029 <sup>(e)(h)</sup> | USD102 | $103 |
|  Reach Financial, LLC, Series 2024-2, Class A, 5.88% 7/15/2031 <sup>(e)(h)</sup> | 195 | 195 |
|  Santander Drive Auto Receivables Trust, Series 2024-4, Class A2, 5.41% 7/15/2027 <sup>(e)</sup> | 94 | 94 |
|  SCF Equipment Leasing, LLC, Series 2024-1A, Class A2, 5.88% 11/20/2029 <sup>(e)(h)</sup> | 72 | 72 |
|  SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/2053 <sup>(e)(h)</sup> | 43 | 38 |
|  Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(e)(h)</sup> | 78 | 75 |
|  Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034 <sup>(e)(f)(h)</sup> | 335 | 328 |
|  U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(e)(h)</sup> | 257 | 257 |
|  Verdant Receivables, LLC, Series 2024-1, Class A2, 5.68% 12/12/2031 <sup>(e)(h)</sup> | 84 | 86 |
|  Wheels Fleet Lease Funding, LLC, Series 24-2A, Class A1, 4.87% 6/21/2039 <sup>(e)(h)</sup> | 799 | 804 |
|  Wheels Fleet Lease Funding, LLC, Series 2024-3A, Class A1, 4.80% 9/19/2039 <sup>(e)(h)</sup> | 215 | 216 |
|  |  | 14904 |
|  **Bonds & notes of governments & government agencies outside the U.S. 0.05%** | **Bonds & notes of governments & government agencies outside the U.S. 0.05%** | **Bonds & notes of governments & government agencies outside the U.S. 0.05%** |
|  Peru (Republic of) 2.783% 1/23/2031 | 190 | 171 |
|  Saudi Arabia (Kingdom of) 3.625% 3/4/2028 | 200 | 197 |
|  United Mexican States 3.25% 4/16/2030 | 200 | 184 |
|  United Mexican States 7.375% 5/13/2055 | 245 | 253 |
|  |  | 805 |
|  **Municipals 0.02%** | **Municipals 0.02%** | **Municipals 0.02%** |
| **Illinois 0.01%** |  |  |
|  GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 | 196 | 197 |
|  **Massachusetts 0.01%** |  |  |
|  Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-A, 6.352% 7/1/2049 | 135 | 139 |
| **Total municipals** |  | 336 |
| **Total bonds, notes & other debt instruments** (cost: $220,241,000) |  | 219044 |
| Investment funds 2.06% | Shares |  |
|  Capital Group Central Corporate Bond Fund <sup>(l)</sup> | 3819323 | 32235 |
| **Total Investment funds** (cost: $35,212,000) |  | 32235 |
| Short-term securities 8.35% |  |  |
|  **Money market investments 7.34%** |  |  |
|  Capital Group Central Cash Fund 4.35% <sup>(l)(m)</sup> | 1150689 | 115069 |
|  **Money market investments purchased with collateral from securities on loan 1.01%** |  |  |
|  Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(m)(n)</sup> | 15786027 | 15786 |
| **Total short-term securities** (cost: $130,837,000) |  | 130855 |
| **Total investment securities 99.80%** (cost: $1,202,937,000) |  | 1563195 |
|  Other assets less liabilities 0.20% |  | 3128 |
| **Net assets 100.00%** |  | $1566323 |

---

**87** American Funds Insurance Series

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts** | | | | | |
| Contracts | Type | Number of<br>contracts | Expiration<br>date | Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation)<br>at 6/30/2025<br> (000) |
|  3 Month SOFR Futures | Long | 269 | 9/17/2025 | USD64,335 | $44 |
|  2 Year U.S. Treasury Note Futures | Long | 217 | 10/3/2025 | 45141 | 178 |
|  5 Year U.S. Treasury Note Futures | Long | 375 | 10/3/2025 | 40875 | 429 |
|  10 Year U.S. Treasury Note Futures | Long | 147 | 9/30/2025 | 16482 | 313 |
|  10 Year Ultra U.S. Treasury Note Futures | Short | 25 | 9/30/2025 | (2857) | (72) |
|  20 Year U.S. Treasury Bond Futures | Long | 44 | 9/30/2025 | 5081 | 185 |
|  30 Year Ultra U.S. Treasury Bond Futures | Long | 72 | 9/30/2025 | 8577 | 332 |
|  |  |  |  |  | $1409 |

---

#### Swap contracts

#### Interest rate swaps

#### Centrally cleared interest rate swaps

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | Upfront | Unrealized |
| Receive | Receive | Pay | Pay |  | Notional | Value at | premium<br> paid | appreciation<br> (depreciation) |
|  | Payment |  | Payment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration | amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/2025 | (received) | at 6/30/2025 |
| Rate | frequency | Rate | frequency | date | (000) | (000) | (000) | (000) |
|  3.16% | At maturity | U.S. Urban CPI | At maturity | 6/23/2026 | USD350 | $– <sup>(c)</sup> | $– | $– <sup>(c)</sup> |
|  U.S. Urban CPI | At maturity | 3.17% | At maturity | 6/23/2026 | USD690 | – <sup>(c)</sup> |  | – <sup>(c)</sup> |
|  SOFR | Annual | 3.055% | Annual | 4/6/2031 | USD6,700 | 144 |  | 144 |
|  SOFR | Annual | 2.91% | Annual | 9/18/2050 | USD592 | 99 |  | 99 |
|  |  |  |  |  |  | $243 | $– | $243 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Credit default swaps** | **Credit default swaps** | **Credit default swaps** | **Credit default swaps** | **Credit default swaps** | **Credit default swaps** | **Credit default swaps** | **Credit default swaps** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices – sell protection** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices – sell protection** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices – sell protection** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices – sell protection** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices – sell protection** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices – sell protection** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices – sell protection** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices – sell protection** |
| Reference<br>index | Financing<br>rate received | Payment<br>frequency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br>date | Notional <br>amount <sup>(o)</sup><br>(000) | Value at <br> 6/30/2025 <sup>(p)</sup><br>(000) | Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (received)<br> (000) | Unrealized<br>appreciation<br> (depreciation)<br> at 6/30/2025<br> (000) |
|  CDX.NA.IG.44 | 1.00% | Quarterly | 6/20/2030 | USD5,015 | $111 | $99 | $12 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in affiliates <sup>(l)</sup>** | **Investments in affiliates <sup>(l)</sup>** | **Investments in affiliates <sup>(l)</sup>** | **Investments in affiliates <sup>(l)</sup>** | **Investments in affiliates <sup>(l)</sup>** | **Investments in affiliates <sup>(l)</sup>** | **Investments in affiliates <sup>(l)</sup>** | **Investments in affiliates <sup>(l)</sup>** |
|  | Value at<br>1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain (loss)<br> (000) | Net unrealized<br>appreciation<br> (depreciation)<br>(000) | Value at<br>6/30/2025<br>(000) | Dividend<br>or interest<br>income<br> (000) |
|  Investment funds 2.06% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Corporate Bond Fund | $30920 | $750 | $– | $– | $565 | $32235 | $750 |
|  Short-term securities 7.34% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 7.34%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.35% <sup>(m)</sup> | 60575 | 199935 | 145437 | – <sup>(c)</sup> | (4) | 115069 | 1854 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 9.40%** |  |  |  | $– <sup>(c)</sup> | $561 | $147304 | $2604 |

---

American Funds Insurance Series **88**

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security was on loan. The total value of all such securities was $16,714,000, which represented 1.07% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Amount less than one thousand. 

<sup>(d)</sup> Security did not produce income during the last 12 months.

<sup>(e)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(f)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(g)</sup> Represents securities transacted on a TBA basis.

<sup>(h)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $40,844,000, which represented 2.61% of the net assets of the fund. 

<sup>(i)</sup> Step bond; coupon rate may change at a later date.

<sup>(j)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,008,000, which represented 0.13% of the net assets of the fund. 

<sup>(k)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $262,000, which represented 0.02% of the net assets of the fund. 

<sup>(l)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(m)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(n)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(o)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur. 

<sup>(p)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

**Key to abbreviation(s)**

ADR = American Depositary Receipts

Assn. = Association

Auth. = Authority

CAD = Canadian dollars

CDI = CREST Depository Interest

CME = CME Group

CPI = Consumer Price Index

DAC = Designated Activity Company

Fncg. = Financing

GBP = British pounds

Refer to the notes to financial statements.

GO = General Obligation

ICE = Intercontinental Exchange, Inc.

MXN = Mexican pesos

REIT = Real Estate Investment Trust

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

UST = U.S. Treasury

**89** American Funds Insurance Series

------

Asset Allocation Fund

---

| | | |
|:---|:---|:---|
|  **Investment portfolio** June 30, 2025 | **Investment portfolio** June 30, 2025 | unaudited |
| Common stocks 67.14% | Shares | Value<br> (000) |
|  **Information technology 16.85%** |  |  |
|  Broadcom, Inc. | 5212782 | $1436903 |
|  Microsoft Corp. | 2083449 | 1036328 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 2973803 | 673537 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 773000 | 28049 |
|  NVIDIA Corp. | 2594429 | 409894 |
|  Apple, Inc. | 1032637 | 211866 |
|  Intel Corp. | 6095959 | 136550 |
|  ASML Holding NV (ADR) | 145009 | 116209 |
|  MicroStrategy, Inc., Class A <sup>(a)</sup> | 246870 | 99792 |
|  Micron Technology, Inc. | 726977 | 89600 |
|  KLA Corp. | 94152 | 84336 |
|  International Business Machines Corp. | 275000 | 81065 |
|  Adobe, Inc. <sup>(a)</sup> | 202715 | 78426 |
|  Synopsys, Inc. <sup>(a)</sup> | 90490 | 46392 |
|  Oracle Corp. | 185267 | 40505 |
|  Diebold Nixdorf, Inc. <sup>(a)</sup> | 532940 | 29525 |
|  Salesforce, Inc. | 102608 | 27980 |
|  Applied Materials, Inc. | 113846 | 20842 |
|  Motorola Solutions, Inc. | 35587 | 14963 |
|  |  | 4662762 |
|  **Financials 12.18%** |  |  |
|  Apollo Asset Management, Inc. | 2534818 | 359615 |
|  Arthur J. Gallagher & Co. | 1010070 | 323344 |
|  Aon PLC, Class A | 752130 | 268330 |
|  Mastercard, Inc., Class A | 360948 | 202831 |
|  Synchrony Financial | 3000000 | 200220 |
|  Capital One Financial Corp. | 889662 | 189284 |
|  Visa, Inc., Class A | 525963 | 186743 |
|  Ares Management Corp., Class A | 1004749 | 174022 |
|  Blue Owl Capital, Inc., Class A | 9047540 | 173803 |
|  Bank of America Corp. | 2784601 | 131767 |
|  Blackstone, Inc. | 837355 | 125252 |
|  Wells Fargo & Co. | 1413342 | 113237 |
|  American Express Co. | 337999 | 107815 |
|  Brown & Brown, Inc. | 964468 | 106931 |
|  Fiserv, Inc. <sup>(a)</sup> | 584262 | 100733 |
|  BlackRock, Inc. | 88049 | 92385 |
|  JPMorgan Chase & Co. | 318591 | 92363 |
|  Chubb, Ltd. | 273887 | 79351 |
|  Progressive Corp. | 280641 | 74892 |
|  Citigroup, Inc. | 875000 | 74480 |
|  AXA SA | 1445264 | 70941 |
|  KKR & Co., Inc. | 273886 | 36435 |
|  Brookfield Corp., Class A | 486973 | 30119 |
|  Goldman Sachs Group, Inc. | 30100 | 21303 |
|  Intercontinental Exchange, Inc. | 110132 | 20206 |
|  UniCredit SpA | 214008 | 14346 |
|  Sberbank of Russia PJSC <sup>(b)</sup> | 8880000 | – <sup>(c)</sup> |
|  |  | 3370748 |
|  **Industrials 9.09%** |  |  |
|  ATI, Inc. <sup>(a)</sup> | 3762816 | 324882 |
|  Boeing Co. (The) <sup>(a)</sup> | 1355000 | 283913 |
|  TransDigm Group, Inc. | 160869 | 244624 |
|  L3Harris Technologies, Inc. | 870418 | 218336 |
|  General Electric Co. | 722399 | 185938 |
|  Honeywell International, Inc. | 641747 | 149450 |
|  Deere & Co. | 270815 | 137707 |

---

American Funds Insurance Series **90**

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Industrials (continued)** |  |  |
|  Parker-Hannifin Corp. | 183050 | $127855 |
|  Caterpillar, Inc. | 290000 | 112581 |
|  Ingersoll-Rand, Inc. | 1251137 | 104070 |
|  Safran SA | 312100 | 101431 |
|  United Rentals, Inc. | 129402 | 97491 |
|  Northrop Grumman Corp. | 126468 | 63232 |
|  Trane Technologies PLC | 137366 | 60085 |
|  Quanta Services, Inc. | 152260 | 57566 |
|  Copart, Inc. <sup>(a)</sup> | 835833 | 41014 |
|  Republic Services, Inc. | 158509 | 39090 |
|  RTX Corp. | 260623 | 38056 |
|  Union Pacific Corp. | 158202 | 36399 |
|  Carrier Global Corp. | 382605 | 28003 |
|  GE Vernova, Inc. | 44366 | 23476 |
|  FTAI Aviation, Ltd. | 181908 | 20927 |
|  Airbus SE, non-registered shares | 94296 | 19689 |
|  |  | 2515815 |
|  **Consumer discretionary 7.00%** |  |  |
|  Booking Holdings, Inc. | 68188 | 394757 |
|  Amazon.com, Inc. <sup>(a)</sup> | 1331622 | 292145 |
|  Royal Caribbean Cruises, Ltd. | 808815 | 253272 |
|  Starbucks Corp. | 1827909 | 167491 |
|  Home Depot, Inc. | 367100 | 134594 |
|  NIKE, Inc., Class B | 1485288 | 105515 |
|  Darden Restaurants, Inc. | 448084 | 97669 |
|  D.R. Horton, Inc. | 650250 | 83830 |
|  Carnival Corp. <sup>(a)</sup> | 2758206 | 77561 |
|  Compagnie Financiere Richemont SA, Class A | 381887 | 71930 |
|  Moncler SpA | 1254665 | 71517 |
|  Texas Roadhouse, Inc. | 325829 | 61064 |
|  Hilton Worldwide Holdings, Inc. | 139547 | 37167 |
|  Restaurant Brands International, Inc. | 498700 | 33059 |
|  Tesla, Inc. <sup>(a)</sup> | 79806 | 25351 |
|  YUM! Brands, Inc. | 91381 | 13541 |
|  lululemon athletica, Inc. <sup>(a)</sup> | 44474 | 10566 |
|  AutoZone, Inc. <sup>(a)</sup> | 1687 | 6262 |
|  Aimbridge Topco, LLC <sup>(a)(b)</sup> | 10722 | 807 |
|  Party City Holdco, Inc. <sup>(a)(b)</sup> | 68158 | – <sup>(c)</sup> |
|  Party City Holdco, Inc. <sup>(a)(b)(d)</sup> | 681 | – <sup>(c)</sup> |
|  |  | 1938098 |
|  **Health care 6.79%** |  |  |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 992755 | 441974 |
|  Gilead Sciences, Inc. | 2987938 | 331273 |
|  Eli Lilly and Co. | 314292 | 245000 |
|  UnitedHealth Group, Inc. | 480370 | 149861 |
|  Amgen, Inc. | 473094 | 132093 |
|  CVS Health Corp. | 1451353 | 100114 |
|  Thermo Fisher Scientific, Inc. | 179059 | 72601 |
|  Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 205917 | 67147 |
|  Abbott Laboratories | 487227 | 66268 |
|  Illumina, Inc. <sup>(a)</sup> | 599260 | 57175 |
|  Cooper Cos., Inc. <sup>(a)</sup> | 731383 | 52045 |
|  Centene Corp. <sup>(a)</sup> | 675000 | 36639 |
|  AbbVie, Inc. | 176323 | 32729 |
|  Boston Scientific Corp. <sup>(a)</sup> | 198062 | 21274 |
|  Exact Sciences Corp. <sup>(a)</sup> | 388980 | 20670 |
|  Danaher Corp. | 95660 | 18897 |

---

**91** American Funds Insurance Series

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Health care (continued)** |  |  |
|  Rotech Healthcare, Inc. <sup>(a)(b)(e)</sup> | 184138 | $13864 |
|  Molina Healthcare, Inc. <sup>(a)</sup> | 36950 | 11007 |
|  Novo Nordisk AS, Class B | 70320 | 4881 |
|  Endo, Inc. <sup>(a)</sup> | 140115 | 2941 |
|  Endo, Inc., 1L 7.50% Escrow <sup>(a)(b)</sup> | 9648000 | – <sup>(c)</sup> |
|  Carbon Health Technologies, Inc., Class A <sup>(a)(b)</sup> | 4955500 | 50 |
|  |  | 1878503 |
| **Materials 4.82%** |  |  |
|  Franco-Nevada Corp. (CAD denominated) | 1925000 | 316044 |
|  Wheaton Precious Metals Corp. | 3349100 | 300749 |
|  Royal Gold, Inc. | 1405000 | 249865 |
|  Lundin Mining Corp. | 16017925 | 168443 |
|  First Quantum Minerals, Ltd. <sup>(a)</sup> | 5805000 | 103119 |
|  Linde PLC | 145263 | 68154 |
|  Freeport-McMoRan, Inc. | 1400000 | 60690 |
|  Corteva, Inc. | 571302 | 42579 |
|  Air Products and Chemicals, Inc. | 45664 | 12880 |
|  Avery Dennison Corp. | 65336 | 11465 |
|  Venator Materials PLC <sup>(a)(b)</sup> | 4096 | – <sup>(c)</sup> |
|  |  | 1333988 |
| **Consumer staples 4.33%** |  |  |
|  Philip Morris International, Inc. | 4082884 | 743615 |
|  Keurig Dr Pepper, Inc. | 3252056 | 107513 |
|  Constellation Brands, Inc., Class A | 499955 | 81333 |
|  Costco Wholesale Corp. | 69889 | 69186 |
|  Nestle SA | 617055 | 61305 |
|  US Foods Holding Corp. <sup>(a)</sup> | 514932 | 39655 |
|  Estee Lauder Cos., Inc. (The), Class A | 440395 | 35584 |
|  Altria Group, Inc. | 527643 | 30936 |
|  Bunge Global SA | 197085 | 15822 |
|  Procter & Gamble Co. | 75358 | 12006 |
|  |  | 1196955 |
| **Communication services 3.78%** |  |  |
|  Meta Platforms, Inc., Class A | 581159 | 428948 |
|  Alphabet, Inc., Class C | 1206415 | 214006 |
|  Alphabet, Inc., Class A | 344016 | 60626 |
|  Comcast Corp., Class A | 6366969 | 227237 |
|  Charter Communications, Inc., Class A <sup>(a)</sup> | 179040 | 73193 |
|  Nintendo Co., Ltd. | 265200 | 25561 |
|  Take-Two Interactive Software, Inc. <sup>(a)</sup> | 67585 | 16413 |
|  |  | 1045984 |
| **Energy 1.29%** |  |  |
|  Canadian Natural Resources, Ltd. (CAD denominated) | 4009172 | 126009 |
|  ConocoPhillips | 824000 | 73946 |
|  Shell PLC (GBP denominated) | 1914457 | 67103 |
|  EOG Resources, Inc. | 254319 | 30419 |
|  Noble Corp. PLC, Class A | 771174 | 20474 |
|  Halliburton Co. | 960000 | 19565 |
|  Schlumberger NV | 286500 | 9684 |
|  Exxon Mobil Corp. | 66470 | 7165 |
|  Constellation Oil Services Holding SA (NDR) <sup>(a)</sup> | 1564956 | 699 |
|  New Fortress Energy, Inc., Class A <sup>(a)</sup> | 150315 | 499 |

---

American Funds Insurance Series **92**

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Energy (continued)** |  |  |
|  Altera Infrastructure, LP <sup>(b)</sup> | 16129 | $498 |
|  Expand Energy Corp. | 277 | 32 |
|  Bighorn Permian Resources, LLC <sup>(b)</sup> | 4392 | – <sup>(c)</sup> |
|  |  | 356093 |
|  **Real estate 0.53%** |  |  |
|  VICI Properties, Inc. REIT | 2308795 | 75267 |
|  American Tower Corp. REIT | 136942 | 30267 |
|  Simon Property Group, Inc. REIT | 119922 | 19279 |
|  Crown Castle, Inc. REIT | 134329 | 13799 |
|  Alexandria Real Estate Equities, Inc. REIT | 121544 | 8828 |
|  |  | 147440 |
|  **Utilities 0.48%** |  |  |
|  DTE Energy Co. | 848144 | 112345 |
|  FirstEnergy Corp. | 323684 | 13032 |
|  Southern Co. (The) | 83100 | 7631 |
|  |  | 133008 |
|  **Total common stocks** (cost: $10,832,516,000) |  | 18579394 |
| Preferred securities 0.00% |  |  |
|  **Industrials 0.00%** |  |  |
|  ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(b)(d)</sup> | 450 | 647 |
|  **Total preferred securities** (cost: $466,000) |  | 647 |
| Rights & warrants 0.00% |  |  |
|  **Energy 0.00%** |  |  |
|  Expand Energy Corporation, Class C, warrants, expire 2/9/2026 <sup>(a)</sup> | 524 | 54 |
|  Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/2071 <sup>(a)(b)</sup> | 4 | – <sup>(c)</sup> |
|  **Total rights & warrants** (cost: $313,000) |  | 54 |
| Convertible stocks 0.14% |  |  |
|  **Information technology 0.07%** |  |  |
|  MicroStrategy, Inc., 8.00% perpetual convertible preferred shares <sup>(f)</sup> | 168200 | 20354 |
|  **Industrials 0.07%** |  |  |
|  Boeing Co., Series A, convertible preferred depositary shares, 6.00% 10/15/2027 | 262145 | 17826 |
|  **Total convertible stocks** (cost: $29,379,000) |  | 38180 |
| Bonds, notes & other debt instruments 26.96% | Principal amount<br>(000) |  |
| **Mortgage-backed obligations 10.51%** | **Mortgage-backed obligations 10.51%** |  |
|  **Federal agency mortgage-backed obligations 9.44%** |  |  |
|  Fannie Mae Pool #AE3069 4.00% 9/1/2025 <sup>(g)</sup> | USD– <sup>(c)</sup> | – <sup>(c)</sup> |
|  Fannie Mae Pool #AH0829 4.00% 1/1/2026 <sup>(g)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Fannie Mae Pool #AH6431 4.00% 2/1/2026 <sup>(g)</sup> | 24 | 24 |
|  Fannie Mae Pool #AH5618 4.00% 2/1/2026 <sup>(g)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Fannie Mae Pool #890329 4.00% 4/1/2026 <sup>(g)</sup> | 2 | 2 |

---

**93** American Funds Insurance Series

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #MA1109 4.00% 5/1/2027 <sup>(g)</sup> | USD– <sup>(c)</sup> | $– <sup>(c)</sup> |
|  Fannie Mae Pool #MA3653 3.00% 3/1/2029 <sup>(g)</sup> | 6 | 6 |
|  Fannie Mae Pool #AL8347 4.00% 3/1/2029 <sup>(g)</sup> | 7 | 7 |
|  Fannie Mae Pool #254767 5.50% 6/1/2033 <sup>(g)</sup> | 133 | 136 |
|  Fannie Mae Pool #555956 5.50% 12/1/2033 <sup>(g)</sup> | 85 | 87 |
|  Fannie Mae Pool #BN1085 4.00% 1/1/2034 <sup>(g)</sup> | 238 | 238 |
|  Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(g)</sup> | 243 | 229 |
|  Fannie Mae Pool #929185 5.50% 1/1/2036 <sup>(g)</sup> | 254 | 262 |
|  Fannie Mae Pool #893641 6.00% 9/1/2036 <sup>(g)</sup> | 496 | 520 |
|  Fannie Mae Pool #893688 6.00% 10/1/2036 <sup>(g)</sup> | 125 | 131 |
|  Fannie Mae Pool #AS8554 3.00% 12/1/2036 <sup>(g)</sup> | 4020 | 3808 |
|  Fannie Mae Pool #907239 6.00% 12/1/2036 <sup>(g)</sup> | 11 | 11 |
|  Fannie Mae Pool #928031 6.00% 1/1/2037 <sup>(g)</sup> | 41 | 43 |
|  Fannie Mae Pool #888292 6.00% 3/1/2037 <sup>(g)</sup> | 369 | 387 |
|  Fannie Mae Pool #AD0249 5.50% 4/1/2037 <sup>(g)</sup> | 69 | 71 |
|  Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(g)</sup> | 124 | 116 |
|  Fannie Mae Pool #190379 5.50% 5/1/2037 <sup>(g)</sup> | 39 | 40 |
|  Fannie Mae Pool #924952 6.00% 8/1/2037 <sup>(g)</sup> | 586 | 614 |
|  Fannie Mae Pool #888637 6.00% 9/1/2037 <sup>(g)</sup> | 7 | 7 |
|  Fannie Mae Pool #995674 6.00% 5/1/2038 <sup>(g)</sup> | 228 | 240 |
|  Fannie Mae Pool #AD0119 6.00% 7/1/2038 <sup>(g)</sup> | 724 | 762 |
|  Fannie Mae Pool #995224 6.00% 9/1/2038 <sup>(g)</sup> | 6 | 6 |
|  Fannie Mae Pool #AE0021 6.00% 10/1/2038 <sup>(g)</sup> | 231 | 242 |
|  Fannie Mae Pool #AL7164 6.00% 10/1/2038 <sup>(g)</sup> | 141 | 147 |
|  Fannie Mae Pool #889983 6.00% 10/1/2038 <sup>(g)</sup> | 13 | 14 |
|  Fannie Mae Pool #AD0095 6.00% 11/1/2038 <sup>(g)</sup> | 504 | 528 |
|  Fannie Mae Pool #AB0538 6.00% 11/1/2038 <sup>(g)</sup> | 69 | 72 |
|  Fannie Mae Pool #995391 6.00% 11/1/2038 <sup>(g)</sup> | 10 | 11 |
|  Fannie Mae Pool #AD0833 6.00% 1/1/2039 <sup>(g)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Fannie Mae Pool #AL0309 6.00% 1/1/2040 <sup>(g)</sup> | 47 | 49 |
|  Fannie Mae Pool #AL0013 6.00% 4/1/2040 <sup>(g)</sup> | 137 | 144 |
|  Fannie Mae Pool #AL7228 6.00% 4/1/2041 <sup>(g)</sup> | 167 | 174 |
|  Fannie Mae Pool #AB4536 6.00% 6/1/2041 <sup>(g)</sup> | 336 | 351 |
|  Fannie Mae Pool #MA4387 2.00% 7/1/2041 <sup>(g)</sup> | 5520 | 4763 |
|  Fannie Mae Pool #FS0305 1.50% 1/1/2042 <sup>(g)</sup> | 16669 | 13782 |
|  Fannie Mae Pool #AP2131 3.50% 8/1/2042 <sup>(g)</sup> | 2457 | 2308 |
|  Fannie Mae Pool #AU8813 4.00% 11/1/2043 <sup>(g)</sup> | 1527 | 1471 |
|  Fannie Mae Pool #AU9350 4.00% 11/1/2043 <sup>(g)</sup> | 830 | 800 |
|  Fannie Mae Pool #AU9348 4.00% 11/1/2043 <sup>(g)</sup> | 815 | 786 |
|  Fannie Mae Pool #AL8773 3.50% 2/1/2045 <sup>(g)</sup> | 4247 | 3986 |
|  Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(g)</sup> | 6952 | 6458 |
|  Fannie Mae Pool #AL8354 3.50% 10/1/2045 <sup>(g)</sup> | 989 | 921 |
|  Fannie Mae Pool #AL8522 3.50% 5/1/2046 <sup>(g)</sup> | 2175 | 2019 |
|  Fannie Mae Pool #BC7611 4.00% 5/1/2046 <sup>(g)</sup> | 80 | 76 |
|  Fannie Mae Pool #AS8310 3.00% 11/1/2046 <sup>(g)</sup> | 290 | 261 |
|  Fannie Mae Pool #BD9307 4.00% 11/1/2046 <sup>(g)</sup> | 1234 | 1170 |
|  Fannie Mae Pool #BD9699 3.50% 12/1/2046 <sup>(g)</sup> | 1226 | 1128 |
|  Fannie Mae Pool #BE1290 3.50% 2/1/2047 <sup>(g)</sup> | 1825 | 1681 |
|  Fannie Mae Pool #BM1179 3.00% 4/1/2047 <sup>(g)</sup> | 375 | 337 |
|  Fannie Mae Pool #256975 7.00% 10/1/2047 <sup>(g)</sup> | 2 | 2 |
|  Fannie Mae Pool #CA0770 3.50% 11/1/2047 <sup>(g)</sup> | 1259 | 1153 |
|  Fannie Mae Pool #MA3211 4.00% 12/1/2047 <sup>(g)</sup> | 2105 | 1999 |
|  Fannie Mae Pool #MA3277 4.00% 2/1/2048 <sup>(g)</sup> | 8 | 8 |
|  Fannie Mae Pool #BK5255 4.00% 5/1/2048 <sup>(g)</sup> | 9 | 9 |
|  Fannie Mae Pool #FM3278 3.50% 11/1/2048 <sup>(g)</sup> | 13393 | 12303 |
|  Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(g)</sup> | 1798 | 1672 |
|  Fannie Mae Pool #CA4756 3.00% 12/1/2049 <sup>(g)</sup> | 1390 | 1234 |
|  Fannie Mae Pool #BN7443 2.50% 3/1/2050 <sup>(g)</sup> | 31 | 26 |
|  Fannie Mae Pool #CA5968 2.50% 6/1/2050 <sup>(g)</sup> | 4580 | 3862 |
|  Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(g)</sup> | 404 | 336 |

---

American Funds Insurance Series **94**

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #CA6593 2.50% 8/1/2050 <sup>(g)</sup> | USD10,266 | $8665 |
|  Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(g)</sup> | 304 | 266 |
|  Fannie Mae Pool #BQ7589 2.00% 11/1/2050 <sup>(g)</sup> | 2329 | 1848 |
|  Fannie Mae Pool #CA7737 2.50% 11/1/2050 <sup>(g)</sup> | 8416 | 7083 |
|  Fannie Mae Pool #CA7599 2.50% 11/1/2050 <sup>(g)</sup> | 1305 | 1103 |
|  Fannie Mae Pool #CA7743 2.50% 11/1/2050 <sup>(g)</sup> | 715 | 595 |
|  Fannie Mae Pool #FM4897 3.00% 11/1/2050 <sup>(g)</sup> | 11550 | 10313 |
|  Fannie Mae Pool #BQ7646 2.00% 12/1/2050 <sup>(g)</sup> | 1956 | 1552 |
|  Fannie Mae Pool #BQ8497 2.00% 12/1/2050 <sup>(g)</sup> | 1609 | 1275 |
|  Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(g)</sup> | 1036 | 1008 |
|  Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(g)</sup> | 5151 | 4110 |
|  Fannie Mae Pool #FS5929 2.50% 1/1/2051 <sup>(g)</sup> | 778 | 647 |
|  Fannie Mae Pool #FM5944 2.50% 1/1/2051 <sup>(g)</sup> | 79 | 66 |
|  Fannie Mae Pool #FS3550 2.50% 1/1/2051 <sup>(g)</sup> | 29 | 24 |
|  Fannie Mae Pool #BR3255 2.00% 2/1/2051 <sup>(g)</sup> | 6030 | 4780 |
|  Fannie Mae Pool #FM5963 2.00% 2/1/2051 <sup>(g)</sup> | 1837 | 1456 |
|  Fannie Mae Pool #CA8828 2.50% 2/1/2051 <sup>(g)</sup> | 3200 | 2701 |
|  Fannie Mae Pool #CA8962 2.50% 2/1/2051 <sup>(g)</sup> | 60 | 50 |
|  Fannie Mae Pool #CB0290 2.00% 4/1/2051 <sup>(g)</sup> | 4141 | 3287 |
|  Fannie Mae Pool #FS1086 2.00% 4/1/2051 <sup>(g)</sup> | 1760 | 1395 |
|  Fannie Mae Pool #CA9494 2.50% 4/1/2051 <sup>(g)</sup> | 96 | 80 |
|  Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(g)</sup> | 4542 | 3969 |
|  Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(g)</sup> | 559 | 489 |
|  Fannie Mae Pool #BR0999 2.50% 5/1/2051 <sup>(g)</sup> | 828 | 688 |
|  Fannie Mae Pool #FM7222 2.50% 5/1/2051 <sup>(g)</sup> | 778 | 646 |
|  Fannie Mae Pool #CB0910 2.50% 6/1/2051 <sup>(g)</sup> | 34956 | 29022 |
|  Fannie Mae Pool #FM7740 2.50% 6/1/2051 <sup>(g)</sup> | 9291 | 7714 |
|  Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(g)</sup> | 414 | 362 |
|  Fannie Mae Pool #MA4378 2.00% 7/1/2051 <sup>(g)</sup> | 154 | 123 |
|  Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(g)</sup> | 2059 | 1710 |
|  Fannie Mae Pool #FM8434 2.00% 8/1/2051 <sup>(g)</sup> | 5970 | 4733 |
|  Fannie Mae Pool #FM8453 3.00% 8/1/2051 <sup>(g)</sup> | 3904 | 3456 |
|  Fannie Mae Pool #CB1304 3.00% 8/1/2051 <sup>(g)</sup> | 71 | 62 |
|  Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(g)</sup> | 1338 | 1111 |
|  Fannie Mae Pool #BT7263 2.50% 9/1/2051 <sup>(g)</sup> | 661 | 549 |
|  Fannie Mae Pool #FS5125 2.50% 10/1/2051 <sup>(g)</sup> | 840 | 698 |
|  Fannie Mae Pool #FS3298 2.50% 10/1/2051 <sup>(g)</sup> | 536 | 445 |
|  Fannie Mae Pool #BU2530 2.50% 10/1/2051 <sup>(g)</sup> | 134 | 111 |
|  Fannie Mae Pool #FM9335 2.50% 10/1/2051 <sup>(g)</sup> | 92 | 77 |
|  Fannie Mae Pool #MA4465 2.00% 11/1/2051 <sup>(g)</sup> | 7704 | 6123 |
|  Fannie Mae Pool #FM9646 2.00% 11/1/2051 <sup>(g)</sup> | 5300 | 4201 |
|  Fannie Mae Pool #CB2078 3.00% 11/1/2051 <sup>(g)</sup> | 7975 | 6967 |
|  Fannie Mae Pool #MA4492 2.00% 12/1/2051 <sup>(g)</sup> | 2437 | 1937 |
|  Fannie Mae Pool #CB2286 2.50% 12/1/2051 <sup>(g)</sup> | 14266 | 11989 |
|  Fannie Mae Pool #CB2375 2.50% 12/1/2051 <sup>(g)</sup> | 6680 | 5611 |
|  Fannie Mae Pool #CB2319 2.50% 12/1/2051 <sup>(g)</sup> | 162 | 136 |
|  Fannie Mae Pool #BT9483 2.50% 12/1/2051 <sup>(g)</sup> | 78 | 66 |
|  Fannie Mae Pool #CB2372 2.50% 12/1/2051 <sup>(g)</sup> | 77 | 65 |
|  Fannie Mae Pool #BT9510 2.50% 12/1/2051 <sup>(g)</sup> | 77 | 65 |
|  Fannie Mae Pool #BQ7006 2.00% 1/1/2052 <sup>(g)</sup> | 2944 | 2338 |
|  Fannie Mae Pool #MA4512 2.50% 1/1/2052 <sup>(g)</sup> | 124 | 103 |
|  Fannie Mae Pool #FS3549 2.50% 1/1/2052 <sup>(g)</sup> | 65 | 54 |
|  Fannie Mae Pool #FS0182 3.00% 1/1/2052 <sup>(g)</sup> | 10085 | 8812 |
|  Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(g)</sup> | 6678 | 5298 |
|  Fannie Mae Pool #MA4547 2.00% 2/1/2052 <sup>(g)</sup> | 5115 | 4063 |
|  Fannie Mae Pool #BT1968 2.00% 2/1/2052 <sup>(g)</sup> | 1824 | 1447 |
|  Fannie Mae Pool #BV3083 2.00% 2/1/2052 <sup>(g)</sup> | 991 | 786 |
|  Fannie Mae Pool #FS2660 2.50% 2/1/2052 <sup>(g)</sup> | 2133 | 1774 |
|  Fannie Mae Pool #FS1080 2.50% 2/1/2052 <sup>(g)</sup> | 1947 | 1617 |
|  Fannie Mae Pool #BV3674 2.50% 2/1/2052 <sup>(g)</sup> | 728 | 607 |

---

**95** American Funds Insurance Series

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(g)</sup> | USD636 | $528 |
|  Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(g)</sup> | 53834 | 47420 |
|  Fannie Mae Pool #BV3101 2.00% 3/1/2052 <sup>(g)</sup> | 2963 | 2348 |
|  Fannie Mae Pool #FS1742 2.00% 3/1/2052 <sup>(g)</sup> | 2462 | 1956 |
|  Fannie Mae Pool #MA4562 2.00% 3/1/2052 <sup>(g)</sup> | 1826 | 1449 |
|  Fannie Mae Pool #BV4169 2.00% 3/1/2052 <sup>(g)</sup> | 1312 | 1040 |
|  Fannie Mae Pool #BV4172 2.00% 3/1/2052 <sup>(g)</sup> | 1300 | 1030 |
|  Fannie Mae Pool #BV0162 2.00% 3/1/2052 <sup>(g)</sup> | 115 | 91 |
|  Fannie Mae Pool #BV4173 2.50% 3/1/2052 <sup>(g)</sup> | 813 | 678 |
|  Fannie Mae Pool #CB3063 2.50% 3/1/2052 <sup>(g)</sup> | 739 | 616 |
|  Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(g)</sup> | 642 | 535 |
|  Fannie Mae Pool #BV4119 2.50% 3/1/2052 <sup>(g)</sup> | 163 | 136 |
|  Fannie Mae Pool #CB3744 2.50% 3/1/2052 <sup>(g)</sup> | 24 | 20 |
|  Fannie Mae Pool #FS0931 3.00% 3/1/2052 <sup>(g)</sup> | 352 | 305 |
|  Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(g)</sup> | 5929 | 4714 |
|  Fannie Mae Pool #FS1598 2.00% 4/1/2052 <sup>(g)</sup> | 3022 | 2400 |
|  Fannie Mae Pool #BV4182 2.50% 4/1/2052 <sup>(g)</sup> | 909 | 757 |
|  Fannie Mae Pool #FS1749 2.50% 4/1/2052 <sup>(g)</sup> | 880 | 733 |
|  Fannie Mae Pool #BV5332 2.50% 4/1/2052 <sup>(g)</sup> | 877 | 731 |
|  Fannie Mae Pool #BU9507 2.50% 4/1/2052 <sup>(g)</sup> | 162 | 135 |
|  Fannie Mae Pool #BV5370 2.50% 4/1/2052 <sup>(g)</sup> | 138 | 115 |
|  Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(g)</sup> | 657 | 613 |
|  Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(g)</sup> | 9713 | 7721 |
|  Fannie Mae Pool #BV9644 2.50% 5/1/2052 <sup>(g)</sup> | 940 | 783 |
|  Fannie Mae Pool #MA4598 2.50% 5/1/2052 <sup>(g)</sup> | 869 | 723 |
|  Fannie Mae Pool #BW2204 2.50% 5/1/2052 <sup>(g)</sup> | 153 | 127 |
|  Fannie Mae Pool #BW0462 2.50% 5/1/2052 <sup>(g)</sup> | 153 | 127 |
|  Fannie Mae Pool #BV8592 2.50% 5/1/2052 <sup>(g)</sup> | 118 | 98 |
|  Fannie Mae Pool #FS7329 2.00% 6/1/2052 <sup>(g)</sup> | 2416 | 1917 |
|  Fannie Mae Pool #MA4623 2.50% 6/1/2052 <sup>(g)</sup> | 786 | 654 |
|  Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(g)</sup> | 5830 | 5436 |
|  Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(g)</sup> | 1363 | 1272 |
|  Fannie Mae Pool #BW2918 4.50% 6/1/2052 <sup>(g)</sup> | 5085 | 4876 |
|  Fannie Mae Pool #FS6986 2.00% 7/1/2052 <sup>(g)</sup> | 5004 | 3968 |
|  Fannie Mae Pool #CB4123 4.00% 7/1/2052 <sup>(g)</sup> | 23 | 21 |
|  Fannie Mae Pool #BV7912 2.50% 8/1/2052 <sup>(g)</sup> | 156 | 130 |
|  Fannie Mae Pool #BV8015 2.50% 8/1/2052 <sup>(g)</sup> | 94 | 78 |
|  Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(g)</sup> | 629 | 602 |
|  Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(g)</sup> | 1007 | 995 |
|  Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(g)</sup> | 16546 | 13126 |
|  Fannie Mae Pool #BX2841 4.00% 10/1/2052 <sup>(g)</sup> | 15 | 14 |
|  Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(g)</sup> | 10696 | 10257 |
|  Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(g)</sup> | 839 | 806 |
|  Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(g)</sup> | 450 | 444 |
|  Fannie Mae Pool #BX0463 4.00% 11/1/2052 <sup>(g)</sup> | 982 | 915 |
|  Fannie Mae Pool #BW1299 4.00% 11/1/2052 <sup>(g)</sup> | 936 | 873 |
|  Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(g)</sup> | 9896 | 9490 |
|  Fannie Mae Pool #FS5554 4.50% 11/1/2052 <sup>(g)</sup> | 2995 | 2873 |
|  Fannie Mae Pool #CB5764 2.50% 12/1/2052 <sup>(g)</sup> | 887 | 738 |
|  Fannie Mae Pool #MA4842 5.50% 12/1/2052 <sup>(g)</sup> | 2361 | 2369 |
|  Fannie Mae Pool #BW5062 4.00% 1/1/2053 <sup>(g)</sup> | 22 | 20 |
|  Fannie Mae Pool #FS5520 4.50% 1/1/2053 <sup>(g)</sup> | 2695 | 2582 |
|  Fannie Mae Pool #BX3263 4.00% 2/1/2053 <sup>(g)</sup> | 569 | 530 |
|  Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(g)</sup> | 982 | 985 |
|  Fannie Mae Pool #BW5000 4.00% 3/1/2053 <sup>(g)</sup> | 902 | 841 |
|  Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(g)</sup> | 2515 | 2533 |
|  Fannie Mae Pool #BX9358 4.00% 4/1/2053 <sup>(g)</sup> | 327 | 304 |
|  Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(g)</sup> | 2143 | 2108 |
|  Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(g)</sup> | 6967 | 6492 |
|  Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(g)</sup> | 10714 | 10537 |

---

American Funds Insurance Series **96**

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(g)</sup> | USD765 | $756 |
|  Fannie Mae Pool #FS4840 5.50% 5/1/2053 <sup>(g)</sup> | 963 | 964 |
|  Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(g)</sup> | 170 | 171 |
|  Fannie Mae Pool #FS4736 6.50% 5/1/2053 <sup>(g)</sup> | 239 | 248 |
|  Fannie Mae Pool #BW9618 3.00% 6/1/2053 <sup>(g)</sup> | 285 | 247 |
|  Fannie Mae Pool #MA5038 5.00% 6/1/2053 <sup>(g)</sup> | 25639 | 25196 |
|  Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(g)</sup> | 613 | 614 |
|  Fannie Mae Pool #CB6491 6.50% 6/1/2053 <sup>(g)</sup> | 1250 | 1302 |
|  Fannie Mae Pool #CB6490 6.50% 6/1/2053 <sup>(g)</sup> | 444 | 461 |
|  Fannie Mae Pool #CB6468 6.50% 6/1/2053 <sup>(g)</sup> | 325 | 339 |
|  Fannie Mae Pool #FS7823 2.00% 7/1/2053 <sup>(g)</sup> | 11488 | 9125 |
|  Fannie Mae Pool #FS9167 2.50% 7/1/2053 <sup>(g)</sup> | 840 | 697 |
|  Fannie Mae Pool #FS6632 2.50% 7/1/2053 <sup>(g)</sup> | 786 | 653 |
|  Fannie Mae Pool #MA5089 4.00% 7/1/2053 <sup>(g)</sup> | 9490 | 8840 |
|  Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(g)</sup> | 13850 | 13277 |
|  Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(g)</sup> | 2308 | 2313 |
|  Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(g)</sup> | 101 | 101 |
|  Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(g)</sup> | 5473 | 5487 |
|  Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(g)</sup> | 20042 | 20408 |
|  Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(g)</sup> | 1775 | 1778 |
|  Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(g)</sup> | 4871 | 4960 |
|  Fannie Mae Pool #MA5207 4.00% 11/1/2053 <sup>(g)</sup> | 15359 | 14300 |
|  Fannie Mae Pool #BY1418 4.00% 11/1/2053 <sup>(g)</sup> | 14504 | 13506 |
|  Fannie Mae Pool #FS6838 5.50% 11/1/2053 <sup>(g)</sup> | 4114 | 4121 |
|  Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(g)</sup> | 7362 | 7497 |
|  Fannie Mae Pool #BY1448 4.00% 12/1/2053 <sup>(g)</sup> | 11356 | 10574 |
|  Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(g)</sup> | 273 | 273 |
|  Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(g)</sup> | 7518 | 7774 |
|  Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(g)</sup> | 2197 | 2283 |
|  Fannie Mae Pool #BY1343 4.00% 2/1/2054 <sup>(g)</sup> | 12395 | 11537 |
|  Fannie Mae Pool #FS7990 4.00% 2/1/2054 <sup>(g)</sup> | 1962 | 1826 |
|  Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(g)</sup> | 636 | 637 |
|  Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(g)</sup> | 542 | 542 |
|  Fannie Mae Pool #CB7932 6.00% 2/1/2054 <sup>(g)</sup> | 3263 | 3330 |
|  Fannie Mae Pool #CB7933 6.50% 2/1/2054 <sup>(g)</sup> | 2266 | 2344 |
|  Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(g)</sup> | 11351 | 11359 |
|  Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(g)</sup> | 4859 | 4873 |
|  Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(g)</sup> | 896 | 912 |
|  Fannie Mae Pool #CB8163 6.00% 3/1/2054 <sup>(g)</sup> | 888 | 909 |
|  Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(g)</sup> | 9 | 9 |
|  Fannie Mae Pool #CB8337 5.50% 4/1/2054 <sup>(g)</sup> | 7444 | 7469 |
|  Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(g)</sup> | 1120 | 1121 |
|  Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(g)</sup> | 2259 | 2299 |
|  Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(g)</sup> | 1021 | 1045 |
|  Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(g)</sup> | 993 | 1016 |
|  Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(g)</sup> | 860 | 877 |
|  Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(g)</sup> | 805 | 825 |
|  Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(g)</sup> | 1009 | 1048 |
|  Fannie Mae Pool #DB5480 6.50% 6/1/2054 <sup>(g)</sup> | 60 | 62 |
|  Fannie Mae Pool #DB5213 5.50% 7/1/2054 <sup>(g)</sup> | 6048 | 6053 |
|  Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(g)</sup> | 2419 | 2423 |
|  Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(g)</sup> | 1495 | 1497 |
|  Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(g)</sup> | 12501 | 12716 |
|  Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(g)</sup> | 1411 | 1436 |
|  Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(g)</sup> | 698 | 713 |
|  Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(g)</sup> | 504 | 514 |
|  Fannie Mae Pool #MA5422 6.50% 7/1/2054 <sup>(g)</sup> | 6917 | 7149 |
|  Fannie Mae Pool #FS8619 6.50% 7/1/2054 <sup>(g)</sup> | 4621 | 4812 |
|  Fannie Mae Pool #FS8607 6.50% 7/1/2054 <sup>(g)</sup> | 3438 | 3580 |
|  Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(g)</sup> | 1573 | 1638 |

---

**97** American Funds Insurance Series

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(g)</sup> | USD469 | $488 |
|  Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(g)</sup> | 270 | 281 |
|  Fannie Mae Pool #CB8977 5.00% 8/1/2054 <sup>(g)</sup> | 454 | 445 |
|  Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(g)</sup> | 1403 | 1408 |
|  Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(g)</sup> | 9453 | 9617 |
|  Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(g)</sup> | 2887 | 2956 |
|  Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(g)</sup> | 1614 | 1645 |
|  Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(g)</sup> | 1361 | 1387 |
|  Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(g)</sup> | 1183 | 1210 |
|  Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(g)</sup> | 1167 | 1188 |
|  Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(g)</sup> | 954 | 970 |
|  Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(g)</sup> | 356 | 364 |
|  Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(g)</sup> | 279 | 285 |
|  Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(g)</sup> | 275 | 281 |
|  Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(g)</sup> | 1830 | 1906 |
|  Fannie Mae Pool #FS8783 6.50% 8/1/2054 <sup>(g)</sup> | 1337 | 1392 |
|  Fannie Mae Pool #CB9210 5.50% 9/1/2054 <sup>(g)</sup> | 3829 | 3841 |
|  Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(g)</sup> | 2421 | 2435 |
|  Fannie Mae Pool #CB9146 5.50% 9/1/2054 <sup>(g)</sup> | 2298 | 2310 |
|  Fannie Mae Pool #BU4946 5.50% 9/1/2054 <sup>(g)</sup> | 1169 | 1170 |
|  Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(g)</sup> | 2955 | 3023 |
|  Fannie Mae Pool #MA5494 4.00% 10/1/2054 <sup>(g)</sup> | 6658 | 6197 |
|  Fannie Mae Pool #DC5642 4.00% 11/1/2054 <sup>(g)</sup> | 1872 | 1743 |
|  Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(g)</sup> | 20081 | 19697 |
|  Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(g)</sup> | 1900 | 1903 |
|  Fannie Mae Pool #DC6894 5.50% 11/1/2054 <sup>(g)</sup> | 502 | 502 |
|  Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(g)</sup> | 310 | 310 |
|  Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(g)</sup> | 24032 | 23574 |
|  Fannie Mae Pool #BU5361 5.00% 12/1/2054 <sup>(g)</sup> | 1095 | 1076 |
|  Fannie Mae Pool #CB9616 5.50% 12/1/2054 <sup>(g)</sup> | 1450 | 1452 |
|  Fannie Mae Pool #FA0287 6.00% 12/1/2054 <sup>(g)</sup> | 27343 | 27808 |
|  Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(g)</sup> | 3069 | 3120 |
|  Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(g)</sup> | 341 | 347 |
|  Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(g)</sup> | 841 | 783 |
|  Fannie Mae Pool #CB9736 4.50% 1/1/2055 <sup>(g)</sup> | 13705 | 13118 |
|  Fannie Mae Pool #CB9737 5.00% 1/1/2055 <sup>(g)</sup> | 1956 | 1921 |
|  Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(g)</sup> | 4789 | 4871 |
|  Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(g)</sup> | 2808 | 2855 |
|  Fannie Mae Pool #DC9721 6.50% 1/1/2055 <sup>(g)</sup> | 17221 | 17806 |
|  Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(g)</sup> | 1825 | 1827 |
|  Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(g)</sup> | 22612 | 22994 |
|  Fannie Mae Pool #MA5631 6.50% 2/1/2055 <sup>(g)</sup> | 5681 | 5870 |
|  Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(g)</sup> | 14938 | 14298 |
|  Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(g)</sup> | 7363 | 7486 |
|  Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(g)</sup> | 25308 | 23550 |
|  Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(g)</sup> | 15703 | 15030 |
|  Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(g)</sup> | 6045 | 6148 |
|  Fannie Mae Pool #MA5675 6.50% 4/1/2055 <sup>(g)</sup> | 259 | 268 |
|  Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(g)</sup> | 3888 | 3813 |
|  Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(g)</sup> | 10004 | 10172 |
|  Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(g)</sup> | 1988 | 1949 |
|  Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(g)</sup> | 168 | 168 |
|  Fannie Mae Pool #BF0133 4.00% 8/1/2056 <sup>(g)</sup> | 5401 | 5043 |
|  Fannie Mae Pool #BM6736 4.50% 11/1/2059 <sup>(g)</sup> | 9400 | 9090 |
|  Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(g)</sup> | 3321 | 2864 |
|  Fannie Mae Pool #BF0546 2.50% 7/1/2061 <sup>(g)</sup> | 9297 | 7394 |
|  Fannie Mae Pool #BF0762 3.00% 9/1/2063 <sup>(g)</sup> | 763 | 645 |
|  Fannie Mae Pool #BF0784 3.50% 12/1/2063 <sup>(g)</sup> | 3230 | 2861 |
|  Fannie Mae Pool #BF0786 4.00% 12/1/2063 <sup>(g)</sup> | 3613 | 3341 |
|  Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041 <sup>(g)</sup> | 19 | 20 |

---

American Funds Insurance Series **98**

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae, Series 2001-T10, Class A1, 7.00% 12/25/2041 <sup>(g)</sup> | USD54 | $55 |
|  Fannie Mae, Series 2006-43, Class JO, principal only, 0% 6/25/2036 <sup>(g)</sup> | 26 | 23 |
|  Freddie Mac Pool #C91912 3.00% 2/1/2037 <sup>(g)</sup> | 7241 | 6866 |
|  Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(g)</sup> | 183 | 171 |
|  Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(g)</sup> | 52 | 49 |
|  Freddie Mac Pool #G03978 5.00% 3/1/2038 <sup>(g)</sup> | 327 | 332 |
|  Freddie Mac Pool #G04553 6.50% 9/1/2038 <sup>(g)</sup> | 37 | 39 |
|  Freddie Mac Pool #G08347 4.50% 6/1/2039 <sup>(g)</sup> | 49 | 49 |
|  Freddie Mac Pool #RB5071 2.00% 9/1/2040 <sup>(g)</sup> | 18245 | 15828 |
|  Freddie Mac Pool #C03518 5.00% 9/1/2040 <sup>(g)</sup> | 479 | 486 |
|  Freddie Mac Pool #Q05807 4.00% 1/1/2042 <sup>(g)</sup> | 1243 | 1202 |
|  Freddie Mac Pool #Q23185 4.00% 11/1/2043 <sup>(g)</sup> | 901 | 869 |
|  Freddie Mac Pool #Q23190 4.00% 11/1/2043 <sup>(g)</sup> | 586 | 566 |
|  Freddie Mac Pool #760014 3.889% 8/1/2045 <sup>(g)(h)</sup> | 140 | 139 |
|  Freddie Mac Pool #Q37988 4.00% 12/1/2045 <sup>(g)</sup> | 3958 | 3768 |
|  Freddie Mac Pool #G60344 4.00% 12/1/2045 <sup>(g)</sup> | 3780 | 3607 |
|  Freddie Mac Pool #Z40130 3.00% 1/1/2046 <sup>(g)</sup> | 3337 | 3032 |
|  Freddie Mac Pool #Q41090 4.50% 6/1/2046 <sup>(g)</sup> | 191 | 187 |
|  Freddie Mac Pool #Q41909 4.50% 7/1/2046 <sup>(g)</sup> | 192 | 188 |
|  Freddie Mac Pool #760015 3.45% 1/1/2047 <sup>(g)(h)</sup> | 344 | 335 |
|  Freddie Mac Pool #Q46021 3.50% 2/1/2047 <sup>(g)</sup> | 1055 | 974 |
|  Freddie Mac Pool #SI2002 4.00% 3/1/2048 <sup>(g)</sup> | 1837 | 1740 |
|  Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(g)</sup> | 1581 | 1540 |
|  Freddie Mac Pool #RA3055 2.50% 7/1/2050 <sup>(g)</sup> | 755 | 628 |
|  Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(g)</sup> | 309 | 271 |
|  Freddie Mac Pool #SD8106 2.00% 11/1/2050 <sup>(g)</sup> | 25275 | 20177 |
|  Freddie Mac Pool #SD7528 2.00% 11/1/2050 <sup>(g)</sup> | 14701 | 11844 |
|  Freddie Mac Pool #QB7306 2.00% 1/1/2051 <sup>(g)</sup> | 1783 | 1413 |
|  Freddie Mac Pool #QB8934 2.50% 2/1/2051 <sup>(g)</sup> | 34 | 28 |
|  Freddie Mac Pool #RA4542 2.50% 2/1/2051 <sup>(g)</sup> | 24 | 20 |
|  Freddie Mac Pool #SI2108 2.50% 4/1/2051 <sup>(g)</sup> | 58 | 48 |
|  Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(g)</sup> | 26126 | 21009 |
|  Freddie Mac Pool #SD3095 2.50% 7/1/2051 <sup>(g)</sup> | 668 | 555 |
|  Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(g)</sup> | 336 | 296 |
|  Freddie Mac Pool #SD8160 2.00% 8/1/2051 <sup>(g)</sup> | 793 | 631 |
|  Freddie Mac Pool #RA5782 2.50% 9/1/2051 <sup>(g)</sup> | 8375 | 7055 |
|  Freddie Mac Pool #SD7545 2.50% 9/1/2051 <sup>(g)</sup> | 5715 | 4823 |
|  Freddie Mac Pool #SD2963 2.50% 9/1/2051 <sup>(g)</sup> | 808 | 671 |
|  Freddie Mac Pool #SD5485 2.50% 9/1/2051 <sup>(g)</sup> | 48 | 40 |
|  Freddie Mac Pool #RA5971 3.00% 9/1/2051 <sup>(g)</sup> | 5553 | 4888 |
|  Freddie Mac Pool #QC6456 3.00% 9/1/2051 <sup>(g)</sup> | 640 | 554 |
|  Freddie Mac Pool #RA6136 2.50% 10/1/2051 <sup>(g)</sup> | 2955 | 2453 |
|  Freddie Mac Pool #SD0734 3.00% 10/1/2051 <sup>(g)</sup> | 149 | 132 |
|  Freddie Mac Pool #QD1841 2.00% 11/1/2051 <sup>(g)</sup> | 3771 | 2991 |
|  Freddie Mac Pool #SD8182 2.00% 12/1/2051 <sup>(g)</sup> | 1621 | 1288 |
|  Freddie Mac Pool #RA6483 2.50% 12/1/2051 <sup>(g)</sup> | 5655 | 4750 |
|  Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(g)</sup> | 2642 | 2195 |
|  Freddie Mac Pool #SD7552 2.50% 1/1/2052 <sup>(g)</sup> | 1987 | 1674 |
|  Freddie Mac Pool #RA6614 2.50% 1/1/2052 <sup>(g)</sup> | 918 | 763 |
|  Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(g)</sup> | 284 | 250 |
|  Freddie Mac Pool #QD7414 2.00% 2/1/2052 <sup>(g)</sup> | 1663 | 1320 |
|  Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(g)</sup> | 1598 | 1268 |
|  Freddie Mac Pool #QD5748 2.00% 2/1/2052 <sup>(g)</sup> | 853 | 676 |
|  Freddie Mac Pool #SD8193 2.00% 2/1/2052 <sup>(g)</sup> | 828 | 658 |
|  Freddie Mac Pool #QD7312 2.50% 2/1/2052 <sup>(g)</sup> | 538 | 449 |
|  Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(g)</sup> | 822 | 746 |
|  Freddie Mac Pool #SD5343 2.00% 3/1/2052 <sup>(g)</sup> | 3841 | 3050 |
|  Freddie Mac Pool #SD8199 2.00% 3/1/2052 <sup>(g)</sup> | 2909 | 2311 |
|  Freddie Mac Pool #QD7772 2.00% 3/1/2052 <sup>(g)</sup> | 1742 | 1381 |
|  Freddie Mac Pool #QD8408 2.00% 3/1/2052 <sup>(g)</sup> | 1077 | 854 |

---

**99** American Funds Insurance Series

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #QD8103 2.00% 3/1/2052 <sup>(g)</sup> | USD854 | $677 |
|  Freddie Mac Pool #QD8820 2.00% 3/1/2052 <sup>(g)</sup> | 255 | 202 |
|  Freddie Mac Pool #SD5745 2.00% 3/1/2052 <sup>(g)</sup> | 56 | 45 |
|  Freddie Mac Pool #QD9460 2.50% 3/1/2052 <sup>(g)</sup> | 838 | 698 |
|  Freddie Mac Pool #RA7091 2.50% 3/1/2052 <sup>(g)</sup> | 29 | 24 |
|  Freddie Mac Pool #SD8204 2.00% 4/1/2052 <sup>(g)</sup> | 2950 | 2343 |
|  Freddie Mac Pool #QD9950 2.00% 4/1/2052 <sup>(g)</sup> | 1836 | 1456 |
|  Freddie Mac Pool #QD9791 2.00% 4/1/2052 <sup>(g)</sup> | 1559 | 1237 |
|  Freddie Mac Pool #QE0312 2.00% 4/1/2052 <sup>(g)</sup> | 1064 | 843 |
|  Freddie Mac Pool #QD9907 2.50% 4/1/2052 <sup>(g)</sup> | 772 | 643 |
|  Freddie Mac Pool #QE0812 2.50% 4/1/2052 <sup>(g)</sup> | 591 | 492 |
|  Freddie Mac Pool #QE1005 2.50% 4/1/2052 <sup>(g)</sup> | 359 | 298 |
|  Freddie Mac Pool #SD3478 2.50% 4/1/2052 <sup>(g)</sup> | 111 | 92 |
|  Freddie Mac Pool #SD7554 2.50% 4/1/2052 <sup>(g)</sup> | 76 | 64 |
|  Freddie Mac Pool #QE1578 2.50% 5/1/2052 <sup>(g)</sup> | 812 | 676 |
|  Freddie Mac Pool #QE2020 2.50% 5/1/2052 <sup>(g)</sup> | 156 | 130 |
|  Freddie Mac Pool #QE2111 2.50% 5/1/2052 <sup>(g)</sup> | 118 | 98 |
|  Freddie Mac Pool #QE3448 2.50% 5/1/2052 <sup>(g)</sup> | 24 | 20 |
|  Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(g)</sup> | 29984 | 26009 |
|  Freddie Mac Pool #SD4807 2.00% 6/1/2052 <sup>(g)</sup> | 3568 | 2841 |
|  Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(g)</sup> | 15027 | 13020 |
|  Freddie Mac Pool #QE4383 4.00% 6/1/2052 <sup>(g)</sup> | 2152 | 2006 |
|  Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(g)</sup> | 29751 | 25803 |
|  Freddie Mac Pool #SD7556 3.00% 8/1/2052 <sup>(g)</sup> | 1164 | 1020 |
|  Freddie Mac Pool #QE7976 4.50% 8/1/2052 <sup>(g)(i)</sup> | 36298 | 34932 |
|  Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(g)</sup> | 176 | 169 |
|  Freddie Mac Pool #SD8262 2.50% 9/1/2052 <sup>(g)</sup> | 863 | 717 |
|  Freddie Mac Pool #SD1581 2.50% 9/1/2052 <sup>(g)</sup> | 100 | 83 |
|  Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(g)</sup> | 808 | 775 |
|  Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(g)</sup> | 203 | 195 |
|  Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(g)</sup> | 119 | 114 |
|  Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(g)</sup> | 1051 | 1035 |
|  Freddie Mac Pool #QF2023 4.00% 10/1/2052 <sup>(g)</sup> | 29 | 27 |
|  Freddie Mac Pool #QF1236 4.50% 10/1/2052 <sup>(g)</sup> | 1160 | 1112 |
|  Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(g)</sup> | 79 | 76 |
|  Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(g)</sup> | 2998 | 2875 |
|  Freddie Mac Pool #SD8276 5.00% 12/1/2052 <sup>(g)</sup> | 5187 | 5111 |
|  Freddie Mac Pool #QF5938 2.50% 1/1/2053 <sup>(g)</sup> | 223 | 186 |
|  Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(g)</sup> | 16126 | 15466 |
|  Freddie Mac Pool #RA8625 2.50% 2/1/2053 <sup>(g)</sup> | 927 | 771 |
|  Freddie Mac Pool #QF7871 2.50% 2/1/2053 <sup>(g)</sup> | 744 | 618 |
|  Freddie Mac Pool #SD8297 4.00% 2/1/2053 <sup>(g)</sup> | 1846 | 1720 |
|  Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(g)</sup> | 16971 | 15796 |
|  Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(g)</sup> | 1188 | 1174 |
|  Freddie Mac Pool #SD8321 4.00% 5/1/2053 <sup>(g)</sup> | 11519 | 10734 |
|  Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(g)</sup> | 81 | 77 |
|  Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(g)</sup> | 10350 | 10171 |
|  Freddie Mac Pool #SD8338 4.00% 6/1/2053 <sup>(g)</sup> | 3365 | 3132 |
|  Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(g)</sup> | 3633 | 3570 |
|  Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(g)</sup> | 2741 | 2747 |
|  Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(g)</sup> | 589 | 613 |
|  Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(g)</sup> | 511 | 532 |
|  Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(g)</sup> | 494 | 516 |
|  Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(g)</sup> | 480 | 502 |
|  Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(g)</sup> | 338 | 354 |
|  Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(g)</sup> | 258 | 269 |
|  Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(g)</sup> | 163 | 169 |
|  Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(g)</sup> | 142 | 151 |
|  Freddie Mac Pool #SD3417 2.50% 7/1/2053 <sup>(g)</sup> | 863 | 719 |
|  Freddie Mac Pool #SD8353 4.00% 7/1/2053 <sup>(g)</sup> | 9181 | 8549 |

---

American Funds Insurance Series **100**

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(g)</sup> | USD28 | $28 |
|  Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(g)</sup> | 8411 | 8433 |
|  Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(g)</sup> | 693 | 712 |
|  Freddie Mac Pool #QH1153 4.00% 9/1/2053 <sup>(g)</sup> | 388 | 362 |
|  Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(g)</sup> | 26525 | 26569 |
|  Freddie Mac Pool #SD4550 2.50% 10/1/2053 <sup>(g)</sup> | 849 | 705 |
|  Freddie Mac Pool #SD4077 2.50% 10/1/2053 <sup>(g)</sup> | 102 | 85 |
|  Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(g)</sup> | 4872 | 4961 |
|  Freddie Mac Pool #SD8390 4.00% 11/1/2053 <sup>(g)</sup> | 1962 | 1826 |
|  Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(g)</sup> | 127362 | 125162 |
|  Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(g)</sup> | 23225 | 23285 |
|  Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(g)</sup> | 728 | 756 |
|  Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(g)</sup> | 587 | 608 |
|  Freddie Mac Pool #SD8397 6.50% 1/1/2054 <sup>(g)</sup> | 455 | 470 |
|  Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(g)</sup> | 295 | 306 |
|  Freddie Mac Pool #QI0231 5.00% 2/1/2054 <sup>(g)</sup> | 40 | 39 |
|  Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(g)</sup> | 438 | 438 |
|  Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(g)</sup> | 13204 | 13438 |
|  Freddie Mac Pool #RJ1871 4.00% 3/1/2054 <sup>(g)</sup> | 302 | 281 |
|  Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(g)</sup> | 11702 | 11711 |
|  Freddie Mac Pool #RJ1015 6.50% 3/1/2054 <sup>(g)</sup> | 120 | 125 |
|  Freddie Mac Pool #QI3548 4.00% 4/1/2054 <sup>(g)</sup> | 673 | 627 |
|  Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(g)</sup> | 1590 | 1602 |
|  Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(g)</sup> | 1160 | 1163 |
|  Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(g)</sup> | 402 | 410 |
|  Freddie Mac Pool #RJ1417 5.50% 5/1/2054 <sup>(g)</sup> | 15641 | 15754 |
|  Freddie Mac Pool #RJ1419 5.50% 5/1/2054 <sup>(g)</sup> | 7744 | 7755 |
|  Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(g)</sup> | 2939 | 2943 |
|  Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(g)</sup> | 511 | 524 |
|  Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(g)</sup> | 440 | 442 |
|  Freddie Mac Pool #RJ1785 6.00% 6/1/2054 <sup>(g)</sup> | 1650 | 1689 |
|  Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(g)</sup> | 1166 | 1195 |
|  Freddie Mac Pool #RJ1797 6.50% 6/1/2054 <sup>(g)</sup> | 1774 | 1837 |
|  Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(g)</sup> | 508 | 531 |
|  Freddie Mac Pool #QI8825 5.00% 7/1/2054 <sup>(g)</sup> | 1956 | 1920 |
|  Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(g)</sup> | 1021 | 1022 |
|  Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(g)</sup> | 751 | 752 |
|  Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(g)</sup> | 632 | 632 |
|  Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(g)</sup> | 6950 | 7070 |
|  Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(g)</sup> | 3099 | 3177 |
|  Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(g)</sup> | 712 | 725 |
|  Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(g)</sup> | 209 | 213 |
|  Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(g)</sup> | 5999 | 6201 |
|  Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(g)</sup> | 5428 | 5620 |
|  Freddie Mac Pool #SD5905 6.50% 7/1/2054 <sup>(g)</sup> | 2113 | 2200 |
|  Freddie Mac Pool #RJ2193 5.00% 8/1/2054 <sup>(g)</sup> | 377 | 371 |
|  Freddie Mac Pool #RJ2241 5.00% 8/1/2054 <sup>(g)</sup> | 268 | 263 |
|  Freddie Mac Pool #RJ2195 5.00% 8/1/2054 <sup>(g)</sup> | 240 | 235 |
|  Freddie Mac Pool #RJ2200 5.50% 8/1/2054 <sup>(g)</sup> | 6211 | 6230 |
|  Freddie Mac Pool #RJ2206 5.50% 8/1/2054 <sup>(g)</sup> | 3978 | 3992 |
|  Freddie Mac Pool #RJ2243 5.50% 8/1/2054 <sup>(g)</sup> | 3559 | 3566 |
|  Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(g)</sup> | 1171 | 1179 |
|  Freddie Mac Pool #RJ2203 5.50% 8/1/2054 <sup>(g)</sup> | 652 | 656 |
|  Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(g)</sup> | 5281 | 5371 |
|  Freddie Mac Pool #RJ2212 6.00% 8/1/2054 <sup>(g)</sup> | 2900 | 2976 |
|  Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(g)</sup> | 2862 | 2916 |
|  Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(g)</sup> | 1821 | 1863 |
|  Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(g)</sup> | 967 | 985 |
|  Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(g)</sup> | 1766 | 1839 |
|  Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(g)</sup> | 1464 | 1524 |

---

**101** American Funds Insurance Series

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(g)</sup> | USD875 | $907 |
|  Freddie Mac Pool #RJ2422 5.50% 9/1/2054 <sup>(g)</sup> | 3633 | 3645 |
|  Freddie Mac Pool #SD6328 5.50% 9/1/2054 <sup>(g)</sup> | 3093 | 3120 |
|  Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(g)</sup> | 2393 | 2401 |
|  Freddie Mac Pool #QJ3044 5.50% 9/1/2054 <sup>(g)</sup> | 2384 | 2385 |
|  Freddie Mac Pool #RJ2415 5.50% 9/1/2054 <sup>(g)</sup> | 1536 | 1546 |
|  Freddie Mac Pool #RJ2408 5.50% 9/1/2054 <sup>(g)</sup> | 1383 | 1386 |
|  Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(g)</sup> | 1180 | 1181 |
|  Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(g)</sup> | 6273 | 6392 |
|  Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(g)</sup> | 3411 | 3490 |
|  Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(g)</sup> | 3220 | 3305 |
|  Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(g)</sup> | 2991 | 3070 |
|  Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(g)</sup> | 1833 | 1867 |
|  Freddie Mac Pool #SD8463 6.00% 9/1/2054 <sup>(g)</sup> | 829 | 843 |
|  Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(g)</sup> | 7787 | 8048 |
|  Freddie Mac Pool #SD6271 6.50% 9/1/2054 <sup>(g)</sup> | 1177 | 1221 |
|  Freddie Mac Pool #QJ4693 6.50% 9/1/2054 <sup>(g)</sup> | 597 | 622 |
|  Freddie Mac Pool #RJ2474 6.50% 9/1/2054 <sup>(g)</sup> | 383 | 397 |
|  Freddie Mac Pool #RJ2411 6.50% 9/1/2054 <sup>(g)</sup> | 265 | 276 |
|  Freddie Mac Pool #RJ2470 6.50% 9/1/2054 <sup>(g)</sup> | 141 | 146 |
|  Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(g)</sup> | 1589 | 1590 |
|  Freddie Mac Pool #SD8471 6.50% 10/1/2054 <sup>(g)</sup> | 419 | 433 |
|  Freddie Mac Pool #RJ2850 4.50% 11/1/2054 <sup>(g)</sup> | 2355 | 2256 |
|  Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(g)</sup> | 134 | 128 |
|  Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(g)</sup> | 5821 | 5710 |
|  Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(g)</sup> | 6584 | 6589 |
|  Freddie Mac Pool #RJ2913 5.50% 11/1/2054 <sup>(g)</sup> | 5900 | 5915 |
|  Freddie Mac Pool #SD8489 4.50% 12/1/2054 <sup>(g)</sup> | 41540 | 39760 |
|  Freddie Mac Pool #RJ3017 5.00% 12/1/2054 <sup>(g)</sup> | 6398 | 6282 |
|  Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(g)</sup> | 3747 | 3677 |
|  Freddie Mac Pool #QX1743 5.00% 12/1/2054 <sup>(g)</sup> | 936 | 920 |
|  Freddie Mac Pool #QX2834 5.00% 12/1/2054 <sup>(g)</sup> | 309 | 304 |
|  Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(g)</sup> | 3278 | 3280 |
|  Freddie Mac Pool #QX0376 5.50% 12/1/2054 <sup>(g)</sup> | 1307 | 1309 |
|  Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(g)</sup> | 293 | 293 |
|  Freddie Mac Pool #SD8494 5.50% 1/1/2055 <sup>(g)</sup> | 4392 | 4394 |
|  Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(g)</sup> | 1917 | 1949 |
|  Freddie Mac Pool #SD8486 6.50% 1/1/2055 <sup>(g)</sup> | 100 | 103 |
|  Freddie Mac Pool #SD8503 4.00% 2/1/2055 <sup>(g)</sup> | 3172 | 2951 |
|  Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(g)</sup> | 3997 | 3827 |
|  Freddie Mac Pool #SD8505 5.00% 2/1/2055 <sup>(g)</sup> | 2987 | 2929 |
|  Freddie Mac Pool #SD8506 5.50% 2/1/2055 <sup>(g)</sup> | 182 | 182 |
|  Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(g)</sup> | 2934 | 2983 |
|  Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(g)</sup> | 1074 | 1074 |
|  Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(g)</sup> | 390 | 396 |
|  Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(g)</sup> | 1785 | 1845 |
|  Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(g)</sup> | 1687 | 1655 |
|  Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(g)</sup> | 5518 | 5611 |
|  Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(g)</sup> | 5359 | 5449 |
|  Freddie Mac Pool #QY2186 6.50% 4/1/2055 <sup>(g)</sup> | 4855 | 5017 |
|  Freddie Mac Pool #SD8526 6.50% 4/1/2055 <sup>(g)</sup> | 1640 | 1694 |
|  Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(g)</sup> | 3572 | 3504 |
|  Freddie Mac Pool #SD8533 5.50% 5/1/2055 <sup>(g)</sup> | 61 | 61 |
|  Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(g)</sup> | 1422 | 1445 |
|  Freddie Mac Pool #SL1138 6.00% 5/1/2055 <sup>(g)</sup> | 765 | 778 |
|  Freddie Mac Pool #SL1137 6.00% 5/1/2055 <sup>(g)</sup> | 704 | 716 |
|  Freddie Mac Pool #RQ0010 4.00% 6/1/2055 <sup>(g)</sup> | 42 | 39 |
|  Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(g)</sup> | 2098 | 2057 |
|  Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(g)</sup> | 386 | 386 |
|  Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(g)</sup> | 26271 | 26711 |

---

American Funds Insurance Series **102**

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac, Series T041, Class 3A, 4.45% 7/25/2032 <sup>(g)(h)</sup> | USD148 | $136 |
|  Freddie Mac, Series K755, Class A2, Multi Family, 5.203% 2/25/2031 <sup>(g)</sup> | 10192 | 10655 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(g)(h)</sup> | 2047 | 1923 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/2056 <sup>(g)(h)</sup> | 884 | 840 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(g)</sup> | 4060 | 3793 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(g)(h)</sup> | 3930 | 3686 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(g)(h)</sup> | 765 | 690 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057 <sup>(g)</sup> | 639 | 574 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(g)</sup> | 1240 | 1196 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057 <sup>(g)</sup> | 1628 | 1460 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058 <sup>(g)</sup> | 6893 | 6591 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059 <sup>(g)</sup> | 4032 | 3739 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(g)</sup> | 1606 | 1562 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/2029 <sup>(g)</sup> | 3146 | 3050 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 5/25/2029 <sup>(g)</sup> | 2455 | 2374 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029 <sup>(g)</sup> | 1955 | 1857 |
|  Government National Mortgage Assn. Pool #BD7245 4.00% 1/20/2048 <sup>(g)</sup> | 411 | 384 |
|  Government National Mortgage Assn. Pool #MA5652 4.50% 12/20/2048 <sup>(g)</sup> | 256 | 250 |
|  Government National Mortgage Assn. Pool #MA6602 4.50% 4/20/2050 <sup>(g)</sup> | 152 | 148 |
|  Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(g)</sup> | 6651 | 5424 |
|  Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(g)</sup> | 66491 | 54207 |
|  Government National Mortgage Assn. Pool #MA7259 4.50% 3/20/2051 <sup>(g)</sup> | 1322 | 1289 |
|  Government National Mortgage Assn. Pool #MA7316 4.50% 4/20/2051 <sup>(g)</sup> | 364 | 355 |
|  Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/2052 <sup>(g)</sup> | 138 | 118 |
|  Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(g)</sup> | 19601 | 16674 |
|  Government National Mortgage Assn. Pool #MA7936 2.50% 3/20/2052 <sup>(g)</sup> | 4775 | 4062 |
|  Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(g)</sup> | 17975 | 15920 |
|  Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(g)</sup> | 772 | 656 |
|  Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(g)</sup> | 13647 | 12084 |
|  Government National Mortgage Assn. Pool #MA8099 3.50% 6/20/2052 <sup>(g)</sup> | 128 | 117 |
|  Government National Mortgage Assn. Pool #MA8197 2.50% 8/20/2052 <sup>(g)</sup> | 824 | 703 |
|  Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(g)</sup> | 628 | 573 |
|  Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(g)</sup> | 9635 | 9027 |
|  Government National Mortgage Assn. Pool #MA8425 3.50% 11/20/2052 <sup>(g)</sup> | 30121 | 27525 |
|  Government National Mortgage Assn. Pool #MA8485 2.50% 12/20/2052 <sup>(g)</sup> | 2178 | 1852 |
|  Government National Mortgage Assn. Pool #MA8642 2.50% 2/20/2053 <sup>(g)</sup> | 1859 | 1594 |
|  Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(g)</sup> | 2934 | 2822 |
|  Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(g)</sup> | 24822 | 23853 |
|  Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(g)</sup> | 5140 | 4787 |
|  Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(g)</sup> | 2023 | 1479 |
|  Uniform Mortgage-Backed Security 2.00% 7/1/2055 <sup>(g)(j)</sup> | 27010 | 21388 |
|  Uniform Mortgage-Backed Security 2.50% 7/1/2055 <sup>(g)(j)</sup> | 184341 | 152871 |
|  Uniform Mortgage-Backed Security 3.00% 7/1/2055 <sup>(g)(j)</sup> | 329 | 285 |
|  Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(g)(j)</sup> | 16339 | 14712 |
|  Uniform Mortgage-Backed Security 4.00% 7/1/2055 <sup>(g)(j)</sup> | 5029 | 4677 |
|  Uniform Mortgage-Backed Security 4.50% 7/1/2055 <sup>(g)(j)</sup> | 33 | 32 |
|  Uniform Mortgage-Backed Security 5.50% 7/1/2055 <sup>(g)(j)</sup> | 2036 | 2036 |
|  Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(g)(j)</sup> | 81295 | 82618 |
|  Uniform Mortgage-Backed Security 2.00% 8/1/2055 <sup>(g)(j)</sup> | 1024 | 811 |
|  Uniform Mortgage-Backed Security 3.00% 8/1/2055 <sup>(g)(j)</sup> | 7719 | 6679 |
|  Uniform Mortgage-Backed Security 3.50% 8/1/2055 <sup>(g)(j)</sup> | 133584 | 120248 |
|  Uniform Mortgage-Backed Security 4.00% 8/1/2055 <sup>(g)(j)</sup> | 10641 | 9894 |
|  Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(g)(j)</sup> | 107699 | 111049 |
|  |  | 2613173 |
|  **Commercial mortgage-backed securities 0.84%** |  |  |
|  Bank Commercial Mortgage Trust, Series 2022-BNK43, Class A5, 4.399% 8/15/2055 <sup>(g)</sup> | 1400 | 1356 |
|  Bank Commercial Mortgage Trust, Series 2023-BNK45, Class A5, 5.203% 2/15/2056 <sup>(g)</sup> | 645 | 655 |

---

**103** American Funds Insurance Series

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| **Commercial mortgage-backed securities (continued)** |  |  |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class A3, 6.50% 12/15/2056 <sup>(g)</sup> | USD5,368 | $5662 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(g)(h)</sup> | 857 | 918 |
| Bank Commercial Mortgage Trust, Series 2024-5YR9, Class A3, 5.614% 8/15/2057 <sup>(g)</sup> | 4615 | 4782 |
| Bank Commercial Mortgage Trust, Series 2024-5YR8, Class A3, 5.884% 8/15/2057 <sup>(g)</sup> | 1380 | 1441 |
| Bank Commercial Mortgage Trust, Series 2024-5YR12, Class A3, 5.902% 12/15/2057 <sup>(g)(h)</sup> | 4062 | 4265 |
| Bank Commercial Mortgage Trust, Series 2024-5YR12, Class AS, 6.122% 12/15/2057 <sup>(g)(h)</sup> | 1914 | 2001 |
| Bank Commercial Mortgage Trust, Series 2025-BNK49, Class A5, 5.623% 3/15/2058 <sup>(g)(h)</sup> | 2753 | 2882 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063 <sup>(g)</sup> | 2909 | 2621 |
| Barclays Commercial Mortgage Securities, LLC, Series 2022-C16, Class A5, 4.60% 6/15/2055 <sup>(g)(h)</sup> | 490 | 484 |
| Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class A5, 5.451% 4/15/2056 <sup>(g)</sup> | 3006 | 3108 |
| Barclays Commercial Mortgage Securities, LLC, Series 2023-C21, Class A5, 6.00% 9/15/2056 <sup>(g)(h)</sup> | 1792 | 1912 |
| Barclays Commercial Mortgage Securities, LLC, Series 2024-5C31, Class AS, 5.852% 12/15/2057 <sup>(g)</sup> | 1828 | 1892 |
| Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2/15/2051 <sup>(g)</sup> | 1000 | 981 |
| Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 3/15/2053 <sup>(g)</sup> | 2960 | 2624 |
| Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053 <sup>(g)(h)</sup> | 750 | 745 |
| Benchmark Mortgage Trust, Series 2024-V9, Class A3, 5.602% 8/15/2057 <sup>(g)</sup> | 2112 | 2186 |
| Benchmark Mortgage Trust, Series 2024-V9, Class AS, 6.064% 8/15/2057 <sup>(g)(h)</sup> | 590 | 614 |
| Benchmark Mortgage Trust, Series 2024-V10, Class A3, 5.277% 9/15/2057 <sup>(g)</sup> | 618 | 633 |
| BMO Mortgage Trust, Series 2022-C2, Class A5, 4.974% 7/15/2054 <sup>(g)(h)</sup> | 1750 | 1760 |
| BMO Mortgage Trust, Series 2023-C5, Class A5, 5.765% 6/15/2056 <sup>(g)</sup> | 1117 | 1167 |
| BMO Mortgage Trust, Series 2024-5C8, Class A3, 5.625% 12/15/2057 <sup>(g)(h)</sup> | 6990 | 7260 |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(g)(h)</sup> | 1450 | 1506 |
| BMO Mortgage Trust, Series 2025-5C9, Class A3, 5.779% 4/15/2058 <sup>(g)</sup> | 3334 | 3484 |
| BX Trust, Series 2024-CNYN, Class A, (1-month USD CME Term SOFR + 1.442%) 5.754% 4/15/2029 <sup>(d)(g)(h)</sup> | 4665 | 4681 |
| BX Trust, Series 2021-SDMF, Class A, (1-month USD CME Term SOFR + 0.703%) 5.015% 9/15/2034 <sup>(d)(g)(h)</sup> | 5608 | 5592 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 5.126% 9/15/2036 <sup>(d)(g)(h)</sup> | 4365 | 4352 |
| BX Trust, Series 2021-ARIA, Class A, (1-month USD CME Term SOFR + 1.014%) 5.325% 10/15/2036 <sup>(d)(g)(h)</sup> | 7968 | 7963 |
| BX Trust, Series 2021-ARIA, Class B, (1-month USD CME Term SOFR + 1.411%) 5.723% 10/15/2036 <sup>(d)(g)(h)</sup> | 5348 | 5344 |
| BX Trust, Series 2021-SOAR, Class A, (1-month USD CME Term SOFR + 0.784%) 5.096% 6/15/2038 <sup>(d)(g)(h)</sup> | 3970 | 3970 |
| BX Trust, Series 2021-SOAR, Class B, (1-month USD CME Term SOFR + 0.984%) 5.296% 6/15/2038 <sup>(d)(g)(h)</sup> | 1070 | 1070 |
| BX Trust, Series 2021-SOAR, Class C, (1-month USD CME Term SOFR + 1.214%) 5.526% 6/15/2038 <sup>(d)(g)(h)</sup> | 965 | 965 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 5.276% 11/15/2038 <sup>(d)(g)(h)</sup> | 4504 | 4504 |
| BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 5.302% 2/15/2039 <sup>(d)(g)(h)</sup> | 6334 | 6333 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 6.003% 8/15/2039 <sup>(d)(g)(h)</sup> | 7668 | 7708 |
| BX Trust, Series 2024-BIO2, Class A, 5.594% 8/13/2041 <sup>(d)(g)(h)</sup> | 11410 | 11575 |
| CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 6.203% 7/15/2041 <sup>(d)(g)(h)</sup> | 1153 | 1156 |
| CALI Mortgage Trust, Series 24-SUN, Class B, (1-month USD CME Term SOFR + 2.34%) 6.652% 7/15/2041 <sup>(d)(g)(h)</sup> | 1414 | 1419 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.984% 8/15/2041 <sup>(d)(g)(h)</sup> | 5162 | 5151 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(g)(h)</sup> | 3606 | 3727 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/10/2040 <sup>(d)(g)</sup> | 3677 | 3839 |
|  Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD CME Term SOFR + 1.194%) 5.506% 7/15/2038 <sup>(d)(g)(h)</sup> | 1350 | 1351 |
|  Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD CME Term SOFR + 1.494%) 5.806% 7/15/2038 <sup>(d)(g)(h)</sup> | 1105 | 1106 |
|  Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD CME Term SOFR + 1.814%) 6.126% 7/15/2038 <sup>(d)(g)(h)</sup> | 1154 | 1155 |
|  Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) 5.762%<br>12/15/2029 <sup>(d)(g)(h)</sup> | 2748 | 2752 |
|  Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/2040 <sup>(d)(g)</sup> | 3795 | 3338 |
|  Great Wolf Trust, Series 2024-WLF2, Class A, (1-month USD CME Term SOFR + 1.691%) 6.003% 5/15/2041 <sup>(d)(g)(h)</sup> | 8302 | 8335 |
|  GS Mortgage Securities Trust, Series 2023-SHIP, Class B, 5.101% 9/15/2038 <sup>(d)(g)(h)</sup> | 1214 | 1211 |
|  GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053 <sup>(g)</sup> | 2489 | 2246 |
|  Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.705% 3/15/2042 <sup>(d)(g)(h)</sup> | 2059 | 2063 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.644% 2/5/2045 <sup>(d)(g)(h)</sup> | 5246 | 5393 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.649% 1/13/2040 <sup>(d)(g)(h)</sup> | 10151 | 10475 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039 <sup>(d)(g)</sup> | 1522 | 1388 |

---

American Funds Insurance Series **104**

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| **Commercial mortgage-backed securities (continued)** |  |  |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/2039 <sup>(d)(g)</sup> | USD578 | $516 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.565% 1/5/2039 <sup>(d)(g)(h)</sup> | 100 | 85 |
|  JW Commercial Mortgage Trust 2024-MRCO, Series 2024-BERY, Class A, (1-month USD CME Term SOFR + 1.593%) 5.905% 11/15/2039 <sup>(d)(g)(h)</sup> | 1960 | 1964 |
|  Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/2039 <sup>(d)(g)</sup> | 13772 | 13031 |
|  MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD CME Term SOFR + 0.915%) 5.227% 4/15/2038 <sup>(d)(g)(h)</sup> | 487 | 488 |
|  Morgan Stanley Capital I Trust, Series 2022-L8, Class A5, 3.792% 4/15/2055 <sup>(g)(h)</sup> | 370 | 345 |
|  Multifamily Connecticut Avenue Securities, Series 2025-01, Class M1, (30-day Average USD-SOFR + 2.40%) 6.705% 5/25/2055 <sup>(d)(g)(h)</sup> | 577 | 579 |
|  SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1-month USD CME Term SOFR + 1.392%) 5.703%<br>5/15/2039 <sup>(d)(g)(h)</sup> | 3964 | 3964 |
|  SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041 <sup>(d)(g)</sup> | 2194 | 1927 |
|  SREIT Trust, Series 2021-MFP, Class A, (1-month USD CME Term SOFR + 0.845%) 5.157% 11/15/2038 <sup>(d)(g)(h)</sup> | 4033 | 4032 |
|  StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + 1.00%) 5.312% 1/15/2039 <sup>(d)(g)(h)</sup> | 10709 | 10674 |
|  SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) 5.755% 3/15/2042 <sup>(d)(g)(h)</sup> | 9322 | 9268 |
|  Wells Fargo Commercial Mortgage Trust, Series 2022-C62, Class A4, 4.00% 4/15/2055 <sup>(g)(h)</sup> | 1620 | 1532 |
|  Wells Fargo Commercial Mortgage Trust, Series 2024-5C1, Class AS, 6.52% 7/15/2057 <sup>(g)</sup> | 430 | 451 |
|  WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 7.101% 11/15/2027 <sup>(d)(g)(h)</sup> | 5716 | 5728 |
|  |  | 231685 |
|  **Collateralized mortgage-backed obligations (privately originated) 0.23%** |  |  |
|  Angel Oak Mortgage Trust, Series 2024-7, Class A1, 5.621% 5/25/2069 (6.621% on 7/1/2028) <sup>(d)(g)(k)</sup> | 6136 | 6161 |
|  Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(d)(g)(h)</sup> | 672 | 607 |
|  BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on 5/1/2027) <sup>(d)(g)(k)</sup> | 546 | 550 |
|  Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(d)(g)(h)</sup> | 5671 | 5552 |
|  CIM Trust, Series 2025-R1, Class A1, 5.00% 2/25/2099 (8.00% on 3/1/2028) <sup>(d)(g)(k)</sup> | 1575 | 1558 |
|  COLT Funding, LLC, Series 2024-INV3, Class A1, 5.443% 9/25/2069 (6.443% on 8/1/2028) <sup>(d)(g)(k)</sup> | 2751 | 2757 |
|  CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 9/25/2034 <sup>(g)</sup> | 112 | 114 |
|  Finance of America Structured Securities Trust, Series 2025-PC1, Class A1, 4.50% 5/25/2075 <sup>(d)(g)(k)</sup> | 6582 | 6340 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.455% 9/25/2042 <sup>(d)(g)(h)</sup> | 306 | 308 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class A1, (30-day Average USD-SOFR + 1.25%) 5.555% 5/25/2044 <sup>(d)(g)(h)</sup> | 3642 | 3659 |
|  Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026 <sup>(d)(g)</sup> | 3645 | 3510 |
|  IRV Trust, Series 2025-200P, Class A, 5.471% 3/14/2047 <sup>(d)(g)(h)</sup> | 6890 | 6980 |
|  MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 2/25/2034 <sup>(g)</sup> | 212 | 213 |
|  Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM2, Class A1, 6.386% 5/25/2069 (7.386%on 5/1/2028) <sup>(d)(g)(k)</sup> | 2448 | 2475 |
|  Onslow Bay Financial Mortgage Loan Trust, Series 2025-NQM8, Class A1, 5.472% 3/25/2065 (6.472% on 5/1/2029) <sup>(d)(g)(k)</sup> | 680 | 683 |
|  Onslow Bay Financial, LLC, Series 2022-NQM6, Class A1, 4.70% 7/25/2062 (5.70% on 6/1/2026) <sup>(d)(g)(k)</sup> | 4511 | 4519 |
|  Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2030 <sup>(d)(g)</sup> | 2635 | 2483 |
|  Progress Residential Trust, Series 2021-SFR6, Class A, 1.524% 7/17/2038 <sup>(d)(g)</sup> | 2446 | 2385 |
|  Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) 6.062% 10/17/2041 <sup>(d)(g)(h)</sup> | 4925 | 4957 |
|  Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) 5.762% 2/17/2042 <sup>(d)(g)(h)</sup> | 675 | 676 |
|  Towd Point Mortgage Trust, Series 2023-1, Class A1, 3.75% 1/25/2063 <sup>(d)(g)</sup> | 2490 | 2409 |

---

**105** American Funds Insurance Series

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Verus Securitization Trust, Series 2023-5, Class A5, 6.476% 6/25/2068 (7.476% on 6/1/2027) <sup>(d)(g)(k)</sup> | USD1,910 | $1923 |
| Verus Securitization Trust, Series 24-R1, Class A1, 5.218% 9/25/2069 (6.218% on 10/1/2028) <sup>(d)(g)(k)</sup> | 1943 | 1943 |
| Verus Securitization Trust, Series 2025-5, Class A1, 5.427% 6/25/2070 (6.427% on 6/1/2029) <sup>(d)(g)(k)</sup> | 1217 | 1230 |
|  |  | 63992 |
| **Total mortgage-backed obligations** |  | 2908850 |
| **Corporate bonds, notes & loans 7.30%** |  |  |
| **Financials 1.75%** |  |  |
|  AerCap Ireland Capital DAC 2.45% 10/29/2026 | 4890 | 4766 |
|  Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% 11/17/2029 <sup>(b)(d)(h)(l)</sup> | 5453 | 5412 |
|  AG Issuer, LLC 6.25% 3/1/2028 <sup>(d)</sup> | 4470 | 4474 |
|  AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027 <sup>(d)</sup> | 1072 | 1111 |
|  AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025) <sup>(d)(k)</sup> | 4250 | 4286 |
|  Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(d)</sup> | 1940 | 1906 |
|  Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(d)</sup> | 2295 | 2264 |
|  Ally Financial, Inc. 8.00% 11/1/2031 | 2688 | 3040 |
|  American Express Co. 6.338% 10/30/2026 (USD-SOFR + 1.33% on 10/30/2025) <sup>(k)</sup> | 4810 | 4839 |
|  American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030) <sup>(k)</sup> | 2407 | 2623 |
|  American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(k)</sup> | 5885 | 6010 |
|  American International Group, Inc. 5.125% 3/27/2033 | 2937 | 2988 |
|  American International Group, Inc. 5.45% 5/7/2035 | 530 | 544 |
|  AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(d)</sup> | 1348 | 1311 |
|  Aon North America, Inc. 5.45% 3/1/2034 | 600 | 617 |
|  Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(d)</sup> | 2415 | 2543 |
|  Aretec Group, Inc. 7.50% 4/1/2029 <sup>(d)</sup> | 1250 | 1266 |
|  Arthur J. Gallagher & Co. 5.00% 2/15/2032 | 750 | 761 |
|  Arthur J. Gallagher & Co. 5.15% 2/15/2035 | 5444 | 5450 |
|  Arthur J. Gallagher & Co. 5.55% 2/15/2055 | 2586 | 2482 |
|  Athene Holding, Ltd. 6.625% 5/19/2055 | 770 | 794 |
|  Banco Santander, SA 5.147% 8/18/2025 | 1400 | 1401 |
|  Banco Santander, SA 5.565% 1/17/2030 | 6400 | 6647 |
|  Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029) <sup>(k)</sup> | 2176 | 2026 |
|  Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028) <sup>(k)</sup> | 485 | 455 |
|  Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028) <sup>(k)</sup> | 5533 | 5765 |
|  Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(k)</sup> | 1000 | 872 |
|  Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033) <sup>(k)</sup> | 4064 | 4147 |
|  Bank of America Corp. 5.464% 5/9/2036 (USD-SOFR + 1.64% on 5/9/2035) <sup>(k)</sup> | 1182 | 1212 |
|  Bank of New York Mellon Corp. 4.975% 3/14/2030 (USD-SOFR + 1.085% on 3/14/2029) <sup>(k)</sup> | 3477 | 3561 |
|  Bank of New York Mellon Corp. 5.225% 11/20/2035 (USD-SOFR + 1.253% on 11/20/2034) <sup>(k)</sup> | 326 | 332 |
|  Bank of New York Mellon Corp. 5.316% 6/6/2036 (USD-SOFR + 1.35% on 6/6/2035) <sup>(k)</sup> | 3359 | 3430 |
|  BBVA Bancomer SA 7.625% 2/11/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.375% on 2/11/2030) <sup>(d)(k)</sup> | 2220 | 2285 |
|  Berkshire Hathaway, Inc. 3.125% 3/15/2026 | 448 | 445 |
|  Blackstone Private Credit Fund 6.00% 11/22/2034 | 2020 | 1976 |
|  Block, Inc. 3.50% 6/1/2031 | 2325 | 2134 |
|  Blue Owl Credit Income Corp. 4.70% 2/8/2027 | 1230 | 1223 |
|  Blue Owl Credit Income Corp. 6.65% 3/15/2031 | 800 | 823 |
|  BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(d)(k)</sup> | 2535 | 2350 |
|  Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(d)</sup> | 1150 | 1222 |
|  BPCE SA 5.876% 1/14/2031 (USD-SOFR + 1.68% on 1/14/2030) <sup>(d)(k)</sup> | 8155 | 8462 |
|  BPCE SA 5.389% 5/28/2031 (USD-SOFR + 1.581% on 5/28/2030) <sup>(d)(k)</sup> | 3015 | 3071 |
|  BPCE SA 6.293% 1/14/2036 (USD-SOFR + 2.04% on 1/14/2035) <sup>(d)(k)</sup> | 9000 | 9456 |
|  BPCE SA 6.027% 5/28/2036 (USD-SOFR + 1.956% on 5/28/2035) <sup>(d)(k)</sup> | 4295 | 4426 |
|  Brown & Brown, Inc. 4.60% 12/23/2026 | 1250 | 1256 |
|  Brown & Brown, Inc. 5.25% 6/23/2032 | 358 | 365 |
|  Brown & Brown, Inc. 5.55% 6/23/2035 | 7665 | 7819 |

---

American Funds Insurance Series **106**

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| **Financials (continued)** |  |  |
| Brown & Brown, Inc. 6.25% 6/23/2055 | USD5,952 | $6141 |
| CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028) <sup>(d)(k)</sup> | 938 | 975 |
| CaixaBank, SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(d)(k)</sup> | 4764 | 4928 |
| CaixaBank, SA 4.885% 7/3/2031 (USD-SOFR + 1.36% on 7/3/2030) <sup>(d)(k)</sup> | 5200 | 5223 |
| CaixaBank, SA 5.581% 7/3/2036 (USD-SOFR + 1.79% on 7/3/2035) <sup>(d)(k)</sup> | 4887 | 4939 |
| Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(k)</sup> | 2859 | 2981 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026 | 880 | 873 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034 | 4623 | 4712 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045 | 400 | 346 |
| Citibank, NA 4.914% 5/29/2030 | 4825 | 4919 |
| Citigroup, Inc. 5.61% 9/29/2026 (USD-SOFR + 1.546% on 12/29/2025) <sup>(k)</sup> | 8000 | 8018 |
| Citigroup, Inc. 4.786% 3/4/2029 (USD-SOFR + 0.87% on 3/4/2028) <sup>(k)</sup> | 7250 | 7303 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(k)</sup> | 2242 | 2288 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(k)</sup> | 4750 | 4729 |
| Citigroup, Inc. 2.52% 11/3/2032 (USD-SOFR + 1.177% on 11/3/2031) <sup>(k)</sup> | 2506 | 2192 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(k)</sup> | 1299 | 1335 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(k)</sup> | 1650 | 1664 |
| Citizens Financial Group, Inc. 5.718% 7/23/2032 (USD-SOFR + 1.91% on 7/23/2031) <sup>(k)</sup> | 4213 | 4360 |
| Citizens Financial Group, Inc. 6.645% 4/25/2035 (USD-SOFR + 2.325% on 4/25/2034) <sup>(k)</sup> | 3808 | 4107 |
| CME Group, Inc. 3.75% 6/15/2028 | 3069 | 3050 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(d)</sup> | 6514 | 6112 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(d)</sup> | 5766 | 5139 |
| Cooperatieve Rabobank UA 4.375% 8/4/2025 | 4032 | 4030 |
| Corebridge Financial, Inc. 3.65% 4/5/2027 | 914 | 902 |
| Corebridge Financial, Inc. 3.85% 4/5/2029 | 556 | 545 |
| Corebridge Financial, Inc. 3.90% 4/5/2032 | 315 | 296 |
| Corebridge Financial, Inc. 4.35% 4/5/2042 | 182 | 153 |
| Corebridge Financial, Inc. 4.40% 4/5/2052 | 438 | 351 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027) <sup>(k)</sup> | 6650 | 6461 |
| Deutsche Bank AG 5.706% 2/8/2028 (USD-SOFR + 1.594% on 2/8/2027) <sup>(k)</sup> | 1109 | 1128 |
| Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028) <sup>(k)</sup> | 2250 | 2364 |
| Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(k)</sup> | 750 | 800 |
| Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030) <sup>(k)</sup> | 300 | 281 |
| DNB Bank ASA 5.896% 10/9/2026 (USD-SOFR + 1.95% on 10/9/2025) <sup>(d)(k)</sup> | 6945 | 6971 |
| First Citizens BancShares, Inc. 5.231% 3/12/2031 (USD-SOFR + 1.41% on 3/12/2030) <sup>(k)</sup> | 4540 | 4565 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026) <sup>(k)</sup> | 2198 | 2129 |
| Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027) <sup>(k)</sup> | 4000 | 3886 |
| Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(k)</sup> | 1980 | 1996 |
| Goldman Sachs Group, Inc. 4.692% 10/23/2030 (USD-SOFR + 1.135% on 10/23/2029) <sup>(k)</sup> | 8513 | 8540 |
| Goldman Sachs Group, Inc. 5.536% 1/28/2036 (USD-SOFR + 1.38% on 1/28/2035) <sup>(k)</sup> | 1443 | 1480 |
| Goldman Sachs Group, Inc. 3.21% 4/22/2042 (USD-SOFR + 1.513% on 4/22/2041) <sup>(k)</sup> | 2000 | 1497 |
| HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031) <sup>(k)</sup> | 937 | 833 |
| HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(k)</sup> | 873 | 773 |
| HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(k)</sup> | 15084 | 15173 |
| HSBC Holdings PLC 5.79% 5/13/2036 (USD-SOFR + 1.88% on 5/13/2035) <sup>(k)</sup> | 809 | 832 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(k)</sup> | 537 | 577 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(d)</sup> | 690 | 722 |
| Intercontinental Exchange, Inc. 5.25% 6/15/2031 | 2020 | 2095 |
|  Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40%on 11/21/2032) <sup>(d)(k)</sup> | 4122 | 4787 |
|  Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on 6/20/2053) <sup>(d)(k)</sup> | 3245 | 3644 |
|  Jane Street Group, LLC 6.75% 5/1/2033 <sup>(d)</sup> | 3015 | 3102 |
|  Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(d)</sup> | 3010 | 3121 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(k)</sup> | 2666 | 2611 |
| JPMorgan Chase & Co. 5.04% 1/23/2028 (USD-SOFR + 1.19% on 1/23/2027) <sup>(k)</sup> | 1066 | 1076 |
| JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027) <sup>(k)</sup> | 1550 | 1549 |
| JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027) <sup>(k)</sup> | 3351 | 3387 |
| JPMorgan Chase & Co. 4.505% 10/22/2028 (USD-SOFR + 0.86% on 10/22/2027) <sup>(k)</sup> | 3630 | 3642 |
| JPMorgan Chase & Co. 6.087% 10/23/2029 (USD-SOFR + 1.57% on 10/23/2028) <sup>(k)</sup> | 4250 | 4468 |

---

**107** American Funds Insurance Series

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| **Financials (continued)** |  |  |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(k)</sup> | USD1,262 | $1311 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(k)</sup> | 4718 | 4735 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(k)</sup> | 1081 | 1100 |
| JPMorgan Chase & Co. 5.502% 1/24/2036 (USD-SOFR + 1.315% on 1/24/2035) <sup>(k)</sup> | 2952 | 3042 |
|  Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026) <sup>(k)</sup> | 1222 | 1190 |
| Marsh & McLennan Cos., Inc. 4.375% 3/15/2029 | 1705 | 1712 |
| Marsh & McLennan Cos., Inc. 4.85% 11/15/2031 | 7000 | 7112 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035 | 2250 | 2251 |
| Marsh & McLennan Cos., Inc. 4.90% 3/15/2049 | 719 | 650 |
| Marsh & McLennan Cos., Inc. 2.90% 12/15/2051 | 920 | 579 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055 | 2000 | 1929 |
| Mastercard, Inc. 4.35% 1/15/2032 | 4801 | 4782 |
| Mastercard, Inc. 4.85% 3/9/2033 | 2258 | 2302 |
| Metropolitan Life Global Funding I 5.15% 3/28/2033 <sup>(d)</sup> | 1600 | 1625 |
| Morgan Stanley 4.679% 7/17/2026 (USD-SOFR + 1.669% on 7/17/2025) <sup>(k)</sup> | 2450 | 2450 |
| Morgan Stanley 3.125% 7/27/2026 | 325 | 321 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(k)</sup> | 463 | 470 |
| Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028) <sup>(k)</sup> | 3995 | 4074 |
| Morgan Stanley 5.449% 7/20/2029 (USD-SOFR + 1.63% on 7/20/2028) <sup>(k)</sup> | 3097 | 3186 |
| Morgan Stanley 5.042% 7/19/2030 (USD-SOFR + 1.215% on 7/19/2029) <sup>(k)</sup> | 3584 | 3646 |
| Morgan Stanley 5.23% 1/15/2031 (USD-SOFR + 1.108% on 1/15/2030) <sup>(k)</sup> | 1506 | 1542 |
| Morgan Stanley 2.699% 1/22/2031 (USD-SOFR + 1.143% on 1/22/2030) <sup>(k)</sup> | 1031 | 951 |
| Morgan Stanley 5.516% 11/19/2055 (USD-SOFR + 1.71% on 11/19/2054) <sup>(k)</sup> | 3500 | 3423 |
| MPT Finance Corp. 7.00% 2/15/2032 | EUR2,075 | 2508 |
| Nationstar Mortgage Holdings, Inc. 7.125% 2/1/2032 <sup>(d)</sup> | USD1,230 | 1278 |
| Navient Corp. 6.75% 6/15/2026 | 150 | 152 |
| Navient Corp. 5.50% 3/15/2029 | 11105 | 10884 |
| Navient Corp. 11.50% 3/15/2031 | 4860 | 5510 |
| Navient Corp. 7.875% 6/15/2032 | 1095 | 1140 |
| New York Life Global Funding 2.35% 7/14/2026 <sup>(d)</sup> | 529 | 518 |
| New York Life Global Funding 4.55% 1/28/2033 <sup>(d)</sup> | 1132 | 1108 |
| Northwestern Mutual Global Funding 1.75% 1/11/2027 <sup>(d)</sup> | 2240 | 2162 |
| Osaic Holdings, Inc. 10.75% 8/1/2027 <sup>(d)</sup> | 2420 | 2427 |
| PayPal Holdings, Inc. 2.65% 10/1/2026 | 593 | 582 |
| PayPal Holdings, Inc. 2.30% 6/1/2030 | 552 | 502 |
| PennyMac Financial Services, Inc. 6.875% 2/15/2033 <sup>(d)</sup> | 1375 | 1411 |
| Planet Financial Group, LLC 10.50% 12/15/2029 <sup>(d)</sup> | 540 | 541 |
| PNC Bank, National Association, 4.543% 5/13/2027 (USD-SOFR + 0.63% on 5/13/2026) <sup>(k)</sup> | 1720 | 1721 |
| PNC Financial Services Group, Inc. 5.575% 1/29/2036 (USD-SOFR + 1.394% on 1/29/2035) <sup>(k)</sup> | 4180 | 4310 |
| Power Finance Corp., Ltd. 5.25% 8/10/2028 | 383 | 388 |
| Power Finance Corp., Ltd. 6.15% 12/6/2028 | 350 | 364 |
| Power Finance Corp., Ltd. 4.50% 6/18/2029 | 554 | 546 |
| Power Finance Corp., Ltd. 3.95% 4/23/2030 | 1213 | 1163 |
| Prudential Financial, Inc. 4.35% 2/25/2050 | 1976 | 1642 |
| Prudential Financial, Inc. 3.70% 3/13/2051 | 677 | 498 |
| Rocket Mortgage, LLC 2.875% 10/15/2026 <sup>(d)</sup> | 2110 | 2059 |
| Rocket Mortgage, LLC 3.625% 3/1/2029 <sup>(d)</sup> | 1505 | 1431 |
| SLM Corp. 6.50% 1/31/2030 | 1460 | 1534 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027 <sup>(d)</sup> | 3580 | 3549 |
| Starwood Property Trust, Inc. 7.25% 4/1/2029 <sup>(d)</sup> | 970 | 1021 |
| Starwood Property Trust, Inc. 6.50% 7/1/2030 <sup>(d)</sup> | 525 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049<br> (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029) <sup>(d)(k)</sup> | 1000 | 999 |
| Travelers Cos., Inc. 4.00% 5/30/2047 | 771 | 618 |
| Truist Bank 4.671% 5/20/2027 (USD-SOFR + 0.59% on 5/20/2026) <sup>(k)</sup> | 2000 | 2003 |
| Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028) <sup>(k)</sup> | 1677 | 1814 |
| Truist Financial Corp. 5.071% 5/20/2031 (USD-SOFR + 1.309% on 5/20/2030) <sup>(k)</sup> | 506 | 514 |
| Truist Insurance Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.046% 5/6/2032 <sup>(h)(l)</sup> | 2190 | 2221 |
| U.S. Bancorp 2.375% 7/22/2026 | 3584 | 3520 |

---

American Funds Insurance Series **108**

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| **Financials (continued)** |  |  |
| U.S. Bancorp 5.424% 2/12/2036 (USD-SOFR + 1.411% on 2/12/2035) <sup>(k)</sup> | USD3,808 | $3882 |
| UBS Group AG 4.125% 9/24/2025 <sup>(d)</sup> | 2750 | 2746 |
| UBS Group AG 3.869% 1/12/2029 (3-month USD-LIBOR + 1.41% on 1/12/2028) <sup>(d)(k)(m)</sup> | 800 | 788 |
| UBS Group AG 5.428% 2/8/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.52% on 2/8/2029) <sup>(d)(k)</sup> | 3575 | 3672 |
| UniCredit SpA 4.625% 4/12/2027 <sup>(d)</sup> | 625 | 625 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(d)</sup> | 5950 | 6194 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(k)</sup> | 7025 | 7180 |
| Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027) <sup>(k)</sup> | 400 | 385 |
| Wells Fargo & Co. 4.97% 4/23/2029 (USD-SOFR + 1.37% on 4/23/2028) <sup>(k)</sup> | 2070 | 2099 |
| Wells Fargo & Co. 6.303% 10/23/2029 (USD-SOFR + 1.79% on 10/23/2028) <sup>(k)</sup> | 7225 | 7637 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(k)</sup> | 3360 | 3674 |
| Wells Fargo & Co. 5.605% 4/23/2036 (USD-SOFR + 1.74% on 4/23/2035) <sup>(k)</sup> | 390 | 403 |
| Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030) <sup>(k)</sup> | 2980 | 2630 |
| Westpac Banking Corp. 2.963% 11/16/2040 | 1344 | 996 |
| WEX, Inc. 6.50% 3/15/2033 <sup>(d)</sup> | 1025 | 1035 |
|  |  | 485259 |
| **Communication services 0.86%** |  |  |
| Alphabet, Inc. 5.25% 5/15/2055 | 821 | 809 |
| Alphabet, Inc. 5.30% 5/15/2065 | 1876 | 1838 |
| AT&T, Inc. 2.25% 2/1/2032 | 800 | 689 |
| AT&T, Inc. 3.50% 9/15/2053 | 5140 | 3482 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(d)</sup> | 1350 | 1309 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(d)</sup> | 5750 | 5486 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(d)</sup> | 9361 | 8751 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(d)</sup> | 3115 | 2957 |
| CCO Holdings, LLC 4.50% 5/1/2032 | 7189 | 6699 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(d)</sup> | 2085 | 1907 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(d)</sup> | 1135 | 1011 |
| Charter Communications Operating, LLC 4.908% 7/23/2025 | 116 | 116 |
| Charter Communications Operating, LLC 4.40% 4/1/2033 | 1000 | 942 |
| Charter Communications Operating, LLC 4.80% 3/1/2050 | 4823 | 3862 |
| Charter Communications Operating, LLC 3.70% 4/1/2051 | 5493 | 3662 |
| Charter Communications Operating, LLC 3.90% 6/1/2052 | 8760 | 6017 |
| Charter Communications Operating, LLC 5.25% 4/1/2053 | 4965 | 4221 |
| Comcast Corp. 2.35% 1/15/2027 | 3584 | 3488 |
| Comcast Corp. 4.80% 5/15/2033 | 2165 | 2161 |
| Comcast Corp. 5.65% 6/1/2054 | 2281 | 2218 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(d)</sup> | 6425 | 6466 |
| CSC Holdings, LLC 5.50% 4/15/2027 <sup>(d)</sup> | 1400 | 1338 |
| CSC Holdings, LLC, Term Loan B, (USD Prime Rate + 1.50%) 9.00% 4/15/2027 <sup>(h)(l)</sup> | 972 | 949 |
| CSC Holdings, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.812% 1/18/2028 <sup>(h)(l)</sup> | 2666 | 2632 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(d)</sup> | 4713 | 4701 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(d)</sup> | 10154 | 10475 |
| EchoStar Corp. 10.75% 11/30/2029 | 4409 | 4545 |
| EchoStar Corp. 6.75% PIK 11/30/2030 <sup>(n)</sup> | 1964 | 1793 |
| Embarq, LLC 7.995% 6/1/2036 | 8084 | 3712 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(d)</sup> | 6550 | 6640 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029 | 5591 | 5651 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(d)</sup> | 3196 | 3240 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030 <sup>(d)</sup> | 1100 | 1151 |
| Gray Media, Inc. 10.50% 7/15/2029 <sup>(d)</sup> | 7305 | 7853 |
| Gray Media, Inc. 4.75% 10/15/2030 <sup>(d)</sup> | 1656 | 1254 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(d)</sup> | 4790 | 3596 |
| Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.574% 6/4/2029 <sup>(h)(l)</sup> | 1086 | 1086 |
| Intelsat Jackson Holdings SA 6.50% 3/15/2030 <sup>(d)</sup> | 8871 | 9068 |

---

**109** American Funds Insurance Series

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds, notes & loans (continued)** |  |  |
|  **Communication services (continued)** |  |  |
|  Ligado Networks, LLC 17.50% PIK 11/1/2023 <sup>(d)(n)(o)</sup> | USD7,331 | $2529 |
|  Ligado Networks, LLC, Term Loan, 17.50% PIK 10/4/2025 <sup>(b)(l)(n)</sup> | 1540 | 1540 |
|  Meta Platforms, Inc. 4.75% 8/15/2034 | 3584 | 3602 |
|  Meta Platforms, Inc. 5.40% 8/15/2054 | 3584 | 3498 |
|  Nexstar Media, Inc. 5.625% 7/15/2027 <sup>(d)</sup> | 1875 | 1872 |
|  Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(d)</sup> | 2950 | 2875 |
|  SBA Tower Trust 1.631% 11/15/2026 <sup>(d)</sup> | 7802 | 7488 |
|  Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(d)</sup> | 1375 | 1390 |
|  Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(d)</sup> | 6650 | 6392 |
|  Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(d)</sup> | 7282 | 6719 |
|  Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(d)</sup> | 7547 | 6713 |
|  Take-Two Interactive Software, Inc. 4.00% 4/14/2032 | 2185 | 2071 |
|  T-Mobile USA, Inc. 1.50% 2/15/2026 | 500 | 490 |
|  T-Mobile USA, Inc. 2.05% 2/15/2028 | 325 | 307 |
|  T-Mobile USA, Inc. 4.95% 3/15/2028 | 1918 | 1951 |
|  T-Mobile USA, Inc. 4.80% 7/15/2028 | 4000 | 4054 |
|  T-Mobile USA, Inc. 5.125% 5/15/2032 | 3623 | 3696 |
|  T-Mobile USA, Inc. 5.30% 5/15/2035 | 4665 | 4725 |
|  Univision Communications, Inc. 6.625% 6/1/2027 <sup>(d)</sup> | 6300 | 6289 |
|  Univision Communications, Inc. 8.00% 8/15/2028 <sup>(d)</sup> | 300 | 305 |
|  Univision Communications, Inc. 4.50% 5/1/2029 <sup>(d)</sup> | 6234 | 5674 |
|  Univision Communications, Inc. 7.375% 6/30/2030 <sup>(d)</sup> | 1216 | 1196 |
|  Verizon Communications, Inc. 2.55% 3/21/2031 | 410 | 368 |
|  Verizon Communications, Inc. 2.355% 3/15/2032 | 2944 | 2539 |
|  Verizon Communications, Inc. 5.05% 5/9/2033 | 1946 | 1974 |
|  Verizon Communications, Inc. 5.25% 4/2/2035 | 6205 | 6259 |
|  Verizon Communications, Inc. 2.875% 11/20/2050 | 601 | 375 |
|  Verizon Communications, Inc. 2.987% 10/30/2056 | 1537 | 926 |
|  Vodafone Group PLC 4.25% 9/17/2050 | 3898 | 3041 |
|  WarnerMedia Holdings, Inc. 3.755% 3/15/2027 | 1018 | 950 |
|  WarnerMedia Holdings, Inc. 5.141% 3/15/2052 | 4748 | 3335 |
|  X Corp., Term Loan B3, 9.50% 10/26/2029 <sup>(l)</sup> | 2675 | 2604 |
|  X Corp., Term Loan B, (USD-SOFR + 6.50%) 10.927% 10/26/2029 <sup>(h)(l)</sup> | 2776 | 2716 |
|  |  | 238238 |
|  **Health care 0.78%** |  |  |
|  1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(d)</sup> | 1840 | 1857 |
|  AbbVie, Inc. 5.20% 3/15/2035 | 3056 | 3123 |
|  AbbVie, Inc. 5.40% 3/15/2054 | 7250 | 7055 |
|  AbbVie, Inc. 5.60% 3/15/2055 | 2261 | 2264 |
|  AdaptHealth, LLC 6.125% 8/1/2028 <sup>(d)</sup> | 645 | 647 |
|  AdaptHealth, LLC 4.625% 8/1/2029 <sup>(d)</sup> | 1990 | 1877 |
|  AdaptHealth, LLC 5.125% 3/1/2030 <sup>(d)</sup> | 1010 | 961 |
|  Amgen, Inc. 5.25% 3/2/2030 | 1244 | 1282 |
|  Amgen, Inc. 5.25% 3/2/2033 | 2990 | 3063 |
|  Amgen, Inc. 5.60% 3/2/2043 | 1500 | 1489 |
|  Amgen, Inc. 5.65% 3/2/2053 | 2750 | 2687 |
|  Amgen, Inc. 4.40% 2/22/2062 | 1697 | 1326 |
|  Amgen, Inc. 5.75% 3/2/2063 | 858 | 835 |
|  AstraZeneca Finance, LLC 1.75% 5/28/2028 | 1677 | 1573 |
|  AstraZeneca Finance, LLC 4.90% 2/26/2031 | 1658 | 1704 |
|  AstraZeneca Finance, LLC 2.25% 5/28/2031 | 665 | 595 |
|  AstraZeneca Finance, LLC 5.00% 2/26/2034 | 3181 | 3244 |
|  AstraZeneca PLC 3.375% 11/16/2025 | 1022 | 1018 |
|  Bausch Health Cos., Inc. 4.875% 6/1/2028 <sup>(d)</sup> | 1025 | 865 |
|  Bausch Health Cos., Inc. 11.00% 9/30/2028 <sup>(d)</sup> | 1525 | 1511 |
|  Baxter International, Inc. 1.915% 2/1/2027 | 4739 | 4564 |
|  Baxter International, Inc. 2.272% 12/1/2028 | 3180 | 2961 |

---

American Funds Insurance Series **110**

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds, notes & loans (continued)** |  |  |
|  **Health care (continued)** |  |  |
|  Bayer US Finance, LLC 6.125% 11/21/2026 <sup>(d)</sup> | USD5,419 | $5509 |
|  Bayer US Finance, LLC 6.25% 1/21/2029 <sup>(d)</sup> | 3092 | 3248 |
|  Bristol-Myers Squibb Co. 5.10% 2/22/2031 | 1800 | 1865 |
|  Bristol-Myers Squibb Co. 5.20% 2/22/2034 | 825 | 845 |
|  Bristol-Myers Squibb Co. 5.65% 2/22/2064 | 2550 | 2478 |
|  CHS / Community Health Systems, Inc. 6.00% 1/15/2029 <sup>(d)</sup> | 1750 | 1685 |
|  CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(d)</sup> | 285 | 302 |
|  CVS Health Corp. 5.00% 1/30/2029 | 3831 | 3890 |
|  CVS Health Corp. 5.40% 6/1/2029 | 4144 | 4266 |
|  CVS Health Corp. 5.55% 6/1/2031 | 3039 | 3158 |
|  CVS Health Corp. 5.70% 6/1/2034 | 4053 | 4175 |
|  DaVita, Inc. 3.75% 2/15/2031 <sup>(d)</sup> | 2865 | 2608 |
|  DaVita, Inc. 6.875% 9/1/2032 <sup>(d)</sup> | 810 | 840 |
|  DaVita, Inc. 6.75% 7/15/2033 <sup>(d)</sup> | 1600 | 1653 |
|  Elevance Health, Inc. 4.90% 2/8/2026 | 1417 | 1417 |
|  Elevance Health, Inc. 5.20% 2/15/2035 | 610 | 617 |
|  Elevance Health, Inc. 5.125% 2/15/2053 | 308 | 275 |
|  Eli Lilly and Co. 5.10% 2/12/2035 | 8075 | 8280 |
|  Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(d)</sup> | 2200 | 2332 |
|  Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.00%) 8.327% 4/23/2031 <sup>(h)(l)</sup> | 2556 | 2557 |
|  GE HealthCare Technologies, Inc. 4.80% 8/14/2029 | 1522 | 1545 |
|  Gilead Sciences, Inc. 5.25% 10/15/2033 | 2642 | 2734 |
|  Gilead Sciences, Inc. 5.10% 6/15/2035 | 500 | 507 |
|  Grifols SA 3.875% 10/15/2028 | EUR800 | 904 |
|  Grifols SA 7.50% 5/1/2030 | 400 | 494 |
|  HCA, Inc. 3.375% 3/15/2029 | USD720 | 692 |
|  HCA, Inc. 3.625% 3/15/2032 | 896 | 827 |
|  HCA, Inc. 4.375% 3/15/2042 | 1344 | 1125 |
|  HCA, Inc. 4.625% 3/15/2052 | 1299 | 1045 |
|  Humana, Inc. 5.375% 4/15/2031 | 3194 | 3268 |
|  Humana, Inc. 5.55% 5/1/2035 | 6289 | 6327 |
|  Humana, Inc. 5.75% 4/15/2054 | 1359 | 1267 |
|  Humana, Inc. 6.00% 5/1/2055 | 230 | 222 |
|  Insulet Corp. 6.50% 4/1/2033 <sup>(d)</sup> | 885 | 923 |
|  Medline Borrower, LP 6.25% 4/1/2029 <sup>(d)</sup> | 2050 | 2109 |
|  Medtronic Global Holdings S.C.A. 4.25% 3/30/2028 | 1983 | 1994 |
|  Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(d)</sup> | 545 | 533 |
|  Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(d)</sup> | 2899 | 2698 |
|  Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(d)</sup> | 5110 | 4655 |
|  Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(d)</sup> | 1900 | 1935 |
|  Novant Health, Inc. 3.168% 11/1/2051 | 3360 | 2212 |
|  Novartis Capital Corp. 2.00% 2/14/2027 | 570 | 554 |
|  Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(d)</sup> | 5360 | 4809 |
|  Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(d)</sup> | 2300 | 2163 |
|  Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 1000 | 945 |
|  Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(d)</sup> | 2445 | 2454 |
|  Radiology Partners, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.50%) 1.50% PIK and 6.591%<br>Cash 1/31/2029 <sup>(h)(l)(n)</sup> | 3369 | 3362 |
|  Roche Holdings, Inc. 4.203% 9/9/2029 <sup>(d)</sup> | 3450 | 3458 |
|  Roche Holdings, Inc. 4.592% 9/9/2034 <sup>(d)</sup> | 2244 | 2222 |
|  Summa Health 3.511% 11/15/2051 | 1483 | 1223 |
|  Takeda U.S. Financing, Inc. 5.20% 7/7/2035 | 8987 | 8992 |
|  Takeda U.S. Financing, Inc. 5.90% 7/7/2055 | 1983 | 1994 |
|  Tenet Healthcare Corp. 4.625% 6/15/2028 | 645 | 637 |
|  Tenet Healthcare Corp. 4.25% 6/1/2029 | 1975 | 1917 |
|  Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026 | 5360 | 5259 |
|  Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 11995 | 12073 |
|  Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031 | 2000 | 2267 |
|  UnitedHealth Group, Inc. 4.95% 1/15/2032 | 5863 | 5940 |
|  UnitedHealth Group, Inc. 5.15% 7/15/2034 | 3650 | 3689 |

---

**111** American Funds Insurance Series

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds, notes & loans (continued)** |  |  |
|  **Health care (continued)** |  |  |
|  UnitedHealth Group, Inc. 5.30% 6/15/2035 | USD4,818 | $4912 |
|  UnitedHealth Group, Inc. 5.625% 7/15/2054 | 2900 | 2815 |
|  UnitedHealth Group, Inc. 5.95% 6/15/2055 | 3754 | 3815 |
|  Viatris, Inc. 4.00% 6/22/2050 | 3161 | 2107 |
|  |  | 214124 |
|  **Energy 0.70%** |  |  |
|  Antero Midstream Partners, LP 5.375% 6/15/2029 <sup>(d)</sup> | 2390 | 2374 |
|  Antero Midstream Partners, LP 6.625% 2/1/2032 <sup>(d)</sup> | 175 | 181 |
|  Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(d)</sup> | 1270 | 1273 |
|  Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(d)</sup> | 510 | 519 |
|  Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(d)</sup> | 430 | 437 |
|  Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(d)</sup> | 3087 | 2822 |
|  Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(d)</sup> | 1298 | 1149 |
|  Canadian Natural Resources, Ltd. 2.05% 7/15/2025 | 861 | 860 |
|  Canadian Natural Resources, Ltd. 4.95% 6/1/2047 | 1397 | 1196 |
|  Chevron USA, Inc. 4.687% 4/15/2030 | 8472 | 8644 |
|  Chord Energy Corp. 6.75% 3/15/2033 <sup>(d)</sup> | 1325 | 1354 |
|  CITGO Petroleum Corp. 8.375% 1/15/2029 <sup>(d)</sup> | 2075 | 2164 |
|  Civitas Resources, Inc. 5.00% 10/15/2026 <sup>(d)</sup> | 480 | 474 |
|  Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(d)</sup> | 2780 | 2850 |
|  Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(d)</sup> | 525 | 533 |
|  Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(d)</sup> | 735 | 744 |
|  CNX Midstream Partners, LP 4.75% 4/15/2030 <sup>(d)</sup> | 1055 | 999 |
|  CNX Resources Corp. 6.00% 1/15/2029 <sup>(d)</sup> | 2675 | 2687 |
|  CNX Resources Corp. 7.375% 1/15/2031 <sup>(d)</sup> | 553 | 577 |
|  CNX Resources Corp. 7.25% 3/1/2032 <sup>(d)</sup> | 1180 | 1223 |
|  ConocoPhillips Co. 5.50% 1/15/2055 | 3823 | 3631 |
|  Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(d)</sup> | 2320 | 2363 |
|  Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(d)</sup> | 1510 | 1476 |
|  Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(d)</sup> | 1210 | 1158 |
|  Devon Energy Corp. 5.20% 9/15/2034 | 2157 | 2096 |
|  Devon Energy Corp. 5.75% 9/15/2054 | 7806 | 7034 |
|  Diamondback Energy, Inc. 5.55% 4/1/2035 | 3000 | 3034 |
|  Diamondback Energy, Inc. 5.75% 4/18/2054 | 5000 | 4646 |
|  Enbridge, Inc. 3.70% 7/15/2027 | 56 | 55 |
|  Encino Acquisition Partners Holdings, LLC 8.75% 5/1/2031 <sup>(d)</sup> | 395 | 437 |
|  Energy Transfer, LP 4.75% 1/15/2026 | 2235 | 2235 |
|  Eni SpA 5.75% 5/19/2035 <sup>(d)</sup> | 360 | 368 |
|  Eni SpA 5.95% 5/15/2054 <sup>(d)</sup> | 831 | 805 |
|  Enterprise Products Operating, LLC 5.05% 1/10/2026 | 3153 | 3160 |
|  Enterprise Products Operating, LLC 4.90% 5/15/2046 | 448 | 403 |
|  EOG Resources, Inc. 4.40% 7/15/2028 | 410 | 412 |
|  EOG Resources, Inc. 5.65% 12/1/2054 | 3079 | 3009 |
|  EQT Corp. 7.50% 6/1/2030 <sup>(d)</sup> | 642 | 706 |
|  EQT Corp. 4.75% 1/15/2031 <sup>(d)</sup> | 1635 | 1610 |
|  Equinor ASA 4.25% 11/23/2041 | 1792 | 1589 |
|  Expand Energy Corp. 5.875% 2/1/2029 <sup>(d)</sup> | 790 | 794 |
|  Expand Energy Corp. 5.375% 3/15/2030 | 1645 | 1651 |
|  Expand Energy Corp. 4.75% 2/1/2032 | 810 | 788 |
|  Expand Energy Corp. 4.875% 4/15/2032 <sup>(o)</sup> | 7225 | 29 |
|  Exxon Mobil Corp. 2.44% 8/16/2029 | 213 | 201 |
|  Exxon Mobil Corp. 3.452% 4/15/2051 | 555 | 394 |
|  Genesis Energy, LP 7.75% 2/1/2028 | 350 | 355 |
|  Genesis Energy, LP 8.25% 1/15/2029 | 670 | 701 |
|  Genesis Energy, LP 8.875% 4/15/2030 | 884 | 939 |
|  Genesis Energy, LP 7.875% 5/15/2032 | 1120 | 1165 |
|  GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(d)</sup> | 1135 | 1149 |

---

American Funds Insurance Series **112**

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds, notes & loans (continued)** |  |  |
|  **Energy (continued)** |  |  |
|  GreenSaif Pipelines Bidco SARL 6.129% 2/23/2038 | USD3,477 | $3588 |
|  GreenSaif Pipelines Bidco SARL 6.51% 2/23/2042 | 2003 | 2077 |
|  GreenSaif Pipelines Bidco SARL 6.103% 8/23/2042 <sup>(d)</sup> | 4257 | 4263 |
|  Halliburton Co. 3.80% 11/15/2025 | 6 | 6 |
|  Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(d)</sup> | 420 | 427 |
|  Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(d)</sup> | 190 | 201 |
|  Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(d)</sup> | 750 | 762 |
|  Hess Midstream Operations, LP 5.125% 6/15/2028 <sup>(d)</sup> | 1655 | 1645 |
|  Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(d)</sup> | 960 | 924 |
|  Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(d)</sup> | 400 | 402 |
|  Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(d)</sup> | 465 | 452 |
|  Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(d)</sup> | 540 | 523 |
|  Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(d)</sup> | 475 | 493 |
|  Matador Resources Co. 6.50% 4/15/2032 <sup>(d)</sup> | 1325 | 1327 |
|  MPLX, LP 4.125% 3/1/2027 | 448 | 446 |
|  Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(d)</sup> | 1745 | 1672 |
|  New Fortress Energy, Inc. 6.50% 9/30/2026 <sup>(d)</sup> | 1375 | 764 |
|  NFE Financing, LLC 12.00% 11/15/2029 <sup>(d)</sup> | 20423 | 9289 |
|  Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(d)</sup> | 300 | 310 |
|  Occidental Petroleum Corp. 6.60% 3/15/2046 | 2268 | 2237 |
|  Occidental Petroleum Corp. 6.05% 10/1/2054 | 6482 | 5946 |
|  Parkland Corp. 5.875% 7/15/2027 <sup>(d)</sup> | 1550 | 1552 |
|  Parkland Corp. 4.625% 5/1/2030 <sup>(d)</sup> | 510 | 489 |
|  Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(d)</sup> | 586 | 642 |
|  Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(d)</sup> | 1020 | 1058 |
|  Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(d)</sup> | 800 | 808 |
|  Petroleos Mexicanos 6.875% 10/16/2025 | 2517 | 2516 |
|  Petroleos Mexicanos 4.50% 1/23/2026 | 400 | 395 |
|  Petroleos Mexicanos 6.875% 8/4/2026 | 850 | 851 |
|  Petroleos Mexicanos 6.50% 3/13/2027 | 2500 | 2484 |
|  Petroleos Mexicanos 6.84% 1/23/2030 | 4260 | 4118 |
|  Petroleos Mexicanos 5.95% 1/28/2031 | 3280 | 2968 |
|  Petroleos Mexicanos 6.70% 2/16/2032 | 5793 | 5387 |
|  Petroleos Mexicanos 6.50% 6/2/2041 | 41 | 31 |
|  Petroleos Mexicanos 6.375% 1/23/2045 | 16 | 11 |
|  Petroleos Mexicanos 6.75% 9/21/2047 | 139 | 101 |
|  Petroleos Mexicanos 6.35% 2/12/2048 | 23 | 16 |
|  Petroleos Mexicanos 7.69% 1/23/2050 | 2548 | 2006 |
|  Petroleos Mexicanos 6.95% 1/28/2060 | 163 | 117 |
|  Plains All American Pipeline, LP 3.80% 9/15/2030 | 101 | 97 |
|  Rockies Express Pipeline, LLC 4.95% 7/15/2029 <sup>(d)</sup> | 2689 | 2642 |
|  Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(d)</sup> | 4040 | 3797 |
|  Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(d)</sup> | 625 | 637 |
|  South Bow USA Infrastructure Holdings, LLC 5.026% 10/1/2029 <sup>(d)</sup> | 1668 | 1674 |
|  Sunoco, LP 7.00% 9/15/2028 <sup>(d)</sup> | 1475 | 1523 |
|  Sunoco, LP 4.50% 5/15/2029 | 925 | 899 |
|  Sunoco, LP 4.50% 4/30/2030 | 1105 | 1063 |
|  Sunoco, LP 6.25% 7/1/2033 <sup>(d)</sup> | 530 | 539 |
|  Talos Production, Inc. 9.00% 2/1/2029 <sup>(d)</sup> | 500 | 512 |
|  Talos Production, Inc. 9.375% 2/1/2031 <sup>(d)</sup> | 85 | 87 |
|  TGS ASA 8.50% 1/15/2030 <sup>(d)</sup> | 1235 | 1280 |
|  Tidewater, Inc. 9.125% 7/15/2030 <sup>(d)</sup> | 445 | 458 |
|  TotalEnergies Capital SA 5.275% 9/10/2054 | 3750 | 3514 |
|  TransCanada Pipelines, Ltd. 4.25% 5/15/2028 | 977 | 974 |
|  TransCanada Pipelines, Ltd. 4.10% 4/15/2030 | 536 | 525 |
|  Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(d)</sup> | 400 | 407 |
|  Transocean, Inc. 8.00% 2/1/2027 <sup>(d)</sup> | 105 | 104 |
|  Transocean, Inc. 8.50% 5/15/2031 <sup>(d)</sup> | 2000 | 1787 |
|  Valero Energy Corp. 4.00% 4/1/2029 | 3584 | 3516 |
|  Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(d)</sup> | 1030 | 972 |

---

**113** American Funds Insurance Series

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds, notes & loans (continued)** |  |  |
|  **Energy (continued)** |  |  |
|  Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(d)</sup> | USD840 | $778 |
|  Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(d)</sup> | 3680 | 3825 |
|  Venture Global LNG, Inc. 9.00% junior subordinated perpetual preferred bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.44% on 9/30/2029) <sup>(d)(k)</sup> | 2000 | 1946 |
|  Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(d)</sup> | 2215 | 2373 |
|  Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(d)</sup> | 2730 | 2730 |
|  Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(d)</sup> | 2035 | 2035 |
|  Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(d)</sup> | 8996 | 9278 |
|  |  | 194729 |
|  **Consumer discretionary 0.70%** |  |  |
|  Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.935% 3/11/2030 <sup>(b)(h)(l)</sup> | 127 | 127 |
|  Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and 5.947% Cash 3/11/2030 <sup>(b)(h)(l)(n)</sup> | 116 | 116 |
|  Alibaba Group Holding, Ltd. 2.125% 2/9/2031 | 501 | 444 |
|  Alibaba Group Holding, Ltd. 4.50% 11/28/2034 | 766 | 739 |
|  Alibaba Group Holding, Ltd. 4.00% 12/6/2037 | 200 | 176 |
|  Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(d)</sup> | 2115 | 2044 |
|  Bath & Body Works, Inc. 6.875% 11/1/2035 | 350 | 363 |
|  Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(d)</sup> | 2075 | 2150 |
|  Carnival Corp. 4.00% 8/1/2028 <sup>(d)</sup> | 2375 | 2326 |
|  Carnival Corp. 6.125% 2/15/2033 <sup>(d)</sup> | 1270 | 1300 |
|  Daimler Trucks Finance North America, LLC 4.95% 1/13/2028 <sup>(d)</sup> | 6570 | 6657 |
|  Daimler Trucks Finance North America, LLC 5.125% 1/19/2028 <sup>(d)</sup> | 604 | 613 |
|  Daimler Trucks Finance North America, LLC 2.375% 12/14/2028 <sup>(d)</sup> | 1350 | 1260 |
|  Daimler Trucks Finance North America, LLC 5.125% 9/25/2029 <sup>(d)</sup> | 3281 | 3345 |
|  Daimler Trucks Finance North America, LLC 5.25% 1/13/2030 <sup>(d)</sup> | 8140 | 8333 |
|  Daimler Trucks Finance North America, LLC 5.375% 6/25/2034 <sup>(d)</sup> | 1070 | 1073 |
|  Fertitta Entertainment, LLC 4.625% 1/15/2029 <sup>(d)</sup> | 3580 | 3431 |
|  Ford Motor Credit Co., LLC 6.798% 11/7/2028 | 2111 | 2188 |
|  Ford Motor Credit Co., LLC 5.80% 3/8/2029 | 3385 | 3393 |
|  Ford Motor Credit Co., LLC 5.875% 11/7/2029 | 6830 | 6853 |
|  Ford Motor Credit Co., LLC 7.122% 11/7/2033 | 1425 | 1480 |
|  Ford Motor Credit Co., LLC 6.50% 2/7/2035 | 4370 | 4366 |
|  General Motors Financial Co., Inc. 5.35% 1/7/2030 | 10705 | 10840 |
|  General Motors Financial Co., Inc. 5.45% 9/6/2034 | 1894 | 1858 |
|  General Motors Financial Co., Inc. 5.90% 1/7/2035 | 9342 | 9397 |
|  Global Auto Holdings PLC 11.50% 8/15/2029 <sup>(d)</sup> | 1300 | 1273 |
|  Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(d)</sup> | 3525 | 3453 |
|  Group 1 Automotive, Inc. 6.375% 1/15/2030 <sup>(d)</sup> | 1385 | 1425 |
|  Hanesbrands, Inc. 9.00% 2/15/2031 <sup>(d)</sup> | 1625 | 1722 |
|  Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(d)</sup> | 1885 | 1774 |
|  Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(d)</sup> | 3580 | 3446 |
|  Home Depot, Inc. 1.50% 9/15/2028 | 3000 | 2773 |
|  Home Depot, Inc. 3.90% 12/6/2028 | 825 | 823 |
|  Home Depot, Inc. 2.95% 6/15/2029 | 1174 | 1124 |
|  Home Depot, Inc. 1.875% 9/15/2031 | 3000 | 2584 |
|  Home Depot, Inc. 4.50% 12/6/2048 | 428 | 367 |
|  Home Depot, Inc. 5.30% 6/25/2054 | 3000 | 2883 |
|  Hyatt Hotels Corp. 5.05% 3/30/2028 | 3726 | 3767 |
|  Hyatt Hotels Corp. 5.75% 3/30/2032 | 3520 | 3615 |
|  Hyundai Capital America 1.50% 6/15/2026 <sup>(d)</sup> | 762 | 740 |
|  Hyundai Capital America 5.45% 6/24/2026 <sup>(d)</sup> | 3905 | 3937 |
|  Hyundai Capital America 4.875% 6/23/2027 <sup>(d)</sup> | 1334 | 1342 |
|  Hyundai Capital America 5.275% 6/24/2027 <sup>(d)</sup> | 6273 | 6355 |
|  Hyundai Capital America 2.375% 10/15/2027 <sup>(d)</sup> | 2311 | 2198 |
|  Hyundai Capital America 4.90% 6/23/2028 <sup>(d)</sup> | 4992 | 5029 |

---

American Funds Insurance Series **114**

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Consumer discretionary (continued)** |  |  |
|  Hyundai Capital America 2.10% 9/15/2028 <sup>(d)</sup> | USD2,756 | $2544 |
|  Hyundai Capital America 5.30% 1/8/2030 <sup>(d)</sup> | 10081 | 10301 |
|  Hyundai Capital America 5.10% 6/24/2030 <sup>(d)</sup> | 4980 | 5036 |
|  Hyundai Capital America 5.40% 1/8/2031 <sup>(d)</sup> | 991 | 1013 |
|  International Game Technology PLC 5.25% 1/15/2029 <sup>(d)</sup> | 2445 | 2425 |
|  KB Home 7.25% 7/15/2030 | 1295 | 1341 |
|  LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(d)</sup> | 440 | 428 |
|  LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(d)</sup> | 1025 | 1091 |
|  Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(d)</sup> | 2900 | 2768 |
|  Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(d)</sup> | 1025 | 975 |
|  Marriott International, Inc. 4.90% 4/15/2029 | 1207 | 1229 |
|  Marriott International, Inc. 2.75% 10/15/2033 | 2500 | 2129 |
|  Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(d)</sup> | 528 | 507 |
|  McDonald's Corp. 4.60% 9/9/2032 | 642 | 643 |
|  McDonald's Corp. 4.95% 3/3/2035 | 4392 | 4391 |
|  Melco Resorts Finance, Ltd. 5.75% 7/21/2028 <sup>(d)</sup> | 1710 | 1675 |
|  Mercedes-Benz Finance North America, LLC 5.375% 11/26/2025 <sup>(d)</sup> | 1344 | 1348 |
|  Newell Brands, Inc. 8.50% 6/1/2028 <sup>(d)</sup> | 715 | 753 |
|  Newell Brands, Inc. 6.625% 9/15/2029 | 1850 | 1835 |
|  Newell Brands, Inc. 6.375% 5/15/2030 | 535 | 522 |
|  Newell Brands, Inc. 6.625% 5/15/2032 | 385 | 368 |
|  Newell Brands, Inc. 6.875% 4/1/2036 | 1025 | 984 |
|  Newell Brands, Inc. 7.00% 4/1/2046 | 475 | 407 |
|  Nissan Motor Acceptance Co., LLC 1.85% 9/16/2026 <sup>(d)</sup> | 320 | 305 |
|  Nissan Motor Co., Ltd. 3.522% 9/17/2025 <sup>(d)</sup> | 200 | 199 |
|  Party City Holdco, Inc. 12.00% PIK 1/11/2029 <sup>(b)(d)(n)(o)</sup> | 1355 | 135 |
|  Petco Health and Wellness Co., Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 7.807% 3/3/2028 <sup>(h)(l)</sup> | 875 | 809 |
|  RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(d)</sup> | 575 | 592 |
|  Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027 <sup>(d)</sup> | 910 | 916 |
|  Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(d)</sup> | 1030 | 1051 |
|  Sally Holdings, LLC 6.75% 3/1/2032 | 920 | 945 |
|  Sands China, Ltd. 2.30% 3/8/2027 | 1859 | 1786 |
|  Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(d)</sup> | 3645 | 3539 |
|  Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(d)</sup> | 2215 | 2107 |
|  Toyota Motor Credit Corp. 0.80% 1/9/2026 | 384 | 377 |
|  Toyota Motor Credit Corp. 1.90% 1/13/2027 | 2240 | 2165 |
|  Travel + Leisure Co. 4.50% 12/1/2029 <sup>(d)</sup> | 2100 | 2031 |
|  Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(d)</sup> | 600 | 587 |
|  Volkswagen Group of America Finance, LLC 4.625% 11/13/2025 <sup>(d)</sup> | 3446 | 3444 |
|  Voyager Parent, LLC, Term Loan B, (1-month USD CME Term SOFR + 4.75%) 9.083% 5/10/2032 <sup>(h)(l)</sup> | 2115 | 2096 |
|  |  | 193299 |
|  **Information technology 0.56%** |  |  |
|  Accenture Capital, Inc. 4.25% 10/4/2031 | 4734 | 4691 |
|  Accenture Capital, Inc. 4.50% 10/4/2034 | 4453 | 4335 |
|  Analog Devices, Inc. 5.05% 4/1/2034 | 1281 | 1314 |
|  Analog Devices, Inc. 5.30% 4/1/2054 | 1762 | 1700 |
|  Broadcom, Inc. 3.137% 11/15/2035 <sup>(d)</sup> | 600 | 506 |
|  Cisco Systems, Inc. 4.95% 2/26/2031 | 313 | 322 |
|  Cisco Systems, Inc. 5.05% 2/26/2034 | 12 | 12 |
|  Cisco Systems, Inc. 5.10% 2/24/2035 | 9674 | 9906 |
|  Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(d)</sup> | 4125 | 4166 |
|  Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(d)</sup> | 3750 | 3891 |
|  Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(d)</sup> | 2975 | 3169 |
|  Cloud Software Group, Inc., Term Loan B1, (3-month USD CME Term SOFR + 3.50%) 7.796% 3/29/2029 <sup>(h)(l)</sup> | 3816 | 3823 |
|  CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(d)</sup> | 5703 | 5560 |

---

**115** American Funds Insurance Series

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Information technology (continued)** |  |  |
|  CommScope, LLC 8.25% 3/1/2027 <sup>(d)</sup> | USD1,527 | $1522 |
|  CommScope, LLC 7.125% 7/1/2028 <sup>(d)</sup> | 1973 | 1941 |
|  CommScope, LLC 9.50% 12/15/2031 <sup>(d)</sup> | 400 | 419 |
|  Commscope, LLC, Term Loan, (3-month USD CME Term SOFR + 5.25%) 9.577% 12/17/2029 <sup>(h)(l)</sup> | 485 | 492 |
|  CoreWeave, Inc. 9.25% 6/1/2030 <sup>(d)</sup> | 1525 | 1560 |
|  Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(d)</sup> | 7575 | 8055 |
|  Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.077% 11/22/2032 <sup>(h)(l)</sup> | 225 | 230 |
|  Fair Isaac Corp. 4.00% 6/15/2028 <sup>(d)</sup> | 1050 | 1023 |
|  Fair Isaac Corp. 6.00% 5/15/2033 <sup>(d)</sup> | 3925 | 3971 |
|  Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(e)(h)(l)</sup> | 2614 | 2633 |
|  Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(e)(h)(l)</sup> | 54 | 55 |
|  Gen Digital, Inc. 6.25% 4/1/2033 <sup>(d)</sup> | 1375 | 1415 |
|  Hughes Satellite Systems Corp. 5.25% 8/1/2026 | 12971 | 11556 |
|  Hughes Satellite Systems Corp. 6.625% 8/1/2026 | 9228 | 6579 |
|  ION Trading Technologies SARL 9.50% 5/30/2029 <sup>(d)</sup> | 560 | 578 |
|  Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.25%) 7.577% 3/20/2032 <sup>(h)(l)</sup> | 1746 | 1755 |
|  Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.327% 3/20/2033 <sup>(h)(l)</sup> | 900 | 903 |
|  Microchip Technology, Inc. 5.05% 3/15/2029 | 3000 | 3049 |
|  Microchip Technology, Inc. 5.05% 2/15/2030 | 6361 | 6455 |
|  NCR Atleos Corp. 9.50% 4/1/2029 <sup>(d)</sup> | 4144 | 4542 |
|  Open Text Holdings, Inc. 4.125% 12/1/2031 <sup>(d)</sup> | 400 | 369 |
|  Oracle Corp. 5.25% 2/3/2032 | 4750 | 4874 |
|  Oracle Corp. 5.50% 8/3/2035 | 6232 | 6373 |
|  Shift4 Payments, LLC, 6.75% 8/15/2032 <sup>(d)</sup> | 2400 | 2494 |
|  Synopsys, Inc. 5.15% 4/1/2035 | 6898 | 6956 |
|  Synopsys, Inc. 5.70% 4/1/2055 | 5521 | 5493 |
|  Texas Instruments, Inc. 4.60% 2/8/2029 | 2222 | 2261 |
|  Texas Instruments, Inc. 4.85% 2/8/2034 | 1203 | 1223 |
|  UKG, Inc. 6.875% 2/1/2031 <sup>(d)</sup> | 950 | 986 |
|  Unisys Corp. 10.625% 1/15/2031 <sup>(d)</sup> | 1228 | 1266 |
|  Viasat, Inc. 5.625% 4/15/2027 <sup>(d)</sup> | 6733 | 6711 |
|  Viasat, Inc. 6.50% 7/15/2028 <sup>(d)</sup> | 1900 | 1797 |
|  Viasat, Inc. 7.50% 5/30/2031 <sup>(d)</sup> | 6626 | 5746 |
|  Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 (13.875% on 6/22/2026) <sup>(e)(k)(n)</sup> | 1014 | 1026 |
|  Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 (13.875% on 6/23/2026) <sup>(e)(k)(n)</sup> | 336 | 340 |
|  X.Ai Corp. 12.50% 6/30/2030 | 2485 | 2485 |
|  Xerox Holdings Corp. 5.50% 8/15/2028 <sup>(d)</sup> | 600 | 459 |
|  Xerox Holdings Corp. 8.875% 11/30/2029 <sup>(d)</sup> | 779 | 589 |
|  |  | 153576 |
|  **Industrials 0.51%** |  |  |
|  AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026 <sup>(d)</sup> | 335 | 334 |
|  Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(d)</sup> | 6000 | 6138 |
|  Ambipar Lux SARL 10.875% 2/5/2033 <sup>(d)</sup> | 601 | 569 |
|  Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(d)</sup> | 5175 | 5335 |
|  Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(d)</sup> | 5835 | 6023 |
|  BAE Systems PLC 5.125% 3/26/2029 <sup>(d)</sup> | 3403 | 3489 |
|  BAE Systems PLC 5.25% 3/26/2031 <sup>(d)</sup> | 2663 | 2754 |
|  BAE Systems PLC 5.30% 3/26/2034 <sup>(d)</sup> | 2772 | 2835 |
|  BAE Systems PLC 5.50% 3/26/2054 <sup>(d)</sup> | 599 | 592 |
|  Beach Acquisition Bidco, LLC, 10.75% PIK or 10.00% Cash 7/15/2033 <sup>(d)(n)</sup> | 2125 | 2208 |
|  Boeing Co. (The) 3.10% 5/1/2026 | 251 | 248 |
|  Boeing Co. (The) 3.25% 2/1/2028 | 2000 | 1940 |
|  Boeing Co. (The) 5.15% 5/1/2030 | 945 | 963 |
|  Boeing Co. (The) 3.625% 2/1/2031 | 178 | 168 |
|  Boeing Co. (The) 6.388% 5/1/2031 | 227 | 244 |
|  Boeing Co. (The) 3.60% 5/1/2034 | 2500 | 2205 |
|  Boeing Co. (The) 6.528% 5/1/2034 | 5453 | 5928 |

---

American Funds Insurance Series **116**

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Industrials (continued)** |  |  |
|  Boeing Co. (The) 5.805% 5/1/2050 | USD3,605 | $3461 |
|  Boeing Co. (The) 6.858% 5/1/2054 | 2361 | 2587 |
|  Boeing Co. (The) 7.008% 5/1/2064 | 1301 | 1430 |
|  Brink's Co. (The) 4.625% 10/15/2027 <sup>(d)</sup> | 2385 | 2372 |
|  Brink's Co. (The) 6.50% 6/15/2029 <sup>(d)</sup> | 485 | 500 |
|  Brink's Co. (The) 6.75% 6/15/2032 <sup>(d)</sup> | 850 | 886 |
|  Canadian Pacific Railway Co. 1.75% 12/2/2026 | 1385 | 1337 |
|  Canadian Pacific Railway Co. 5.20% 3/30/2035 | 2705 | 2744 |
|  Canadian Pacific Railway Co. 3.00% 12/2/2041 | 209 | 152 |
|  Canadian Pacific Railway Co. 3.10% 12/2/2051 | 653 | 430 |
|  Chart Industries, Inc. 7.50% 1/1/2030 <sup>(d)</sup> | 1347 | 1412 |
|  CSX Corp. 4.25% 3/15/2029 | 1062 | 1063 |
|  CSX Corp. 5.05% 6/15/2035 | 6111 | 6149 |
|  FTAI Aviation Investors, LLC 5.50% 5/1/2028 <sup>(d)</sup> | 1540 | 1533 |
|  Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(d)</sup> | 1510 | 1578 |
|  Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(d)</sup> | 505 | 529 |
|  Icahn Enterprises, LP 5.25% 5/15/2027 | 2535 | 2458 |
|  Icahn Enterprises, LP 4.375% 2/1/2029 | 2500 | 2104 |
|  L3Harris Technologies, Inc. 5.40% 7/31/2033 | 4059 | 4171 |
|  LATAM Airlines Group SA 7.625% 1/7/2031 <sup>(d)</sup> | 4250 | 4277 |
|  Lockheed Martin Corp. 5.10% 11/15/2027 | 852 | 874 |
|  Lockheed Martin Corp. 4.45% 5/15/2028 | 2604 | 2635 |
|  Lockheed Martin Corp. 5.70% 11/15/2054 | 1657 | 1673 |
|  Norfolk Southern Corp. 4.45% 3/1/2033 | 1515 | 1483 |
|  Norfolk Southern Corp. 5.10% 5/1/2035 | 2842 | 2857 |
|  Norfolk Southern Corp. 3.05% 5/15/2050 | 2746 | 1808 |
|  Norfolk Southern Corp. 5.35% 8/1/2054 | 4136 | 3954 |
|  Northrop Grumman Corp. 3.25% 1/15/2028 | 3132 | 3061 |
|  OneSky Flight, LLC 8.875% 12/15/2029 <sup>(d)</sup> | 1125 | 1172 |
|  Otis Worldwide Corp. 2.293% 4/5/2027 | 1913 | 1852 |
|  Paychex, Inc. 5.60% 4/15/2035 | 427 | 442 |
|  QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(d)</sup> | 1455 | 1503 |
|  Reworld Holding Corp. 4.875% 12/1/2029 <sup>(d)</sup> | 1035 | 985 |
|  RTX Corp. 5.15% 2/27/2033 | 2669 | 2729 |
|  RTX Corp. 5.375% 2/27/2053 | 3950 | 3784 |
|  Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(d)</sup> | 2225 | 2330 |
|  Siemens Funding BV 5.80% 5/28/2055 <sup>(d)</sup> | 6288 | 6496 |
|  Siemens Funding BV 5.90% 5/28/2065 <sup>(d)</sup> | 5581 | 5782 |
|  Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(b)(d)</sup> | 400 | 400 |
|  TransDigm, Inc. 6.625% 3/1/2032 <sup>(d)</sup> | 1485 | 1539 |
|  Triumph Group, Inc. 9.00% 3/15/2028 <sup>(d)</sup> | 1310 | 1370 |
|  Union Pacific Corp. 2.40% 2/5/2030 | 2163 | 1996 |
|  Union Pacific Corp. 5.10% 2/20/2035 | 2865 | 2915 |
|  Union Pacific Corp. 2.95% 3/10/2052 | 1000 | 639 |
|  Union Pacific Corp. 5.60% 12/1/2054 | 2487 | 2476 |
|  Union Pacific Corp. 3.839% 3/20/2060 | 546 | 393 |
|  Union Pacific Corp. 3.799% 4/6/2071 | 545 | 374 |
|  |  | 140668 |
|  **Real estate 0.39%** |  |  |
|  Alexandria Real Estate Equities, Inc. 3.80% 4/15/2026 | 282 | 280 |
|  Alexandria Real Estate Equities, Inc. 3.95% 1/15/2028 | 1093 | 1081 |
|  Alexandria Real Estate Equities, Inc. 2.75% 12/15/2029 | 1738 | 1606 |
|  Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031 | 1183 | 1094 |
|  Alexandria Real Estate Equities, Inc. 1.875% 2/1/2033 | 3670 | 2936 |
|  Alexandria Real Estate Equities, Inc. 4.85% 4/15/2049 | 367 | 308 |
|  American Tower Corp. 1.45% 9/15/2026 | 2369 | 2289 |
|  American Tower Corp. 3.55% 7/15/2027 | 1277 | 1259 |

---

**117** American Funds Insurance Series

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Real estate (continued)** |  |  |
|  American Tower Corp. 3.60% 1/15/2028 | USD896 | $880 |
|  American Tower Corp. 1.50% 1/31/2028 | 2240 | 2087 |
|  American Tower Corp. 2.30% 9/15/2031 | 1344 | 1167 |
|  American Tower Corp. 2.95% 1/15/2051 | 1792 | 1136 |
|  Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(d)</sup> | 3040 | 2670 |
|  Anywhere Real Estate Group, LLC 7.00% 4/15/2030 <sup>(d)</sup> | 1975 | 1847 |
|  Boston Properties, LP 6.50% 1/15/2034 | 2223 | 2381 |
|  Boston Properties, LP 5.75% 1/15/2035 | 3143 | 3165 |
|  Brookfield Property REIT, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 7.56% 5/30/2030 <sup>(h)(l)</sup> | 945 | 945 |
|  Extra Space Storage, LP 2.35% 3/15/2032 | 1241 | 1054 |
|  Fideicomiso Fibra Uno 7.70% 1/23/2032 <sup>(d)</sup> | 1185 | 1236 |
|  Host Hotels & Resorts, LP 4.50% 2/1/2026 | 318 | 317 |
|  Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(d)</sup> | 1705 | 1693 |
|  Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(d)</sup> | 2855 | 2721 |
|  Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(d)</sup> | 3900 | 3602 |
|  Invitation Homes Operating Partnership, LP 2.00% 8/15/2031 | 2152 | 1833 |
|  Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(d)</sup> | 3785 | 3736 |
|  Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(d)</sup> | 2650 | 2527 |
|  Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030 | 1884 | 1897 |
|  MPT Operating Partnership, LP 5.00% 10/15/2027 | 12137 | 11221 |
|  MPT Operating Partnership, LP 4.625% 8/1/2029 | 630 | 497 |
|  MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(d)</sup> | 3968 | 4156 |
|  Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(d)</sup> | 2280 | 2210 |
|  Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(d)</sup> | 1000 | 1029 |
|  Prologis, LP 4.875% 6/15/2028 | 1357 | 1385 |
|  Prologis, LP 4.75% 6/15/2033 | 2359 | 2354 |
|  Prologis, LP 5.00% 3/15/2034 | 1850 | 1856 |
|  Prologis, LP 5.00% 1/31/2035 | 1033 | 1033 |
|  Public Storage Operating Co. 1.85% 5/1/2028 | 2231 | 2096 |
|  Public Storage Operating Co. 1.95% 11/9/2028 | 1816 | 1692 |
|  Public Storage Operating Co. 2.30% 5/1/2031 | 644 | 573 |
|  Scentre Group Trust 1 3.25% 10/28/2025 <sup>(d)</sup> | 896 | 892 |
|  Scentre Group Trust 1 3.75% 3/23/2027 <sup>(d)</sup> | 2178 | 2153 |
|  Service Properties Trust 5.25% 2/15/2026 | 510 | 508 |
|  Service Properties Trust 4.75% 10/1/2026 | 1635 | 1613 |
|  Service Properties Trust 4.95% 2/15/2027 | 1540 | 1521 |
|  Service Properties Trust 5.50% 12/15/2027 | 655 | 649 |
|  Service Properties Trust 3.95% 1/15/2028 | 1815 | 1678 |
|  Service Properties Trust 8.375% 6/15/2029 | 4228 | 4401 |
|  Service Properties Trust 4.95% 10/1/2029 | 2715 | 2372 |
|  Service Properties Trust 4.375% 2/15/2030 | 705 | 593 |
|  Service Properties Trust 8.625% 11/15/2031 <sup>(d)</sup> | 6775 | 7278 |
|  Service Properties Trust 8.875% 6/15/2032 | 3803 | 3914 |
|  Sun Communities Operating, LP 2.30% 11/1/2028 | 1653 | 1548 |
|  Sun Communities Operating, LP 2.70% 7/15/2031 | 785 | 696 |
|  UDR, Inc. 2.95% 9/1/2026 | 681 | 670 |
|  |  | 108335 |
|  **Consumer staples 0.38%** |  |  |
|  7-Eleven, Inc. 0.95% 2/10/2026 <sup>(d)</sup> | 739 | 723 |
|  Albertsons Cos., Inc. 4.875% 2/15/2030 <sup>(d)</sup> | 1000 | 984 |
|  B&G Foods, Inc. 5.25% 9/15/2027 | 1000 | 912 |
|  B&G Foods, Inc. 8.00% 9/15/2028 <sup>(d)</sup> | 1750 | 1687 |
|  BAT Capital Corp. 6.343% 8/2/2030 | 1191 | 1284 |
|  BAT Capital Corp. 6.421% 8/2/2033 | 1290 | 1402 |
|  BAT Capital Corp. 5.625% 8/15/2035 | 6074 | 6183 |
|  BAT Capital Corp. 4.54% 8/15/2047 | 627 | 507 |
|  Campbell's Co. (The) 4.75% 3/23/2035 | 952 | 915 |

---

American Funds Insurance Series **118**

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Consumer staples (continued)** |  |  |
|  Coca-Cola Co. 1.00% 3/15/2028 | USD842 | $782 |
|  Coca-Cola Co. 4.65% 8/14/2034 | 1618 | 1627 |
|  Constellation Brands, Inc. 3.60% 2/15/2028 | 625 | 614 |
|  Constellation Brands, Inc. 2.25% 8/1/2031 | 1487 | 1289 |
|  Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(d)</sup> | 400 | 423 |
|  Imperial Brands Finance PLC 5.625% 7/1/2035 <sup>(d)</sup> | 3643 | 3657 |
|  Imperial Brands Finance PLC 6.375% 7/1/2055 <sup>(d)</sup> | 2101 | 2132 |
| J. M. Smucker Co. (The) 5.90% 11/15/2028 | 2385 | 2507 |
| J. M. Smucker Co. (The) 6.20% 11/15/2033 | 1554 | 1669 |
| J. M. Smucker Co. (The) 6.50% 11/15/2043 | 229 | 243 |
| J. M. Smucker Co. (The) 6.50% 11/15/2053 | 806 | 862 |
|  Kroger Co. 5.00% 9/15/2034 | 4462 | 4433 |
|  Kroger Co. 5.50% 9/15/2054 | 1983 | 1884 |
|  Mars, Inc. 4.80% 3/1/2030 <sup>(d)</sup> | 3408 | 3454 |
|  Mars, Inc. 5.00% 3/1/2032 <sup>(d)</sup> | 1855 | 1881 |
|  Mars, Inc. 5.20% 3/1/2035 <sup>(d)</sup> | 385 | 390 |
|  Mars, Inc. 5.70% 5/1/2055 <sup>(d)</sup> | 6678 | 6666 |
|  Mondelez International, Inc. 4.75% 8/28/2034 | 837 | 828 |
|  Mondelez International, Inc. 5.125% 5/6/2035 | 2176 | 2188 |
|  Philip Morris International, Inc. 5.125% 11/17/2027 | 3073 | 3135 |
|  Philip Morris International, Inc. 4.875% 2/15/2028 | 6000 | 6103 |
|  Philip Morris International, Inc. 4.625% 11/1/2029 | 6764 | 6830 |
|  Philip Morris International, Inc. 5.625% 11/17/2029 | 1482 | 1557 |
|  Philip Morris International, Inc. 5.125% 2/15/2030 | 4166 | 4288 |
|  Philip Morris International, Inc. 4.375% 4/30/2030 | 2554 | 2548 |
|  Philip Morris International, Inc. 5.125% 2/13/2031 | 2275 | 2344 |
|  Philip Morris International, Inc. 4.75% 11/1/2031 | 6194 | 6243 |
|  Philip Morris International, Inc. 4.90% 11/1/2034 | 6755 | 6728 |
|  Philip Morris International, Inc. 4.875% 4/30/2035 | 1907 | 1882 |
|  Post Holdings, Inc. 4.625% 4/15/2030 <sup>(d)</sup> | 2886 | 2777 |
|  Post Holdings, Inc. 6.25% 2/15/2032 <sup>(d)</sup> | 3279 | 3374 |
|  Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(d)</sup> | 1115 | 1028 |
|  Reynolds American, Inc. 5.85% 8/15/2045 | 2030 | 1960 |
|  Walgreens Boots Alliance, Inc. 3.45% 6/1/2026 | 1595 | 1562 |
|  |  | 104485 |
|  **Utilities 0.36%** |  |  |
|  AEP Transmission Co., LLC 5.375% 6/15/2035 | 50 | 51 |
|  Calpine Corp. 3.75% 3/1/2031 <sup>(d)</sup> | 1975 | 1875 |
|  CMS Energy Corp., junior subordinated, 6.50% 6/1/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.961% on 6/1/2035) <sup>(k)</sup> | 1375 | 1382 |
|  Commonwealth Edison Co. 4.35% 11/15/2045 | 972 | 823 |
|  Commonwealth Edison Co. 3.85% 3/15/2052 | 2330 | 1762 |
|  Connecticut Light and Power Co. (The) 4.95% 8/15/2034 | 1837 | 1838 |
|  Consumers Energy Co. 5.05% 5/15/2035 | 525 | 529 |
|  Duke Energy Indiana, LLC 3.25% 10/1/2049 | 850 | 577 |
|  Duke Energy Progress, LLC 3.70% 10/15/2046 | 457 | 345 |
|  Duke Energy Progress, LLC 2.50% 8/15/2050 | 202 | 117 |
|  Duke Energy Progress, LLC 2.90% 8/15/2051 | 91 | 57 |
|  Edison International 4.125% 3/15/2028 | 1225 | 1183 |
|  Edison International 5.25% 11/15/2028 | 1537 | 1522 |
|  Edison International 5.45% 6/15/2029 | 917 | 907 |
|  Edison International 6.95% 11/15/2029 | 2461 | 2559 |
|  Edison International 6.25% 3/15/2030 | 3740 | 3800 |
|  Edison International 5.25% 3/15/2032 | 7445 | 7067 |
|  Electricite de France SA 6.25% 5/23/2033 <sup>(d)</sup> | 1075 | 1152 |
|  Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(d)(k)</sup> | 1475 | 1667 |

---

**119** American Funds Insurance Series

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Utilities (continued)** |  |  |
|  Emera US Finance, LP 3.55% 6/15/2026 | USD287 | $284 |
|  Exelon Corp., junior subordinated, 6.50% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.975% on 3/15/2035) <sup>(k)</sup> | 1000 | 1018 |
|  FirstEnergy Transmission, LLC 2.866% 9/15/2028 <sup>(d)</sup> | 605 | 577 |
|  Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(d)</sup> | 1000 | 1032 |
|  Long Ridge Energy, LLC, 8.75% 2/15/2032 <sup>(d)</sup> | 2605 | 2708 |
|  Long Ridge Energy, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.796% 2/19/2032 <sup>(h)(l)</sup> | 1920 | 1901 |
|  MidAmerican Energy Co. 5.85% 9/15/2054 | 875 | 902 |
|  Northern States Power Co. 2.60% 6/1/2051 | 735 | 444 |
|  Northern States Power Co. 5.65% 5/15/2055 | 175 | 175 |
|  Pacific Gas and Electric Co. 2.10% 8/1/2027 | 125 | 118 |
|  Pacific Gas and Electric Co. 5.00% 6/4/2028 | 450 | 451 |
|  Pacific Gas and Electric Co. 4.65% 8/1/2028 | 800 | 796 |
|  Pacific Gas and Electric Co. 6.40% 6/15/2033 | 192 | 201 |
|  Pacific Gas and Electric Co. 6.95% 3/15/2034 | 5560 | 5988 |
|  Pacific Gas and Electric Co. 5.70% 3/1/2035 | 13859 | 13742 |
|  Pacific Gas and Electric Co. 6.00% 8/15/2035 | 4962 | 5020 |
|  Pacific Gas and Electric Co. 3.30% 8/1/2040 | 90 | 64 |
|  Pacific Gas and Electric Co. 4.95% 7/1/2050 | 2950 | 2381 |
|  PacifiCorp 5.30% 2/15/2031 | 1404 | 1447 |
|  PacifiCorp 5.45% 2/15/2034 | 796 | 808 |
|  PacifiCorp 5.35% 12/1/2053 | 3298 | 2968 |
|  PacifiCorp 5.80% 1/15/2055 | 575 | 551 |
|  Public Service Electric and Gas Co. 3.60% 12/1/2047 | 548 | 407 |
|  Saavi Energia SARL 8.875% 2/10/2035 <sup>(d)</sup> | 1495 | 1562 |
|  Southern California Edison Co. 2.85% 8/1/2029 | 4450 | 4120 |
|  Southern California Edison Co. 5.45% 6/1/2031 | 2500 | 2546 |
|  Southern California Edison Co. 5.20% 6/1/2034 | 2522 | 2448 |
|  Southern California Edison Co. 5.75% 4/1/2035 | 675 | 689 |
|  Southern California Edison Co. 5.35% 7/15/2035 | 3000 | 2925 |
|  Southern California Edison Co. 3.65% 2/1/2050 | 234 | 155 |
|  Southern California Edison Co. 6.20% 9/15/2055 | 4770 | 4572 |
|  Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(d)</sup> | 400 | 429 |
|  Trinidad Generation Unlimited 7.75% 6/16/2033 <sup>(d)</sup> | 2295 | 2379 |
|  Virginia Electric & Power 2.40% 3/30/2032 | 2307 | 2002 |
|  Xcel Energy, Inc. 2.60% 12/1/2029 | 1131 | 1047 |
|  Xcel Energy, Inc. 5.50% 3/15/2034 | 285 | 290 |
|  XPLR Infrastructure Operating Partners, LP 8.375% 1/15/2031 <sup>(d)</sup> | 1150 | 1229 |
|  |  | 99589 |
|  **Materials 0.31%** |  |  |
|  Avient Corp. 7.125% 8/1/2030 <sup>(d)</sup> | 855 | 882 |
|  Avient Corp. 6.25% 11/1/2031 <sup>(d)</sup> | 170 | 172 |
|  Celanese US Holdings, LLC 6.415% 7/15/2027 | 1996 | 2068 |
|  Celanese US Holdings, LLC 7.05% 11/15/2030 | 2501 | 2634 |
|  Celanese US Holdings, LLC 7.20% 11/15/2033 | 1618 | 1719 |
|  Cleveland-Cliffs, Inc. 5.875% 6/1/2027 | 5425 | 5424 |
|  Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(d)</sup> | 3625 | 3332 |
|  Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(d)</sup> | 1650 | 1626 |
|  Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(d)</sup> | 2275 | 2203 |
|  Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(d)</sup> | 775 | 664 |
|  Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(d)</sup> | 2000 | 1931 |
|  Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(d)</sup> | 2695 | 2544 |
|  Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(d)</sup> | 1480 | 1453 |
|  Dow Chemical Co. (The) 5.35% 3/15/2035 | 2674 | 2661 |
|  Dow Chemical Co. (The) 4.80% 5/15/2049 | 435 | 358 |
|  Dow Chemical Co. (The) 3.60% 11/15/2050 | 1057 | 716 |
|  Dow Chemical Co. (The) 5.95% 3/15/2055 | 4720 | 4503 |

---

American Funds Insurance Series **120**

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Materials (continued)** |  |  |
|  First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(d)</sup> | USD5,370 | $5706 |
|  First Quantum Minerals, Ltd. 8.00% 3/1/2033 <sup>(d)</sup> | 950 | 976 |
|  FXI Holdings, Inc. 12.25% 11/15/2026 <sup>(d)</sup> | 4517 | 3980 |
|  FXI Holdings, Inc. 12.25% 11/15/2026 <sup>(d)</sup> | 2181 | 1931 |
|  International Flavors & Fragrances, Inc. 1.832% 10/15/2027 <sup>(d)</sup> | 1406 | 1325 |
|  JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(d)</sup> | 1700 | 1716 |
|  JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(d)</sup> | 1335 | 1358 |
|  Linde, Inc. 1.10% 8/10/2030 | 2633 | 2266 |
|  LYB International Finance III, LLC 6.15% 5/15/2035 | 757 | 786 |
|  Methanex Corp. 5.125% 10/15/2027 | 6305 | 6288 |
|  Methanex US Operations, Inc. 6.25% 3/15/2032 <sup>(d)</sup> | 330 | 329 |
|  Minera Mexico SA de CV, 5.625% 2/12/2032 <sup>(d)</sup> | 6734 | 6856 |
|  Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(d)</sup> | 945 | 968 |
|  Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(d)</sup> | 1525 | 1519 |
|  Mosaic Co. 4.05% 11/15/2027 | 941 | 934 |
|  NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(d)</sup> | 1785 | 1718 |
|  NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(d)</sup> | 775 | 838 |
|  NOVA Chemicals Corp. 7.00% 12/1/2031 <sup>(d)</sup> | 1130 | 1185 |
|  Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(d)</sup> | 555 | 571 |
|  Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(d)</sup> | 1050 | 1084 |
|  Rio Tinto Finance (USA) PLC 5.25% 3/14/2035 | 1339 | 1363 |
|  Rio Tinto Finance (USA) PLC 5.75% 3/14/2055 | 3244 | 3251 |
|  Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 8.00% PIK and 6.308% Cash 1/16/2026 <sup>(b)(h)(l)(n)</sup> | 766 | 421 |
|  Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 8.00% PIK and 6.329% Cash 7/16/2026 <sup>(b)(h)(l)(n)</sup> | 770 | 423 |
|  Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 8.00% PIK and 6.302% Cash 10/12/2028 <sup>(b)(h)(l)(n)</sup> | 1267 | 697 |
|  Veritiv Operating Co. 10.50% 11/30/2030 <sup>(d)</sup> | 640 | 694 |
|  Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(d)</sup> | 2212 | 2259 |
|  Westlake Corp. 4.375% 11/15/2047 | 448 | 350 |
|  |  | 86682 |
| **Total corporate bonds, notes & loans** |  | 2018984 |
|  **U.S. Treasury bonds & notes 6.89%** |  |  |
|  **U.S. Treasury 6.71%** |  |  |
|  U.S. Treasury 4.75% 7/31/2025 | 50547 | 50563 |
|  U.S. Treasury 5.00% 10/31/2025 | 2167 | 2172 |
|  U.S. Treasury 4.875% 11/30/2025 | 12250 | 12278 |
|  U.S. Treasury 0.50% 2/28/2026 | 42515 | 41501 |
|  U.S. Treasury 4.625% 2/28/2026 | 1878 | 1883 |
|  U.S. Treasury 3.625% 5/15/2026 | 1071 | 1067 |
|  U.S. Treasury 4.625% 6/30/2026 | 17210 | 17312 |
|  U.S. Treasury 4.125% 2/15/2027 | 1258 | 1264 |
|  U.S. Treasury 2.625% 5/31/2027 | 96250 | 94271 |
|  U.S. Treasury 3.875% 5/31/2027 | 87803 | 88007 |
|  U.S. Treasury 0.50% 6/30/2027 | 28098 | 26368 |
|  U.S. Treasury 3.75% 6/30/2027 | 130554 | 130641 |
|  U.S. Treasury 4.125% 9/30/2027 | 90000 | 90817 |
|  U.S. Treasury 4.00% 2/29/2028 | 46200 | 46549 |
|  U.S. Treasury 3.625% 3/31/2028 | 9 | 9 |
|  U.S. Treasury 3.50% 4/30/2028 | 5600 | 5569 |
|  U.S. Treasury 3.875% 6/15/2028 | 17264 | 17355 |
|  U.S. Treasury 4.00% 1/31/2029 | 8844 | 8924 |
|  U.S. Treasury 2.875% 4/30/2029 | 50000 | 48478 |
|  U.S. Treasury 4.25% 6/30/2029 | 28885 | 29425 |
|  U.S. Treasury 4.00% 3/31/2030 | 83865 | 84645 |
|  U.S. Treasury 0.625% 5/15/2030 | 9358 | 8051 |
|  U.S. Treasury 4.00% 5/31/2030 | 25757 | 26005 |

---

**121** American Funds Insurance Series

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |
|  **U.S. Treasury (continued)** |  |  |
|  U.S. Treasury 3.875% 6/30/2030 | USD230,050 | $230940 |
|  U.S. Treasury 4.00% 7/31/2030 | 8160 | 8231 |
|  U.S. Treasury 4.875% 10/31/2030 | 45491 | 47751 |
|  U.S. Treasury 4.25% 6/30/2031 | 17165 | 17479 |
|  U.S. Treasury 2.875% 5/15/2032 | 50000 | 46649 |
|  U.S. Treasury 4.00% 6/30/2032 | 59074 | 59106 |
|  U.S. Treasury 4.125% 11/15/2032 | 648 | 652 |
|  U.S. Treasury 3.50% 2/15/2033 | 27034 | 26060 |
|  U.S. Treasury 3.875% 8/15/2033 | 114911 | 113196 |
|  U.S. Treasury 4.375% 5/15/2034 | 14285 | 14514 |
|  U.S. Treasury 4.25% 11/15/2034 | 2075 | 2082 |
|  U.S. Treasury 4.25% 5/15/2035 | 18803 | 18828 |
|  U.S. Treasury 1.375% 11/15/2040 | 51338 | 32696 |
|  U.S. Treasury 1.75% 8/15/2041 | 24960 | 16570 |
|  U.S. Treasury 2.00% 11/15/2041 | 1058 | 728 |
|  U.S. Treasury 4.625% 5/15/2044 | 14928 | 14638 |
|  U.S. Treasury 5.00% 5/15/2045 | 99575 | 102275 |
|  U.S. Treasury 2.50% 2/15/2046 | 3365 | 2332 |
|  U.S. Treasury 3.00% 5/15/2047 | 8383 | 6277 |
|  U.S. Treasury 3.00% 2/15/2048 | 301 | 224 |
|  U.S. Treasury 2.25% 2/15/2052 | 72025 | 43985 |
|  U.S. Treasury 4.00% 11/15/2052 | 5700 | 4987 |
|  U.S. Treasury 3.625% 2/15/2053 <sup>(i)</sup> | 121025 | 98766 |
|  U.S. Treasury 3.625% 5/15/2053 | 18989 | 15484 |
|  U.S. Treasury 4.25% 2/15/2054 | 17191 | 15688 |
|  U.S. Treasury 4.25% 8/15/2054 | 37315 | 34073 |
|  U.S. Treasury 4.625% 2/15/2055 | 49676 | 48353 |
|  |  | 1855718 |
|  **U.S. Treasury inflation-protected securities 0.18%** |  |  |
|  U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025 <sup>(p)</sup> | 4485 | 4483 |
|  U.S. Treasury Inflation-Protected Security 0.125% 10/15/2025 <sup>(p)</sup> | 3767 | 3755 |
|  U.S. Treasury Inflation-Protected Security 2.125% 1/15/2035 <sup>(p)</sup> | 21632 | 21989 |
|  U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(p)</sup> | 22946 | 21009 |
|  |  | 51236 |
| **Total U.S. Treasury bonds & notes** |  | 1906954 |
|  **Asset-backed obligations 2.05%** |  |  |
|  Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/2026 <sup>(d)(g)</sup> | 5 | 5 |
|  Affirm Asset Securitization Trust, Series 2024-B, Class A, 4.62% 9/15/2029 <sup>(d)(g)</sup> | 10457 | 10463 |
|  Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(d)(g)</sup> | 2962 | 2976 |
|  Affirm, Inc., Series 2024-X1, Class A, 6.27% 5/15/2029 <sup>(d)(g)</sup> | 184 | 184 |
|  Affirm, Inc., Series 2024-X2, Class A, 5.22% 12/17/2029 <sup>(d)(g)</sup> | 920 | 921 |
|  American Credit Acceptance Receivables Trust, Series 2024-3, Class A, 5.76% 11/12/2027 <sup>(d)(g)</sup> | 809 | 811 |
|  American Credit Acceptance Receivables Trust, Series 2024-4, Class A, 4.81% 3/13/2028 <sup>(d)(g)</sup> | 371 | 371 |
|  American Credit Acceptance Receivables Trust, Series 2024-3, Class B, 5.66% 8/14/2028 <sup>(d)(g)</sup> | 1328 | 1335 |
|  American Credit Acceptance Receivables Trust, Series 2025-2, Class B, 4.85% 5/14/2029 <sup>(d)(g)</sup> | 232 | 233 |
|  American Credit Acceptance Receivables Trust, Series 2024-3, Class C, 5.73% 7/12/2030 <sup>(d)(g)</sup> | 3332 | 3372 |
|  American Credit Acceptance Receivables Trust, Series 2024-4, Class C, 4.91% 8/12/2031 <sup>(d)(g)</sup> | 1005 | 1008 |
|  Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(d)(g)</sup> | 3914 | 3961 |
|  AutoNation Finance Trust 2025-1, Series 2025-1A, Class A2, 4.72% 4/10/2028 <sup>(d)(g)</sup> | 255 | 255 |
|  Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(d)(g)</sup> | 8500 | 8479 |
|  Avant Credit Card Master Trust, Series 2024-2A, Class B, 5.73% 5/15/2029 <sup>(d)(g)</sup> | 4100 | 4083 |
|  Avant Credit Card Master Trust, Series 2024-2A, Class C, 6.41% 5/15/2029 <sup>(d)(g)</sup> | 2715 | 2706 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(d)(g)</sup> | 20244 | 20015 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(d)(g)</sup> | 138 | 137 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027 <sup>(d)(g)</sup> | 10410 | 10114 |

---

American Funds Insurance Series **122**

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Asset-backed obligations (continued)** |  |  |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028 <sup>(d)(g)</sup> | USD29,013 | $29616 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(g)</sup> | 4960 | 5160 |
|  Ballyrock, Ltd., CLO, Series 2019-2A, Class A1R, (3-month USD CME Term SOFR + 1.40%) 5.722% 2/20/2036 <sup>(d)(g)(h)</sup> | 7810 | 7830 |
|  Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/2033 <sup>(d)(g)</sup> | 116 | 114 |
|  BofA Auto Trust, Series 2024-1, Class A3, 5.35% 11/15/2028 <sup>(d)(g)</sup> | 2470 | 2495 |
|  Bridgecrest Lending Auto Securitization Trust, Series 2024-3, Class A2, 5.54% 2/16/2027 <sup>(g)</sup> | 332 | 332 |
|  Bridgecrest Lending Auto Securitization Trust, Series 2025-1, Class A2, 4.71% 9/15/2027 <sup>(g)</sup> | 688 | 688 |
|  Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A2, 4.84% 9/15/2027 <sup>(g)</sup> | 531 | 531 |
|  Bridgecrest Lending Auto Securitization Trust, Series 2024-3, Class A3, 5.34% 4/17/2028 <sup>(g)</sup> | 2186 | 2192 |
|  Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A3, 4.72% 9/15/2028 <sup>(g)</sup> | 955 | 956 |
|  Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class B, 4.77% 8/15/2030 <sup>(g)</sup> | 1679 | 1681 |
|  CAL Funding IV, Ltd., Series 2020-1A, Class A, 2.22% 9/25/2045 <sup>(d)(g)</sup> | 892 | 842 |
|  CarMax Auto Owner Trust, Series 2024-2, Class A2A, 5.65% 5/17/2027 <sup>(g)</sup> | 1710 | 1715 |
|  CarMax Auto Owner Trust, Series 2024-3, Class A3, 4.89% 7/16/2029 <sup>(g)</sup> | 8604 | 8698 |
|  CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78% 9/15/2027 <sup>(g)</sup> | 652 | 654 |
|  Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 <sup>(d)(g)</sup> | 4138 | 3816 |
|  Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041 <sup>(d)(g)</sup> | 162 | 157 |
|  Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(g)</sup> | 4714 | 4787 |
|  CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(d)(g)</sup> | 5140 | 5086 |
|  CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(d)(g)</sup> | 1707 | 1580 |
|  CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(d)(g)</sup> | 6034 | 5808 |
|  Chase Auto Owner Trust, Series 2024-2, Class A2, 5.66% 5/26/2027 <sup>(d)(g)</sup> | 1230 | 1232 |
|  Chase Auto Owner Trust, Series 2024-4A, Class A2, 5.25% 9/27/2027 <sup>(d)(g)</sup> | 2349 | 2354 |
|  Chase Auto Owner Trust, Series 2024-3, Class A2, 5.53% 9/27/2027 <sup>(d)(g)</sup> | 2213 | 2219 |
|  Chase Auto Owner Trust, Series 2024-4A, Class A3, 4.94% 7/25/2029 <sup>(d)(g)</sup> | 5309 | 5359 |
|  Chase Auto Owner Trust, Series 2024-3, Class A3, 5.22% 7/25/2029 <sup>(d)(g)</sup> | 4257 | 4308 |
|  CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045 <sup>(d)(g)</sup> | 968 | 901 |
|  CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/2045 <sup>(d)(g)</sup> | 3648 | 3394 |
|  CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045 <sup>(d)(g)</sup> | 759 | 707 |
|  CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/2046 <sup>(d)(g)</sup> | 1050 | 964 |
|  CNH Equipment Trust, Series 2024-B, Class A2A, 5.42% 10/15/2027 <sup>(g)</sup> | 1569 | 1574 |
|  CPS Auto Receivables Trust, Series 2024-C, Class A, 5.88% 2/15/2028 <sup>(d)(g)</sup> | 904 | 907 |
|  Credit Acceptance Auto Loan Trust, Series 2023-3, Class A, 6.39% 8/15/2033 <sup>(d)(g)</sup> | 1958 | 1976 |
|  Daimler Trucks Retail Trust, Series 2024-1, Class A2, 5.60% 4/15/2026 <sup>(g)</sup> | 773 | 774 |
|  Daimler Trucks Retail Trust, Series 2024-1, Class A3, 5.49% 12/15/2027 <sup>(g)</sup> | 3457 | 3494 |
|  EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 <sup>(d)(g)</sup> | 215 | 198 |
|  Enterprise Fleet Financing, LLC, Series 2024-2, Class A2, 5.74% 12/20/2026 <sup>(d)(g)</sup> | 679 | 682 |
|  Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(d)(g)</sup> | 3048 | 3061 |
|  Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029 <sup>(d)(g)</sup> | 616 | 615 |
|  Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/2029 <sup>(d)(g)</sup> | 1484 | 1490 |
|  EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(d)(g)</sup> | 2609 | 2651 |
|  EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(d)(g)</sup> | 926 | 933 |
|  Exeter Automobile Receivables Trust, Series 2025-1A, Class A2, 4.70% 9/15/2027 <sup>(g)</sup> | 1744 | 1744 |
|  Exeter Automobile Receivables Trust, Series 2025-1A, Class A3, 4.67% 8/15/2028 <sup>(g)</sup> | 930 | 932 |
|  First National Master Note Trust, Series 2025-1, Class A, 4.85% 2/15/2030 <sup>(g)</sup> | 4558 | 4641 |
|  First National Master Note Trust, Series 2024-1, Class A, 5.34% 5/15/2030 <sup>(g)</sup> | 3970 | 4052 |
|  FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/2037 <sup>(d)(g)</sup> | 4756 | 4696 |
|  Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(d)(g)</sup> | 5998 | 6184 |
|  Ford Credit Auto Owner Trust, Series 2024-1, Class A, 4.87% 8/15/2036 <sup>(d)(g)(h)</sup> | 13442 | 13716 |
|  Ford Credit Floorplan Master Owner Trust, Series 2024-3, Class A1, 4.30% 9/15/2029 <sup>(d)(g)</sup> | 3235 | 3243 |
|  GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(d)(g)</sup> | 417 | 393 |
|  GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 10/18/2045 <sup>(d)(g)</sup> | 188 | 177 |
|  Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/2039 <sup>(d)(g)</sup> | 1527 | 1483 |
|  Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040 <sup>(d)(g)</sup> | 6501 | 6200 |
|  Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 <sup>(d)(g)</sup> | 8223 | 7854 |
|  Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041 <sup>(d)(g)</sup> | 2758 | 2554 |
|  Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041 <sup>(d)(g)</sup> | 4088 | 3813 |
|  Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041 <sup>(d)(g)</sup> | 323 | 300 |
|  GLS Auto Receivables Trust, Series 2025-2A, Class A2, 4.75% 3/15/2028 <sup>(d)(g)</sup> | 500 | 500 |
|  GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(d)(g)</sup> | 902 | 902 |

---

**123** American Funds Insurance Series

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Asset-backed obligations (continued)** |  |  |
|  GLS Auto Select Receivables Trust, Series 2025-1A, Class A2, 4.71% 4/15/2030 <sup>(d)(g)</sup> | USD807 | $809 |
|  GM Financial Automobile Leasing Trust, Series 2023-3, Class A3, 5.38% 11/20/2026 <sup>(g)</sup> | 1004 | 1006 |
|  GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/2036 <sup>(d)(g)</sup> | 8654 | 9064 |
|  GM Financial Revolving Receivables Trust, Series 2024-2, Class A, 4.52% 3/11/2037 <sup>(d)(g)</sup> | 6768 | 6817 |
|  GM Financial Securitized Term Auto Receivables Trust, Series 2024-1, Class A3, 4.85% 12/18/2028 <sup>(g)</sup> | 2126 | 2137 |
|  Hertz Vehicle Financing III, LLC, Series 2022-4A, Class A, 3.73% 9/25/2026 <sup>(d)(g)</sup> | 3759 | 3754 |
|  Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/2028 <sup>(d)(g)</sup> | 4391 | 4220 |
|  Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/2028 <sup>(d)(g)</sup> | 4445 | 4386 |
|  Hertz Vehicle Financing III, LLC, Series 2023-4, Class A, 6.15% 3/25/2030 <sup>(d)(g)</sup> | 4585 | 4789 |
|  Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(d)(g)</sup> | 10307 | 9917 |
|  Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(d)(g)</sup> | 685 | 655 |
|  Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(d)(g)</sup> | 429 | 412 |
|  Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(d)(g)</sup> | 4771 | 4850 |
|  Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(g)</sup> | 1616 | 1624 |
|  Hertz Vehicle Financing, LLC, Series 2025-3A, Class A, 5.06% 12/26/2029 <sup>(d)(g)</sup> | 1250 | 1257 |
|  Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027 <sup>(g)</sup> | 569 | 570 |
|  Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(d)(g)</sup> | 2519 | 2525 |
|  Hyundai Auto Receivables Trust, Series 2024-A, Class A3, 4.99% 2/15/2029 <sup>(g)</sup> | 3187 | 3217 |
|  John Deere Owner Trust, Series 2024-A, Class A3, 4.96% 11/15/2028 <sup>(g)</sup> | 2894 | 2922 |
|  LAD Auto Receivables Trust, Series 2024-3A, Class A2, 4.64% 11/15/2027 <sup>(d)(g)</sup> | 1581 | 1581 |
|  LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/2027 <sup>(d)(g)</sup> | 1422 | 1429 |
|  LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.52% 3/15/2029 <sup>(d)(g)</sup> | 954 | 957 |
|  LAD Auto Receivables Trust, Series 2024-3A, Class A4, 4.60% 12/17/2029 <sup>(d)(g)</sup> | 504 | 508 |
|  Marathon CLO, Ltd., Series 2019-2A, Class A1R2, (3-month USD CME Term SOFR + 0.95%) 5.219% 1/20/2033 <sup>(d)(g)(h)</sup> | 3648 | 3632 |
|  Navient Education Loan Trust, Series 2025-A, Class A, 5.02% 7/15/2055 <sup>(d)(g)</sup> | 2778 | 2796 |
|  Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(d)(g)</sup> | 2788 | 2511 |
|  Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070 <sup>(d)(g)</sup> | 3576 | 3233 |
|  Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046 <sup>(d)(g)</sup> | 4877 | 4565 |
|  Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32% 4/20/2062 <sup>(d)(g)</sup> | 4921 | 4604 |
|  Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(d)(g)</sup> | 3087 | 2905 |
|  Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(d)(g)</sup> | 5216 | 4881 |
|  New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(d)(g)</sup> | 23051 | 21721 |
|  Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 5.513% 7/25/2030 <sup>(d)(g)(h)</sup> | 780 | 780 |
|  Palmer Square Loan Funding, CLO, Series 2021-4A, Class A1, (3-month USD CME Term SOFR + 1.062%) 5.318% 10/15/2029 <sup>(d)(g)(h)</sup> | 627 | 626 |
|  Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2, (3-month USD CME Term SOFR + 1.662%) 5.918% 10/15/2029 <sup>(d)(g)(h)</sup> | 5378 | 5383 |
|  Palmer Square Loan Funding, Ltd., Series 2024-2A, Class A1N, (3-month USD CME Term SOFR + 1.00%) 5.256% 1/15/2033 <sup>(d)(g)(h)</sup> | 4264 | 4257 |
|  PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(g)</sup> | 1069 | 1073 |
|  PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(d)(g)</sup> | 5298 | 5334 |
|  PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 6/1/2036 <sup>(g)</sup> | 2442 | 2306 |
|  PK ALIFT Loan Funding 3, LP, Series 2024-1, Class A1, 5.842% 9/15/2039 <sup>(d)(g)</sup> | 814 | 826 |
|  PK ALIFT Loan Funding 3, LP, Series 2024-1, Class AF, (1-month USD CME Term SOFR + 0%) 6.012% 9/15/2039 <sup>(d)(g)(h)</sup> | 598 | 599 |
|  Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD CME Term SOFR + 1.202%) 5.458% 10/15/2030 <sup>(d)(g)(h)</sup> | 701 | 701 |
|  Santander Drive Auto Receivables Trust, Series 2024-2, Class A2, 5.80% 9/15/2027 <sup>(g)</sup> | 733 | 733 |
|  Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25% 4/17/2028 <sup>(g)</sup> | 615 | 616 |
|  Santander Drive Auto Receivables Trust, Series 2024-2, Class A3, 5.63% 11/15/2028 <sup>(g)</sup> | 5474 | 5504 |
|  Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/2028 <sup>(g)</sup> | 5062 | 5130 |
|  Santander Drive Auto Receivables Trust, Series 2024-4, Class A3, 4.85% 1/16/2029 <sup>(g)</sup> | 5394 | 5411 |
|  SBNA Auto Lease Trust, Series 2024-A, Class A3, 5.39% 11/20/2026 <sup>(d)(g)</sup> | 3077 | 3085 |
|  SBNA Auto Lease Trust, Series 2024-B, Class A2, 5.67% 11/20/2026 <sup>(d)(g)</sup> | 249 | 250 |
|  SBNA Auto Lease Trust, Series 2024-B, Class A3, 5.56% 11/22/2027 <sup>(d)(g)</sup> | 1265 | 1276 |
|  SFS Auto Receivables Securitization Trust, Series 2024-3A, Class A2, 4.71% 5/22/2028 <sup>(d)(g)</sup> | 1598 | 1599 |
|  SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028 <sup>(d)(g)</sup> | 2864 | 2883 |
|  SFS Auto Receivables Securitization Trust, Series 2025-2A, Class A2, 4.52% 11/20/2028 <sup>(d)(g)</sup> | 504 | 505 |
|  SFS Auto Receivables Securitization Trust, Series 2024-3A, Class A3, 4.55% 6/20/2030 <sup>(d)(g)</sup> | 2966 | 2980 |

---

American Funds Insurance Series **124**

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Asset-backed obligations (continued)** |  |  |
|  SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD CME Term SOFR + 0.844%) 5.156%<br>1/15/2053 <sup>(d)(g)(h)</sup> | USD3,851 | $3823 |
|  SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046 <sup>(d)(g)</sup> | 2741 | 2557 |
|  SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046 <sup>(d)(g)</sup> | 2485 | 2404 |
|  Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041 <sup>(d)(g)</sup> | 1918 | 1881 |
|  Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(d)(g)</sup> | 922 | 884 |
|  Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033 <sup>(d)(g)</sup> | 751 | 719 |
|  Subway Funding, LLC, Series 2024-3, Class A2I, 5.246% 7/30/2054 <sup>(d)(g)</sup> | 5253 | 5234 |
|  Subway Funding, LLC, Series 2024-3A, Class A2II, 5.566% 7/30/2054 <sup>(d)(g)</sup> | 6201 | 6195 |
|  SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 <sup>(d)(g)</sup> | 1421 | 1374 |
|  Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(g)</sup> | 2840 | 2873 |
|  Synchrony Card Issuance Trust, Series 2025-A1, Class A, 4.78% 2/18/2031 <sup>(g)</sup> | 4155 | 4223 |
|  TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045 <sup>(d)(g)</sup> | 1194 | 1126 |
|  Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045 <sup>(d)(g)</sup> | 552 | 516 |
|  Textainer Marine Containers, Ltd., Series 2021-1, Class A, 1.68% 2/20/2046 <sup>(d)(g)</sup> | 708 | 651 |
|  Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046 <sup>(d)(g)</sup> | 2047 | 1911 |
|  Textainer Marine Containers, Ltd., Series 2025-1H, Class A, 6.43% 7/23/2050 <sup>(d)(g)</sup> | 2096 | 2096 |
|  Thompson Park CLO, Ltd., Series 2021-1A, Class A1R, (3-month USD CME Term SOFR + 1.05%) 5.306% 4/15/2034 <sup>(d)(g)(h)</sup> | 3229 | 3225 |
|  T-Mobile US Trust, Series 2024-1, Class A, 5.05% 9/20/2029 <sup>(d)(g)</sup> | 5582 | 5628 |
|  Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034 <sup>(d)(g)(h)</sup> | 6503 | 6362 |
|  Toyota Auto Receivables Owner Trust, Series 2023-C, Class A3, 5.16% 4/17/2028 <sup>(g)</sup> | 4585 | 4610 |
|  Toyota Auto Receivables Owner Trust, Series 2023-C, Class A4, 5.01% 2/15/2029 <sup>(g)</sup> | 1822 | 1848 |
|  Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045 <sup>(d)(g)</sup> | 7627 | 7095 |
|  Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046 <sup>(d)(g)</sup> | 1368 | 1250 |
|  United Auto Credit Securitization Trust, Series 2025-1, Class A, 4.80% 6/10/2027 <sup>(d)(g)</sup> | 416 | 416 |
|  Verdant Receivables, LLC, Series 2025-1A, Class A2, 4.85% 3/13/2028 <sup>(d)(g)</sup> | 649 | 651 |
|  Verdant Receivables, LLC, Series 2024-1, Class A2, 5.68% 12/12/2031 <sup>(d)(g)</sup> | 1151 | 1170 |
|  Verizon Master Trust, Series 2024-1, Class A1A, 5.00% 12/20/2028 <sup>(g)</sup> | 3846 | 3854 |
|  Verizon Master Trust, Series 2023-1, Class A, 4.49% 1/22/2029 (5.24% on 1/20/2026) <sup>(g)(k)</sup> | 6704 | 6705 |
|  Verizon Master Trust, Series 2024-3, Class A1A, 5.34% 4/22/2030 <sup>(g)</sup> | 9409 | 9615 |
|  Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031 <sup>(d)(g)</sup> | 8048 | 8177 |
|  Verizon Master Trust., Series 24-5, Class A, 5.00% 6/21/2032 <sup>(d)(g)</sup> | 934 | 959 |
|  Volvo Financial Equipment, LLC, Series 2025-1A, Class A2, 4.41% 11/15/2027 <sup>(d)(g)</sup> | 1928 | 1930 |
|  Westlake Automobile Receivables Trust, Series 2025-1A, Class A2A, 4.66% 1/18/2028 <sup>(d)(g)</sup> | 6044 | 6044 |
|  Westlake Automobile Receivables Trust, Series 2025-P1, Class A2, 4.65% 2/15/2028 <sup>(d)(g)</sup> | 376 | 377 |
|  Westlake Automobile Receivables Trust, Series 2024-3A, Class A3, 4.71% 4/17/2028 <sup>(d)(g)</sup> | 2142 | 2150 |
|  Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/2028 <sup>(d)(g)</sup> | 2504 | 2518 |
|  Westlake Automobile Receivables Trust, Series 2024-3A, Class B, 4.72% 11/15/2029 <sup>(d)(g)</sup> | 6520 | 6537 |
|  Westlake Automobile Receivables Trust, Series 2025-1A, Class C, 5.14% 10/15/2030 <sup>(d)(g)</sup> | 1973 | 2001 |
|  Wingspire Equipment Finance, LLC, Series 2024-1A, Class A2, 4.99% 9/20/2032 <sup>(d)(g)</sup> | 572 | 573 |
|  World Financial Network Credit Card Master Trust, Series 2023-A, Class A, 5.02% 3/15/2030 <sup>(g)</sup> | 7030 | 7067 |
|  World OMNI Select Auto Trust, Series 2024-A, Class A2A, 5.37% 2/15/2028 <sup>(g)</sup> | 2254 | 2259 |
|  World OMNI Select Auto Trust, Series 2024-A, Class A3, 4.98% 2/15/2030 <sup>(g)</sup> | 4623 | 4649 |
|  |  | 567592 |
|  **Bonds & notes of governments & government agencies outside the U.S. 0.13%** |  |  |
|  CPPIB Capital, Inc. 2.75% 11/2/2027 <sup>(d)</sup> | 5914 | 5770 |
|  OMERS Finance Trust 3.50% 4/19/2032 <sup>(d)</sup> | 3867 | 3668 |
|  OMERS Finance Trust 4.00% 4/19/2052 <sup>(d)</sup> | 3867 | 3002 |
|  Panama (Republic of) 7.50% 3/1/2031 | 1765 | 1882 |
|  Panama (Republic of) 2.252% 9/29/2032 | 4306 | 3297 |
|  Peru (Republic of) 1.862% 12/1/2032 | 2525 | 2018 |
|  Peru (Republic of) 5.875% 8/8/2054 | 2310 | 2234 |
|  Peru (Republic of) 2.78% 12/1/2060 | 3383 | 1826 |
|  Qatar (State of) 4.00% 3/14/2029 <sup>(d)</sup> | 745 | 740 |
|  Qatar (State of) 4.817% 3/14/2049 <sup>(d)</sup> | 750 | 674 |
|  United Mexican States 4.75% 4/27/2032 | 2305 | 2195 |
|  United Mexican States 3.50% 2/12/2034 | 1790 | 1507 |
|  United Mexican States 6.875% 5/13/2037  | 2720 | 2844 |

---

**125** American Funds Insurance Series

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value (000) |
|  **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
|  United Mexican States 6.625% 1/29/2038 | USD200 | $203 |
|  United Mexican States 7.375% 5/13/2055 | 4235 | 4382 |
|  United Mexican States 3.771% 5/24/2061 | 1528 | 906 |
|  |  | 37148 |
|  **Municipals 0.08%** |  |  |
|  **Florida 0.03%** |  |  |
|  Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027 | 4781 | 4556 |
|  Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030 | 4808 | 4306 |
|  |  | 8862 |
|  **Illinois 0.01%** |  |  |
|  GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 | 3140 | 3158 |
|  **Ohio 0.02%** |  |  |
|  Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project),<br>Series 2021, 4.425% 5/1/2031 | 4960 | 4424 |
|  **Puerto Rico 0.00%** |  |  |
|  GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051 | 451 | 285 |
|  **Wisconsin 0.02%** |  |  |
|  Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034 | 5765 | 5638 |
|  **Total municipals** |  | 22367 |
|  **Total bonds, notes & other debt instruments** (cost: $7,551,950,000) |  | 7461895 |
| Investment funds 2.79% | Shares |  |
|  Capital Group Central Corporate Bond Fund <sup>(q)</sup> | 91567012 | 772826 |
|  **Total Investment funds** (cost: $797,018,000) |  | 772826 |
| Short-term securities 4.79% |  |  |
|  **Money market investments 4.78%** |  |  |
|  Capital Group Central Cash Fund 4.35% <sup>(q)(r)</sup> | 13235020 | 1323502 |
|  **Money market investments purchased with collateral from securities on loan 0.01%** |  |  |
|  Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(r)(s)</sup> | 2117436 | 2118 |
|  **Total short-term securities** (cost: $1,325,460,000) |  | 1325620 |
|  **Total investment securities 101.82%** (cost: $20,537,102,000) |  | 28178616 |
|  Other assets less liabilities (1.82)% |  | (503035) |
|  **Net assets 100.00%** |  | $27675581 |

---

American Funds Insurance Series **126**

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of<br>contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br>date | Notional<br>amount<br> (000) | Value and<br> unrealized<br>appreciation<br> (depreciation)<br> at 6/30/2025<br> (000) |
|  2 Year U.S. Treasury Note Futures | Long | 6165 | 10/3/2025 | USD1,282,465 | $5037 |
|  5 Year U.S. Treasury Note Futures | Long | 7067 | 10/3/2025 | 770303 | 8745 |
|  10 Year U.S. Treasury Note Futures | Long | 3299 | 9/30/2025 | 369900 | 7122 |
|  10 Year Ultra U.S. Treasury Note Futures | Short | 995 | 9/30/2025 | (113694) | (2796) |
|  20 Year U.S. Treasury Bond Futures | Long | 841 | 9/30/2025 | 97109 | 3355 |
|  30 Year Ultra U.S. Treasury Bond Futures | Short | 624 | 9/30/2025 | (74334) | (2725) |
|  |  |  |  |  | $18738 |

---

---

| |
|:---|
| **Swap contracts** |
|  **Interest rate swaps** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared interest rate swaps** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices — buy protection** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference<br>index | Financing<br>rate paid | Payment<br>frequency | Expiration<br>date | Notional<br>amount<br>(000) | Value at<br>6/30/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br>appreciation<br>(depreciation)<br>at 6/30/2025<br> (000) |
|  CDX.NA.IG.44 | 1.00% | Quarterly | 6/20/2030 | USD9,557 | $(211) | $(189) | $(22) |
|  CDX.NA.HY.44 | 5.00% | Quarterly | 6/20/2030 | 68375 | (5132) | (4294) | (838) |
|  |  |  |  |  | $(5343) | $(4483) | $(860) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in affiliates <sup>(q)</sup>** | | | | | | | |
|  | Value at<br>1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br>(depreciation)<br> (000) | Value at<br>6/30/2025<br> (000) | Dividend<br>or interest<br>income<br> (000) |
|  Investment funds 2.79% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Corporate Bond Fund | $1368034 | $28182 | $634717 | $(136730) | $148057 | $772826 | $28182 |
|  Short-term securities 4.78% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 4.78%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.35% <sup>(r)</sup> | 855747 | 3621866 | 3154023 | (32) | (56) | 1323502 | 29602 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 7.57%** |  |  |  | $(136762) | $148001 | $2096328 | $57784 |

---

**127** American Funds Insurance Series

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted securities <sup>(e)</sup>** | | | | |
|  | Acquisition date(s) | Cost<br>(000) | Value<br>(000) | Percent<br>of net<br>assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Rotech Healthcare, Inc. <sup>(a)(b)</sup> | 8/22/2014 | $6949 | $13864 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(h)(l)</sup> | 9/13/2023 | 2573 | 2633 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(h)(l)</sup> | 9/13/2023-6/13/2025 | 55 | 55 | 0.00 <sup>(t)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 (13.875% on 6/22/2026) <sup>(k)(n)</sup> | 6/23/2023-3/24/2025 | 992 | 1026 | 0.00 <sup>(t)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 (13.875% on 6/23/2026) <sup>(k)(n)</sup> | 10/22/2024-3/24/2025 | 326 | 340 | 0.00 <sup>(t)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $10895 | $17918 | 0.06% |

---

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Value determined using significant unobservable inputs.

 <sup>(c)</sup> Amount less than one thousand. 

 <sup>(d)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,496,397,000, which represented 5.41% of the net assets of the fund. 

 <sup>(e)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $17,918,000, which represented 0.06% of the net assets of the fund. 

 <sup>(f)</sup> All or a portion of this security was on loan. The total value of all such securities was $2,306,000, which represented 0.01% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(g)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(h)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

 <sup>(i)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $25,924,000, which represented 0.09% of the net assets of the fund. 

<sup>(j)</sup> Represents securities transacted on a TBA basis.

<sup>(k)</sup> Step bond; coupon rate may change at a later date.

 <sup>(l)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $42,505,000, which represented 0.15% of the net assets of the fund. 

<sup>(m)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(n)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>(o)</sup> Scheduled interest and/or principal payment was not received.

 <sup>(p)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(q)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(r)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(s)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

 <sup>(t)</sup> Amount less than 0.01%. 

#### Key to abbreviation(s)
ADR = American Depositary Receipts

Assn. = Association

Auth. = Authority

CAB = Capital Appreciation Bonds

CAD = Canadian dollars

CLO = Collateralized Loan Obligations

CME = CME Group

CMO = Collateralized Mortgage Obligations

CMS = Constant Maturity Swap

DAC = Designated Activity Company

EUR = Euros

Fin. = Finance

Fncg. = Financing

GBP = British pounds

GO = General Obligation

LIBOR = London Interbank Offered Rate

NDR = Norwegian Depositary Receipts

PIK = Payment In Kind

REIT = Real Estate Investment Trust

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

UST = U.S. Treasury

Refer to the notes to financial statements.

American Funds Insurance Series **128**

------

---

| | |
|:---|:---|
| American Funds Global Balanced Fund |  |
| **Investment portfolio** June 30, 2025 | unaudited |

---

---

| | | |
|:---|:---|:---|
| Common stocks 61.95% | Shares | Value<br>(000) |
|  **Information technology 10.64%** |  |  |
|  Broadcom, Inc. | 40394 | $11135 |
|  Microsoft Corp. | 21644 | 10766 |
|  NVIDIA Corp. | 47330 | 7478 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 201000 | 7294 |
|  Accenture PLC, Class A | 7800 | 2331 |
|  Apple, Inc. | 9047 | 1856 |
|  Microchip Technology, Inc. | 22545 | 1586 |
|  ASML Holding NV | 1857 | 1482 |
|  Arista Networks, Inc. <sup>(a)</sup> | 5876 | 601 |
|  |  | 44529 |
|  **Financials 10.09%** |  |  |
|  B3 SA - Brasil, Bolsa, Balcao | 1852727 | 4972 |
|  Banco Bilbao Vizcaya Argentaria SA | 263394 | 4051 |
|  ING Groep NV | 155027 | 3401 |
|  Chubb, Ltd. | 10959 | 3175 |
|  Marsh & McLennan Cos., Inc. | 14131 | 3090 |
|  Standard Chartered PLC | 156968 | 2601 |
|  Munchener Ruckversicherungs-Gesellschaft AG | 3868 | 2509 |
|  HDFC Bank, Ltd. (ADR) | 25481 | 1954 |
|  HDFC Bank, Ltd. | 23358 | 545 |
|  BlackRock, Inc. | 1894 | 1987 |
|  JPMorgan Chase & Co. | 6668 | 1933 |
|  Zurich Insurance Group AG | 2524 | 1764 |
|  Morgan Stanley | 10945 | 1542 |
|  BNP Paribas SA | 11060 | 994 |
|  Swiss Re AG | 5574 | 964 |
|  Mizuho Financial Group, Inc. | 34600 | 959 |
|  Capital One Financial Corp. | 4389 | 934 |
|  NatWest Group PLC | 131775 | 925 |
|  AIA Group, Ltd. | 74200 | 665 |
|  Progressive Corp. | 2416 | 645 |
|  Great-West Lifeco, Inc. | 16064 | 611 |
|  Goldman Sachs Group, Inc. | 782 | 553 |
|  UniCredit SpA | 7995 | 536 |
|  3i Group PLC | 9121 | 516 |
|  Hannover Rück SE | 1272 | 400 |
|  |  | 42226 |
|  **Industrials 8.60%** |  |  |
|  RTX Corp. | 55837 | 8153 |
|  Volvo AB, Class B | 92975 | 2608 |
|  General Dynamics Corp. | 8071 | 2354 |
|  Airbus SE, non-registered shares | 11225 | 2344 |
|  BAE Systems PLC | 86701 | 2245 |
|  Uber Technologies, Inc. <sup>(a)</sup> | 20402 | 1903 |
|  Daikin Industries, Ltd. | 14400 | 1702 |
|  Deutsche Post AG | 36092 | 1667 |
|  IHI Corp. | 14483 | 1573 |
|  Carrier Global Corp. | 20453 | 1497 |
|  Safran SA | 4408 | 1433 |
|  nVent Electric PLC | 18043 | 1322 |
|  CSX Corp. | 32703 | 1067 |
|  Melrose Industries PLC | 108484 | 790 |
|  Rolls-Royce Holdings PLC | 59127 | 785 |
|  TransDigm Group, Inc. | 480 | 730 |
|  PACCAR, Inc. | 5817 | 553 |
|  United Rentals, Inc. | 708 | 533 |
|  General Electric Co. | 1980 | 510 |

---

**129** American Funds Insurance Series

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br>(000) |
|  **Industrials (continued)** |  |  |
|  Caterpillar, Inc. | 1262 | $490 |
|  Waste Management, Inc. | 2046 | 468 |
|  L3Harris Technologies, Inc. | 1800 | 452 |
|  AtkinsRealis Group, Inc. | 6127 | 430 |
|  Boeing Co. (The) <sup>(a)</sup> | 1845 | 387 |
|  |  | 35996 |
|  **Health care 8.15%** |  |  |
|  Eli Lilly and Co. | 6479 | 5051 |
|  Sanofi | 48529 | 4699 |
|  Abbott Laboratories | 29693 | 4038 |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 8449 | 3761 |
|  Gilead Sciences, Inc. | 33630 | 3729 |
|  Novo Nordisk AS, Class B | 50903 | 3533 |
|  Medtronic PLC | 19325 | 1685 |
|  Stryker Corp. | 3483 | 1378 |
|  Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 4063 | 1325 |
|  Molina Healthcare, Inc. <sup>(a)</sup> | 3573 | 1064 |
|  AbbVie, Inc. | 5172 | 960 |
|  UnitedHealth Group, Inc. | 2675 | 834 |
|  Novartis AG | 3976 | 482 |
|  Takeda Pharmaceutical Co., Ltd. | 14500 | 446 |
|  GE HealthCare Technologies, Inc. | 5321 | 394 |
|  AstraZeneca PLC | 2821 | 392 |
|  BioMarin Pharmaceutical, Inc. <sup>(a)</sup> | 5924 | 326 |
|  |  | 34097 |
|  **Communication services 5.15%** |  |  |
|  Meta Platforms, Inc., Class A | 12920 | 9536 |
|  Alphabet, Inc., Class A | 16320 | 2876 |
|  Alphabet, Inc., Class C | 6975 | 1237 |
|  AT&T, Inc. | 117836 | 3410 |
|  Netflix, Inc. <sup>(a)</sup> | 917 | 1228 |
|  Deutsche Telekom AG | 25673 | 937 |
|  Comcast Corp., Class A | 23470 | 838 |
|  Omnicom Group, Inc. | 8961 | 645 |
|  Universal Music Group NV | 13386 | 433 |
|  SoftBank Group Corp. | 5500 | 402 |
|  |  | 21542 |
|  **Consumer discretionary 4.68%** |  |  |
|  Amazon.com, Inc. <sup>(a)</sup> | 24589 | 5395 |
|  Ferrari NV | 3418 | 1677 |
|  Ferrari NV (EUR denominated) | 739 | 362 |
|  Las Vegas Sands Corp. | 43437 | 1890 |
|  adidas AG | 7746 | 1806 |
|  Starbucks Corp. | 18930 | 1734 |
|  LVMH Moet Hennessy-Louis Vuitton SE | 3082 | 1614 |
|  Compagnie Financiere Richemont SA, Class A | 6583 | 1240 |
|  Midea Group Co., Ltd., Class A | 119450 | 1204 |
|  Royal Caribbean Cruises, Ltd. | 3643 | 1141 |
|  Sony Group Corp. | 27900 | 723 |
|  Viking Holdings, Ltd. <sup>(a)</sup> | 8985 | 479 |
|  Hasbro, Inc. | 4685 | 346 |
|  |  | 19611 |

---

American Funds Insurance Series **130**

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br>(000) |
|  **Consumer staples 4.34%** |  |  |
|  Philip Morris International, Inc. | 27539 | $5016 |
|  Imperial Brands PLC | 109428 | 4321 |
|  British American Tobacco PLC | 74366 | 3535 |
|  ITC, Ltd. | 568184 | 2759 |
|  Nestle SA | 9977 | 991 |
|  Sysco Corp. | 10532 | 798 |
|  Suntory Beverage & Food, Ltd. | 24000 | 768 |
|  |  | 18188 |
|  **Materials 4.18%** |  |  |
|  Freeport-McMoRan, Inc. | 93947 | 4073 |
|  Vale SA, ordinary nominative shares | 272884 | 2644 |
|  Vale SA (ADR), ordinary nominative shares | 56123 | 545 |
|  Nitto Denko Corp. | 145300 | 2817 |
|  Lundin Gold, Inc. | 37546 | 1982 |
|  Air Products and Chemicals, Inc. | 4709 | 1328 |
|  Smurfit Westrock PLC | 26077 | 1125 |
|  International Paper Co. | 23245 | 1089 |
|  Rio Tinto PLC | 9962 | 581 |
|  Franco-Nevada Corp. (CAD denominated) | 3358 | 551 |
|  Air Liquide SA | 2444 | 504 |
|  Celanese Corp. | 4784 | 265 |
|  |  | 17504 |
|  **Utilities 3.13%** |  |  |
|  E.ON SE | 135349 | 2491 |
|  DTE Energy Co. | 15885 | 2104 |
|  Duke Energy Corp. | 14304 | 1688 |
|  Constellation Energy Corp. | 5203 | 1679 |
|  SembCorp Industries, Ltd. | 284900 | 1535 |
|  Dominion Energy, Inc. | 23269 | 1315 |
|  Pinnacle West Capital Corp. | 12840 | 1149 |
|  PG&E Corp. | 80544 | 1123 |
|  |  | 13084 |
|  **Energy 2.30%** |  |  |
|  Canadian Natural Resources, Ltd. (CAD denominated) | 159193 | 5003 |
|  Shell PLC (GBP denominated) | 46723 | 1638 |
|  TC Energy Corp. (CAD denominated) <sup>(b)</sup> | 30769 | 1502 |
|  Chevron Corp. | 7037 | 1008 |
|  Cameco Corp. (CAD denominated) | 6626 | 492 |
|  |  | 9643 |
|  **Real estate 0.69%** |  |  |
|  CTP NV | 96586 | 2030 |
|  Embassy Office Parks REIT | 187528 | 851 |
|  |  | 2881 |
|  **Total common stocks** (cost: $181,462,000) |  | 259301 |
| Convertible stocks 0.62% |  |  |
|  **Financials 0.33%** |  |  |
|  Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026 | 18365 | 1375 |

---

**131** American Funds Insurance Series

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Convertible stocks (continued) | Shares | Value<br>(000) |
|  **Utilities 0.29%** |  |  |
|  NextEra Energy, Inc., convertible preferred shares, 7.234% 11/1/2027 | 27600 | $1221 |
|  **Total convertible stocks** (cost: $2,727,000) |  | 2596 |
| Bonds, notes & other debt instruments 31.20% | Principal amount<br>(000) |  |
|  **Bonds & notes of governments & government agencies outside the U.S. 13.98%** |  |  |
| Agricultural Development Bank of China 3.75% 1/25/2029 | CNY550 | 82 |
| Asian Development Bank 6.72% 2/8/2028 | INR18,000 | 212 |
| Australia (Commonwealth of), Series 157, 1.50% 6/21/2031 | AUD115 | 67 |
| Australia (Commonwealth of), Series 166, 3.00% 11/21/2033 | 725 | 443 |
| Australia (Commonwealth of), Series 167, 3.75% 5/21/2034 | 700 | 450 |
| Austria (Republic of) 0% 2/20/2031 | EUR500 | 512 |
| Austria (Republic of) 2.90% 2/20/2034 | 120 | 142 |
| Belgium (Kingdom of), Series 97, 3.00% 6/22/2033 | 270 | 321 |
| Brazil (Federative Republic of) 10.00% 1/1/2029 | BRL2,230 | 377 |
| Brazil (Federative Republic of) 10.00% 1/1/2031 | 12103 | 1956 |
| Brazil (Federative Republic of) 10.00% 1/1/2035 | 5535 | 841 |
| Brazil (Federative Republic of) 6.00% 8/15/2040 <sup>(c)</sup> | 226 | 38 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(c)</sup> | 1633 | 267 |
| Brazil (Federative Republic of) 6.00% 8/15/2060 <sup>(c)</sup> | 226 | 36 |
| Bulgaria (Republic of) 4.50% 1/27/2033 | EUR120 | 154 |
| Canada (Government) 0.25% 3/1/2026 | CAD246 | 178 |
| Canada (Government) 3.50% 3/1/2028 | 1119 | 839 |
| Canada (Government) 1.50% 12/1/2031 | 1040 | 697 |
| Chile (Republic of) 4.70% 9/1/2030 | CLP55,000 | 57 |
| China (People's Republic of), Series INBK, 1.65% 5/15/2035 | CNY3,980 | 553 |
| China (People's Republic of), Series INBK, 2.64% 1/15/2028 | 4100 | 590 |
| China (People's Republic of), Series INBK, 2.37% 1/15/2029 | 3860 | 556 |
| China (People's Republic of), Series INBK, 2.62% 6/25/2030 | 1970 | 290 |
| China (People's Republic of), Series INBK, 2.88% 2/25/2033 | 2870 | 437 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034 | 2410 | 353 |
| China (People's Republic of), Series INBK, 3.00% 10/15/2053 | 360 | 62 |
| China (People's Republic of), Series INBK, 1.92% 1/15/2055 | 1520 | 213 |
| China Development Bank Corp., Series 2004, 3.43% 1/14/2027 | 1060 | 152 |
| China Development Bank Corp., Series 2009, 3.39% 7/10/2027 | 8580 | 1240 |
| China Development Bank Corp., Series 1805, 4.88% 2/9/2028 | 2040 | 309 |
| Colombia (Republic of) 3.125% 4/15/2031 | USD200 | 165 |
| Estonia (Republic of) 3.25% 1/17/2034 | EUR160 | 190 |
| European Bank for Reconstruction and Development 5.25% 1/12/2027 | INR10,100 | 116 |
| European Bank for Reconstruction and Development 6.30% 10/26/2027 | 4300 | 50 |
| European Bank for Reconstruction and Development 6.75% 1/13/2032 | 55400 | 653 |
| European Investment Bank 0.375% 9/15/2027 | EUR110 | 125 |
| European Investment Bank 6.95% 3/1/2029 | INR5,700 | 67 |
| European Investment Bank 0.25% 1/20/2032 | EUR860 | 870 |
| European Investment Bank 7.40% 10/23/2033 | INR19,300 | 237 |
| European Investment Bank 2.875% 1/15/2035 | EUR45 | 53 |
| European Union 3.375% 10/4/2039 | 40 | 47 |
| Export-Import Bank of Thailand 5.354% 5/16/2029 | USD200 | 206 |
| French Republic O.A.T. 0.75% 2/25/2028 | EUR410 | 466 |
| French Republic O.A.T. 0% 11/25/2030 | 1320 | 1353 |
| French Republic O.A.T. 2.00% 11/25/2032 | 610 | 675 |
| French Republic O.A.T. 3.25% 5/25/2045 | 160 | 175 |
| French Republic O.A.T. 3.75% 5/25/2056 | 295 | 329 |
| Germany (Federal Republic of) 0% 8/15/2030 | 3775 | 3988 |
| Germany (Federal Republic of) 0% 2/15/2032 | 540 | 546 |
| Germany (Federal Republic of) 1.70% 8/15/2032 | 674 | 760 |
| Germany (Federal Republic of) 2.30% 2/15/2033 | 300 | 351 |
| Germany (Federal Republic of) 2.50% 2/15/2035 | 730 | 853 |
| Germany (Federal Republic of) 1.00% 5/15/2038 | 180 | 171 |

---

American Funds Insurance Series **132**

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
|  Germany (Federal Republic of) 0% 8/15/2050 | EUR300 | $167 |
|  Germany (Federal Republic of) 0% 8/15/2052 | 80 | 42 |
|  Greece (Hellenic Republic of) 3.875% 6/15/2028 | 65 | 80 |
|  Greece (Hellenic Republic of) 1.50% 6/18/2030 | 90 | 101 |
|  Greece (Hellenic Republic of) 1.75% 6/18/2032 | 530 | 579 |
|  Indonesia (Republic of), Series 71, 9.00% 3/15/2029 | IDR2,030,000 | 136 |
|  Indonesia (Republic of), Series 78, 8.25% 5/15/2029 | 2263000 | 149 |
|  Indonesia (Republic of), Series 87, 6.50% 2/15/2031 | 1253000 | 77 |
|  Indonesia (Republic of), Series 96, 7.00% 2/15/2033 | 2543000 | 160 |
|  Indonesia (Republic of), Series FR100, 6.625% 2/15/2034 | 1026000 | 63 |
|  Inter-American Development Bank 7.00% 1/25/2029 | INR22,000 | 260 |
|  International Bank for Reconstruction and Development 6.75% 9/8/2027 | 15800 | 186 |
|  International Bank for Reconstruction and Development 6.75% 7/13/2029 | 16200 | 191 |
|  Ireland (Republic of) 2.60% 10/18/2034 | EUR100 | 115 |
|  Ireland (Republic of) 3.00% 10/18/2043 | 150 | 168 |
|  Italy (Republic of) 1.35% 4/1/2030 | 250 | 279 |
|  Italy (Republic of) 4.40% 5/1/2033 | 10 | 13 |
|  Italy (Republic of) 4.35% 11/1/2033 | 740 | 945 |
|  Italy (Republic of) 4.20% 3/1/2034 | 900 | 1137 |
|  Italy (Republic of) 3.65% 8/1/2035 | 795 | 954 |
|  Italy (Republic of) 4.50% 10/1/2053 | 210 | 257 |
|  Italy (Republic of) 4.30% 10/1/2054 | 200 | 236 |
|  Japan, Series 150, 0.005% 12/20/2026 | JPY84,950 | 584 |
|  Japan, Series 346, 0.10% 3/20/2027 | 134150 | 922 |
|  Japan, Series 352, 0.10% 9/20/2028 | 30650 | 208 |
|  Japan, Series 358, 0.10% 3/20/2030 | 37400 | 249 |
|  Japan, Series 363, 0.10% 6/20/2031 | 10500 | 69 |
|  Japan, Series 373, 0.60% 12/20/2033 | 55750 | 366 |
|  Japan, Series 152, 1.20% 3/20/2035 | 434000 | 2952 |
|  Japan, Series 173, 0.40% 6/20/2040 | 50350 | 277 |
|  Japan, Series 176, 0.50% 3/20/2041 | 109950 | 602 |
|  Japan, Series 179, 0.50% 12/20/2041 | 50500 | 271 |
|  Japan, Series 42, 1.70% 3/20/2044 | 59400 | 375 |
|  Japan, Series 192, 2.40% 3/20/2045 | 487500 | 3410 |
|  Japan, Series 37, 0.60% 6/20/2050 | 26950 | 118 |
|  Japan, Series 74, 1.00% 3/20/2052 | 84000 | 393 |
|  Japan, Series 76, 1.40% 9/20/2052 | 41100 | 212 |
|  Japan, Series 77, 1.60% 12/20/2052 | 99700 | 539 |
|  Japan, Series 84, 2.10% 9/20/2054 | 82450 | 492 |
|  Magyar Export-Import Bank 6.00% 5/16/2029 | EUR100 | 127 |
|  Malaysia (Federation of), Series 0419, 3.828% 7/5/2034 | MYR3,466 | 843 |
|  Malaysia (Federation of), Series 0124, 4.054% 4/18/2039 | 601 | 148 |
|  Malaysia (Federation of), Series 0221, 4.417% 9/30/2041 | 180 | 46 |
|  Malaysia (Federation of), Series 0223, 4.291% 8/14/2043 | 653 | 165 |
|  Malaysia (Federation of), Series 0224, 4.18% 5/16/2044 | 1307 | 327 |
|  Malaysia (Federation of), Series 0417, 4.895% 5/8/2047 | 93 | 25 |
|  Netherlands (Kingdom of the) 5.50% 1/15/2028 | EUR100 | 128 |
|  New South Wales Treasury Corp. 4.75% 2/20/2035 | AUD400 | 263 |
|  New South Wales Treasury Corp. 4.25% 2/20/2036 | 670 | 416 |
|  Norway (Kingdom of) 1.75% 9/6/2029 | NOK735 | 68 |
|  Norway (Kingdom of) 3.75% 6/12/2035 | 2460 | 243 |
|  Nova Scotia (Province of) 3.15% 12/1/2051 | CAD170 | 98 |
|  Panama (Republic of) 7.50% 3/1/2031 | USD200 | 213 |
|  Panama (Republic of) 6.40% 2/14/2035 | 200 | 195 |
|  Philippines (Republic of) 0.875% 5/17/2027 | EUR110 | 126 |
|  Poland (Republic of), Series 1029, 2.75% 10/25/2029 | PLN410 | 105 |
|  Portugal (Republic of) 0.475% 10/18/2030 | EUR50 | 53 |
|  Portugal (Republic of) 3.375% 6/15/2040 | 195 | 227 |
|  Province of Ontario 3.25% 7/3/2035 | 100 | 118 |
|  Quebec (Province of) 3.35% 7/23/2039 | 190 | 219 |
|  Romania 2.125% 3/7/2028  | 130 | 148 |

---

**133** American Funds Insurance Series

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
|  South Africa (Republic of), Series R-214, 6.50% 2/28/2041 | ZAR4,235 | $162 |
|  South Korea (Republic of), Series 2712, 2.375% 12/10/2027 | KRW348,590 | 258 |
|  South Korea (Republic of), Series 3212, 4.25% 12/10/2032 | 1830410 | 1493 |
|  Spain (Kingdom of) 0% 1/31/2027 | EUR335 | 383 |
|  Spain (Kingdom of) 0.80% 7/30/2027 | 490 | 563 |
|  Spain (Kingdom of) 0.50% 10/31/2031 | 165 | 170 |
|  Spain (Kingdom of) 3.15% 4/30/2033 | 317 | 380 |
|  Spain (Kingdom of) 3.55% 10/31/2033 | 370 | 454 |
|  Spain (Kingdom of) 3.25% 4/30/2034 | 120 | 143 |
|  Spain (Kingdom of) 3.45% 10/31/2034 | 240 | 290 |
|  Turkey (Republic of) 7.125% 7/17/2032 | USD200 | 200 |
|  United Kingdom 1.25% 7/22/2027 | GBP410 | 536 |
|  United Kingdom 0.375% 10/22/2030 | 210 | 241 |
|  United Kingdom 1.00% 1/31/2032 | 750 | 848 |
|  United Kingdom 4.25% 6/7/2032 | 785 | 1087 |
|  United Kingdom 3.25% 1/31/2033 | 140 | 180 |
|  United Kingdom 3.25% 1/22/2044 | 644 | 686 |
|  United Kingdom 1.25% 7/31/2051 | 413 | 248 |
|  United Kingdom 4.375% 7/31/2054 | 205 | 244 |
|  United Kingdom 2.50% 7/22/2065 | 340 | 259 |
|  United Mexican States 6.875% 5/13/2037 | USD200 | 209 |
|  United Mexican States, Series M, 5.75% 3/5/2026 | MXN10,710 | 561 |
|  United Mexican States, Series M, 8.00% 11/7/2047 | 5120 | 227 |
|  United Mexican States, Series M, 8.00% 7/31/2053 | 26580 | 1166 |
|  United Mexican States, Series S, 4.00% 10/29/2054 <sup>(c)</sup> | 533 | 25 |
|  |  | 58518 |
|  **Corporate bonds, notes & loans 6.14%** |  |  |
|  **Financials 1.59%** |  |  |
|  200 Park Funding Trust 5.74% 2/15/2055 <sup>(d)</sup> | USD100 | 99 |
|  AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028) <sup>(e)</sup> | EUR330 | 360 |
|  AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025) <sup>(d)(e)</sup> | USD200 | 202 |
|  AIB Group PLC 5.75% 2/16/2029 (1-year EUR Mid-Swap + 2.85% on 2/16/2028) <sup>(e)</sup> | EUR200 | 254 |
|  Banco de Sabadell, SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028) <sup>(e)</sup> | 100 | 125 |
|  Bank of America Corp. 5.202% 4/25/2029 (USD-SOFR + 1.63% on 4/25/2028) <sup>(e)</sup> | USD161 | 165 |
|  Barclays PLC 7.09% 11/6/2029 (1-year EUR (vs. 6-month GBP-LIBOR) + 2.553% on 11/6/2028) <sup>(e)(f)</sup> | GBP100 | 146 |
|  BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on 6/29/2033) <sup>(e)</sup> | USD200 | 212 |
|  BPCE SA 4.50% 1/13/2033 | EUR100 | 124 |
|  BPCE SA 6.027% 5/28/2036 (USD-SOFR + 1.956% on 5/28/2035) <sup>(d)(e)</sup> | USD250 | 258 |
|  Brown & Brown, Inc. 5.55% 6/23/2035 | 7 | 7 |
|  CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028) <sup>(d)(e)</sup> | 200 | 208 |
|  CaixaBank, SA 4.375% 8/8/2036 (5-year EUR-ICE Swap EURIBOR + 1.95% on 8/8/2031) <sup>(e)</sup> | EUR200 | 242 |
|  Chubb INA Holdings, LLC 3.35% 5/3/2026 | USD10 | 10 |
|  Chubb INA Holdings, LLC 4.35% 11/3/2045 | 20 | 17 |
|  Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(e)</sup> | 70 | 70 |
|  Corebridge Financial, Inc. 3.90% 4/5/2032 | 59 | 55 |
|  Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026) <sup>(e)</sup> | 160 | 155 |
|  Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029) <sup>(e)</sup> | EUR200 | 221 |
|  DNB Bank ASA 4.00% 8/17/2027 (1-year GBP-GILT + 2.15% on 8/17/2026) <sup>(e)</sup> | GBP100 | 136 |
|  Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(e)</sup> | USD290 | 302 |
|  HSBC Holdings PLC 4.292% 9/12/2026 (3-month USD CME Term SOFR + 1.609% on 9/12/2025) <sup>(e)</sup> | 200 | 200 |
|  HSBC Holdings PLC 7.39% 11/3/2028 (USD-SOFR + 7.39% on 11/3/2027) <sup>(e)</sup> | 360 | 382 |
|  HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033) <sup>(e)</sup> | 290 | 324 |
|  ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032) <sup>(e)</sup> | EUR100 | 131 |
|  JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(e)</sup> | USD160 | 161 |
|  JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(e)</sup> | 280 | 243 |
|  KfW 1.125% 7/4/2025 | GBP95 | 130 |
|  Mastercard, Inc. 2.00% 11/18/2031 | USD102 | 89 |

---

American Funds Insurance Series **134**

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Corporate bonds, notes & loans (continued)** |  |  |
|  **Financials (continued)** |  |  |
|  Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.65% on 7/6/2028) <sup>(e)</sup> | USD294 | $305 |
|  Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(e)</sup> | 150 | 156 |
|  Morgan Stanley 5.042% 7/19/2030 (USD-SOFR + 1.215% on 7/19/2029) <sup>(e)</sup> | 119 | 121 |
|  NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029) <sup>(e)</sup> | EUR175 | 191 |
|  New York Life Insurance Co. 3.75% 5/15/2050 <sup>(d)</sup> | USD23 | 17 |
|  PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033) <sup>(e)</sup> | 65 | 73 |
|  PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(e)</sup> | 25 | 26 |
|  PT Bank Negara Indonesia (Persero) Tbk 5.28% 4/5/2029 | 280 | 285 |
|  Royal Bank of Canada 1.20% 4/27/2026 | 175 | 171 |
|  Wells Fargo & Co. 3.90% 7/22/2032 (3-month EUR-EURIBOR + 1.22% on 7/22/2031) <sup>(e)(g)</sup> | EUR250 | 303 |
|  |  | 6676 |
|  **Utilities 0.87%** |  |  |
|  Buffalo Energy Mexico Holdings 7.875% 2/15/2039 <sup>(d)</sup> | USD200 | 206 |
|  Cleveland Electric Illuminating Co. (The) 3.50% 4/1/2028 <sup>(d)</sup> | 35 | 34 |
|  CMS Energy Corp. 3.00% 5/15/2026 | 180 | 178 |
|  Duke Energy Corp. 3.75% 4/1/2031 | EUR100 | 120 |
|  Edison International 5.45% 6/15/2029 | USD55 | 54 |
|  Edison International 6.25% 3/15/2030 | 50 | 51 |
|  Electricite de France SA 4.25% 1/25/2032 | EUR100 | 123 |
|  Electricite de France SA 4.00% 5/7/2037 | 100 | 117 |
|  Electricite de France SA 7.50% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 4.86% on 12/6/2028) <sup>(e)</sup> | 200 | 260 |
|  Enel Finance International NV 2.125% 7/12/2028 <sup>(d)</sup> | USD200 | 187 |
|  Enfragen Energia Sur SA 5.375% 12/30/2030 | 200 | 179 |
|  Engie SA 7.00% 10/30/2028 | GBP50 | 74 |
|  Exelon Corp. 3.40% 4/15/2026 | USD150 | 149 |
|  Interstate Power and Light Co. 2.30% 6/1/2030 | 50 | 45 |
|  Pacific Gas and Electric Co. 2.10% 8/1/2027 | 100 | 95 |
|  Pacific Gas and Electric Co. 3.30% 12/1/2027 | 252 | 244 |
|  Pacific Gas and Electric Co. 4.65% 8/1/2028 | 114 | 113 |
|  Pacific Gas and Electric Co. 4.55% 7/1/2030 | 31 | 30 |
|  Pacific Gas and Electric Co. 6.15% 1/15/2033 | 78 | 80 |
|  Pacific Gas and Electric Co. 4.95% 7/1/2050 | 120 | 97 |
|  Pacific Gas and Electric Co. 3.50% 8/1/2050 | 137 | 88 |
|  Public Service Company of Colorado 2.70% 1/15/2051 | 125 | 75 |
|  Southern California Edison Co. 6.20% 9/15/2055 | 60 | 57 |
|  SP Transmission PLC 2.00% 11/13/2031 | GBP100 | 117 |
|  Xcel Energy, Inc. 3.35% 12/1/2026 | USD316 | 312 |
|  XPLR Infrastructure Operating Partners, LP 7.25% 1/15/2029 <sup>(d)</sup> | 550 | 564 |
|  |  | 3649 |
|  **Energy 0.79%** |  |  |
|  Ecopetrol SA 8.625% 1/19/2029 | 125 | 132 |
|  Empresa Nacional del Petroleo 5.95% 7/30/2034 <sup>(d)</sup> | 200 | 203 |
|  Enterprise Products Operating, LLC 4.95% 2/15/2035 | 25 | 25 |
|  GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(d)</sup> | 225 | 228 |
|  Halliburton Co. 3.80% 11/15/2025 | 2 | 2 |
|  ONEOK, Inc. 5.80% 11/1/2030 | 7 | 7 |
|  ONEOK, Inc. 6.05% 9/1/2033 | 53 | 56 |
|  Petroleos Mexicanos 6.875% 10/16/2025 | 63 | 63 |
|  Petroleos Mexicanos 6.875% 8/4/2026 | 211 | 211 |
|  Petroleos Mexicanos 6.49% 1/23/2027 | 1238 | 1232 |
|  Petroleos Mexicanos 6.84% 1/23/2030 | 460 | 445 |
|  Qatar Energy 3.125% 7/12/2041 <sup>(d)</sup> | 320 | 237 |
|  Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(d)</sup> | 200 | 200 |

---

**135** American Funds Insurance Series

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Corporate bonds, notes & loans (continued)** |  |  |
|  **Energy (continued)** |  |  |
|  Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(d)</sup> | USD200 | $188 |
|  Targa Resources Corp. 5.50% 2/15/2035 | 2 | 2 |
|  TotalEnergies Capital SA 5.488% 4/5/2054 | 85 | 82 |
|  |  | 3313 |
|  **Communication services 0.54%** |  |  |
|  America Movil, SAB de CV, 10.125% 1/22/2029 | MXN9,100 | 500 |
|  America Movil, SAB de CV, 9.50% 1/27/2031 | 2000 | 107 |
|  AT&T, Inc. 2.75% 6/1/2031 | USD165 | 150 |
|  AT&T, Inc. 5.20% 11/18/2033 | GBP100 | 137 |
|  AT&T, Inc. 2.55% 12/1/2033 | USD64 | 54 |
|  Comcast Corp. 0% 9/14/2026 | EUR100 | 115 |
|  Deutsche Telekom International Finance BV 9.25% 6/1/2032 | USD45 | 56 |
|  Orange 9.00% 3/1/2031 <sup>(e)</sup> | 65 | 79 |
|  Orange 3.625% 11/16/2031 | EUR100 | 122 |
|  Orange 5.625% 1/23/2034 | GBP90 | 128 |
|  T-Mobile USA, Inc. 2.05% 2/15/2028 | USD200 | 189 |
|  T-Mobile USA, Inc. 3.15% 2/11/2032 | EUR100 | 117 |
|  T-Mobile USA, Inc. 3.70% 5/8/2032 | 100 | 120 |
|  T-Mobile USA, Inc. 5.15% 4/15/2034 | USD115 | 116 |
|  Verizon Communications, Inc. 0.375% 3/22/2029 | EUR140 | 151 |
|  Verizon Communications, Inc. 0.75% 3/22/2032 | 100 | 101 |
|  |  | 2242 |
|  **Consumer staples 0.50%** |  |  |
|  Altria Group, Inc. 2.20% 6/15/2027 | 270 | 318 |
|  BAT Capital Corp. 3.215% 9/6/2026 | USD62 | 61 |
|  BAT Capital Corp. 4.70% 4/2/2027 | 67 | 67 |
|  BAT Capital Corp. 3.557% 8/15/2027 | 105 | 104 |
|  BAT Capital Corp. 3.462% 9/6/2029 | 75 | 72 |
|  BAT Capital Corp. 5.625% 8/15/2035 | 243 | 248 |
|  British American Tobacco PLC 3.00% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 3.372% on 12/27/2026) <sup>(e)</sup> | EUR640 | 751 |
|  Campbell's Co. (The) 4.75% 3/23/2035 | USD47 | 45 |
|  Coca-Cola Co. 4.65% 8/14/2034 | 61 | 61 |
|  Coca-Cola Co. 3.75% 8/15/2053 | EUR125 | 138 |
|  Mars, Inc. 5.20% 3/1/2035 <sup>(d)</sup> | USD105 | 106 |
|  Philip Morris International, Inc. 5.75% 11/17/2032 | 110 | 116 |
|  |  | 2087 |
|  **Health care 0.47%** |  |  |
|  AbbVie, Inc. 5.05% 3/15/2034 | 25 | 25 |
|  AbbVie, Inc. 5.35% 3/15/2044 | 25 | 25 |
|  AbbVie, Inc. 5.40% 3/15/2054 | 25 | 24 |
|  AbbVie, Inc. 5.50% 3/15/2064 | 25 | 24 |
|  Amgen, Inc. 2.20% 2/21/2027 | 30 | 29 |
|  Amgen, Inc. 4.20% 3/1/2033 | 280 | 269 |
|  Amgen, Inc. 5.65% 3/2/2053 | 422 | 412 |
|  Becton, Dickinson and Co. 3.70% 6/6/2027 | 43 | 42 |
|  Becton, Dickinson and Co. 4.298% 8/22/2032 | 150 | 146 |
|  Bristol-Myers Squibb Co. 5.55% 2/22/2054 | 60 | 59 |
|  Bristol-Myers Squibb Co. 5.65% 2/22/2064 | 85 | 83 |
|  CVS Health Corp. 5.40% 6/1/2029 | 242 | 249 |
|  GE HealthCare Technologies, Inc. 4.80% 8/14/2029 | 33 | 33 |
|  Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 107 | 107 |
|  Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 21 | 20 |

---

American Funds Insurance Series **136**

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Corporate bonds, notes & loans (continued)** |  |  |
|  **Health care (continued)** |  |  |
|  Takeda Pharmaceutical Co., Ltd. 2.25% 11/21/2026 | EUR100 | $118 |
|  UnitedHealth Group, Inc. 4.00% 5/15/2029 | USD258 | 255 |
|  UnitedHealth Group, Inc. 5.625% 7/15/2054 | 65 | 63 |
|  |  | 1983 |
|  **Industrials 0.43%** |  |  |
|  Boeing Co. (The) 6.528% 5/1/2034 | 604 | 657 |
|  Canadian Pacific Railway Co. 3.00% 12/2/2041 | 42 | 31 |
|  Canadian Pacific Railway Co. 3.10% 12/2/2051 | 129 | 85 |
|  Carrier Global Corp. 2.493% 2/15/2027 | 7 | 7 |
|  CSX Corp. 3.80% 4/15/2050 | 6 | 4 |
|  CSX Corp. 2.50% 5/15/2051 | 75 | 43 |
|  GE Capital International Funding Co. Unlimited Co. 4.418% 11/15/2035 | 200 | 192 |
|  Honeywell International, Inc. 3.75% 3/1/2036 | EUR100 | 117 |
|  Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034 <sup>(d)</sup> | USD79 | 81 |
|  MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027 <sup>(d)</sup> | 200 | 197 |
|  RTX Corp. 4.125% 11/16/2028 | 100 | 100 |
|  RTX Corp. 6.10% 3/15/2034 | 55 | 59 |
|  RTX Corp. 4.50% 6/1/2042 | 70 | 62 |
|  Veralto Corp. 4.15% 9/19/2031 | EUR100 | 123 |
|  Veralto Corp. 5.45% 9/18/2033 | USD60 | 62 |
|  |  | 1820 |
|  **Consumer discretionary 0.37%** |  |  |
|  BMW International Investment BV 4.75% 9/4/2030 | GBP100 | 139 |
|  Daimler Trucks Finance North America, LLC 3.65% 4/7/2027 <sup>(d)</sup> | USD150 | 148 |
|  Daimler Trucks Finance North America, LLC 5.375% 1/18/2034 <sup>(d)</sup> | 150 | 150 |
|  Ford Motor Credit Co., LLC 3.622% 7/27/2028 | EUR200 | 236 |
|  General Motors Financial Co., Inc. 4.90% 10/6/2029 | USD135 | 135 |
|  Hyundai Capital America 1.50% 6/15/2026 <sup>(d)</sup> | 250 | 243 |
|  Hyundai Capital America 2.375% 10/15/2027 <sup>(d)</sup> | 109 | 104 |
|  Hyundai Capital America 5.10% 6/24/2030 <sup>(d)</sup> | 72 | 73 |
|  McDonald's Corp. 1.60% 3/15/2031 <sup>(g)</sup> | EUR100 | 109 |
|  Sands China, Ltd. 4.375% 6/18/2030 | USD200 | 191 |
|  |  | 1528 |
|  **Materials 0.26%** |  |  |
|  BHP Billiton Finance (USA), Ltd. 5.30% 2/21/2035 | 150 | 153 |
|  Braskem Netherlands Finance BV 8.50% 1/12/2031 | 400 | 350 |
|  First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(d)</sup> | 250 | 266 |
|  Vale Overseas, Ltd. 3.75% 7/8/2030 | 94 | 89 |
|  Verallia SAS 3.875% 11/4/2032 | EUR200 | 235 |
|  |  | 1093 |
|  **Information technology 0.18%** |  |  |
|  Amphenol Corp. 3.125% 6/16/2032 | 100 | 117 |
|  Broadcom, Inc. 4.00% 4/15/2029 <sup>(d)</sup> | USD21 | 21 |
|  Broadcom, Inc. 4.15% 11/15/2030 | 70 | 69 |
|  Broadcom, Inc. 3.469% 4/15/2034 <sup>(d)</sup> | 123 | 110 |
|  Broadcom, Inc. 3.137% 11/15/2035 <sup>(d)</sup> | 15 | 12 |
|  Oracle Corp. 2.65% 7/15/2026 | 216 | 212 |
|  SK hynix, Inc. 1.50% 1/19/2026 | 200 | 197 |
|  |  | 738 |

---

**137** American Funds Insurance Series

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Corporate bonds, notes & loans (continued)** |  |  |
|  **Real estate 0.14%** |  |  |
|  American Tower Corp. 0.875% 5/21/2029 | EUR130 | $142 |
|  Equinix Europe 2 Financing Corp., LLC 3.65% 9/3/2033 | 110 | 128 |
|  Equinix Europe 2 Financing Corp., LLC 5.50% 6/15/2034 | USD100 | 102 |
|  Equinix, Inc. 2.15% 7/15/2030 | 176 | 157 |
|  Essex Portfolio, LP 3.375% 4/15/2026 | 40 | 40 |
|  |  | 569 |
|  **Total corporate bonds, notes & loans** |  | 25698 |
|  **Mortgage-backed obligations 5.66%** |  |  |
|  **Federal agency mortgage-backed obligations 4.35%** |  |  |
|  Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(h)</sup> | 159 | 126 |
|  Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(h)</sup> | 33 | 32 |
|  Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(h)</sup> | 262 | 264 |
|  Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(h)</sup> | 70 | 71 |
|  Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(h)</sup> | 1301 | 1280 |
|  Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(h)</sup> | 339 | 340 |
|  Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(h)</sup> | 441 | 450 |
|  Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(h)</sup> | 29 | 31 |
|  Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(h)</sup> | 21 | 21 |
|  Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(h)</sup> | 15 | 15 |
|  Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(h)</sup> | 2813 | 2862 |
|  Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(h)</sup> | 92 | 93 |
|  Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(h)</sup> | 74 | 76 |
|  Fannie Mae Pool #DB8491 5.50% 7/1/2054 <sup>(h)</sup> | 496 | 497 |
|  Fannie Mae Pool #FS8467 5.50% 7/1/2054 <sup>(h)</sup> | 186 | 187 |
|  Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(h)</sup> | 139 | 139 |
|  Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(h)</sup> | 106 | 108 |
|  Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(h)</sup> | 72 | 73 |
|  Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(h)</sup> | 52 | 53 |
|  Fannie Mae Pool #MA5422 6.50% 7/1/2054 <sup>(h)</sup> | 7 | 7 |
|  Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(h)</sup> | 87 | 87 |
|  Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(h)</sup> | 87 | 89 |
|  Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(h)</sup> | 72 | 74 |
|  Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(h)</sup> | 66 | 68 |
|  Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(h)</sup> | 35 | 36 |
|  Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(h)</sup> | 29 | 30 |
|  Fannie Mae Pool #DC0495 5.50% 9/1/2054 <sup>(h)</sup> | 349 | 350 |
|  Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(h)</sup> | 3 | 3 |
|  Fannie Mae Pool #MA5471 6.00% 9/1/2054 <sup>(h)</sup> | 1169 | 1189 |
|  Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(h)</sup> | 92 | 94 |
|  Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(h)</sup> | 524 | 514 |
|  Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(h)</sup> | 11 | 11 |
|  Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(h)</sup> | 283 | 271 |
|  Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(h)</sup> | 13 | 13 |
|  Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(h)</sup> | 334 | 334 |
|  Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(h)</sup> | 118 | 120 |
|  Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(h)</sup> | 63 | 61 |
|  Fannie Mae Pool #DD0782 5.50% 3/1/2055 <sup>(h)</sup> | 40 | 40 |
|  Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(h)</sup> | 38 | 39 |
|  Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(h)</sup> | 67 | 64 |
|  Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(h)</sup> | 43 | 43 |
|  Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(h)</sup> | 101 | 99 |
|  Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(h)</sup> | 14 | 14 |
|  Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(h)</sup> | 52 | 51 |
|  Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(h)</sup> | 28 | 28 |
|  Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(h)</sup> | 3 | 3 |
|  Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(h)</sup> | 333 | 264 |
|  Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(h)</sup> | 99 | 95 |

---

American Funds Insurance Series **138**

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(h)</sup> | USD55 | $53 |
|  Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(h)</sup> | 128 | 126 |
|  Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(h)</sup> | 10 | 10 |
|  Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(h)</sup> | 763 | 764 |
|  Freddie Mac Pool #QI0213 6.50% 2/1/2054 <sup>(h)</sup> | 8 | 8 |
|  Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(h)</sup> | 420 | 420 |
|  Freddie Mac Pool #SD8433 6.50% 5/1/2054 <sup>(h)</sup> | 10 | 10 |
|  Freddie Mac Pool #RJ1855 5.00% 6/1/2054 <sup>(h)</sup> | 27 | 26 |
|  Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(h)</sup> | 43 | 43 |
|  Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(h)</sup> | 83 | 85 |
|  Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(h)</sup> | 36 | 36 |
|  Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(h)</sup> | 109 | 112 |
|  Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(h)</sup> | 73 | 75 |
|  Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(h)</sup> | 56 | 57 |
|  Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(h)</sup> | 51 | 52 |
|  Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(h)</sup> | 44 | 44 |
|  Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(h)</sup> | 23 | 23 |
|  Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(h)</sup> | 47 | 48 |
|  Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(h)</sup> | 12 | 12 |
|  Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(h)</sup> | 126 | 126 |
|  Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(h)</sup> | 6 | 6 |
|  Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(h)</sup> | 162 | 165 |
|  Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(h)</sup> | 85 | 87 |
|  Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(h)</sup> | 83 | 85 |
|  Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(h)</sup> | 76 | 78 |
|  Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(h)</sup> | 45 | 46 |
|  Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(h)</sup> | 35 | 35 |
|  Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(h)</sup> | 74 | 71 |
|  Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(h)</sup> | 69 | 69 |
|  Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(h)</sup> | 511 | 501 |
|  Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(h)</sup> | 64 | 64 |
|  Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(h)</sup> | 1 | 1 |
|  Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(h)</sup> | 22 | 22 |
|  Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(h)</sup> | 1045 | 1045 |
|  Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(h)</sup> | 44 | 43 |
|  Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(h)</sup> | 43 | 43 |
|  Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(h)</sup> | 92 | 91 |
|  Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(h)</sup> | 12 | 12 |
|  Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(h)</sup> | 1412 | 1384 |
|  Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(h)</sup> | 65 | 65 |
|  Uniform Mortgage-Backed Security 4.50% 7/1/2055 <sup>(h)(i)</sup> | 403 | 386 |
|  Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(h)(i)</sup> | 891 | 874 |
|  Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(h)(i)</sup> | 88 | 91 |
|  |  | 18203 |
|  **Collateralized mortgage-backed obligations (privately originated) 0.56%** |  |  |
|  Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(d)(h)(j)</sup> | 82 | 81 |
|  Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) 6.605%<br>5/25/2043 <sup>(d)(h)(j)</sup> | 143 | 146 |
|  Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 6.205%<br>6/25/2043 <sup>(d)(h)(j)</sup> | 72 | 72 |
|  Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) 6.005%<br>7/25/2043 <sup>(d)(h)(j)</sup> | 49 | 49 |
|  Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) 6.105%<br>1/25/2044 <sup>(d)(h)(j)</sup> | 55 | 56 |
|  Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) 5.405%<br>5/25/2044 <sup>(d)(h)(j)</sup> | 63 | 63 |

---

**139** American Funds Insurance Series

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
|  Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M2, (30-day Average USD-SOFR + 1.65%) 5.955%<br>5/25/2044 <sup>(d)(h)(j)</sup> | USD121 | $122 |
|  Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) 5.305%<br>2/25/2045 <sup>(d)(h)(j)</sup> | 21 | 21 |
|  Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) 5.455%<br>2/25/2045 <sup>(d)(h)(j)</sup> | 54 | 54 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA1, Class A1, (30-day Average USD-SOFR + 0.95%) 5.255% 1/25/2045 <sup>(d)(h)(j)</sup> | 32 | 32 |
|  GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(d)(e)(h)</sup> | 228 | 230 |
|  MFRA Trust, Series 2024-NQM3, Class A1, 5.722% 12/25/2069 (6.722% on 12/1/2028) <sup>(d)(e)(h)</sup> | 110 | 111 |
|  New York Mortgage Trust, Series 2024-CP1, Class A1, 3.75% 2/25/2068 <sup>(d)(h)(j)</sup> | 87 | 81 |
|  Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 3/25/2028 (6.988% on 3/1/2028) <sup>(d)(e)(h)</sup> | 85 | 85 |
|  Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(d)(e)(h)</sup> | 166 | 168 |
|  Onslow Bay Financial, LLC, Series 2025-NQM3, Class A1, 5.648% 12/1/2064 (6.648% on 2/1/2029) <sup>(d)(e)(h)</sup> | 208 | 210 |
|  Onslow Bay Financial, LLC, Series 2025-NQM1, Class A1, 5.547% 12/25/2064 (6.547% on 12/1/2028) <sup>(d)(e)(h)</sup> | 215 | 216 |
|  Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) 5.762% 2/17/2042 <sup>(d)(h)(j)</sup> | 100 | 100 |
|  Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(d)(e)(h)</sup> | 236 | 239 |
|  Verus Securitization Trust, Series 2024-4, Class A2, 6.572% 6/25/2069 (7.572% on 5/1/2028) <sup>(d)(e)(h)</sup> | 118 | 120 |
|  Verus Securitization Trust, Series 2024-9, Class A1, 5.438% 11/25/2069 <sup>(d)(h)(j)</sup> | 93 | 93 |
|  |  | 2349 |
|  **Commercial mortgage-backed securities 0.51%** |  |  |
|  BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(h)(j)</sup> | 55 | 57 |
|  BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 5.126% 9/15/2036 <sup>(d)(h)(j)</sup> | 146 | 145 |
|  BX Trust, Series 2025-BIO3, Class A, 6.138% 2/10/2042 <sup>(d)(h)</sup> | 140 | 144 |
|  Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028 <sup>(d)(h)(j)</sup> | 100 | 105 |
|  Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(h)(j)</sup> | 135 | 140 |
|  Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) 5.762% 12/15/2029 <sup>(d)(h)(j)</sup> | 24 | 24 |
|  Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.705% 3/15/2042 <sup>(d)(h)(j)</sup> | 100 | 100 |
|  Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.644% 2/5/2045 <sup>(d)(h)(j)</sup> | 157 | 161 |
|  HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.875% 5/10/2039 <sup>(d)(h)(j)</sup> | 100 | 101 |
|  Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.649% 1/13/2040 <sup>(d)(h)(j)</sup> | 131 | 135 |
|  INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.662% 3/15/2042 <sup>(d)(h)(j)</sup> | 295 | 294 |
|  KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) 5.854%<br>12/15/2039 <sup>(d)(h)(j)</sup> | 143 | 143 |
|  Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) 7.055% 7/25/2054 <sup>(d)(h)(j)</sup> | 51 | 52 |
|  SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) 5.755% 3/15/2042 <sup>(d)(h)(j)</sup> | 555 | 552 |
|  |  | 2153 |
|  **Other mortgage-backed securities 0.24%** |  |  |
|  Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2037 <sup>(h)</sup> | DKK415 | 60 |
|  Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2040 <sup>(h)</sup> | 1093 | 156 |
|  Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043 <sup>(h)</sup> | 5082 | 659 |
|  Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2050 <sup>(h)</sup> | 447 | 52 |
|  Nykredit Realkredit AS, Series CCE, 1.00% 10/1/2050 <sup>(h)</sup> | 540 | 67 |
|  Realkredit Danmark AS 1.00% 10/1/2053 <sup>(h)</sup> | 179 | 22 |
|  |  | 1016 |
|  **Total mortgage-backed obligations** |  | 23721 |

---

American Funds Insurance Series **140**

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. Treasury bonds & notes 4.78%** |  |  |
|  **U.S. Treasury 4.47%** |  |  |
|  U.S. Treasury 3.00% 7/15/2025 | USD985 | $984 |
|  U.S. Treasury 4.50% 4/15/2027 | 1223 | 1238 |
|  U.S. Treasury 4.00% 6/30/2028 | 4484 | 4522 |
|  U.S. Treasury 4.625% 9/30/2028 | 1875 | 1927 |
|  U.S. Treasury 4.125% 3/31/2029 | 865 | 877 |
|  U.S. Treasury 3.50% 9/30/2029 | 755 | 747 |
|  U.S. Treasury 4.00% 2/28/2030 | 1130 | 1141 |
|  U.S. Treasury 0.625% 5/15/2030 | 1150 | 989 |
|  U.S. Treasury 4.00% 5/31/2030 | 1090 | 1101 |
|  U.S. Treasury 1.375% 11/15/2031 <sup>(k)</sup> | 771 | 660 |
|  U.S. Treasury 2.875% 5/15/2032 | 306 | 286 |
|  U.S. Treasury 4.625% 2/15/2035 <sup>(k)</sup> | 1340 | 1383 |
|  U.S. Treasury 4.25% 5/15/2035 | 6 | 6 |
|  U.S. Treasury 1.875% 2/15/2041 <sup>(k)</sup> | 285 | 196 |
|  U.S. Treasury 2.25% 5/15/2041 <sup>(k)</sup> | 986 | 717 |
|  U.S. Treasury 2.875% 11/15/2046 | 330 | 243 |
|  U.S. Treasury 1.25% 5/15/2050 | 440 | 211 |
|  U.S. Treasury 1.375% 8/15/2050 | 400 | 197 |
|  U.S. Treasury 2.375% 5/15/2051 <sup>(k)</sup> | 510 | 324 |
|  U.S. Treasury 2.00% 8/15/2051 <sup>(k)</sup> | 560 | 323 |
|  U.S. Treasury 4.00% 11/15/2052 | 270 | 236 |
|  U.S. Treasury 3.625% 2/15/2053 | 149 | 122 |
|  U.S. Treasury 4.25% 8/15/2054 | 320 | 292 |
|  |  | 18722 |
|  **U.S. Treasury inflation-protected securities 0.31%** |  |  |
|  U.S. Treasury Inflation-Protected Security 0.375% 7/15/2027 <sup>(c)</sup> | 372 | 367 |
|  U.S. Treasury Inflation-Protected Security 2.375% 10/15/2028 <sup>(c)</sup> | 687 | 713 |
|  U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(c)</sup> | 268 | 194 |
|  |  | 1274 |
|  **Total U.S. Treasury bonds & notes** |  | 19996 |
|  **Asset-backed obligations 0.58%** |  |  |
|  Affirm, Inc., Series 2024-X1, Class A, 6.27% 5/15/2029 <sup>(d)(h)</sup> | 7 | 7 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027 <sup>(d)(h)</sup> | 125 | 126 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(h)</sup> | 148 | 154 |
|  Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(h)</sup> | 97 | 99 |
|  EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(d)(h)</sup> | 91 | 92 |
|  Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(h)</sup> | 100 | 101 |
|  Lendbuzz Securitization Trust, Series 2025-1A, Class A2, 5.10% 10/15/2030 <sup>(d)(h)</sup> | 43 | 43 |
|  Marathon CLO, Ltd., Series 2019-2A, Class A1R2, (3-month USD CME Term SOFR + 0.95%) 5.219% 1/20/2033 <sup>(d)(h)(j)</sup> | 233 | 231 |
|  Mission Lane Credit Card Master Trust, Series 2024-A, Class A1, 6.20% 8/15/2029 <sup>(d)(h)</sup> | 113 | 114 |
|  Mission Lane Credit Card Master Trust, Series 2024-A, Class B, 6.59% 8/15/2029 <sup>(d)(h)</sup> | 100 | 101 |
|  Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.40% 9/15/2031 <sup>(d)(h)</sup> | 100 | 100 |
|  NMEF Funding, LLC, Series 2025-A, Class A2, 4.72% 7/15/2032 <sup>(d)(h)</sup> | 100 | 100 |
|  OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(d)(h)</sup> | 208 | 211 |
|  OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class B, 7.15% 6/17/2031 <sup>(d)(h)</sup> | 100 | 102 |
|  PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(h)</sup> | 86 | 86 |
|  SCF Equipment Trust, LLC, Series 2025-1A, Class A3, 5.11% 11/21/2033 <sup>(d)(h)</sup> | 231 | 236 |
|  Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038% 7/25/2031 <sup>(d)(h)</sup> | 13 | 13 |
|  SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 5.854% 11/15/2052 <sup>(d)(h)(j)</sup> | 70 | 71 |
|  Steele Creek CLO, Ltd., Series 2019-2A, Class ARR, (3-month USD CME Term SOFR + 1.00%) 5.256% 7/15/2032 <sup>(d)(h)(j)</sup> | 230 | 230 |
|  U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(d)(h)</sup> | 219 | 219 |
|  |  | 2436 |

---

**141** American Funds Insurance Series

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) |  | Principal amount<br> (000) | Value<br> (000) |
|  **Municipals 0.03%** |  |  |  |
|  **Ohio 0.02%** |  |  |  |
|  Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2/15/2048 |  | USD100 | $72 |
|  **Texas 0.01%** |  |  |  |
|  Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052 |  | 80 | 55 |
|  **Total municipals** |  |  | 127 |
|  **Federal agency bonds & notes 0.03%** |  |  |  |
|  Korea Development Bank 6.75% 7/1/2030 |  | INR10,000 | 116 |
|  **Total bonds, notes & other debt instruments** (cost: $131,387,000) |  |  | 130612 |
| Investment funds 0.99% |  | Shares |  |
|  Capital Group Central Corporate Bond Fund <sup>(l)</sup> |  | 488295 | 4121 |
|  **Total Investment funds** (cost: $3,868,000) |  |  | 4121 |
| Short-term securities 5.53% |  |  |  |
|  **Money market investments 5.16%** |  |  |  |
|  Capital Group Central Cash Fund 4.35% <sup>(l)(m)</sup> |  | 215820 | 21582 |
|  **Money market investments purchased with collateral from securities on loan 0.33%** |  |  |  |
|  Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(m)(n)</sup> |  | 1390770 | 1391 |
|  | Weighted<br>average yield<br>at acquisition | Principal amount<br>(000) |  |
|  **Bills & notes of governments & government agencies outside the U.S. 0.04%** |  |  |  |
|  Egypt (Arab Republic of) 9/9/2025 | 21.356% | EGP10,000 | 191 |
|  **Total short-term securities** (cost: $23,161,000) |  |  | 23164 |
|  **Total investment securities 100.29%** (cost: $342,605,000) |  |  | 419794 |
|  Other assets less liabilities (0.29)% |  |  | (1205) |
|  **Net assets 100.00%** |  |  | $418589 |

---

American Funds Insurance Series **142**

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Options purchased (futures style)** | **Options purchased (futures style)** | **Options purchased (futures style)** | **Options purchased (futures style)** | **Options purchased (futures style)** | **Options purchased (futures style)** |
|  **Options on futures** | **Options on futures** | **Options on futures** | **Options on futures** | **Options on futures** | **Options on futures** |
| Description | Number of<br>contracts | Expiration<br>date | Exercise<br>price | Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation) at<br>6/30/2025 (000) |
|  **Put** |  |  |  |  |  |
|  10 Year Euro-Bund Futures Options | 95 | 7/25/2025 | EUR129.00 | EUR9,500 | $7 |
|  **Options written (futures style)** | **Options written (futures style)** | **Options written (futures style)** | **Options written (futures style)** | **Options written (futures style)** | **Options written (futures style)** |
|  **Options on futures** | **Options on futures** | **Options on futures** | **Options on futures** | **Options on futures** | **Options on futures** |
| Description | Number of<br>contracts | Expiration<br>date | Exercise<br>price | Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation) at<br>6/30/2025 (000) |
|  **Put** |  |  |  |  |  |
|  10 Year Euro-Bund Futures Options | (95) | 7/25/2025 | EUR128.00 | EUR(9500) | $(5) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Futures contracts** | **Futures contracts** | **Futures contracts** | **Futures contracts** | **Futures contracts** | **Futures contracts** |
| Contracts | Type | Number of<br>contracts | Expiration<br>date | Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation)<br>at 6/30/2025<br>(000) |
|  2 Year Italy Government Bond Futures | Long | 6 | 9/10/2025 | USD763 | $– <sup>(o)</sup> |
|  2 Year Euro-Schatz Futures | Long | 5 | 9/10/2025 | 632 | – <sup>(o)</sup> |
|  2 Year Canadian Government Bond Futures | Long | 16 | 9/29/2025 | 1242 | – <sup>(o)</sup> |
|  2 Year U.S. Treasury Note Futures | Short | 7 | 10/3/2025 | (1456) | – <sup>(o)</sup> |
|  5 Year Euro-Bobl Futures | Long | 60 | 9/10/2025 | 8317 | (20) |
|  5 Year Canadian Government Bond Futures | Long | 19 | 9/29/2025 | 1592 | 5 |
|  5 Year U.S. Treasury Note Futures | Long | 86 | 10/3/2025 | 9374 | 96 |
|  10 Year French Government Bond Futures | Long | 5 | 9/10/2025 | 729 | (3) |
|  10 Year Italy Government Bond Futures | Short | 8 | 9/10/2025 | (1140) | (3) |
|  10 Year Euro-Bund Futures | Short | 47 | 9/10/2025 | (7206) | 42 |
|  10 Year Australian Treasury Bond Futures | Short | 7 | 9/15/2025 | (528) | (6) |
|  10 Year Japanese Government Bond Futures | Short | 8 | 9/22/2025 | (7723) | (25) |
|  10 Year Canadian Government Bond Futures | Long | 15 | 9/29/2025 | 1344 | 6 |
|  10 Year U.S. Treasury Note Futures | Long | 23 | 9/30/2025 | 2579 | 52 |
|  10 Year UK Gilt Futures | Long | 12 | 9/30/2025 | 1532 | 14 |
|  10 Year Ultra U.S. Treasury Note Futures | Long | 10 | 9/30/2025 | 1143 | 24 |
|  20 Year U.S. Treasury Bond Futures | Long | 15 | 9/30/2025 | 1732 | 64 |
|  30 Year Euro-Buxl Futures | Short | 11 | 9/10/2025 | (1539) | 16 |
|  30 Year Ultra U.S. Treasury Bond Futures | Long | 6 | 9/30/2025 | 715 | 19 |
|  |  |  |  |  | $281 |

---

**143** American Funds Insurance Series

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward currency contracts | Forward currency contracts | Forward currency contracts | Forward currency contracts | Forward currency contracts | Forward currency contracts | Forward currency contracts |
|  |  |  |  |  |  | Unrealized |
| Contract amount | Contract amount | Contract amount | Contract amount |  |  | appreciation<br> (depreciation) |
| Currency purchased<br>(000) | Currency purchased<br>(000) | Currency sold<br>(000) | Currency sold<br>(000) | Counterparty | Settlement<br>date | at 6/30/2025<br> (000) |
|  GBP | 275 | USD | 371 | Morgan Stanley | 7/1/2025 | $7 |
|  GBP | 110 | USD | 148 | UBS AG | 7/1/2025 | 3 |
|  USD | 240 | GBP | 175 | Morgan Stanley | 7/1/2025 | – <sup>(o)</sup> |
|  USD | 284 | GBP | 210 | Morgan Stanley | 7/1/2025 | (5) |
|  JPY | 86895 | USD | 599 | Goldman Sachs | 7/7/2025 | 5 |
|  JPY | 16970 | USD | 118 | Barclays Bank PLC | 7/7/2025 | – <sup>(o)</sup> |
|  EUR | 2380 | USD | 2713 | Goldman Sachs | 7/8/2025 | 92 |
|  USD | 91 | EUR | 80 | BNP Paribas | 7/8/2025 | (3) |
|  USD | 138 | EUR | 120 | UBS AG | 7/8/2025 | (3) |
|  USD | 232 | EUR | 200 | UBS AG | 7/8/2025 | (4) |
|  USD | 907 | EUR | 820 | BNP Paribas | 7/8/2025 | (60) |
|  USD | 187 | MYR | 790 | BNP Paribas | 7/9/2025 | (1) |
|  EUR | 980 | USD | 1127 | HSBC Bank | 7/10/2025 | 28 |
|  USD | 122 | EUR | 107 | HSBC Bank | 7/10/2025 | (4) |
|  USD | 912 | EUR | 790 | JPMorgan Chase | 7/10/2025 | (20) |
|  EUR | 430 | USD | 493 | Standard Chartered Bank | 7/14/2025 | 14 |
|  CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22979 | USD | 3206 | Citibank | 7/14/2025 | 8 |
|  CHF | 130 | USD | 159 | UBS AG | 7/14/2025 | 5 |
|  USD | 49 | AUD | 75 | Standard Chartered Bank | 7/14/2025 | – <sup>(o)</sup> |
|  USD | 21 | CLP | 19505 | Morgan Stanley | 7/14/2025 | – <sup>(o)</sup> |
|  USD | 18 | BRL | 105 | Citibank | 7/14/2025 | (1) |
|  USD | 202 | CNH | 1450 | Goldman Sachs | 7/14/2025 | (1) |
|  USD | 785 | INR | 67415 | Standard Chartered Bank | 7/14/2025 | (1) |
|  USD | 70 | RON | 310 | Citibank | 7/14/2025 | (2) |
|  USD | 86 | ILS | 300 | HSBC Bank | 7/14/2025 | (3) |
|  USD | 591 | IDR | 9648911 | HSBC Bank | 7/14/2025 | (4) |
|  USD | 1438 | AUD | 2195 | Citibank | 7/14/2025 | (7) |
|  EUR | 1615 | USD | 1847 | BNP Paribas | 7/15/2025 | 58 |
|  USD | 278 | MXN | 5330 | Citibank | 7/15/2025 | (5) |
|  EUR | 780 | USD | 905 | Bank of America | 7/16/2025 | 15 |
|  EUR | 423 | GBP | 360 | BNP Paribas | 7/16/2025 | 5 |
|  CNH | 4590 | USD | 641 | Citibank | 7/16/2025 | 1 |
|  EUR | 12 | USD | 14 | Bank of America | 7/16/2025 | – <sup>(o)</sup> |
|  NZD | 47 | USD | 29 | UBS AG | 7/16/2025 | – <sup>(o)</sup> |
|  USD | 227 | JPY | 32750 | Citibank | 7/16/2025 | (1) |
|  USD | 9685 | CNH | 69313 | HSBC Bank | 7/16/2025 | (11) |
|  USD | 10308 | JPY | 1480084 | JPMorgan Chase | 7/17/2025 | 9 |
|  USD | 1950 | CAD | 2660 | Bank of New York Mellon | 7/17/2025 | (5) |
|  USD | 71 | COP | 300000 | Morgan Stanley | 7/18/2025 | (2) |
|  USD | 1728 | KRW | 2363730 | Citibank | 7/18/2025 | (21) |
|  USD | 1570 | BRL | 8781 | Citibank | 7/18/2025 | (39) |
|  USD | 5670 | GBP | 4190 | UBS AG | 7/18/2025 | (82) |
|  MYR | 2435 | USD | 573 | Standard Chartered Bank | 7/21/2025 | 5 |
|  MYR | 915 | USD | 216 | JPMorgan Chase | 7/21/2025 | 2 |
|  USD | 92 | SEK | 870 | Morgan Stanley | 7/21/2025 | – <sup>(o)</sup> |
|  USD | 64 | MYR | 281 | HSBC Bank | 7/21/2025 | (2) |
|  USD | 107 | PLN | 390 | Citibank | 7/21/2025 | (2) |
|  USD | 95 | MYR | 418 | BNP Paribas | 7/21/2025 | (4) |
|  USD | 165 | MYR | 727 | Standard Chartered Bank | 7/21/2025 | (7) |
|  USD | 234 | MYR | 1031 | Standard Chartered Bank | 7/21/2025 | (10) |
|  USD | 249 | MYR | 1091 | Standard Chartered Bank | 7/21/2025 | (10) |
|  USD | 281 | MYR | 1234 | Standard Chartered Bank | 7/21/2025 | (12) |
|  USD | 388 | MYR | 1698 | HSBC Bank | 7/21/2025 | (15) |
|  USD | 326 | JPY | 47140 | Bank of America | 7/22/2025 | (2) |
|  JPY | 68730 | USD | 486 | Standard Chartered Bank | 7/22/2025 | (8) |
|  EUR | 110 | USD | 126 | Goldman Sachs | 7/24/2025 | 3 |

---

American Funds Insurance Series **144**

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward currency contracts (continued) | Forward currency contracts (continued) | Forward currency contracts (continued) | Forward currency contracts (continued) | Forward currency contracts (continued) | Forward currency contracts (continued) | Forward currency contracts (continued) |
|  |  |  |  |  |  | Unrealized |
| Contract amount | Contract amount | Contract amount | Contract amount |  |  | appreciation<br> (depreciation) |
| Currency purchased<br>(000) | Currency purchased<br>(000) | Currency sold<br>(000) | Currency sold<br>(000) | Counterparty | Settlement<br>date | at 6/30/2025<br> (000) |
|  USD | 345 | EUR | 300 | HSBC Bank | 7/24/2025 | $(9) |
|  GBP | 457 | EUR | 530 | BNP Paribas | 7/25/2025 | 1 |
|  EUR | 115 | USD | 136 | UBS AG | 7/25/2025 | – <sup>(o)</sup> |
|  USD | 583 | EUR | 510 | UBS AG | 7/25/2025 | (19) |
|  EUR | 396 | DKK | 2950 | Bank of America | 7/28/2025 | – <sup>(o)</sup> |
|  USD | 367 | NOK | 3711 | Bank of America | 7/28/2025 | (1) |
|  USD | 411 | INR | &nbsp;&nbsp;&nbsp;&nbsp;35415 | BNP Paribas | 7/28/2025 | (2) |
|  USD | 569 | MXN | 10835 | Morgan Stanley | 7/28/2025 | (7) |
|  USD | 549 | CHF | 440 | Barclays Bank PLC | 7/28/2025 | (8) |
|  USD | 59 | CZK | 1240 | Citibank | 8/6/2025 | – <sup>(o)</sup> |
|  USD | 126 | SGD | 160 | Bank of America | 8/6/2025 | – <sup>(o)</sup> |
|  USD | 378 | EUR | 325 | UBS AG | 8/6/2025 | (5) |
|  EUR | 188 | CAD | 300 | Citibank | 8/7/2025 | 1 |
|  USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29349 | EUR | 25010 | Morgan Stanley | 8/8/2025 | (193) |
|  GBP | 175 | USD | 240 | Morgan Stanley | 8/11/2025 | – <sup>(o)</sup> |
|  EUR | 505 | USD | 580 | HSBC Bank | 9/12/2025 | 18 |
|  |  |  |  |  |  | $(321) |

---

#### Swap contracts

#### Interest rate swaps

#### Centrally cleared interest rate swaps

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | Upfront | Unrealized |
| Receive | Receive | Pay | Pay |  | Notional | Value at | premium<br> paid | appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (depreciation) |
|  | Payment |  | Payment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration | amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(received) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at 6/30/2025 |
| Rate | frequency | Rate | frequency | date | (000) | (000) | (000) | (000) |
|  3.79165% | Annual | SOFR | Annual | 1/13/2026 | USD865 | $(2) | $– | $(2) |
|  4.254% | Annual | SONIA | Annual | 5/9/2027 | GBP70 | 1 |  | 1 |
|  2.5225% | Semi-annual | Bank of Canada Overnight Repo | Semi-annual | 5/22/2027 | CAD2,970 | 2 |  | 2 |
|  3.5175% | Annual | SOFR | Annual | 8/15/2027 | USD2,500 | 3 |  | 3 |
|  4.98038% | Annual | SONIA | Annual | 6/21/2028 | GBP267 | 14 |  | 14 |
|  3.968% | Annual | SONIA | Annual | 2/16/2029 | GBP1,495 | 24 |  | 24 |
|  SOFR | Annual | 3.29015% | Annual | 1/13/2030 | USD2,870 | 15 |  | 15 |
|  3.925% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/5/2030 | NOK3,700 | 3 |  | 3 |
|  6-month EURIBOR | Semi-annual | 2.2577% | Annual | 3/5/2030 | EUR310 | – <sup>(o)</sup> |  | – <sup>(o)</sup> |
|  6-month EURIBOR | Semi-annual | 2.2592% | Annual | 3/5/2030 | EUR310 | – <sup>(o)</sup> |  | – <sup>(o)</sup> |
|  6-month EURIBOR | Semi-annual | 2.2562% | Annual | 3/5/2030 | EUR310 | – <sup>(o)</sup> |  | – <sup>(o)</sup> |
|  6-month EURIBOR | Semi-annual | 2.1912% | Annual | 3/6/2030 | EUR280 | 1 |  | 1 |
|  3.947% | Annual | SONIA | Annual | 3/20/2030 | GBP410 | 7 |  | 7 |
|  4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK1,500 | 3 |  | 3 |
|  4.1703% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK960 | 2 |  | 2 |
|  4.162% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK970 | 1 |  | 1 |
|  4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/25/2030 | NOK3,540 | 6 |  | 6 |
|  SONIA | Annual | 4.36738% | Annual | 6/21/2033 | GBP62 | (3) |  | (3) |
|  SONIA | Annual | 3.9322% | Annual | 2/16/2054 | GBP375 | 44 |  | 44 |
|  |  |  |  |  |  | $121 | $– | $121 |

---

**145** American Funds Insurance Series

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Swap contracts** (continued)

**Interest rate swaps** (continued)

#### Bilateral interest rate swaps

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | |  |  | | Upfront | Unrealized |
| Receive | Receive | Pay | Pay |  |  | Notional | Value at | premium<br> paid | appreciation<br> (depreciation) |
|  | Payment |  | Payment |  | Expiration | amount | 6/30/2025 | (received) | at 6/30/2025 |
| Rate | frequency | Rate | frequency | Counterparty | date | (000) | (000) | (000) | (000) |
|  11.91% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/4/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRL2,940 | $(20) | $– | $(20) |
|  13.995% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL6,010 | 36 |  | 36 |
|  14.115% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL1,660 | 11 |  | 11 |
|  14.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL1,210 | 8 |  | 8 |
|  14.05% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL740 | 5 |  | 5 |
|  11.495% | At maturity | BZDIOVER | At maturity | Bank of America | 1/2/2029 | BRL3,810 | (42) |  | (42) |
|  10.045% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL9,330 | (222) |  | (222) |
|  |  |  |  |  |  |  | $(224) | $– | $(224) |

---

#### Credit default swaps

#### Centrally cleared credit default swaps on credit indices – buy protection

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference<br> index | Financing<br>rate paid | Payment<br>frequency | Expiration<br>date | Notional<br> amount(000) | Value at<br> 6/30/2025(000) | Upfront<br>premium<br>paid<br> (received)<br>(000) | Unrealized<br>appreciation<br>(depreciation)<br>at 6/30/2025<br> (000) |
|  ITRAXX.EUR.43 | 1.00% | Quarterly | 6/20/2030 | EUR2,260 | $(57) | $(25) | $(32) |

---

#### Centrally cleared credit default swaps on credit indices – sell protection

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference<br> index | Financing<br>rate received | Payment<br>frequency | Expiration<br>date | Notional<br> amount <sup>(p)</sup><br> (000) | Value at<br> 6/30/2025 <sup>(q)</sup><br> (000) | Upfront<br>premium<br>paid<br> (received)<br>(000) | Unrealized<br>appreciation<br>(depreciation) at<br>6/30/2025<br> (000) |
|  ITRAXX.EUR.XO.43 | 5.00% | Quarterly | 6/20/2030 | EUR1,130 | $124 | $119 | $5 |
|  CDX.NA.IG.44 | 1.00% | Quarterly | 6/20/2030 | USD3,073 | 68 | 65 | 3 |
|  |  |  |  |  | $192 | $184 | $8 |

---

American Funds Insurance Series **146**

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in affiliates <sup>(l)</sup>** | | | | | | | |
|  | Value at<br>1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain (loss)<br>(000) | Net<br>unrealized<br>appreciation<br>(depreciation)<br>(000) | Value at<br>6/30/2025<br>(000) | Dividend<br>or interest<br>income<br>(000) |
|  Investment funds 0.98% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Corporate Bond Fund | $3953 | $96 | $– | $– | $72 | $4121 | $96 |
|  Short-term securities 5.16% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 5.16%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.35% <sup>(m)</sup> | 22187 | 58601 | 59201 | (3) | (2) | 21582 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total 6.14%** |  |  |  | $(3) | $70 | $25703 | $637 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted securities <sup>(g)</sup>** | | | | |
|  | Acquisition<br>date(s) | Cost<br>(000) | Value<br>(000) | Percent<br>of net<br>assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. 3.90% 7/22/2032 (3-month EUR-EURIBOR + 1.22% on 7/22/2031) <sup>(e)</sup> | 12/4/2024 | $273 | $303 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. 1.60% 3/15/2031 | 9/30/2024 | 103 | 109 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $376 | $412 | 0.10% |

---

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> All or a portion of this security was on loan. The total value of all such securities was $1,472,000, which represented 0.35% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(d)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $11,223,000, which represented 2.68% of the net assets of the fund. 

<sup>(e)</sup> Step bond; coupon rate may change at a later date.

<sup>(f)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(g)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $412,000, which represented 0.10% of the net assets of the fund. 

<sup>(h)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(i)</sup> Represents securities transacted on a TBA basis.

<sup>(j)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(k)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,261,000, which represented 0.54% of the net assets of the fund. 

<sup>(l)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(m)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(n)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(o)</sup> Amount less than one thousand. 

<sup>(p)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur. 

<sup>(q)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

**147** American Funds Insurance Series

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Key to abbreviation(s)

---

| | |
|:---|:---|
| ADR = American Depositary Receipts | JPY = Japanese yen |
| AUD = Australian dollars | KRW = South Korean won |
| BRL = Brazilian reais | LIBOR = London Interbank Offered Rate |
| BZDIOVER = Overnight Brazilian Interbank Deposit Rate | MXN = Mexican pesos |
| CAD = Canadian dollars | MYR = Malaysian ringgits |
| CHF = Swiss francs | NIBOR = Norwegian Interbank Offered Rate |
| CLO = Collateralized Loan Obligations | NOK = Norwegian kroner |
| CLP = Chilean pesos | NZD = New Zealand dollars |
| CME = CME Group | PLN = Polish zloty |
| CNH = Chinese yuan renminbi | Ref. = Refunding |
| CNY = Chinese yuan renminbi | REIT = Real Estate Investment Trust |
| COP = Colombian pesos | Rev. = Revenue |
| CZK = Czech korunas | RON = Romanian leu |
| DKK = Danish kroner | SEK = Swedish kronor |
| EGP = Egyptian pounds | SGD = Singapore dollars |
| EUR = Euros | SOFR = Secured Overnight Financing Rate |
| EURIBOR = Euro Interbank Offered Rate | SONIA = Sterling Overnight Interbank Average Rate |
| GBP = British pounds | TBA = To be announced |
| ICE = Intercontinental Exchange, Inc. | USD = U.S. dollars |
| IDR = Indonesian rupiah | UST = U.S. Treasury |
| ILS = Israeli shekels | ZAR = South African rand |
| INR = Indian rupees |  |

---

Refer to the notes to financial statements.

American Funds Insurance Series **148**

------

---

| | |
|:---|:---|
| The Bond Fund of America<sup>®</sup> |  |
| **Investment portfolio** June 30, 2025 | unaudited |

---

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 95.24% | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations 34.58%** |  |  |
|  **Federal agency mortgage-backed obligations 27.75%** |  |  |
|  Fannie Mae Pool #256133 4.50% 1/1/2026 <sup>(a)</sup> | USD1 | $1 |
|  Fannie Mae Pool #AR3058 3.00% 1/1/2028 <sup>(a)</sup> | 25 | 25 |
|  Fannie Mae Pool #AS8018 3.00% 9/1/2031 <sup>(a)</sup> | 26 | 25 |
|  Fannie Mae Pool #BM4741 3.00% 4/1/2032 <sup>(a)</sup> | 12 | 11 |
|  Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(a)</sup> | 2084 | 1968 |
|  Fannie Mae Pool #CB2248 2.50% 11/1/2036 <sup>(a)</sup> | 99 | 92 |
|  Fannie Mae Pool #913966 6.00% 2/1/2037 <sup>(a)</sup> | 30 | 31 |
|  Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup> | 1768 | 1652 |
|  Fannie Mae Pool #MA4665 2.50% 7/1/2037 <sup>(a)</sup> | 739 | 690 |
|  Fannie Mae Pool #945680 6.00% 9/1/2037 <sup>(a)</sup> | 326 | 342 |
|  Fannie Mae Pool #924866 6.14% 10/1/2037 <sup>(a)(b)</sup> | 128 | 129 |
|  Fannie Mae Pool #988588 5.50% 8/1/2038 <sup>(a)</sup> | 161 | 165 |
|  Fannie Mae Pool #889982 5.50% 11/1/2038 <sup>(a)</sup> | 642 | 660 |
|  Fannie Mae Pool #AB1297 5.00% 8/1/2040 <sup>(a)</sup> | 140 | 142 |
|  Fannie Mae Pool #AH8144 5.00% 4/1/2041 <sup>(a)</sup> | 703 | 707 |
|  Fannie Mae Pool #AH9479 5.00% 4/1/2041 <sup>(a)</sup> | 681 | 690 |
|  Fannie Mae Pool #FM7365 2.00% 5/1/2041 <sup>(a)</sup> | 107480 | 92775 |
|  Fannie Mae Pool #AI1862 5.00% 5/1/2041 <sup>(a)</sup> | 659 | 667 |
|  Fannie Mae Pool #AI3510 5.00% 6/1/2041 <sup>(a)</sup> | 346 | 350 |
|  Fannie Mae Pool #AJ0704 5.00% 9/1/2041 <sup>(a)</sup> | 310 | 315 |
|  Fannie Mae Pool #AJ5391 5.00% 11/1/2041 <sup>(a)</sup> | 175 | 177 |
|  Fannie Mae Pool #AZ3904 4.00% 5/1/2045 <sup>(a)</sup> | 39 | 36 |
|  Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(a)</sup> | 1616 | 1501 |
|  Fannie Mae Pool #AL8522 3.50% 5/1/2046 <sup>(a)</sup> | 694 | 644 |
|  Fannie Mae Pool #BD1968 4.00% 7/1/2046 <sup>(a)</sup> | 738 | 699 |
|  Fannie Mae Pool #BD5477 4.00% 7/1/2046 <sup>(a)</sup> | 119 | 113 |
|  Fannie Mae Pool #BM5148 4.00% 10/1/2046 <sup>(a)</sup> | 4331 | 4117 |
|  Fannie Mae Pool #BE0592 4.00% 11/1/2046 <sup>(a)</sup> | 294 | 274 |
|  Fannie Mae Pool #BE8885 4.00% 3/1/2047 <sup>(a)</sup> | 718 | 682 |
|  Fannie Mae Pool #MA3058 4.00% 7/1/2047 <sup>(a)</sup> | 33 | 31 |
|  Fannie Mae Pool #CA0770 3.50% 11/1/2047 <sup>(a)</sup> | 3882 | 3556 |
|  Fannie Mae Pool #BJ1515 4.00% 11/1/2047 <sup>(a)</sup> | 1806 | 1712 |
|  Fannie Mae Pool #CA0706 4.00% 11/1/2047 <sup>(a)</sup> | 68 | 65 |
|  Fannie Mae Pool #BM4413 4.50% 12/1/2047 <sup>(a)</sup> | 2106 | 2050 |
|  Fannie Mae Pool #CA1189 3.50% 2/1/2048 <sup>(a)</sup> | 1098 | 1005 |
|  Fannie Mae Pool #BJ5749 4.00% 5/1/2048 <sup>(a)</sup> | 14 | 13 |
|  Fannie Mae Pool #BF0293 3.00% 7/1/2048 <sup>(a)</sup> | 5389 | 4782 |
|  Fannie Mae Pool #BF0318 3.50% 8/1/2048 <sup>(a)</sup> | 4077 | 3720 |
|  Fannie Mae Pool #BM5349 4.00% 9/1/2048 <sup>(a)</sup> | 17796 | 16865 |
|  Fannie Mae Pool #FM4891 3.50% 10/1/2048 <sup>(a)</sup> | 16585 | 15335 |
|  Fannie Mae Pool #BM4676 4.00% 10/1/2048 <sup>(a)</sup> | 10 | 9 |
|  Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(a)</sup> | 419 | 390 |
|  Fannie Mae Pool #CA3807 3.00% 7/1/2049 <sup>(a)</sup> | 1136 | 1011 |
|  Fannie Mae Pool #CA3806 3.00% 7/1/2049 <sup>(a)</sup> | 757 | 675 |
|  Fannie Mae Pool #FS5372 3.50% 7/1/2049 <sup>(a)</sup> | 2186 | 2014 |
|  Fannie Mae Pool #FM1262 4.00% 7/1/2049 <sup>(a)</sup> | 17711 | 16743 |
|  Fannie Mae Pool #FM0007 3.50% 9/1/2049 <sup>(a)</sup> | 12601 | 11515 |
|  Fannie Mae Pool #FM1589 3.50% 9/1/2049 <sup>(a)</sup> | 3335 | 3040 |
|  Fannie Mae Pool #FM1954 3.50% 11/1/2049 <sup>(a)</sup> | 5246 | 4780 |
|  Fannie Mae Pool #FS5313 3.50% 1/1/2050 <sup>(a)</sup> | 25007 | 22957 |
|  Fannie Mae Pool #CA5504 2.50% 4/1/2050 <sup>(a)</sup> | 11 | 9 |
|  Fannie Mae Pool #CA5968 2.50% 6/1/2050 <sup>(a)</sup> | 4987 | 4205 |
|  Fannie Mae Pool #CA6168 2.50% 6/1/2050 <sup>(a)</sup> | 532 | 443 |
|  Fannie Mae Pool #FM5507 3.00% 7/1/2050 <sup>(a)</sup> | 15444 | 13669 |
|  Fannie Mae Pool #CA6309 3.00% 7/1/2050 <sup>(a)</sup> | 5242 | 4672 |
|  Fannie Mae Pool #CA6349 3.00% 7/1/2050 <sup>(a)</sup> | 1684 | 1466 |
|  Fannie Mae Pool #CA6727 2.50% 8/1/2050 <sup>(a)</sup> | 4698 | 3912 |
|  Fannie Mae Pool #CA6918 2.50% 8/1/2050 <sup>(a)</sup> | 965 | 802 |
|  Fannie Mae Pool #FP0058 2.50% 8/1/2050 <sup>(a)</sup> | 610 | 507 |
|  Fannie Mae Pool #CA6740 3.00% 8/1/2050 <sup>(a)</sup> | 956 | 832 |

---

**149** American Funds Insurance Series

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #BQ1226 2.00% 9/1/2050 <sup>(a)</sup> | USD1,627 | $1298 |
|  Fannie Mae Pool #BP6715 2.00% 9/1/2050 <sup>(a)</sup> | 1 | 1 |
|  Fannie Mae Pool #CA7040 2.50% 9/1/2050 <sup>(a)</sup> | 17165 | 14257 |
|  Fannie Mae Pool #FM4256 2.50% 9/1/2050 <sup>(a)</sup> | 2635 | 2226 |
|  Fannie Mae Pool #CA7028 2.50% 9/1/2050 <sup>(a)</sup> | 896 | 757 |
|  Fannie Mae Pool #FM7195 2.50% 9/1/2050 <sup>(a)</sup> | 423 | 351 |
|  Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup> | 306 | 268 |
|  Fannie Mae Pool #CA7529 2.50% 10/1/2050 <sup>(a)</sup> | 902 | 749 |
|  Fannie Mae Pool #CA7257 2.50% 10/1/2050 <sup>(a)</sup> | 255 | 215 |
|  Fannie Mae Pool #FM4684 2.50% 10/1/2050 <sup>(a)</sup> | 191 | 159 |
|  Fannie Mae Pool #FP0034 2.50% 10/1/2050 <sup>(a)</sup> | 179 | 149 |
|  Fannie Mae Pool #CA7381 3.00% 10/1/2050 <sup>(a)</sup> | 1485 | 1292 |
|  Fannie Mae Pool #FM4870 2.00% 11/1/2050 <sup>(a)</sup> | 1809 | 1434 |
|  Fannie Mae Pool #CA7599 2.50% 11/1/2050 <sup>(a)</sup> | 6060 | 5121 |
|  Fannie Mae Pool #FM5309 2.50% 11/1/2050 <sup>(a)</sup> | 1123 | 933 |
|  Fannie Mae Pool #BQ7564 2.50% 11/1/2050 <sup>(a)</sup> | 659 | 548 |
|  Fannie Mae Pool #CA7743 2.50% 11/1/2050 <sup>(a)</sup> | 25 | 21 |
|  Fannie Mae Pool #FM4897 3.00% 11/1/2050 <sup>(a)</sup> | 15025 | 13416 |
|  Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup> | 1045 | 834 |
|  Fannie Mae Pool #FM5166 3.00% 12/1/2050 <sup>(a)</sup> | 1022 | 889 |
|  Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(a)</sup> | 6554 | 5230 |
|  Fannie Mae Pool #BR4104 2.00% 1/1/2051 <sup>(a)</sup> | 5062 | 4049 |
|  Fannie Mae Pool #CA8587 2.00% 1/1/2051 <sup>(a)</sup> | 41 | 33 |
|  Fannie Mae Pool #FM6113 2.50% 1/1/2051 <sup>(a)</sup> | 21322 | 17821 |
|  Fannie Mae Pool #FS5929 2.50% 1/1/2051 <sup>(a)</sup> | 1550 | 1289 |
|  Fannie Mae Pool #FS3550 2.50% 1/1/2051 <sup>(a)</sup> | 934 | 776 |
|  Fannie Mae Pool #FM6293 3.00% 1/1/2051 <sup>(a)</sup> | 64 | 56 |
|  Fannie Mae Pool #BR3283 2.00% 2/1/2051 <sup>(a)</sup> | 3278 | 2599 |
|  Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(a)</sup> | 717 | 568 |
|  Fannie Mae Pool #BR2666 2.00% 2/1/2051 <sup>(a)</sup> | 377 | 303 |
|  Fannie Mae Pool #CA8828 2.50% 2/1/2051 <sup>(a)</sup> | 5016 | 4234 |
|  Fannie Mae Pool #CA9289 2.50% 2/1/2051 <sup>(a)</sup> | 3501 | 2911 |
|  Fannie Mae Pool #FM6556 2.00% 3/1/2051 <sup>(a)</sup> | 348 | 276 |
|  Fannie Mae Pool #FM6764 2.50% 3/1/2051 <sup>(a)</sup> | 7432 | 6170 |
|  Fannie Mae Pool #CA9390 2.50% 3/1/2051 <sup>(a)</sup> | 1720 | 1428 |
|  Fannie Mae Pool #BQ7729 2.50% 3/1/2051 <sup>(a)</sup> | 966 | 802 |
|  Fannie Mae Pool #BR3771 2.00% 4/1/2051 <sup>(a)</sup> | 8557 | 6789 |
|  Fannie Mae Pool #BR7191 2.00% 4/1/2051 <sup>(a)</sup> | 1832 | 1452 |
|  Fannie Mae Pool #BR7719 2.00% 4/1/2051 <sup>(a)</sup> | 572 | 453 |
|  Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup> | 28 | 23 |
|  Fannie Mae Pool #BN9135 2.50% 4/1/2051 <sup>(a)</sup> | 4948 | 4108 |
|  Fannie Mae Pool #FM6871 2.50% 4/1/2051 <sup>(a)</sup> | 4637 | 3850 |
|  Fannie Mae Pool #MA4306 2.50% 4/1/2051 <sup>(a)</sup> | 2463 | 2058 |
|  Fannie Mae Pool #FS0030 2.50% 4/1/2051 <sup>(a)</sup> | 172 | 143 |
|  Fannie Mae Pool #FM6965 2.50% 4/1/2051 <sup>(a)</sup> | 116 | 97 |
|  Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(a)</sup> | 3041 | 2658 |
|  Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(a)</sup> | 375 | 328 |
|  Fannie Mae Pool #BT0519 2.00% 5/1/2051 <sup>(a)</sup> | 10603 | 8405 |
|  Fannie Mae Pool #FM7411 2.00% 5/1/2051 <sup>(a)</sup> | 1779 | 1410 |
|  Fannie Mae Pool #BR1035 2.00% 5/1/2051 <sup>(a)</sup> | 17 | 13 |
|  Fannie Mae Pool #FM7325 2.50% 5/1/2051 <sup>(a)</sup> | 1906 | 1590 |
|  Fannie Mae Pool #CB0396 2.50% 5/1/2051 <sup>(a)</sup> | 1800 | 1494 |
|  Fannie Mae Pool #FM7408 2.50% 5/1/2051 <sup>(a)</sup> | 590 | 490 |
|  Fannie Mae Pool #BR0999 2.50% 5/1/2051 <sup>(a)</sup> | 475 | 394 |
|  Fannie Mae Pool #FM7409 2.50% 5/1/2051 <sup>(a)</sup> | 162 | 135 |
|  Fannie Mae Pool #FM7222 2.50% 5/1/2051 <sup>(a)</sup> | 33 | 27 |
|  Fannie Mae Pool #FM7304 2.50% 5/1/2051 <sup>(a)</sup> | 27 | 23 |
|  Fannie Mae Pool #BT0136 2.00% 6/1/2051 <sup>(a)</sup> | 1879 | 1489 |
|  Fannie Mae Pool #FM7803 2.00% 6/1/2051 <sup>(a)</sup> | 503 | 405 |
|  Fannie Mae Pool #FM7740 2.50% 6/1/2051 <sup>(a)</sup> | 47 | 39 |

---

American Funds Insurance Series **150**

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(a)</sup> | USD277 | $242 |
|  Fannie Mae Pool #FM7510 3.00% 6/1/2051 <sup>(a)</sup> | 197 | 172 |
|  Fannie Mae Pool #MA4378 2.00% 7/1/2051 <sup>(a)</sup> | 77 | 61 |
|  Fannie Mae Pool #CB0988 2.50% 7/1/2051 <sup>(a)</sup> | 8722 | 7332 |
|  Fannie Mae Pool #BT0849 2.50% 7/1/2051 <sup>(a)</sup> | 4773 | 3965 |
|  Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(a)</sup> | 4453 | 3697 |
|  Fannie Mae Pool #FM8315 2.50% 7/1/2051 <sup>(a)</sup> | 996 | 829 |
|  Fannie Mae Pool #CB1134 2.50% 7/1/2051 <sup>(a)</sup> | 928 | 770 |
|  Fannie Mae Pool #BT1288 2.50% 7/1/2051 <sup>(a)</sup> | 573 | 475 |
|  Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup> | 427 | 360 |
|  Fannie Mae Pool #CB1066 2.50% 7/1/2051 <sup>(a)</sup> | 216 | 181 |
|  Fannie Mae Pool #CB1304 3.00% 8/1/2051 <sup>(a)</sup> | 1347 | 1186 |
|  Fannie Mae Pool #BT7309 2.00% 9/1/2051 <sup>(a)</sup> | 10828 | 8583 |
|  Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup> | 3121 | 2591 |
|  Fannie Mae Pool #FM8761 2.50% 9/1/2051 <sup>(a)</sup> | 1964 | 1631 |
|  Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup> | 1043 | 874 |
|  Fannie Mae Pool #CB1552 2.50% 9/1/2051 <sup>(a)</sup> | 487 | 406 |
|  Fannie Mae Pool #FS4711 2.50% 9/1/2051 <sup>(a)</sup> | 437 | 363 |
|  Fannie Mae Pool #BQ7428 2.50% 9/1/2051 <sup>(a)</sup> | 316 | 264 |
|  Fannie Mae Pool #BT7263 2.50% 9/1/2051 <sup>(a)</sup> | 302 | 251 |
|  Fannie Mae Pool #FM8692 2.50% 9/1/2051 <sup>(a)</sup> | 56 | 46 |
|  Fannie Mae Pool #FM8827 2.00% 10/1/2051 <sup>(a)</sup> | 1653 | 1311 |
|  Fannie Mae Pool #FS5125 2.50% 10/1/2051 <sup>(a)</sup> | 319 | 265 |
|  Fannie Mae Pool #FS4628 3.00% 10/1/2051 <sup>(a)</sup> | 3092 | 2702 |
|  Fannie Mae Pool #MA4465 2.00% 11/1/2051 <sup>(a)</sup> | 4430 | 3521 |
|  Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup> | 128 | 102 |
|  Fannie Mae Pool #CB2088 2.50% 11/1/2051 <sup>(a)</sup> | 94 | 78 |
|  Fannie Mae Pool #FM9810 3.00% 11/1/2051 <sup>(a)</sup> | 904 | 788 |
|  Fannie Mae Pool #MA4492 2.00% 12/1/2051 <sup>(a)</sup> | 812 | 646 |
|  Fannie Mae Pool #FM9672 2.50% 12/1/2051 <sup>(a)</sup> | 1934 | 1606 |
|  Fannie Mae Pool #CB2787 3.50% 12/1/2051 <sup>(a)</sup> | 21 | 19 |
|  Fannie Mae Pool #BQ7006 2.00% 1/1/2052 <sup>(a)</sup> | 1846 | 1466 |
|  Fannie Mae Pool #BU7233 2.00% 1/1/2052 <sup>(a)</sup> | 933 | 740 |
|  Fannie Mae Pool #FS6479 2.50% 1/1/2052 <sup>(a)</sup> | 4462 | 3710 |
|  Fannie Mae Pool #FS0392 2.50% 1/1/2052 <sup>(a)</sup> | 2098 | 1741 |
|  Fannie Mae Pool #FS4203 2.50% 1/1/2052 <sup>(a)</sup> | 1126 | 935 |
|  Fannie Mae Pool #FS5613 2.50% 1/1/2052 <sup>(a)</sup> | 337 | 280 |
|  Fannie Mae Pool #FS0454 3.00% 1/1/2052 <sup>(a)</sup> | 969 | 848 |
|  Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(a)</sup> | 15112 | 11989 |
|  Fannie Mae Pool #MA4547 2.00% 2/1/2052 <sup>(a)</sup> | 2497 | 1984 |
|  Fannie Mae Pool #BV3083 2.00% 2/1/2052 <sup>(a)</sup> | 809 | 642 |
|  Fannie Mae Pool #BT1967 2.50% 2/1/2052 <sup>(a)</sup> | 1648 | 1374 |
|  Fannie Mae Pool #MA4548 2.50% 2/1/2052 <sup>(a)</sup> | 885 | 737 |
|  Fannie Mae Pool #FS1080 2.50% 2/1/2052 <sup>(a)</sup> | 731 | 607 |
|  Fannie Mae Pool #FS2660 2.50% 2/1/2052 <sup>(a)</sup> | 488 | 406 |
|  Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(a)</sup> | 441 | 366 |
|  Fannie Mae Pool #CB3099 2.50% 2/1/2052 <sup>(a)</sup> | 256 | 213 |
|  Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(a)</sup> | 32666 | 28775 |
|  Fannie Mae Pool #BV3101 2.00% 3/1/2052 <sup>(a)</sup> | 1573 | 1247 |
|  Fannie Mae Pool #MA4562 2.00% 3/1/2052 <sup>(a)</sup> | 1256 | 997 |
|  Fannie Mae Pool #FS1742 2.00% 3/1/2052 <sup>(a)</sup> | 1073 | 853 |
|  Fannie Mae Pool #BV4172 2.00% 3/1/2052 <sup>(a)</sup> | 867 | 687 |
|  Fannie Mae Pool #BV4133 2.50% 3/1/2052 <sup>(a)</sup> | 2759 | 2291 |
|  Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(a)</sup> | 1766 | 1472 |
|  Fannie Mae Pool #FS4433 2.50% 3/1/2052 <sup>(a)</sup> | 642 | 535 |
|  Fannie Mae Pool #BV4119 2.50% 3/1/2052 <sup>(a)</sup> | 359 | 300 |
|  Fannie Mae Pool #MA4563 2.50% 3/1/2052 <sup>(a)</sup> | 35 | 29 |
|  Fannie Mae Pool #FS1598 2.00% 4/1/2052 <sup>(a)</sup> | 1663 | 1321 |
|  Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(a)</sup> | 750 | 596 |
|  Fannie Mae Pool #CB3354 2.50% 4/1/2052 <sup>(a)</sup> | 31581 | 26219 |

---

**151** American Funds Insurance Series

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #BV4656 2.50% 4/1/2052 <sup>(a)</sup> | USD1,597 | $1329 |
|  Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(a)</sup> | 1455 | 1358 |
|  Fannie Mae Pool #FS1655 4.00% 4/1/2052 <sup>(a)</sup> | 264 | 246 |
|  Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(a)</sup> | 3727 | 2963 |
|  Fannie Mae Pool #FS8650 2.50% 5/1/2052 <sup>(a)</sup> | 20741 | 17232 |
|  Fannie Mae Pool #BV9644 2.50% 5/1/2052 <sup>(a)</sup> | 2186 | 1821 |
|  Fannie Mae Pool #MA4598 2.50% 5/1/2052 <sup>(a)</sup> | 968 | 805 |
|  Fannie Mae Pool #MA4623 2.50% 6/1/2052 <sup>(a)</sup> | 150 | 125 |
|  Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(a)</sup> | 3018 | 2816 |
|  Fannie Mae Pool #BW1931 5.00% 6/1/2052 <sup>(a)</sup> | 3072 | 3024 |
|  Fannie Mae Pool #BT8262 5.00% 6/1/2052 <sup>(a)</sup> | 1375 | 1356 |
|  Fannie Mae Pool #FS6631 2.50% 7/1/2052 <sup>(a)</sup> | 738 | 614 |
|  Fannie Mae Pool #CB4274 2.50% 7/1/2052 <sup>(a)</sup> | 432 | 358 |
|  Fannie Mae Pool #FS5493 2.50% 7/1/2052 <sup>(a)</sup> | 136 | 113 |
|  Fannie Mae Pool #BW0959 5.00% 7/1/2052 <sup>(a)</sup> | 2813 | 2773 |
|  Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(a)</sup> | 568 | 563 |
|  Fannie Mae Pool #FS2805 2.50% 9/1/2052 <sup>(a)</sup> | 453 | 377 |
|  Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(a)</sup> | 255 | 244 |
|  Fannie Mae Pool #BW8497 4.50% 9/1/2052 <sup>(a)</sup> | 59 | 56 |
|  Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(a)</sup> | 8469 | 8374 |
|  Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup> | 9096 | 7216 |
|  Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(a)</sup> | 9772 | 9371 |
|  Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(a)</sup> | 2518 | 2418 |
|  Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(a)</sup> | 2466 | 2430 |
|  Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup> | 2770 | 2780 |
|  Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup> | 2519 | 2530 |
|  Fannie Mae Pool #MA4820 6.50% 10/1/2052 <sup>(a)</sup> | 205 | 214 |
|  Fannie Mae Pool #BX1132 4.50% 11/1/2052 <sup>(a)</sup> | 847 | 812 |
|  Fannie Mae Pool #BX5673 5.00% 12/1/2052 <sup>(a)</sup> | 133 | 130 |
|  Fannie Mae Pool #CB5778 6.00% 12/1/2052 <sup>(a)</sup> | 37 | 37 |
|  Fannie Mae Pool #BX5927 4.00% 1/1/2053 <sup>(a)</sup> | 272 | 253 |
|  Fannie Mae Pool #FS6769 5.00% 1/1/2053 <sup>(a)</sup> | 30348 | 29904 |
|  Fannie Mae Pool #FS4435 2.50% 2/1/2053 <sup>(a)</sup> | 687 | 570 |
|  Fannie Mae Pool #MA4916 4.00% 2/1/2053 <sup>(a)</sup> | 4621 | 4302 |
|  Fannie Mae Pool #MA4918 5.00% 2/1/2053 <sup>(a)</sup> | 593 | 584 |
|  Fannie Mae Pool #BW5268 4.00% 3/1/2053 <sup>(a)</sup> | 407 | 379 |
|  Fannie Mae Pool #CB5986 5.00% 3/1/2053 <sup>(a)</sup> | 151 | 149 |
|  Fannie Mae Pool #BX7779 5.50% 3/1/2053 <sup>(a)</sup> | 4058 | 4079 |
|  Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(a)</sup> | 423 | 426 |
|  Fannie Mae Pool #BX7949 6.00% 3/1/2053 <sup>(a)</sup> | 1000 | 1018 |
|  Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup> | 835 | 855 |
|  Fannie Mae Pool #MA4993 4.00% 4/1/2053 <sup>(a)</sup> | 4281 | 3986 |
|  Fannie Mae Pool #MA4977 4.50% 4/1/2053 <sup>(a)</sup> | 656 | 629 |
|  Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(a)</sup> | 15642 | 15388 |
|  Fannie Mae Pool #BX9041 5.00% 4/1/2053 <sup>(a)</sup> | 88 | 87 |
|  Fannie Mae Pool #BY0130 5.50% 4/1/2053 <sup>(a)</sup> | 960 | 965 |
|  Fannie Mae Pool #CB6033 6.00% 4/1/2053 <sup>(a)</sup> | 17738 | 18159 |
|  Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(a)</sup> | 4697 | 4377 |
|  Fannie Mae Pool #CB6985 4.00% 5/1/2053 <sup>(a)</sup> | 432 | 403 |
|  Fannie Mae Pool #CB6297 4.00% 5/1/2053 <sup>(a)</sup> | 30 | 28 |
|  Fannie Mae Pool #BX9827 5.00% 5/1/2053 <sup>(a)</sup> | 10478 | 10313 |
|  Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(a)</sup> | 2900 | 2865 |
|  Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(a)</sup> | 2760 | 2714 |
|  Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup> | 5894 | 5907 |
|  Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup> | 7060 | 7203 |
|  Fannie Mae Pool #BW9618 3.00% 6/1/2053 <sup>(a)</sup> | 615 | 533 |
|  Fannie Mae Pool #CB6471 4.50% 6/1/2053 <sup>(a)</sup> | 2902 | 2782 |
|  Fannie Mae Pool #FS5192 5.50% 6/1/2053 <sup>(a)</sup> | 6679 | 6694 |
|  Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(a)</sup> | 6347 | 6360 |
|  Fannie Mae Pool #BY3612 5.50% 6/1/2053 <sup>(a)</sup> | 311 | 312 |

---

American Funds Insurance Series **152**

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(a)</sup> | USD3,837 | $3904 |
|  Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(a)</sup> | 2380 | 2432 |
|  Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(a)</sup> | 1799 | 1841 |
|  Fannie Mae Pool #FS7823 2.00% 7/1/2053 <sup>(a)</sup> | 6068 | 4820 |
|  Fannie Mae Pool #FS9167 2.50% 7/1/2053 <sup>(a)</sup> | 3642 | 3024 |
|  Fannie Mae Pool #FS6037 2.50% 7/1/2053 <sup>(a)</sup> | 152 | 126 |
|  Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(a)</sup> | 75 | 70 |
|  Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(a)</sup> | 19842 | 19022 |
|  Fannie Mae Pool #BY4459 5.00% 7/1/2053 <sup>(a)</sup> | 591 | 583 |
|  Fannie Mae Pool #BU4112 5.00% 7/1/2053 <sup>(a)</sup> | 93 | 92 |
|  Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup> | 3400 | 3407 |
|  Fannie Mae Pool #CB6768 6.50% 7/1/2053 <sup>(a)</sup> | 7908 | 8229 |
|  Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(a)</sup> | 23480 | 23524 |
|  Fannie Mae Pool #FS6666 5.50% 8/1/2053 <sup>(a)</sup> | 12744 | 12787 |
|  Fannie Mae Pool #CB7108 5.50% 9/1/2053 <sup>(a)</sup> | 6200 | 6224 |
|  Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(a)</sup> | 531 | 532 |
|  Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(a)</sup> | 5000 | 5091 |
|  Fannie Mae Pool #FS5749 6.50% 9/1/2053 <sup>(a)</sup> | 15338 | 15862 |
|  Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(a)</sup> | 7575 | 7055 |
|  Fannie Mae Pool #CB7332 5.50% 10/1/2053 <sup>(a)</sup> | 11829 | 11871 |
|  Fannie Mae Pool #CB7331 5.50% 10/1/2053 <sup>(a)</sup> | 6558 | 6583 |
|  Fannie Mae Pool #CB7725 6.00% 10/1/2053 <sup>(a)</sup> | 8769 | 8929 |
|  Fannie Mae Pool #DA1557 6.00% 10/1/2053 <sup>(a)</sup> | 152 | 154 |
|  Fannie Mae Pool #FS7252 5.00% 11/1/2053 <sup>(a)</sup> | 63161 | 62069 |
|  Fannie Mae Pool #CB7426 6.50% 11/1/2053 <sup>(a)</sup> | 2116 | 2196 |
|  Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(a)</sup> | 1917 | 1920 |
|  Fannie Mae Pool #CB7626 6.50% 12/1/2053 <sup>(a)</sup> | 774 | 806 |
|  Fannie Mae Pool #MA5218 7.00% 12/1/2053 <sup>(a)</sup> | 965 | 1018 |
|  Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(a)</sup> | 5281 | 5488 |
|  Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup> | 1292 | 1336 |
|  Fannie Mae Pool #FS9507 4.50% 2/1/2054 <sup>(a)</sup> | 2980 | 2855 |
|  Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(a)</sup> | 2613 | 2616 |
|  Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup> | 1777 | 1779 |
|  Fannie Mae Pool #FS7031 6.00% 2/1/2054 <sup>(a)</sup> | 7083 | 7251 |
|  Fannie Mae Pool #FS7503 6.00% 2/1/2054 <sup>(a)</sup> | 5296 | 5387 |
|  Fannie Mae Pool #CB8422 6.00% 2/1/2054 <sup>(a)</sup> | 1902 | 1936 |
|  Fannie Mae Pool #DA7831 6.00% 2/1/2054 <sup>(a)</sup> | 1771 | 1802 |
|  Fannie Mae Pool #BY8083 4.00% 3/1/2054 <sup>(a)</sup> | 25 | 23 |
|  Fannie Mae Pool #FS9508 4.50% 3/1/2054 <sup>(a)</sup> | 14405 | 13808 |
|  Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(a)</sup> | 19135 | 19189 |
|  Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup> | 1607 | 1608 |
|  Fannie Mae Pool #FS7507 6.00% 3/1/2054 <sup>(a)</sup> | 5058 | 5178 |
|  Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(a)</sup> | 3391 | 3455 |
|  Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(a)</sup> | 1742 | 1773 |
|  Fannie Mae Pool #FS7653 6.50% 3/1/2054 <sup>(a)</sup> | 4359 | 4537 |
|  Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(a)</sup> | 4987 | 5023 |
|  Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup> | 5405 | 5542 |
|  Fannie Mae Pool #DB5160 5.50% 5/1/2054 <sup>(a)</sup> | 594 | 596 |
|  Fannie Mae Pool #MA5354 6.00% 5/1/2054 <sup>(a)</sup> | 384 | 391 |
|  Fannie Mae Pool #DB2495 6.00% 5/1/2054 <sup>(a)</sup> | 228 | 232 |
|  Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(a)</sup> | 2702 | 2704 |
|  Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(a)</sup> | 1869 | 1879 |
|  Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(a)</sup> | 18915 | 19367 |
|  Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup> | 1261 | 1291 |
|  Fannie Mae Pool #DB5030 6.00% 6/1/2054 <sup>(a)</sup> | 1195 | 1216 |
|  Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup> | 10755 | 11178 |
|  Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(a)</sup> | 6987 | 6999 |
|  Fannie Mae Pool #FS8467 5.50% 7/1/2054 <sup>(a)</sup> | 1490 | 1499 |
|  Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(a)</sup> | 33148 | 33719 |
|  Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(a)</sup> | 5109 | 5243 |

---

**153** American Funds Insurance Series

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(a)</sup> | USD2,600 | $2655 |
|  Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup> | 2391 | 2433 |
|  Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(a)</sup> | 2197 | 2255 |
|  Fannie Mae Pool #DB7685 6.00% 7/1/2054 <sup>(a)</sup> | 1316 | 1340 |
|  Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup> | 1237 | 1258 |
|  Fannie Mae Pool #DB5214 6.00% 7/1/2054 <sup>(a)</sup> | 596 | 606 |
|  Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup> | 16780 | 17475 |
|  Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup> | 4952 | 5148 |
|  Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup> | 2806 | 2922 |
|  Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(a)</sup> | 136 | 136 |
|  Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup> | 44877 | 45653 |
|  Fannie Mae Pool #DC0299 6.00% 8/1/2054 <sup>(a)</sup> | 1348 | 1373 |
|  Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup> | 1289 | 1312 |
|  Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup> | 1041 | 1059 |
|  Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup> | 227 | 232 |
|  Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup> | 111 | 113 |
|  Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup> | 96 | 98 |
|  Fannie Mae Pool #FS8783 6.50% 8/1/2054 <sup>(a)</sup> | 2318 | 2414 |
|  Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(a)</sup> | 2007 | 2091 |
|  Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(a)</sup> | 3624 | 3627 |
|  Fannie Mae Pool #FS9001 5.50% 9/1/2054 <sup>(a)</sup> | 1709 | 1724 |
|  Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(a)</sup> | 1269 | 1276 |
|  Fannie Mae Pool #DC2270 6.00% 9/1/2054 <sup>(a)</sup> | 82 | 84 |
|  Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(a)</sup> | 887 | 902 |
|  Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(a)</sup> | 5359 | 5256 |
|  Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup> | 4532 | 4536 |
|  Fannie Mae Pool #MA5532 6.00% 11/1/2054 <sup>(a)</sup> | 3500 | 3559 |
|  Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(a)</sup> | 264 | 254 |
|  Fannie Mae Pool #CB9770 4.50% 12/1/2054 <sup>(a)</sup> | 90 | 86 |
|  Fannie Mae Pool #CB9768 4.50% 12/1/2054 <sup>(a)</sup> | 33 | 31 |
|  Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup> | 143 | 140 |
|  Fannie Mae Pool #CB9675 6.00% 12/1/2054 <sup>(a)</sup> | 4029 | 4128 |
|  Fannie Mae Pool #BU5233 6.00% 12/1/2054 <sup>(a)</sup> | 1426 | 1453 |
|  Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(a)</sup> | 949 | 965 |
|  Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(a)</sup> | 377 | 384 |
|  Fannie Mae Pool #BU5358 6.00% 12/1/2054 <sup>(a)</sup> | 294 | 300 |
|  Fannie Mae Pool #MA5586 5.50% 1/1/2055 <sup>(a)</sup> | 1900 | 1901 |
|  Fannie Mae Pool #CB9821 6.00% 1/1/2055 <sup>(a)</sup> | 1607 | 1638 |
|  Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(a)</sup> | 869 | 883 |
|  Fannie Mae Pool #CB9840 6.50% 1/1/2055 <sup>(a)</sup> | 1995 | 2062 |
|  Fannie Mae Pool #CB9836 6.50% 1/1/2055 <sup>(a)</sup> | 1346 | 1399 |
|  Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup> | 2934 | 2936 |
|  Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(a)</sup> | 13962 | 14198 |
|  Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(a)</sup> | 496 | 496 |
|  Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup> | 5405 | 5496 |
|  Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(a)</sup> | 17406 | 16196 |
|  Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup> | 1036 | 1054 |
|  Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(a)</sup> | 281 | 276 |
|  Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup> | 2211 | 2249 |
|  Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(a)</sup> | 6906 | 6909 |
|  Fannie Mae Pool #DD7303 5.50% 6/1/2055 <sup>(a)</sup> | 511 | 511 |
|  Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup> | 2070 | 2139 |
|  Fannie Mae Pool #BF0145 3.50% 3/1/2057 <sup>(a)</sup> | 9669 | 8665 |
|  Fannie Mae Pool #BF0264 3.50% 5/1/2058 <sup>(a)</sup> | 7168 | 6450 |
|  Fannie Mae Pool #BF0332 3.00% 1/1/2059 <sup>(a)</sup> | 15248 | 13151 |
|  Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup> | 18049 | 15563 |
|  Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup> | 1008 | 965 |
|  Fannie Mae Pool #BF0784 3.50% 12/1/2063 <sup>(a)</sup> | 4704 | 4168 |
|  Fannie Mae, Series 2001-50, Class BA, 7.00% 10/25/2041 <sup>(a)</sup> | 3 | 3 |
|  Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041 <sup>(a)</sup> | 14 | 14 |

---

American Funds Insurance Series **154**

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae, Series 2002-W1, Class 2A, 4.453% 2/25/2042 <sup>(a)(b)</sup> | USD15 | $15 |
|  Freddie Mac Pool #ZS8507 3.00% 11/1/2028 <sup>(a)</sup> | 48 | 47 |
|  Freddie Mac Pool #ZK7590 3.00% 1/1/2029 <sup>(a)</sup> | 877 | 862 |
|  Freddie Mac Pool #A15120 5.50% 10/1/2033 <sup>(a)</sup> | 38 | 38 |
|  Freddie Mac Pool #QN1073 3.00% 12/1/2034 <sup>(a)</sup> | 31 | 29 |
|  Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(a)</sup> | 2494 | 2333 |
|  Freddie Mac Pool #G05196 5.50% 10/1/2038 <sup>(a)</sup> | 37 | 38 |
|  Freddie Mac Pool #G05267 5.50% 12/1/2038 <sup>(a)</sup> | 28 | 29 |
|  Freddie Mac Pool #G06020 5.50% 12/1/2039 <sup>(a)</sup> | 53 | 54 |
|  Freddie Mac Pool #G05860 5.50% 2/1/2040 <sup>(a)</sup> | 183 | 188 |
|  Freddie Mac Pool #RB5071 2.00% 9/1/2040 <sup>(a)</sup> | 1812 | 1572 |
|  Freddie Mac Pool #A93948 4.50% 9/1/2040 <sup>(a)</sup> | 131 | 131 |
|  Freddie Mac Pool #SC0149 2.00% 3/1/2041 <sup>(a)</sup> | 5393 | 4657 |
|  Freddie Mac Pool #G06868 4.50% 4/1/2041 <sup>(a)</sup> | 135 | 135 |
|  Freddie Mac Pool #RB0544 2.00% 6/1/2041 <sup>(a)</sup> | 9385 | 8101 |
|  Freddie Mac Pool #G06841 5.50% 6/1/2041 <sup>(a)</sup> | 303 | 311 |
|  Freddie Mac Pool #Z40130 3.00% 1/1/2046 <sup>(a)</sup> | 15573 | 14152 |
|  Freddie Mac Pool #RA6996 2.50% 3/1/2047 <sup>(a)</sup> | 56 | 47 |
|  Freddie Mac Pool #ZT2100 3.00% 4/1/2047 <sup>(a)</sup> | 90 | 79 |
|  Freddie Mac Pool #SD0470 4.00% 11/1/2047 <sup>(a)</sup> | 807 | 762 |
|  Freddie Mac Pool #G08789 4.00% 11/1/2047 <sup>(a)</sup> | 488 | 465 |
|  Freddie Mac Pool #G61733 3.00% 12/1/2047 <sup>(a)</sup> | 4015 | 3595 |
|  Freddie Mac Pool #G67709 3.50% 3/1/2048 <sup>(a)</sup> | 10467 | 9664 |
|  Freddie Mac Pool #ZT2265 4.00% 8/1/2048 <sup>(a)</sup> | 766 | 725 |
|  Freddie Mac Pool #G61628 3.50% 9/1/2048 <sup>(a)</sup> | 245 | 226 |
|  Freddie Mac Pool #Q58494 4.00% 9/1/2048 <sup>(a)</sup> | 956 | 907 |
|  Freddie Mac Pool #ZN4842 3.50% 4/1/2049 <sup>(a)</sup> | 497 | 455 |
|  Freddie Mac Pool #RA1369 3.50% 9/1/2049 <sup>(a)</sup> | 1585 | 1447 |
|  Freddie Mac Pool #SD7508 3.50% 10/1/2049 <sup>(a)</sup> | 8469 | 7809 |
|  Freddie Mac Pool #QA4673 3.00% 11/1/2049 <sup>(a)</sup> | 23124 | 20549 |
|  Freddie Mac Pool #QB1368 2.50% 7/1/2050 <sup>(a)</sup> | 4617 | 3900 |
|  Freddie Mac Pool #RA3055 2.50% 7/1/2050 <sup>(a)</sup> | 27 | 23 |
|  Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup> | 312 | 273 |
|  Freddie Mac Pool #RA3515 2.50% 9/1/2050 <sup>(a)</sup> | 1823 | 1522 |
|  Freddie Mac Pool #RA3506 3.00% 9/1/2050 <sup>(a)</sup> | 1764 | 1543 |
|  Freddie Mac Pool #SD7525 2.50% 10/1/2050 <sup>(a)</sup> | 5495 | 4662 |
|  Freddie Mac Pool #QB4847 2.50% 10/1/2050 <sup>(a)</sup> | 1196 | 995 |
|  Freddie Mac Pool #QB5799 2.50% 11/1/2050 <sup>(a)</sup> | 60 | 50 |
|  Freddie Mac Pool #QB5838 2.50% 11/1/2050 <sup>(a)</sup> | 25 | 21 |
|  Freddie Mac Pool #RA4206 2.50% 12/1/2050 <sup>(a)</sup> | 1943 | 1615 |
|  Freddie Mac Pool #SD0776 2.00% 2/1/2051 <sup>(a)</sup> | 1779 | 1411 |
|  Freddie Mac Pool #QB8605 2.00% 2/1/2051 <sup>(a)</sup> | 424 | 341 |
|  Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup> | 98 | 78 |
|  Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup> | 62873 | 50074 |
|  Freddie Mac Pool #SD0537 2.00% 3/1/2051 <sup>(a)</sup> | 1789 | 1418 |
|  Freddie Mac Pool #QB9901 2.50% 3/1/2051 <sup>(a)</sup> | 2309 | 1917 |
|  Freddie Mac Pool #SD0934 2.00% 4/1/2051 <sup>(a)</sup> | 2195 | 1740 |
|  Freddie Mac Pool #QC0416 2.50% 4/1/2051 <sup>(a)</sup> | 226 | 188 |
|  Freddie Mac Pool #SI2108 2.50% 4/1/2051 <sup>(a)</sup> | 159 | 132 |
|  Freddie Mac Pool #QC2062 2.00% 5/1/2051 <sup>(a)</sup> | 1840 | 1459 |
|  Freddie Mac Pool #RA5204 2.00% 5/1/2051 <sup>(a)</sup> | 1803 | 1429 |
|  Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(a)</sup> | 1614 | 1279 |
|  Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup> | 1261 | 1014 |
|  Freddie Mac Pool #RA5267 3.00% 5/1/2051 <sup>(a)</sup> | 1092 | 954 |
|  Freddie Mac Pool #QC3423 2.00% 6/1/2051 <sup>(a)</sup> | 1985 | 1573 |
|  Freddie Mac Pool #QC2817 2.50% 6/1/2051 <sup>(a)</sup> | 2349 | 1975 |
|  Freddie Mac Pool #QC3428 2.50% 6/1/2051 <sup>(a)</sup> | 764 | 634 |
|  Freddie Mac Pool #SD3095 2.50% 7/1/2051 <sup>(a)</sup> | 1950 | 1621 |
|  Freddie Mac Pool #SD0926 2.50% 7/1/2051 <sup>(a)</sup> | 551 | 461 |
|  Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(a)</sup> | 5773 | 5097 |

---

**155** American Funds Insurance Series

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #SD8160 2.00% 8/1/2051 <sup>(a)</sup> | USD781 | $621 |
|  Freddie Mac Pool #RA5836 2.50% 9/1/2051 <sup>(a)</sup> | 10005 | 8411 |
|  Freddie Mac Pool #SD2963 2.50% 9/1/2051 <sup>(a)</sup> | 7635 | 6339 |
|  Freddie Mac Pool #SD5485 2.50% 9/1/2051 <sup>(a)</sup> | 1857 | 1552 |
|  Freddie Mac Pool #RA5759 2.50% 9/1/2051 <sup>(a)</sup> | 888 | 737 |
|  Freddie Mac Pool #RA5767 2.50% 9/1/2051 <sup>(a)</sup> | 461 | 382 |
|  Freddie Mac Pool #QC6761 2.50% 9/1/2051 <sup>(a)</sup> | 50 | 41 |
|  Freddie Mac Pool #RA5901 3.00% 9/1/2051 <sup>(a)</sup> | 1022 | 893 |
|  Freddie Mac Pool #QD0086 2.00% 10/1/2051 <sup>(a)</sup> | 530 | 420 |
|  Freddie Mac Pool #SD1345 2.50% 10/1/2051 <sup>(a)</sup> | 1913 | 1589 |
|  Freddie Mac Pool #SD2880 3.00% 10/1/2051 <sup>(a)</sup> | 6354 | 5551 |
|  Freddie Mac Pool #SD0734 3.00% 10/1/2051 <sup>(a)</sup> | 1794 | 1579 |
|  Freddie Mac Pool #QD0877 2.00% 11/1/2051 <sup>(a)</sup> | 7969 | 6317 |
|  Freddie Mac Pool #QD1841 2.00% 11/1/2051 <sup>(a)</sup> | 2359 | 1871 |
|  Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup> | 1383 | 1165 |
|  Freddie Mac Pool #RA6347 3.00% 11/1/2051 <sup>(a)</sup> | 1159 | 1013 |
|  Freddie Mac Pool #SD8182 2.00% 12/1/2051 <sup>(a)</sup> | 810 | 644 |
|  Freddie Mac Pool #SD3729 2.50% 12/1/2051 <sup>(a)</sup> | 1102 | 915 |
|  Freddie Mac Pool #QD3310 3.00% 12/1/2051 <sup>(a)</sup> | 18 | 16 |
|  Freddie Mac Pool #QD4465 2.00% 1/1/2052 <sup>(a)</sup> | 1886 | 1495 |
|  Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(a)</sup> | 4134 | 3433 |
|  Freddie Mac Pool #SD0855 2.50% 1/1/2052 <sup>(a)</sup> | 2642 | 2205 |
|  Freddie Mac Pool #RA6634 2.50% 1/1/2052 <sup>(a)</sup> | 487 | 405 |
|  Freddie Mac Pool #QD5254 2.50% 1/1/2052 <sup>(a)</sup> | 482 | 402 |
|  Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(a)</sup> | 3961 | 3484 |
|  Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(a)</sup> | 1634 | 1296 |
|  Freddie Mac Pool #SD8193 2.00% 2/1/2052 <sup>(a)</sup> | 828 | 658 |
|  Freddie Mac Pool #QD7187 2.50% 2/1/2052 <sup>(a)</sup> | 977 | 811 |
|  Freddie Mac Pool #SI2095 2.50% 2/1/2052 <sup>(a)</sup> | 403 | 335 |
|  Freddie Mac Pool #SD8194 2.50% 2/1/2052 <sup>(a)</sup> | 230 | 192 |
|  Freddie Mac Pool #QD7360 2.50% 2/1/2052 <sup>(a)</sup> | 171 | 142 |
|  Freddie Mac Pool #QD7312 2.50% 2/1/2052 <sup>(a)</sup> | 62 | 52 |
|  Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup> | 596 | 541 |
|  Freddie Mac Pool #SD5343 2.00% 3/1/2052 <sup>(a)</sup> | 2322 | 1843 |
|  Freddie Mac Pool #SD8199 2.00% 3/1/2052 <sup>(a)</sup> | 1812 | 1439 |
|  Freddie Mac Pool #QD8010 2.00% 3/1/2052 <sup>(a)</sup> | 918 | 727 |
|  Freddie Mac Pool #QD8103 2.00% 3/1/2052 <sup>(a)</sup> | 854 | 677 |
|  Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(a)</sup> | 493 | 391 |
|  Freddie Mac Pool #QD8820 2.00% 3/1/2052 <sup>(a)</sup> | 170 | 135 |
|  Freddie Mac Pool #SD8200 2.50% 3/1/2052 <sup>(a)</sup> | 808 | 672 |
|  Freddie Mac Pool #QE0888 2.50% 3/1/2052 <sup>(a)</sup> | 728 | 607 |
|  Freddie Mac Pool #QE0957 2.50% 3/1/2052 <sup>(a)</sup> | 70 | 58 |
|  Freddie Mac Pool #SD8204 2.00% 4/1/2052 <sup>(a)</sup> | 1264 | 1004 |
|  Freddie Mac Pool #SD3478 2.50% 4/1/2052 <sup>(a)</sup> | 1714 | 1423 |
|  Freddie Mac Pool #QE0521 2.50% 4/1/2052 <sup>(a)</sup> | 563 | 469 |
|  Freddie Mac Pool #QE1102 2.50% 4/1/2052 <sup>(a)</sup> | 223 | 185 |
|  Freddie Mac Pool #QE0322 2.50% 4/1/2052 <sup>(a)</sup> | 124 | 103 |
|  Freddie Mac Pool #SD1658 2.50% 4/1/2052 <sup>(a)</sup> | 120 | 100 |
|  Freddie Mac Pool #SD8212 2.50% 5/1/2052 <sup>(a)</sup> | 1683 | 1401 |
|  Freddie Mac Pool #RA7139 2.50% 5/1/2052 <sup>(a)</sup> | 380 | 315 |
|  Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup> | 42415 | 36791 |
|  Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(a)</sup> | 3623 | 3139 |
|  Freddie Mac Pool #QE4084 6.50% 6/1/2052 <sup>(a)</sup> | 180 | 189 |
|  Freddie Mac Pool #SD3416 2.50% 7/1/2052 <sup>(a)</sup> | 881 | 731 |
|  Freddie Mac Pool #SD3632 2.50% 7/1/2052 <sup>(a)</sup> | 475 | 395 |
|  Freddie Mac Pool #SD2600 2.50% 7/1/2052 <sup>(a)</sup> | 190 | 158 |
|  Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup> | 4318 | 3745 |
|  Freddie Mac Pool #QE5698 5.00% 7/1/2052 <sup>(a)</sup> | 2045 | 2015 |
|  Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(a)</sup> | 89 | 71 |
|  Freddie Mac Pool #SD1408 2.50% 8/1/2052 <sup>(a)</sup> | 193 | 161 |

---

American Funds Insurance Series **156**

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #SD7556 3.00% 8/1/2052 <sup>(a)</sup> | USD560 | $490 |
|  Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(a)</sup> | 72 | 69 |
|  Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(a)</sup> | 4020 | 3487 |
|  Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(a)</sup> | 326 | 313 |
|  Freddie Mac Pool #QF1205 4.50% 9/1/2052 <sup>(a)</sup> | 285 | 274 |
|  Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(a)</sup> | 83 | 79 |
|  Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(a)</sup> | 48 | 46 |
|  Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(a)</sup> | 32 | 31 |
|  Freddie Mac Pool #RA8059 5.50% 10/1/2052 <sup>(a)</sup> | 5779 | 5821 |
|  Freddie Mac Pool #SD1896 4.00% 11/1/2052 <sup>(a)</sup> | 16148 | 15285 |
|  Freddie Mac Pool #SD1894 4.00% 11/1/2052 <sup>(a)</sup> | 5631 | 5328 |
|  Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(a)</sup> | 16259 | 15592 |
|  Freddie Mac Pool #QF2692 5.00% 11/1/2052 <sup>(a)</sup> | 3483 | 3433 |
|  Freddie Mac Pool #QF2926 5.00% 11/1/2052 <sup>(a)</sup> | 3450 | 3399 |
|  Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(a)</sup> | 2042 | 2049 |
|  Freddie Mac Pool #QF2862 6.50% 11/1/2052 <sup>(a)</sup> | 61 | 63 |
|  Freddie Mac Pool #SD8280 6.50% 11/1/2052 <sup>(a)</sup> | 40 | 42 |
|  Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(a)</sup> | 1040 | 901 |
|  Freddie Mac Pool #SD2065 4.00% 12/1/2052 <sup>(a)</sup> | 997 | 929 |
|  Freddie Mac Pool #RA8200 4.00% 12/1/2052 <sup>(a)</sup> | 513 | 478 |
|  Freddie Mac Pool #RA8309 6.00% 12/1/2052 <sup>(a)</sup> | 1157 | 1187 |
|  Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(a)</sup> | 15265 | 14640 |
|  Freddie Mac Pool #SD8288 5.00% 1/1/2053 <sup>(a)</sup> | 193 | 190 |
|  Freddie Mac Pool #RA8423 6.00% 1/1/2053 <sup>(a)</sup> | 3080 | 3153 |
|  Freddie Mac Pool #SD8298 4.50% 2/1/2053 <sup>(a)</sup> | 14914 | 14303 |
|  Freddie Mac Pool #SD8299 5.00% 2/1/2053 <sup>(a)</sup> | 2208 | 2172 |
|  Freddie Mac Pool #SD2462 5.50% 2/1/2053 <sup>(a)</sup> | 42881 | 43071 |
|  Freddie Mac Pool #RA8544 5.50% 2/1/2053 <sup>(a)</sup> | 23172 | 23261 |
|  Freddie Mac Pool #QF8083 6.00% 2/1/2053 <sup>(a)</sup> | 13602 | 13891 |
|  Freddie Mac Pool #QF9463 4.00% 3/1/2053 <sup>(a)</sup> | 2602 | 2422 |
|  Freddie Mac Pool #SD2610 4.00% 3/1/2053 <sup>(a)</sup> | 1695 | 1577 |
|  Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(a)</sup> | 76 | 71 |
|  Freddie Mac Pool #RA8720 4.00% 4/1/2053 <sup>(a)</sup> | 2684 | 2502 |
|  Freddie Mac Pool #SD8314 4.50% 4/1/2053 <sup>(a)</sup> | 194 | 186 |
|  Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(a)</sup> | 4506 | 4453 |
|  Freddie Mac Pool #QG1268 5.00% 4/1/2053 <sup>(a)</sup> | 642 | 633 |
|  Freddie Mac Pool #SD8315 5.00% 4/1/2053 <sup>(a)</sup> | 542 | 534 |
|  Freddie Mac Pool #QG2977 4.00% 5/1/2053 <sup>(a)</sup> | 193 | 180 |
|  Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(a)</sup> | 33 | 31 |
|  Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(a)</sup> | 8264 | 8121 |
|  Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(a)</sup> | 8090 | 8108 |
|  Freddie Mac Pool #QG3365 5.50% 5/1/2053 <sup>(a)</sup> | 3465 | 3488 |
|  Freddie Mac Pool #SD3369 5.50% 5/1/2053 <sup>(a)</sup> | 2382 | 2388 |
|  Freddie Mac Pool #SD2861 6.00% 5/1/2053 <sup>(a)</sup> | 13542 | 13806 |
|  Freddie Mac Pool #QG5002 4.00% 6/1/2053 <sup>(a)</sup> | 578 | 538 |
|  Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(a)</sup> | 5524 | 5429 |
|  Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup> | 19409 | 19448 |
|  Freddie Mac Pool #SD3177 6.00% 6/1/2053 <sup>(a)</sup> | 6319 | 6457 |
|  Freddie Mac Pool #SD3083 6.00% 6/1/2053 <sup>(a)</sup> | 2909 | 2962 |
|  Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(a)</sup> | 670 | 697 |
|  Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(a)</sup> | 580 | 604 |
|  Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(a)</sup> | 561 | 586 |
|  Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(a)</sup> | 546 | 570 |
|  Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(a)</sup> | 385 | 402 |
|  Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(a)</sup> | 294 | 307 |
|  Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(a)</sup> | 185 | 192 |
|  Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(a)</sup> | 162 | 171 |
|  Freddie Mac Pool #QG7153 4.00% 7/1/2053 <sup>(a)</sup> | 5155 | 4804 |
|  Freddie Mac Pool #QG6067 4.00% 7/1/2053 <sup>(a)</sup> | 542 | 504 |
|  Freddie Mac Pool #QG7958 4.00% 7/1/2053 <sup>(a)</sup> | 66 | 61 |

---

**157** American Funds Insurance Series

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(a)</sup> | USD255 | $251 |
|  Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup> | 7500 | 7511 |
|  Freddie Mac Pool #QG7411 5.50% 7/1/2053 <sup>(a)</sup> | 584 | 586 |
|  Freddie Mac Pool #RA9474 6.00% 7/1/2053 <sup>(a)</sup> | 8188 | 8374 |
|  Freddie Mac Pool #SD3434 6.00% 7/1/2053 <sup>(a)</sup> | 2936 | 2992 |
|  Freddie Mac Pool #QG8958 4.00% 8/1/2053 <sup>(a)</sup> | 476 | 443 |
|  Freddie Mac Pool #QG9629 4.00% 8/1/2053 <sup>(a)</sup> | 396 | 369 |
|  Freddie Mac Pool #QG9084 5.50% 8/1/2053 <sup>(a)</sup> | 2310 | 2318 |
|  Freddie Mac Pool #QG9008 5.50% 8/1/2053 <sup>(a)</sup> | 2156 | 2164 |
|  Freddie Mac Pool #QG9628 5.50% 8/1/2053 <sup>(a)</sup> | 2033 | 2039 |
|  Freddie Mac Pool #QG9141 5.50% 8/1/2053 <sup>(a)</sup> | 1343 | 1348 |
|  Freddie Mac Pool #SD3639 6.00% 8/1/2053 <sup>(a)</sup> | 4434 | 4526 |
|  Freddie Mac Pool #QH0851 6.00% 9/1/2053 <sup>(a)</sup> | 13728 | 13973 |
|  Freddie Mac Pool #QH1296 6.00% 9/1/2053 <sup>(a)</sup> | 13376 | 13621 |
|  Freddie Mac Pool #QH1059 6.00% 9/1/2053 <sup>(a)</sup> | 10892 | 11101 |
|  Freddie Mac Pool #SD3916 6.00% 9/1/2053 <sup>(a)</sup> | 1428 | 1461 |
|  Freddie Mac Pool #RA9854 6.00% 9/1/2053 <sup>(a)</sup> | 1074 | 1101 |
|  Freddie Mac Pool #SD3825 6.50% 9/1/2053 <sup>(a)</sup> | 54078 | 55892 |
|  Freddie Mac Pool #SD4997 5.00% 10/1/2053 <sup>(a)</sup> | 802 | 790 |
|  Freddie Mac Pool #SD8368 6.00% 10/1/2053 <sup>(a)</sup> | 14446 | 14706 |
|  Freddie Mac Pool #SD8369 6.50% 10/1/2053 <sup>(a)</sup> | 3680 | 3806 |
|  Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(a)</sup> | 601 | 591 |
|  Freddie Mac Pool #SD4571 5.50% 11/1/2053 <sup>(a)</sup> | 18116 | 18178 |
|  Freddie Mac Pool #SD8373 6.00% 11/1/2053 <sup>(a)</sup> | 2186 | 2226 |
|  Freddie Mac Pool #SD4318 6.50% 11/1/2053 <sup>(a)</sup> | 12641 | 13150 |
|  Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(a)</sup> | 1751 | 1818 |
|  Freddie Mac Pool #RJ0440 6.00% 12/1/2053 <sup>(a)</sup> | 5293 | 5402 |
|  Freddie Mac Pool #QH5936 6.00% 12/1/2053 <sup>(a)</sup> | 2812 | 2886 |
|  Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(a)</sup> | 644 | 668 |
|  Freddie Mac Pool #SD5910 4.00% 2/1/2054 <sup>(a)</sup> | 187 | 174 |
|  Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(a)</sup> | 770 | 771 |
|  Freddie Mac Pool #SD4975 6.00% 2/1/2054 <sup>(a)</sup> | 11117 | 11305 |
|  Freddie Mac Pool #QI0006 6.00% 2/1/2054 <sup>(a)</sup> | 4713 | 4796 |
|  Freddie Mac Pool #SD4897 6.00% 2/1/2054 <sup>(a)</sup> | 3599 | 3672 |
|  Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(a)</sup> | 194 | 197 |
|  Freddie Mac Pool #SD4966 6.50% 2/1/2054 <sup>(a)</sup> | 4842 | 5028 |
|  Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(a)</sup> | 410 | 410 |
|  Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup> | 2559 | 2578 |
|  Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup> | 1857 | 1862 |
|  Freddie Mac Pool #RJ1435 6.00% 4/1/2054 <sup>(a)</sup> | 8058 | 8235 |
|  Freddie Mac Pool #SD5303 6.00% 4/1/2054 <sup>(a)</sup> | 5285 | 5411 |
|  Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup> | 4208 | 4313 |
|  Freddie Mac Pool #RJ1346 6.00% 4/1/2054 <sup>(a)</sup> | 1997 | 2050 |
|  Freddie Mac Pool #SD8421 6.00% 4/1/2054 <sup>(a)</sup> | 166 | 169 |
|  Freddie Mac Pool #SD5316 6.00% 4/1/2054 <sup>(a)</sup> | 23 | 23 |
|  Freddie Mac Pool #SD5221 6.50% 4/1/2054 <sup>(a)</sup> | 6363 | 6624 |
|  Freddie Mac Pool #QI3488 6.50% 4/1/2054 <sup>(a)</sup> | 4289 | 4433 |
|  Freddie Mac Pool #SD8430 5.00% 5/1/2054 <sup>(a)</sup> | 1977 | 1940 |
|  Freddie Mac Pool #RJ1417 5.50% 5/1/2054 <sup>(a)</sup> | 37758 | 38030 |
|  Freddie Mac Pool #RJ1512 5.50% 5/1/2054 <sup>(a)</sup> | 4705 | 4738 |
|  Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup> | 3074 | 3129 |
|  Freddie Mac Pool #RJ1447 6.50% 5/1/2054 <sup>(a)</sup> | 6179 | 6436 |
|  Freddie Mac Pool #RJ1857 5.50% 6/1/2054 <sup>(a)</sup> | 2752 | 2757 |
|  Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(a)</sup> | 984 | 990 |
|  Freddie Mac Pool #RJ1859 6.00% 6/1/2054 <sup>(a)</sup> | 25088 | 25561 |
|  Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(a)</sup> | 120 | 122 |
|  Freddie Mac Pool #SD5701 6.50% 6/1/2054 <sup>(a)</sup> | 5849 | 6091 |
|  Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(a)</sup> | 2462 | 2463 |
|  Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(a)</sup> | 1826 | 1828 |
|  Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(a)</sup> | 23030 | 23429 |

---

American Funds Insurance Series **158**

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(a)</sup> | USD13,207 | $13581 |
|  Freddie Mac Pool #SD5949 6.00% 7/1/2054 <sup>(a)</sup> | 3096 | 3154 |
|  Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(a)</sup> | 2714 | 2765 |
|  Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup> | 237 | 243 |
|  Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(a)</sup> | 35128 | 36307 |
|  Freddie Mac Pool #QI9151 6.50% 7/1/2054 <sup>(a)</sup> | 2575 | 2682 |
|  Freddie Mac Pool #RJ2193 5.00% 8/1/2054 <sup>(a)</sup> | 2048 | 2015 |
|  Freddie Mac Pool #RJ2241 5.00% 8/1/2054 <sup>(a)</sup> | 1454 | 1429 |
|  Freddie Mac Pool #RJ2195 5.00% 8/1/2054 <sup>(a)</sup> | 1313 | 1290 |
|  Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(a)</sup> | 3 | 3 |
|  Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup> | 9466 | 9627 |
|  Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup> | 5050 | 5147 |
|  Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup> | 2455 | 2502 |
|  Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup> | 141 | 144 |
|  Freddie Mac Pool #QJ1440 6.00% 8/1/2054 <sup>(a)</sup> | 62 | 64 |
|  Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup> | 12853 | 13386 |
|  Freddie Mac Pool #SD6034 6.50% 8/1/2054 <sup>(a)</sup> | 12151 | 12655 |
|  Freddie Mac Pool #SD6047 6.50% 8/1/2054 <sup>(a)</sup> | 4793 | 4993 |
|  Freddie Mac Pool #SD6035 6.50% 8/1/2054 <sup>(a)</sup> | 3279 | 3415 |
|  Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(a)</sup> | 1923 | 2001 |
|  Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(a)</sup> | 1144 | 1185 |
|  Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(a)</sup> | 3617 | 3620 |
|  Freddie Mac Pool #SD6578 6.00% 9/1/2054 <sup>(a)</sup> | 4490 | 4592 |
|  Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup> | 485 | 494 |
|  Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup> | 263 | 269 |
|  Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup> | 248 | 254 |
|  Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup> | 229 | 235 |
|  Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup> | 152 | 155 |
|  Freddie Mac Pool #QJ3982 6.00% 9/1/2054 <sup>(a)</sup> | 44 | 45 |
|  Freddie Mac Pool #QJ3945 6.00% 9/1/2054 <sup>(a)</sup> | 30 | 31 |
|  Freddie Mac Pool #RJ2320 6.50% 9/1/2054 <sup>(a)</sup> | 4174 | 4347 |
|  Freddie Mac Pool #SD6271 6.50% 9/1/2054 <sup>(a)</sup> | 2607 | 2703 |
|  Freddie Mac Pool #RJ2325 6.50% 9/1/2054 <sup>(a)</sup> | 2254 | 2342 |
|  Freddie Mac Pool #QJ4693 6.50% 9/1/2054 <sup>(a)</sup> | 1034 | 1077 |
|  Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup> | 1000 | 1034 |
|  Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup> | 4203 | 4206 |
|  Freddie Mac Pool #QJ5971 6.00% 10/1/2054 <sup>(a)</sup> | 147 | 150 |
|  Freddie Mac Pool #QJ5733 6.00% 10/1/2054 <sup>(a)</sup> | 46 | 47 |
|  Freddie Mac Pool #SD6733 6.50% 10/1/2054 <sup>(a)</sup> | 5516 | 5715 |
|  Freddie Mac Pool #QJ7714 6.50% 10/1/2054 <sup>(a)</sup> | 149 | 154 |
|  Freddie Mac Pool #SD8484 4.00% 11/1/2054 <sup>(a)</sup> | 4311 | 4012 |
|  Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(a)</sup> | 4829 | 4624 |
|  Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(a)</sup> | 7307 | 7167 |
|  Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup> | 13366 | 13376 |
|  Freddie Mac Pool #RJ2917 5.50% 11/1/2054 <sup>(a)</sup> | 11082 | 11107 |
|  Freddie Mac Pool #RJ2922 6.00% 11/1/2054 <sup>(a)</sup> | 3287 | 3343 |
|  Freddie Mac Pool #RJ3017 5.00% 12/1/2054 <sup>(a)</sup> | 6877 | 6751 |
|  Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(a)</sup> | 6 | 6 |
|  Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup> | 274 | 274 |
|  Freddie Mac Pool #QX0376 5.50% 12/1/2054 <sup>(a)</sup> | 14 | 14 |
|  Freddie Mac Pool #QX1881 6.00% 12/1/2054 <sup>(a)</sup> | 283 | 288 |
|  Freddie Mac Pool #QX0548 6.50% 12/1/2054 <sup>(a)</sup> | 780 | 808 |
|  Freddie Mac Pool #SD8494 5.50% 1/1/2055 <sup>(a)</sup> | 1412 | 1413 |
|  Freddie Mac Pool #RJ3240 6.00% 1/1/2055 <sup>(a)</sup> | 5759 | 5866 |
|  Freddie Mac Pool #RJ3301 6.00% 1/1/2055 <sup>(a)</sup> | 2350 | 2412 |
|  Freddie Mac Pool #RJ3305 6.00% 1/1/2055 <sup>(a)</sup> | 1643 | 1683 |
|  Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(a)</sup> | 593 | 603 |
|  Freddie Mac Pool #RJ3241 6.50% 1/1/2055 <sup>(a)</sup> | 1498 | 1562 |
|  Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(a)</sup> | 4596 | 4401 |
|  Freddie Mac Pool #SD8506 5.50% 2/1/2055 <sup>(a)</sup> | 7333 | 7336 |

---

**159** American Funds Insurance Series

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup> | USD2,421 | $2461 |
|  Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(a)</sup> | 1756 | 1796 |
|  Freddie Mac Pool #SD8508 6.50% 2/1/2055 <sup>(a)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup> | 159 | 161 |
|  Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup> | 2703 | 2793 |
|  Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup> | 8923 | 9073 |
|  Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(a)</sup> | 1707 | 1736 |
|  Freddie Mac Pool #SD8526 6.50% 4/1/2055 <sup>(a)</sup> | 483 | 500 |
|  Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(a)</sup> | 197 | 193 |
|  Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup> | 1595 | 1621 |
|  Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup> | 883 | 865 |
|  Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(a)</sup> | 12865 | 12872 |
|  Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(a)</sup> | 224 | 231 |
|  Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup> | 1861 | 1892 |
|  Freddie Mac, Series 3061, Class PN, 5.50% 11/15/2035 <sup>(a)</sup> | 37 | 38 |
|  Freddie Mac, Series 3318, Class JT, 5.50% 5/15/2037 <sup>(a)</sup> | 94 | 99 |
|  Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/2033 <sup>(a)(b)</sup> | 3461 | 3461 |
|  Freddie Mac, Series 3146, Class PO, principal only, 0% 4/15/2036 <sup>(a)</sup> | 84 | 74 |
|  Freddie Mac, Series 3156, Class PO, principal only, 0% 5/15/2036 <sup>(a)</sup> | 77 | 67 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)</sup> | 5688 | 5486 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058 <sup>(a)</sup> | 1400 | 1339 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup> | 7792 | 7495 |
|  Government National Mortgage Assn. 5.00% 7/1/2055 <sup>(a)(d)</sup> | 135 | 133 |
|  Government National Mortgage Assn. 5.50% 7/1/2055 <sup>(a)(d)</sup> | 27314 | 27358 |
|  Government National Mortgage Assn. 2.00% 8/1/2055 <sup>(a)(d)</sup> | 6176 | 5014 |
|  Government National Mortgage Assn. 4.00% 8/1/2055 <sup>(a)(d)</sup> | 108 | 100 |
|  Government National Mortgage Assn. Pool #MA5817 4.00% 3/20/2049 <sup>(a)</sup> | 9290 | 8762 |
|  Government National Mortgage Assn. Pool #MA6042 5.00% 7/20/2049 <sup>(a)</sup> | 25 | 25 |
|  Government National Mortgage Assn. Pool #MA6221 4.50% 10/20/2049 <sup>(a)</sup> | 3865 | 3756 |
|  Government National Mortgage Assn. Pool #MA6600 3.50% 4/20/2050 <sup>(a)</sup> | 8606 | 7891 |
|  Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup> | 1930 | 1574 |
|  Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup> | 3347 | 2728 |
|  Government National Mortgage Assn. Pool #785607 2.50% 8/20/2051 <sup>(a)</sup> | 7742 | 6471 |
|  Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup> | 2839 | 2377 |
|  Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup> | 2751 | 2300 |
|  Government National Mortgage Assn. Pool #785813 2.50% 12/20/2051 <sup>(a)</sup> | 4337 | 3638 |
|  Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(a)</sup> | 4033 | 3431 |
|  Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052 <sup>(a)</sup> | 3458 | 2897 |
|  Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup> | 226 | 200 |
|  Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup> | 174 | 154 |
|  Government National Mortgage Assn. Pool #MA8044 3.50% 5/20/2052 <sup>(a)</sup> | 4664 | 4257 |
|  Government National Mortgage Assn. Pool #MA8148 3.00% 7/20/2052 <sup>(a)</sup> | 4832 | 4280 |
|  Government National Mortgage Assn. Pool #MA8199 3.50% 8/20/2052 <sup>(a)</sup> | 3986 | 3643 |
|  Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup> | 21289 | 19425 |
|  Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/2052 <sup>(a)</sup> | 7615 | 7121 |
|  Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup> | 5348 | 5011 |
|  Government National Mortgage Assn. Pool #MA8799 4.50% 4/20/2053 <sup>(a)</sup> | 3409 | 3283 |
|  Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup> | 12036 | 11578 |
|  Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(a)</sup> | 3131 | 3085 |
|  Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(a)</sup> | 7748 | 7446 |
|  Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/2053 <sup>(a)</sup> | 12720 | 12217 |
|  Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup> | 1742 | 1623 |
|  Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup> | 21027 | 20143 |
|  Government National Mortgage Assn. Pool #MB0144 4.00% 1/20/2055 <sup>(a)</sup> | 9065 | 8435 |
|  Government National Mortgage Assn. Pool #MB0202 4.00% 2/20/2055 <sup>(a)</sup> | 797 | 741 |
|  Government National Mortgage Assn. Pool #MB0256 4.00% 3/20/2055 <sup>(a)</sup> | 1165 | 1084 |
|  Government National Mortgage Assn. Pool #MB0421 4.00% 6/20/2055 <sup>(a)</sup> | 99 | 92 |
|  Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup> | 1472 | 1076 |
|  Uniform Mortgage-Backed Security 2.00% 7/1/2040 <sup>(a)(d)</sup> | 5845 | 5342 |
|  Uniform Mortgage-Backed Security 2.50% 7/1/2055 <sup>(a)(d)</sup> | 151036 | 125252 |

---

American Funds Insurance Series **160**

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(a)(d)</sup> | USD58,704 | $52860 |
|  Uniform Mortgage-Backed Security 4.00% 7/1/2055 <sup>(a)(d)</sup> | 688 | 640 |
|  Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(a)(d)</sup> | 580 | 568 |
|  Uniform Mortgage-Backed Security 5.50% 7/1/2055 <sup>(a)(d)</sup> | 5902 | 5902 |
|  Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(a)(d)</sup> | 1301 | 1322 |
|  Uniform Mortgage-Backed Security 7.00% 7/1/2055 <sup>(a)(d)</sup> | 35090 | 36948 |
|  Uniform Mortgage-Backed Security 2.00% 8/1/2055 <sup>(a)(d)</sup> | 18486 | 14644 |
|  Uniform Mortgage-Backed Security 3.00% 8/1/2055 <sup>(a)(d)</sup> | 9047 | 7828 |
|  Uniform Mortgage-Backed Security 4.00% 8/1/2055 <sup>(a)(d)</sup> | 1456 | 1354 |
|  Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(a)(d)</sup> | 10953 | 11294 |
|  Uniform Mortgage-Backed Security 7.00% 8/1/2055 <sup>(a)(d)</sup> | 30276 | 31760 |
|  |  | 3042615 |
|  **Commercial mortgage-backed securities 3.48%** |  |  |
|  ALA Trust, Series 2025-OANA, Class A, (1-month USD CME Term SOFR + 1.7426%) 6.043% 6/15/2040 <sup>(a)(b)(e)</sup> | 11443 | 11524 |
|  AMSR Trust, Series 2025-SFR1, Class A, 3.655% 6/17/2042 <sup>(a)(e)</sup> | 11892 | 11381 |
|  ARES Commercial Mortgage Trust, Series 24-IND, Class A, (1-month USD CME Term SOFR + 1.69%)<br>6.003% 7/15/2041 <sup>(a)(b)(e)</sup> | 1251 | 1255 |
|  Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/2052 <sup>(a)</sup> | 770 | 754 |
|  Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 4/15/2052 <sup>(a)</sup> | 100 | 97 |
|  Bank Commercial Mortgage Trust, Series 2023-5YR3, Class AS, 7.315% 9/15/2056 <sup>(a)(b)</sup> | 684 | 732 |
|  Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(a)(b)</sup> | 500 | 536 |
|  Bank Commercial Mortgage Trust, Series 2024-5YR11, Class AS, 6.139% 11/15/2057 <sup>(a)</sup> | 3537 | 3697 |
|  Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/2061 <sup>(a)</sup> | 123 | 120 |
|  Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/2061 <sup>(a)</sup> | 1018 | 953 |
|  Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063 <sup>(a)</sup> | 295 | 266 |
|  Bank5, Series 2025-5YR14, Class A3, 5.646% 4/15/2058 <sup>(a)</sup> | 15601 | 16254 |
|  Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 1/15/2052 <sup>(a)</sup> | 2541 | 2490 |
|  Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053 <sup>(a)(b)</sup> | 781 | 776 |
|  Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/2057 <sup>(a)</sup> | 3361 | 3506 |
|  Benchmark Mortgage Trust, Series 2024-V11, Class AM, 6.201% 11/15/2057 <sup>(a)</sup> | 2174 | 2276 |
|  Benchmark Mortgage Trust, Series 2025-V14, Class A4, 5.66% 4/15/2058 <sup>(a)</sup> | 8867 | 9248 |
|  BMO Mortgage Trust, Series 2024-5C5, Class AS, 6.364% 2/15/2057 <sup>(a)(b)</sup> | 2774 | 2907 |
|  BMO Mortgage Trust, Series 2025-5C9, Class A3, 5.779% 4/15/2058 <sup>(a)</sup> | 7780 | 8129 |
|  BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.427% 6/15/2027 <sup>(a)(b)(e)</sup> | 8476 | 8540 |
|  BX Trust, Series 2024-KING, Class A, (1-month USD CME Term SOFR + 1.541%) 5.853% 5/15/2034 <sup>(a)(b)(e)</sup> | 2183 | 2186 |
|  BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 5.126% 9/15/2036 <sup>(a)(b)(e)</sup> | 14268 | 14228 |
|  BX Trust, Series 2021-VOLT, Class B, (1-month USD CME Term SOFR + 1.064%) 5.376% 9/15/2036 <sup>(a)(b)(e)</sup> | 552 | 550 |
|  BX Trust, Series 2021-ARIA, Class B, (1-month USD CME Term SOFR + 1.411%) 5.723% 10/15/2036 <sup>(a)(b)(e)</sup> | 995 | 994 |
|  BX Trust, Series 2021-ARIA, Class C, (1-month USD CME Term SOFR + 1.76%) 6.072% 10/15/2036 <sup>(a)(b)(e)</sup> | 996 | 995 |
|  BX Trust, Series 2021-RISE, Class A, (1-month USD CME Term SOFR + 0.862%) 5.174% 11/15/2036 <sup>(a)(b)(e)</sup> | 10670 | 10666 |
|  BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.803% 4/15/2037 <sup>(a)(b)(e)</sup> | 3395 | 3400 |
|  BX Trust, Series 2021-SOAR, Class A, (1-month USD CME Term SOFR + 0.784%) 5.096% 6/15/2038 <sup>(a)(b)(e)</sup> | 1981 | 1981 |
|  BX Trust, Series 2021-SOAR, Class B, (1-month USD CME Term SOFR + 0.984%) 5.296% 6/15/2038 <sup>(a)(b)(e)</sup> | 382 | 382 |
|  BX Trust, Series 2021-SOAR, Class C, (1-month USD CME Term SOFR + 1.214%) 5.526% 6/15/2038 <sup>(a)(b)(e)</sup> | 259 | 259 |
|  BX Trust, Series 2021-SOAR, Class D, (1-month USD CME Term SOFR + 1.514%) 5.826% 6/15/2038 <sup>(a)(b)(e)</sup> | 654 | 654 |
|  BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 5.276% 11/15/2038 <sup>(a)(b)(e)</sup> | 8555 | 8555 |
|  BX Trust, Series 2021-ACNT, Class B, (1-month USD CME Term SOFR + 1.364%) 5.676% 11/15/2038 <sup>(a)(b)(e)</sup> | 291 | 290 |
|  BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 5.926% 11/15/2038 <sup>(a)(b)(e)</sup> | 86 | 86 |
|  BX Trust, Series 2021-ACNT, Class D, (1-month USD CME Term SOFR + 1.964%) 6.276% 11/15/2038 <sup>(a)(b)(e)</sup> | 129 | 129 |
|  BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 5.302% 2/15/2039 <sup>(a)(b)(e)</sup> | 8600 | 8598 |
|  BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 6.003% 8/15/2039 <sup>(a)(b)(e)</sup> | 8000 | 8042 |
|  BX Trust, Series 2024-BIO2, Class A, 5.594% 8/13/2041 <sup>(a)(b)(e)</sup> | 26909 | 27299 |
|  CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 6.203% 7/15/2041 <sup>(a)(b)(e)</sup> | 1514 | 1518 |
|  CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.984% 8/15/2041 <sup>(a)(b)(e)</sup> | 5461 | 5449 |
|  Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(a)(b)(e)</sup> | 19044 | 19682 |

---

**161** American Funds Insurance Series

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Commercial mortgage-backed securities (continued)** |  |  |
|  Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/2049 <sup>(a)</sup> | USD610 | $602 |
|  DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.919% 8/12/2043 <sup>(a)(b)(e)</sup> | 8924 | 9048 |
|  DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/10/2040 <sup>(a)(e)</sup> | 966 | 1009 |
|  DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.804% 9/10/2040 <sup>(a)(e)</sup> | 1121 | 1177 |
|  DC Commercial Mortgage Trust, Series 2023-DC, Class C, 7.379% 9/10/2040 <sup>(a)(b)(e)</sup> | 862 | 904 |
|  Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 5/10/2049 <sup>(a)</sup> | 200 | 196 |
|  Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD CME Term SOFR + 1.494%) 5.806% 7/15/2038 <sup>(a)(b)(e)</sup> | 564 | 564 |
|  Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD CME Term SOFR + 1.814%) 6.126% 7/15/2038 <sup>(a)(b)(e)</sup> | 769 | 770 |
|  Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD CME Term SOFR + 2.364%) 6.676% 7/15/2038 <sup>(a)(b)(e)</sup> | 588 | 590 |
|  FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056 <sup>(a)</sup> | 2432 | 2493 |
|  Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%)<br>5.762% 12/15/2029 <sup>(a)(b)(e)</sup> | 1508 | 1510 |
|  GS Mortgage Securities Trust, Series 2024-70P, Class A, 5.487% 3/10/2041 <sup>(a)(b)(e)</sup> | 10443 | 10507 |
|  GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/2050 <sup>(a)</sup> | 400 | 389 |
|  GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2/10/2052 <sup>(a)</sup> | 100 | 97 |
|  GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053 <sup>(a)</sup> | 1536 | 1386 |
|  Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.705% 3/15/2042 <sup>(a)(b)(e)</sup> | 8260 | 8276 |
|  Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.644% 2/5/2045 <sup>(a)(b)(e)</sup> | 15120 | 15543 |
|  HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.875% 5/10/2039 <sup>(a)(b)(e)</sup> | 1478 | 1494 |
|  Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.649% 1/13/2040 <sup>(a)(b)(e)</sup> | 24720 | 25509 |
|  INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.662% 3/15/2042 <sup>(a)(b)(e)</sup> | 28416 | 28334 |
|  JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 3/15/2050 <sup>(a)</sup> | 640 | 623 |
|  JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 10/15/2050 <sup>(a)</sup> | 240 | 233 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039 <sup>(a)(e)</sup> | 6854 | 6250 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 12/15/2049 <sup>(a)(b)</sup> | 2040 | 2008 |
|  KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%)<br>5.854% 12/15/2039 <sup>(a)(b)(e)</sup> | 13405 | 13400 |
|  MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD CME Term SOFR + 0.915%) 5.227% 4/15/2038 <sup>(a)(b)(e)</sup> | 19 | 19 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 4/15/2048 <sup>(a)</sup> | 97 | 96 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 12/15/2049 <sup>(a)</sup> | 245 | 242 |
|  Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 12/15/2048 <sup>(a)</sup> | 730 | 718 |
|  SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1-month USD CME Term SOFR + 1.392%)<br>5.703% 5/15/2039 <sup>(a)(b)(e)</sup> | 3848 | 3848 |
|  SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041 <sup>(a)(e)</sup> | 4065 | 3571 |
|  SREIT Trust, Series 2021-FLWR, Class B, (1-month USD CME Term SOFR + 1.04%) 5.352% 7/15/2036 <sup>(a)(b)(e)</sup> | 800 | 799 |
|  SREIT Trust, Series 2021-MFP, Class B, (1-month USD CME Term SOFR + 1.194%) 5.506% 11/15/2038 <sup>(a)(b)(e)</sup> | 221 | 221 |
|  SREIT Trust, Series 2021-MFP, Class C, (1-month USD CME Term SOFR + 1.443%) 5.755% 11/15/2038 <sup>(a)(b)(e)</sup> | 118 | 118 |
|  SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%)<br>5.755% 3/15/2042 <sup>(a)(b)(e)</sup> | 26882 | 26728 |
|  Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A4, 3.789% 9/15/2048 <sup>(a)</sup> | 1132 | 1129 |
|  Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 12/15/2049 <sup>(a)</sup> | 2550 | 2515 |
|  Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 12/15/2052 <sup>(a)</sup> | 1019 | 963 |
|  Wells Fargo Commercial Mortgage Trust, Series 2024-5C2, Class A3, 5.92% 11/15/2057 <sup>(a)</sup> | 5667 | 5941 |
|  Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 1/15/2060 <sup>(a)</sup> | 205 | 202 |
|  |  | 381406 |
|  **Collateralized mortgage-backed obligations (privately originated) 3.35%** |  |  |
|  Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(a)(b)(e)</sup> | 1747 | 1578 |
|  Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/2055 <sup>(a)(e)</sup> | 64 | 62 |
|  Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026) <sup>(a)(e)(f)</sup> | 4257 | 4094 |
|  Atlas SP, Series 2024-RPL1, Class A1, 3.85% 4/25/2064 (4.85% on 8/1/2028) <sup>(a)(e)(f)</sup> | 11821 | 11432 |

---

American Funds Insurance Series **162**

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
|  BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/2059 <sup>(a)(b)(e)</sup> | USD593 | $556 |
|  BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/2059 <sup>(a)(b)(e)</sup> | 243 | 237 |
|  BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/2061 <sup>(a)(e)</sup> | 675 | 619 |
|  Cascade Funding Mortgage Trust, Series 2023-HB12, Class A, 4.25% 4/25/2033 <sup>(a)(b)(e)</sup> | 197 | 195 |
|  Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(a)(b)(e)</sup> | 2305 | 2285 |
|  Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(a)(b)(e)</sup> | 13815 | 13523 |
|  CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(a)(b)(e)</sup> | 5199 | 4955 |
|  Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060 <sup>(a)(b)(e)</sup> | 122 | 114 |
|  COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066 <sup>(a)(b)(e)</sup> | 1054 | 952 |
|  Connecticut Avenue Securities Trust, Series 2022-R06, Class 1M1, (30-day Average USD-SOFR + 2.75%)<br>7.055% 5/25/2042 <sup>(a)(b)(e)</sup> | 180 | 184 |
|  Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%)<br>6.705% 12/25/2042 <sup>(a)(b)(e)</sup> | 465 | 478 |
|  Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%)<br>6.605% 5/25/2043 <sup>(a)(b)(e)</sup> | 2374 | 2425 |
|  Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%)<br>6.205% 6/25/2043 <sup>(a)(b)(e)</sup> | 1415 | 1429 |
|  Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%)<br>6.005% 7/25/2043 <sup>(a)(b)(e)</sup> | 731 | 735 |
|  Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M1, (30-day Average USD-SOFR + 1.05%)<br>5.355% 1/25/2044 <sup>(a)(b)(e)</sup> | 3393 | 3393 |
|  Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%)<br>6.105% 1/25/2044 <sup>(a)(b)(e)</sup> | 507 | 513 |
|  Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1, (30-day Average USD-SOFR + 1.10%)<br>5.405% 2/25/2044 <sup>(a)(b)(e)</sup> | 354 | 354 |
|  Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M2, (30-day Average USD-SOFR + 1.80%)<br>6.105% 2/25/2044 <sup>(a)(b)(e)</sup> | 1053 | 1064 |
|  Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%)<br>5.405% 5/25/2044 <sup>(a)(b)(e)</sup> | 2713 | 2713 |
|  Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M1, (30-day Average USD-SOFR + 1.05%)<br>5.355% 9/25/2044 <sup>(a)(b)(e)</sup> | 966 | 966 |
|  Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2, (30-day Average USD-SOFR + 1.60%)<br>5.905% 9/25/2044 <sup>(a)(b)(e)</sup> | 1584 | 1591 |
|  Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%)<br>5.305% 2/25/2045 <sup>(a)(b)(e)</sup> | 2005 | 2007 |
|  Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%)<br>5.455% 2/25/2045 <sup>(a)(b)(e)</sup> | 5202 | 5209 |
|  Connecticut Avenue Securities Trust, Series 2025-R04, Class 1M1, (30-day Average USD-SOFR + 1.20%)<br>5.505% 5/25/2045 <sup>(a)(b)(e)</sup> | 6774 | 6791 |
|  Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 9/25/2051 <sup>(a)(b)(e)</sup> | 1700 | 1385 |
|  Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 11/25/2051 <sup>(a)(b)(e)</sup> | 1872 | 1528 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average USD-SOFR + 2.95%) 7.255% 6/25/2042 <sup>(a)(b)(e)</sup> | 132 | 135 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.455% 9/25/2042 <sup>(a)(b)(e)</sup> | 209 | 211 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average USD-SOFR + 3.70%) 8.005% 9/25/2042 <sup>(a)(b)(e)</sup> | 1519 | 1601 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA1, Class M1, (30-day Average USD-SOFR + 1.35%) 5.655% 2/25/2044 <sup>(a)(b)(e)</sup> | 3318 | 3326 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class M1, (30-day Average USD-SOFR + 1.20%) 5.505% 5/25/2044 <sup>(a)(b)(e)</sup> | 13353 | 13381 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M1, (30-day Average USD-SOFR + 1.00%) 5.305% 10/25/2044 <sup>(a)(b)(e)</sup> | 3944 | 3944 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M2, (30-day Average USD-SOFR + 1.45%) 5.755% 10/25/2044 <sup>(a)(b)(e)</sup> | 1648 | 1652 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA2, Class A1, (30-day Average USD-SOFR + 1.10%) 5.405% 5/25/2045 <sup>(a)(b)(e)</sup> | 2978 | 2981 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA2, Class M1, (30-day Average USD-SOFR + 1.20%) 5.505% 5/25/2045 <sup>(a)(b)(e)</sup> | 9130 | 9156 |
|  GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(a)(e)(f)</sup> | 4454 | 4493 |

---

**163** American Funds Insurance Series

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
|  GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/2066 <sup>(a)(b)(e)</sup> | USD1,772 | $1607 |
|  GS Mortgage-Backed Securities Trust, Series 2024-RPL2, Class A1, 3.75% 7/25/2061<br>(4.75% on 2/1/2028) <sup>(a)(e)(f)</sup> | 694 | 677 |
|  Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026 <sup>(a)(e)</sup> | 4556 | 4388 |
|  HOMES Trust, Series 2024-NQM1, Class A1, 5.915% 7/25/2069 (6.915% on 7/1/2028) <sup>(a)(e)(f)</sup> | 15394 | 15497 |
|  JP Morgan Mortgage Trust, Series 2024-INV1, Class A2, 6.00% 4/25/2055 <sup>(a)(b)(e)</sup> | 638 | 643 |
|  Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 <sup>(a)(e)</sup> | 621 | 622 |
|  Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (6.25% on 11/25/2025) <sup>(a)(e)(f)</sup> | 1921 | 1919 |
|  MFRA Trust, Series 2021-RPL1, Class A1, 1.131% 7/25/2060 <sup>(a)(b)(e)</sup> | 2027 | 1847 |
|  MFRA Trust, Series 2024-NQM2, Class A1, 5.272% 8/25/2069 (6.272% on 8/1/2028) <sup>(a)(e)(f)</sup> | 23624 | 23561 |
|  Onslow Bay Financial Mortgage Loan Trust, Series 2024-HYB1, Class A1, 3.645% 3/25/2053 <sup>(a)(b)(e)</sup> | 2453 | 2418 |
|  Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 3/25/2028 (6.988% on 3/1/2028) <sup>(a)(e)(f)</sup> | 6519 | 6567 |
|  Onslow Bay Financial, LLC, Series 2024-HYB2, Class A1, 3.677% 4/25/2053 <sup>(a)(b)(e)</sup> | 1880 | 1878 |
|  Onslow Bay Financial, LLC, Series 2024-NQM4, Class A1, 6.067% 1/25/2064 (7.067% on 2/1/2028) <sup>(a)(e)(f)</sup> | 3385 | 3411 |
|  Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(a)(e)(f)</sup> | 7224 | 7304 |
|  Onslow Bay Financial, LLC, Series 2024-NQM10, Class A1, 6.18% 5/25/2064 (7.18% on 6/1/2028) <sup>(a)(e)(f)</sup> | 7021 | 7087 |
|  Onslow Bay Financial, LLC, Series 2024-NQM8, Class A1, 6.233% 5/25/2064 (7.233% on 5/1/2028) <sup>(a)(e)(f)</sup> | 17725 | 17931 |
|  Onslow Bay Financial, LLC, Series 2024-NQM13, Class A1, 5.116% 6/25/2064 (6.116% on 8/1/2028) <sup>(a)(e)(f)</sup> | 5192 | 5176 |
|  Onslow Bay Financial, LLC, Series 2024-NQM11, Class A1, 5.875% 6/25/2064 (6.825% on 7/1/2028) <sup>(a)(e)(f)</sup> | 19510 | 19630 |
|  PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/2056 <sup>(a)(b)(e)</sup> | 1303 | 1156 |
|  Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2030 <sup>(a)(e)</sup> | 4038 | 3805 |
|  Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039 <sup>(a)(e)</sup> | 1084 | 1058 |
|  Progress Residential Trust, Series 2024-SFR2, Class B, 3.40% 4/17/2041 <sup>(a)(b)(e)</sup> | 1044 | 991 |
|  Progress Residential Trust, Series 2025-SFR2, Class A, 3.305% 4/17/2042 <sup>(a)(e)</sup> | 14345 | 13519 |
|  PRP Advisors, LLC, Series 2025-RPL3, Class A1, 3.25% 4/25/2055 (4.25% on 4/1/2028) <sup>(a)(e)(f)</sup> | 6176 | 5913 |
|  Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) 6.062% 10/17/2041 <sup>(a)(b)(e)</sup> | 6368 | 6410 |
|  Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060 <sup>(a)(e)</sup> | 7476 | 6786 |
|  Towd Point Mortgage Trust, Series 2024-3, Class A1A, 5.107% 7/25/2065 <sup>(a)(b)(e)</sup> | 3356 | 3424 |
|  Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(e)(g)</sup> | 1423 | 1423 |
|  Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038 <sup>(a)(e)</sup> | 5021 | 4881 |
|  Tricon Residential Trust, Series 2024-SFR2, Class A, 4.75% 6/17/2040 <sup>(a)(e)</sup> | 8569 | 8597 |
|  Tricon Residential Trust, Series 2024-SFR3, Class A, 4.50% 8/17/2041 <sup>(a)(e)</sup> | 7475 | 7435 |
|  Tricon Residential Trust, Series 2024-SFR4, Class A, 4.30% 11/17/2041 <sup>(a)(e)</sup> | 3360 | 3315 |
|  Verus Securitization Trust, Series 2024-3, Class A1, 6.338% 4/25/2069 (7.338% on 4/1/2028) <sup>(a)(e)(f)</sup> | 15504 | 15685 |
|  Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(a)(e)(f)</sup> | 6574 | 6650 |
|  Verus Securitization Trust, Series 2024-6, Class A1, 5.799% 7/25/2069 (6.799% on 7/1/2028) <sup>(a)(e)(f)</sup> | 14079 | 14172 |
|  Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 <sup>(a)(b)(e)</sup> | 4413 | 4414 |
|  Verus Securitization Trust, Series 2025-5, Class A1, 5.427% 6/25/2070 (6.427% on 6/1/2029) <sup>(a)(e)(f)</sup> | 21776 | 22012 |
|  |  | 368056 |
|  **Total mortgage-backed obligations** |  | 3792077 |
|  **Corporate bonds, notes & loans 33.01%** |  |  |
|  **Financials 11.08%** |  |  |
|  AerCap Ireland Capital DAC 6.50% 7/15/2025 | 1798 | 1799 |
|  AerCap Ireland Capital DAC 1.75% 1/30/2026 | 2841 | 2792 |
|  AerCap Ireland Capital DAC 2.45% 10/29/2026 | 10289 | 10027 |
|  AerCap Ireland Capital DAC 6.45% 4/15/2027 | 3994 | 4126 |
|  Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% 11/17/2029 <sup>(b)(e)(g)(h)</sup> | 7652 | 7595 |
|  AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028) <sup>(e)(f)</sup> | 1597 | 1690 |
|  AIB Group PLC 5.871% 3/28/2035 (USD-SOFR + 1.91% on 3/28/2034) <sup>(e)(f)</sup> | 1995 | 2058 |
|  Alpha Bank SA 7.50% 6/16/2027 (1-year EUR Mid-Swap + 5.084% on 6/16/2026) <sup>(f)</sup> | EUR437 | 539 |
|  Alpha Bank SA 6.875% 6/27/2029 (1-year EUR-ICE Swap EURIBOR + 3.793% on 6/27/2028) <sup>(f)</sup> | 2840 | 3708 |
|  Alpha Bank SA 5.00% 5/12/2030 (1-year EUR-ICE Swap EURIBOR + 2.432% on 5/12/2029) <sup>(f)</sup> | 4065 | 5102 |
|  American Express Co. 6.338% 10/30/2026 (USD-SOFR + 1.33% on 10/30/2025) <sup>(f)</sup> | USD604 | 608 |
|  American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030) <sup>(f)</sup> | 359 | 391 |
|  American Express Co. 5.043% 5/1/2034 (USD-SOFR + 1.835% on 5/1/2033) <sup>(f)</sup> | 1618 | 1634 |

---

American Funds Insurance Series **164**

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
| <br> **Corporate bonds, notes & loans (continued)** |  |  |
|  <br> **Financials (continued)** |  |  |
|  American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(f)</sup> | USD4,927 | $5031 |
|  American Express Co. 5.667% 4/25/2036 (USD-SOFR + 1.79% on 4/25/2035) <sup>(f)</sup> | 2464 | 2552 |
|  American International Group, Inc. 4.85% 5/7/2030 | 3534 | 3592 |
|  American International Group, Inc. 5.125% 3/27/2033 | 2749 | 2796 |
|  Aon Corp. 5.35% 2/28/2033 | 1083 | 1116 |
|  Aon North America, Inc. 5.15% 3/1/2029 | 3015 | 3089 |
|  Aon North America, Inc. 5.30% 3/1/2031 | 1005 | 1040 |
|  Aon North America, Inc. 5.45% 3/1/2034 | 2550 | 2621 |
|  Aon North America, Inc. 5.75% 3/1/2054 | 1163 | 1147 |
|  Arthur J. Gallagher & Co. 4.85% 12/15/2029 | 3140 | 3188 |
|  Arthur J. Gallagher & Co. 5.15% 2/15/2035 | 1845 | 1847 |
|  Arthur J. Gallagher & Co. 5.55% 2/15/2055 | 1845 | 1771 |
|  Banco Santander, SA 5.147% 8/18/2025 | 4000 | 4003 |
|  Banco Santander, SA 1.722% 9/14/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on 9/14/2026) <sup>(f)</sup> | 1400 | 1353 |
|  Bank of America Corp. 2.551% 2/4/2028 (USD-SOFR + 1.05% on 2/4/2027) <sup>(f)</sup> | 4295 | 4176 |
|  Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027) <sup>(f)</sup> | 2635 | 2635 |
|  Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028) <sup>(f)</sup> | 3202 | 3002 |
|  Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028) <sup>(f)</sup> | 339 | 353 |
|  Bank of America Corp. 3.974% 2/7/2030 (3-month USD CME Term SOFR + 1.472% on 2/7/2029) <sup>(f)</sup> | 1150 | 1132 |
|  Bank of America Corp. 2.884% 10/22/2030 (3-month USD CME Term SOFR + 1.19% on 10/22/2029) <sup>(f)</sup> | 3691 | 3456 |
|  Bank of America Corp. 5.162% 1/24/2031 (USD-SOFR + 1.00% on 1/24/2030) <sup>(f)</sup> | 5024 | 5151 |
|  Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(f)</sup> | 20927 | 18255 |
|  Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(f)</sup> | 36155 | 31516 |
|  Bank of Ireland Group PLC 6.253% 9/16/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 9/16/2025) <sup>(e)(f)</sup> | 4850 | 4866 |
|  Bank of New York Mellon Corp. 4.975% 3/14/2030 (USD-SOFR + 1.085% on 3/14/2029) <sup>(f)</sup> | 1858 | 1903 |
|  Bank of New York Mellon Corp. 5.06% 7/22/2032 (USD-SOFR + 1.23% on 7/22/2031) <sup>(f)</sup> | 5690 | 5826 |
|  Bank of New York Mellon Corp. 5.188% 3/14/2035 (USD-SOFR + 1.418% on 3/14/2034) <sup>(f)</sup> | 2378 | 2409 |
|  Bank of Nova Scotia (The) 5.25% 6/12/2028 | 1370 | 1412 |
|  Banque Federative du Credit Mutuel 0.82% 10/16/2026 | JPY300,000 | 2074 |
|  Barclays PLC 4.837% 9/10/2028 (USD-SOFR + 1.34% on 9/10/2027) <sup>(f)</sup> | USD2,585 | 2605 |
|  Block, Inc. 2.75% 6/1/2026 | 1975 | 1935 |
|  BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027) <sup>(e)(f)</sup> | 13134 | 12752 |
|  BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(e)(f)</sup> | 3594 | 3332 |
|  BNP Paribas SA 5.738% 2/20/2035 (USD-SOFR + 1.88% on 2/20/2034) <sup>(e)(f)</sup> | 4117 | 4266 |
|  BPCE SA 1.652% 10/6/2026 (USD-SOFR + 1.52% on 10/6/2025) <sup>(e)(f)</sup> | 4729 | 4691 |
|  BPCE SA 0.895% 12/14/2026 | JPY100,000 | 691 |
|  BPCE SA 5.975% 1/18/2027 (USD-SOFR + 2.10% on 1/18/2026) <sup>(e)(f)</sup> | USD2,150 | 2165 |
|  BPCE SA 6.714% 10/19/2029 (USD-SOFR + 2.27% on 10/19/2028) <sup>(e)(f)</sup> | 5000 | 5297 |
|  BPCE SA 5.716% 1/18/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.959% on 1/18/2029) <sup>(e)(f)</sup> | 1285 | 1323 |
|  BPCE SA 5.876% 1/14/2031 (USD-SOFR + 1.68% on 1/14/2030) <sup>(e)(f)</sup> | 1845 | 1914 |
|  BPCE SA 5.389% 5/28/2031 (USD-SOFR + 1.581% on 5/28/2030) <sup>(e)(f)</sup> | 3814 | 3885 |
|  BPCE SA 5.936% 5/30/2035 (USD-SOFR + 1.85% on 5/30/2034) <sup>(e)(f)</sup> | 4503 | 4617 |
|  BPCE SA 6.293% 1/14/2036 (USD-SOFR + 2.04% on 1/14/2035) <sup>(e)(f)</sup> | 10005 | 10512 |
|  CaixaBank, SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(e)(f)</sup> | 10948 | 11326 |
|  CaixaBank, SA 6.84% 9/13/2034 (USD-SOFR + 2.77% on 9/13/2033) <sup>(e)(f)</sup> | 1900 | 2088 |
|  CaixaBank, SA 6.037% 6/15/2035 (USD-SOFR + 2.26% on 9/15/2034) <sup>(e)(f)</sup> | 3953 | 4138 |
|  Canadian Imperial Bank of Commerce 5.237% 6/28/2027 | 2650 | 2699 |
|  Canadian Imperial Bank of Commerce 4.857% 3/30/2029 (USD-SOFR + 1.03% on 3/31/2028) <sup>(f)</sup> | 31095 | 31435 |
|  Capital One Financial Corp. 4.985% 7/24/2026 (USD-SOFR + 2.16% on 7/24/2025) <sup>(f)</sup> | 2430 | 2430 |
|  Capital One Financial Corp. 5.468% 2/1/2029 (USD-SOFR + 2.08% on 2/1/2028) <sup>(f)</sup> | 515 | 527 |
|  Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033) <sup>(f)</sup> | 1204 | 1282 |
|  Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(f)</sup> | 2920 | 3045 |
|  Charles Schwab Corp. (The) 5.643% 5/19/2029 (USD-SOFR + 2.21% on 5/19/2028) <sup>(f)</sup> | 2445 | 2535 |
|  China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031 | 526 | 470 |
|  Chubb INA Holdings, LLC 3.35% 5/3/2026 | 2020 | 2005 |
|  Chubb INA Holdings, LLC 5.00% 3/15/2034 | 4400 | 4485 |
|  Chubb INA Holdings, LLC 4.35% 11/3/2045 | 2015 | 1745 |

---

**165** American Funds Insurance Series

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  <br> **Corporate bonds, notes & loans (continued)** |  |  |
|  <br> **Financials (continued)** |  |  |
|  Citibank, NA 5.803% 9/29/2028 | USD4,100 | $4288 |
|  Citigroup, Inc. 4.60% 3/9/2026 | 1800 | 1800 |
|  Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(f)</sup> | 7800 | 7960 |
|  Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(f)</sup> | 5103 | 5081 |
|  Citigroup, Inc. 4.952% 5/7/2031 (USD-SOFR + 1.463% on 5/7/2030) <sup>(f)</sup> | 21543 | 21794 |
|  Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032) <sup>(f)</sup> | 990 | 885 |
|  Citigroup, Inc. 3.785% 3/17/2033 (USD-SOFR + 1.939% on 3/17/2032) <sup>(f)</sup> | 3090 | 2889 |
|  Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(f)</sup> | 123 | 126 |
|  Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(f)</sup> | 1874 | 1889 |
|  Citizens Financial Group, Inc. 5.841% 1/23/2030 (USD-SOFR + 2.01% on 1/23/2029) <sup>(f)</sup> | 15346 | 15898 |
|  Citizens Financial Group, Inc. 6.645% 4/25/2035 (USD-SOFR + 2.325% on 4/25/2034) <sup>(f)</sup> | 4518 | 4872 |
|  Corebridge Financial, Inc. 3.65% 4/5/2027 | 3913 | 3863 |
|  Corebridge Financial, Inc. 3.85% 4/5/2029 | 3534 | 3464 |
|  Corebridge Financial, Inc. 3.90% 4/5/2032 | 3964 | 3723 |
|  Corebridge Financial, Inc. 4.35% 4/5/2042 | 361 | 304 |
|  Credit Agricole SA 1.247% 1/26/2027 (USD-SOFR + 0.892% on 1/26/2026) <sup>(e)(f)</sup> | 2450 | 2404 |
|  Danske Bank AS 1.549% 9/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.73% on 9/10/2026) <sup>(e)(f)</sup> | 2990 | 2889 |
|  Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027) <sup>(e)(f)</sup> | 2975 | 2965 |
|  Deutsche Bank AG 4.10% 1/13/2026 | 7305 | 7281 |
|  Deutsche Bank AG 4.10% 1/13/2026 | 857 | 854 |
|  Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025) <sup>(f)</sup> | 27047 | 26776 |
|  Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027) <sup>(f)</sup> | 17595 | 17095 |
|  Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028) <sup>(f)</sup> | 7343 | 7715 |
|  Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(f)</sup> | 6271 | 6693 |
|  Deutsche Bank AG 4.999% 9/11/2030 (USD-SOFR + 1.70% on 9/11/2029) <sup>(f)</sup> | 6685 | 6737 |
|  Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030) <sup>(f)</sup> | 6750 | 6316 |
|  Deutsche Bank AG 3.729% 1/14/2032 (USD-SOFR + 2.757% on 1/14/2031) <sup>(f)</sup> | 3235 | 2965 |
|  Deutsche Bank AG 5.403% 9/11/2035 (USD-SOFR + 2.05% on 9/11/2034) <sup>(f)</sup> | 3200 | 3184 |
|  DNB Bank ASA 1.535% 5/25/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on 5/25/2026) <sup>(e)(f)</sup> | 1200 | 1170 |
|  Eurobank SA 2.00% 5/5/2027 (1-year EUR Mid-Swap + 2.398% on 5/5/2026) <sup>(f)</sup> | EUR1,845 | 2158 |
|  Eurobank SA 2.25% 3/14/2028 (1-year EUR Mid-Swap + 2.634% on 3/14/2027) <sup>(f)</sup> | 4230 | 4943 |
|  Eurobank SA 7.00% 1/26/2029 (1-year EUR Mid-Swap + 4.418% on 1/26/2028) <sup>(f)</sup> | 3855 | 4999 |
|  Eurobank SA 5.875% 11/28/2029 (1-year EUR Mid-Swap + 2.83% on 11/28/2028) <sup>(f)</sup> | 12035 | 15435 |
|  Eurobank SA 4.875% 4/30/2031 (5-year EUR Mid-Swap + 2.165% on 4/30/2030) <sup>(f)</sup> | 390 | 489 |
|  Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028) <sup>(f)</sup> | USD205 | 216 |
|  Fifth Third Bancorp 4.895% 9/6/2030 (USD-SOFR + 1.486% on 9/6/2029) <sup>(f)</sup> | 1968 | 1990 |
|  Fifth Third Bancorp 5.631% 1/29/2032 (USD-SOFR + 1.84% on 1/29/2031) <sup>(f)</sup> | 11396 | 11863 |
|  Five Corners Funding Trust III 5.791% 2/15/2033 <sup>(e)</sup> | 942 | 980 |
|  Goldman Sachs Group, Inc. 1.431% 3/9/2027 (USD-SOFR + 0.795% on 3/9/2026) <sup>(f)</sup> | 3030 | 2965 |
|  Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026) <sup>(f)</sup> | 13275 | 12820 |
|  Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026) <sup>(f)</sup> | 12997 | 12588 |
|  Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027) <sup>(f)</sup> | 3703 | 3598 |
|  Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027) <sup>(f)</sup> | 5534 | 5459 |
|  Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(f)</sup> | 4895 | 4935 |
|  Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(f)</sup> | 28930 | 30121 |
|  Goldman Sachs Group, Inc. 5.049% 7/23/2030 (USD-SOFR + 1.21% on 7/23/2029) <sup>(f)</sup> | 13759 | 13991 |
|  Goldman Sachs Group, Inc. 4.692% 10/23/2030 (USD-SOFR + 1.135% on 10/23/2029) <sup>(f)</sup> | 2441 | 2449 |
|  Goldman Sachs Group, Inc. 5.218% 4/23/2031 (USD-SOFR + 1.58% on 4/23/2030) <sup>(f)</sup> | 7315 | 7501 |
|  Goldman Sachs Group, Inc. 5.016% 10/23/2035 (USD-SOFR + 1.42% on 10/23/2034) <sup>(f)</sup> | 2929 | 2895 |
|  Goldman Sachs Group, Inc. 5.536% 1/28/2036 (USD-SOFR + 1.38% on 1/28/2035) <sup>(f)</sup> | 24589 | 25225 |
|  Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041) <sup>(f)</sup> | 3160 | 2264 |
|  HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028) <sup>(f)</sup> | 14232 | 13261 |
|  HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(f)</sup> | 9437 | 8351 |
|  HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(f)</sup> | 2000 | 2012 |
|  ING Groep NV 6.083% 9/11/2027 (USD-SOFR + 1.56% on 9/11/2026) <sup>(f)</sup> | 1680 | 1711 |
|  Intercontinental Exchange, Inc. 5.25% 6/15/2031 | 1091 | 1132 |
|  Intesa Sanpaolo SpA 5.71% 1/15/2026 <sup>(e)</sup> | 15400 | 15436 |

---

American Funds Insurance Series **166**

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| <br> **Corporate bonds, notes & loans (continued)** |  |  |
|  <br> **Financials (continued)** |  |  |
|  Intesa Sanpaolo SpA 3.875% 7/14/2027 <sup>(e)</sup> | USD6,250 | $6170 |
|  Intesa Sanpaolo SpA 3.875% 1/12/2028 <sup>(e)</sup> | 1986 | 1949 |
|  Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on 6/20/2053) <sup>(e)(f)</sup> | 5100 | 5727 |
|  Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(e)</sup> | 705 | 677 |
|  JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(f)</sup> | 323 | 316 |
|  JPMorgan Chase & Co. 6.07% 10/22/2027 (USD-SOFR + 1.33% on 10/22/2026) <sup>(f)</sup> | 1400 | 1431 |
|  JPMorgan Chase & Co. 5.04% 1/23/2028 (USD-SOFR + 1.19% on 1/23/2027) <sup>(f)</sup> | 20000 | 20196 |
|  JPMorgan Chase & Co. 5.571% 4/22/2028 (USD-SOFR + 0.93% on 4/22/2027) <sup>(f)</sup> | 2678 | 2734 |
|  JPMorgan Chase & Co. 4.979% 7/22/2028 (USD-SOFR + 0.93% on 7/22/2027) <sup>(f)</sup> | 8670 | 8783 |
|  JPMorgan Chase & Co. 4.203% 7/23/2029 (3-month USD CME Term SOFR + 1.522% on 7/23/2028) <sup>(f)</sup> | 11980 | 11932 |
|  JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(f)</sup> | 6480 | 6730 |
|  JPMorgan Chase & Co. 4.995% 7/22/2030 (USD-SOFR + 1.125% on 7/22/2029) <sup>(f)</sup> | 10724 | 10922 |
|  JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(f)</sup> | 6549 | 6573 |
|  JPMorgan Chase & Co. 5.103% 4/22/2031 (USD-SOFR + 1.435% on 4/22/2030) <sup>(f)</sup> | 4720 | 4838 |
|  JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(f)</sup> | 641 | 556 |
|  JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031) <sup>(f)</sup> | 5313 | 4679 |
|  JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(f)</sup> | 17099 | 17407 |
|  JPMorgan Chase & Co. 4.946% 10/22/2035 (USD-SOFR + 1.34% on 10/22/2034) <sup>(f)</sup> | 2790 | 2762 |
|  JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(f)</sup> | 10233 | 10609 |
|  Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026) <sup>(f)</sup> | 2415 | 2352 |
|  KBC Groep NV 5.796% 1/19/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on 1/19/2028) <sup>(e)(f)</sup> | 1375 | 1420 |
|  Lloyds Banking Group PLC 5.985% 8/7/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.48% on 8/7/2026) <sup>(f)</sup> | 1625 | 1650 |
|  Lloyds Banking Group PLC 5.462% 1/5/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.375% on 1/5/2027) <sup>(f)</sup> | 200 | 203 |
|  Lloyds Banking Group PLC 5.679% 1/5/2035 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 1/5/2034) <sup>(f)</sup> | 1979 | 2032 |
|  M&T Bank Corp. 7.413% 10/30/2029 (USD-SOFR + 2.80% on 10/30/2028) <sup>(f)</sup> | 6528 | 7081 |
|  M&T Bank Corp. 6.082% 3/13/2032 (USD-SOFR + 2.26% on 3/13/2031) <sup>(f)</sup> | 6357 | 6715 |
|  Marsh & McLennan Cos., Inc. 5.00% 3/15/2035 | 2285 | 2286 |
|  Marsh & McLennan Cos., Inc. 5.35% 11/15/2044 | 250 | 246 |
|  Marsh & McLennan Cos., Inc. 5.40% 3/15/2055 | 2060 | 1987 |
|  MetLife Capital Trust IV, junior subordinated, 7.875% 12/15/2067<br>(3-month USD CME Term SOFR + 4.222% on 12/15/2037) <sup>(e)(f)</sup> | 1405 | 1544 |
|  MetLife, Inc. 3.60% 11/13/2025 | 3490 | 3481 |
|  MetLife, Inc. 5.375% 7/15/2033 | 1279 | 1332 |
|  Metropolitan Life Global Funding I 5.40% 9/12/2028 <sup>(e)</sup> | 840 | 871 |
|  Metropolitan Life Global Funding I 4.85% 1/8/2029 <sup>(e)</sup> | 2050 | 2089 |
|  Metropolitan Life Global Funding I 5.15% 3/28/2033 <sup>(e)</sup> | 619 | 629 |
|  Mitsubishi UFJ Financial Group, Inc. 1.538% 7/20/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/20/2026) <sup>(f)</sup> | 6200 | 6017 |
|  Mitsubishi UFJ Financial Group, Inc. 1.64% 10/13/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.67% on 10/13/2026) <sup>(f)</sup> | 2225 | 2149 |
|  Mitsubishi UFJ Financial Group, Inc. 5.422% 2/22/2029<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 1.38% on 2/22/2028) <sup>(f)</sup> | 1430 | 1468 |
|  Mitsubishi UFJ Financial Group, Inc. 5.133% 7/20/2033<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 2.125% on 7/20/2032) <sup>(f)</sup> | 763 | 773 |
|  Mizuho Financial Group, Inc. 1.554% 7/9/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/9/2026) <sup>(f)</sup> | 1367 | 1327 |
|  Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.65% on 7/6/2028) <sup>(f)</sup> | 1701 | 1767 |
|  Mizuho Financial Group, Inc. 5.376% 5/26/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.12% on 5/26/2029) <sup>(f)</sup> | 2020 | 2078 |
|  Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026) <sup>(f)</sup> | 13336 | 12940 |
|  Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(f)</sup> | 350 | 355 |
|  Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028) <sup>(f)</sup> | 21869 | 22301 |
|  Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(f)</sup> | 21784 | 22631 |

---

**167** American Funds Insurance Series

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  <br> **Corporate bonds, notes & loans (continued)** |  |  |
|  <br> **Financials (continued)** |  |  |
|  Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(f)</sup> | USD1,704 | $1708 |
|  Morgan Stanley 5.192% 4/17/2031 (USD-SOFR + 1.51% on 4/17/2030) <sup>(f)</sup> | 4664 | 4782 |
|  Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031) <sup>(f)</sup> | 3031 | 2594 |
|  Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033) <sup>(f)</sup> | 11313 | 11593 |
|  Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034) <sup>(f)</sup> | 3069 | 3108 |
|  Morgan Stanley 5.587% 1/18/2036 (USD-SOFR + 1.418% on 1/18/2035) <sup>(f)</sup> | 14060 | 14438 |
|  Morgan Stanley 5.664% 4/17/2036 (USD-SOFR + 1.757% on 4/17/2035) <sup>(f)</sup> | 9846 | 10207 |
|  Morgan Stanley Bank, N.A. 5.882% 10/30/2026 | 2775 | 2834 |
|  MSCI, Inc. 3.25% 8/15/2033 <sup>(e)</sup> | 695 | 610 |
|  NatWest Group PLC 5.847% 3/2/2027<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 3/2/2026) <sup>(f)</sup> | 3555 | 3587 |
|  NatWest Group PLC 5.583% 3/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on 3/1/2027) <sup>(f)</sup> | 2170 | 2210 |
|  Northwestern Mutual Life Insurance Co. (The) 4.90% 6/12/2028 <sup>(e)</sup> | 2090 | 2132 |
|  OneMain Finance Corp. 7.125% 3/15/2026 | 87 | 88 |
|  Piraeus Bank SA 7.25% 7/13/2028 (1-year EUR Mid-Swap + 3.692% on 7/13/2027) <sup>(f)</sup> | EUR565 | 725 |
|  Piraeus Bank SA 4.625% 7/17/2029 (1-year EUR Mid-Swap + 1.723% on 7/17/2028) <sup>(f)</sup> | 165 | 203 |
|  Piraeus Bank SA 6.75% 12/5/2029 (1-year EUR Mid-Swap + 3.837% on 12/5/2028) <sup>(f)</sup> | 1345 | 1760 |
|  PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028) <sup>(f)</sup> | USD4,594 | 4759 |
|  PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033) <sup>(f)</sup> | 12265 | 13716 |
|  PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(f)</sup> | 635 | 660 |
|  Royal Bank of Canada 4.90% 1/12/2028 | 360 | 367 |
|  Royal Bank of Canada 4.95% 2/1/2029 | 1360 | 1392 |
|  Santander Holdings USA, Inc. 6.499% 3/9/2029 (USD-SOFR + 2.356% on 3/9/2028) <sup>(f)</sup> | 5100 | 5319 |
|  Santander Holdings USA, Inc. 5.353% 9/6/2030 (USD-SOFR + 1.94% on 9/6/2029) <sup>(f)</sup> | 3706 | 3773 |
|  Standard Chartered PLC 5.905% 5/14/2035<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% on 5/14/2034) <sup>(e)(f)</sup> | 546 | 568 |
|  State Street Corp. 4.164% 8/4/2033 (USD-SOFR + 1.726% on 8/4/2032) <sup>(f)</sup> | 1640 | 1577 |
|  State Street Corp. 5.159% 5/18/2034 (USD-SOFR + 1.89% on 5/18/2033) <sup>(f)</sup> | 2579 | 2635 |
|  Sumitomo Mitsui Financial Group, Inc. 5.88% 7/13/2026 | 1429 | 1451 |
|  Sumitomo Mitsui Financial Group, Inc. 2.174% 1/14/2027 | 1100 | 1067 |
|  Sumitomo Mitsui Financial Group, Inc. 5.80% 7/13/2028 | 1045 | 1089 |
|  Sumitomo Mitsui Financial Group, Inc. 5.766% 1/13/2033 | 373 | 393 |
|  Sumitomo Mitsui Trust Bank, Ltd. 5.55% 9/14/2028 <sup>(e)</sup> | 1400 | 1453 |
|  Swedbank AB 6.136% 9/12/2026 <sup>(e)</sup> | 2100 | 2146 |
|  Truist Financial Corp. 6.047% 6/8/2027 (USD-SOFR + 2.05% on 6/8/2026) <sup>(f)</sup> | 1370 | 1389 |
|  Truist Financial Corp. 4.873% 1/26/2029 (USD-SOFR + 1.435% on 1/26/2028) <sup>(f)</sup> | 2605 | 2636 |
|  Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028) <sup>(f)</sup> | 2396 | 2592 |
|  Truist Financial Corp. 5.435% 1/24/2030 (USD-SOFR + 1.62% on 1/24/2029) <sup>(f)</sup> | 1741 | 1794 |
|  Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031) <sup>(f)</sup> | 4707 | 4800 |
|  Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033) <sup>(f)</sup> | 1586 | 1657 |
|  Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034) <sup>(f)</sup> | 2440 | 2530 |
|  U.S. Bancorp 4.653% 2/1/2029 (USD-SOFR + 1.23% on 2/1/2028) <sup>(f)</sup> | 2115 | 2129 |
|  U.S. Bancorp 5.384% 1/23/2030 (USD-SOFR + 1.56% on 1/23/2029) <sup>(f)</sup> | 7300 | 7518 |
|  U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033) <sup>(f)</sup> | 2839 | 2804 |
|  U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033) <sup>(f)</sup> | 1712 | 1799 |
|  UBS AG 7.50% 2/15/2028 | 2445 | 2638 |
|  UBS Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026) <sup>(e)(f)</sup> | 11200 | 10990 |
|  UBS Group AG 1.494% 8/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 8/10/2026) <sup>(e)(f)</sup> | 6623 | 6407 |
|  UBS Group AG 5.428% 2/8/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.52% on 2/8/2029) <sup>(e)(f)</sup> | 17490 | 17966 |
|  UBS Group AG 5.617% 9/13/2030 (1-year USD-ICE SOFR Swap + 1.34% on 9/13/2029) <sup>(e)(f)</sup> | 14459 | 15017 |
|  UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030) <sup>(e)(f)</sup> | 9636 | 9438 |
|  UBS Group AG 2.095% 2/11/2032 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/11/2031) <sup>(e)(f)</sup> | 1392 | 1204 |
|  UBS Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031) <sup>(e)(f)</sup> | 20425 | 18546 |
|  UBS Group AG 2.746% 2/11/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on 2/11/2032) <sup>(e)(f)</sup> | 4038 | 3524 |
|  UBS Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032) <sup>(e)(f)</sup> | 5000 | 6184 |

---

American Funds Insurance Series **168**

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  <br> **Corporate bonds, notes & loans (continued)** |  |  |
|  <br> **Financials (continued)** |  |  |
|  UniCredit SpA 4.625% 4/12/2027 <sup>(e)</sup> | USD1,395 | $1395 |
|  Vigorous Champion International, Ltd. 4.25% 5/28/2029 | 462 | 455 |
|  Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027) <sup>(f)</sup> | 6615 | 6524 |
|  Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(f)</sup> | 11151 | 11397 |
|  Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027) <sup>(f)</sup> | 1003 | 967 |
|  Wells Fargo & Co. 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027) <sup>(f)</sup> | 8357 | 8429 |
|  Wells Fargo & Co. 4.97% 4/23/2029 (USD-SOFR + 1.37% on 4/23/2028) <sup>(f)</sup> | 4895 | 4964 |
|  Wells Fargo & Co. 5.574% 7/25/2029 (USD-SOFR + 1.74% on 7/25/2028) <sup>(f)</sup> | 2545 | 2628 |
|  Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) <sup>(f)</sup> | 4260 | 4364 |
|  Wells Fargo & Co. 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033) <sup>(f)</sup> | 6025 | 6167 |
|  Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(f)</sup> | 4062 | 4442 |
|  Wells Fargo & Co. 5.211% 12/3/2035 (USD-SOFR + 1.38% on 12/3/2034) <sup>(f)</sup> | 198 | 199 |
|  Wells Fargo & Co. 5.605% 4/23/2036 (USD-SOFR + 1.74% on 4/23/2035) <sup>(f)</sup> | 13513 | 13954 |
|  Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052) <sup>(f)</sup> | 5719 | 4877 |
|  |  | 1215226 |
|  <br> **Utilities 4.25%** |  |  |
|  AEP Texas, Inc. 3.45% 5/15/2051 | 1380 | 930 |
|  AEP Transmission Co., LLC 5.375% 6/15/2035 | 1075 | 1099 |
|  Alabama Power Co. 3.00% 3/15/2052 | 3219 | 2085 |
|  Alfa Transmisora De Energia SA 4.55% 9/27/2051 <sup>(e)</sup> | 411 | 303 |
|  Baltimore Gas and Electric Co. 4.55% 6/1/2052 | 525 | 441 |
|  Berkshire Hathaway Energy Co. 4.50% 2/1/2045 | 5895 | 5074 |
|  Berkshire Hathaway Energy Co. 4.60% 5/1/2053 | 1017 | 851 |
|  Cleveland Electric Illuminating Co. (The) 3.50% 4/1/2028 <sup>(e)</sup> | 2400 | 2336 |
|  Comision Federal de Electricidad 4.688% 5/15/2029 <sup>(e)</sup> | 3655 | 3573 |
|  Connecticut Light and Power Co. (The) 2.05% 7/1/2031 | 1775 | 1550 |
|  DTE Energy Co. 5.10% 3/1/2029 | 7900 | 8059 |
|  DTE Energy Co. 3.00% 3/1/2032 | 259 | 236 |
|  Duke Energy Carolinas, LLC 5.35% 1/15/2053 | 332 | 319 |
|  Duke Energy Florida, LLC 5.875% 11/15/2033 | 370 | 395 |
|  Duke Energy Florida, LLC 3.40% 10/1/2046 | 5669 | 4080 |
|  Duke Energy Florida, LLC 3.00% 12/15/2051 | 293 | 185 |
|  Duke Energy Florida, LLC 5.95% 11/15/2052 | 575 | 591 |
|  Duke Energy Progress, LLC 3.70% 9/1/2028 | 3750 | 3709 |
|  Duke Energy Progress, LLC 2.00% 8/15/2031 | 1775 | 1542 |
|  Duke Energy Progress, LLC 2.50% 8/15/2050 | 644 | 373 |
|  Edison International 4.125% 3/15/2028 | 6768 | 6535 |
|  Edison International 6.95% 11/15/2029 | 1575 | 1638 |
|  Electricite de France SA 5.65% 4/22/2029 <sup>(e)</sup> | 1420 | 1474 |
|  Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on 6/1/2028) <sup>(f)</sup> | EUR2,800 | 3214 |
|  Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(e)(f)</sup> | USD1,575 | 1780 |
|  Emera US Finance, LP 2.639% 6/15/2031 | 4400 | 3866 |
|  ENN Clean Energy International Investment, Ltd. 3.375% 5/12/2026 <sup>(e)</sup> | 1310 | 1292 |
|  Entergy Louisiana, LLC 4.20% 9/1/2048 | 5637 | 4496 |
|  Eversource Energy 5.00% 1/1/2027 | 3415 | 3447 |
|  FirstEnergy Corp. 1.60% 1/15/2026 | 20066 | 19701 |
|  FirstEnergy Corp. 2.65% 3/1/2030 | 16560 | 15212 |
|  FirstEnergy Corp. 2.25% 9/1/2030 | 12602 | 11197 |
|  Florida Power & Light Co. 4.40% 5/15/2028 | 1655 | 1668 |
|  Florida Power & Light Co. 5.10% 4/1/2033 | 7431 | 7600 |
|  Florida Power & Light Co. 4.80% 5/15/2033 | 2929 | 2938 |
|  Florida Power & Light Co. 5.30% 4/1/2053 | 1255 | 1201 |
|  Georgia Power Co. 4.95% 5/17/2033 | 1845 | 1860 |
|  Georgia Power Co. 5.25% 3/15/2034 | 3200 | 3265 |
|  Georgia Power Co. 3.70% 1/30/2050 | 190 | 142 |

---

**169** American Funds Insurance Series

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  <br> **Corporate bonds, notes & loans (continued)** |  |  |
|  <br> **Utilities (continued)** |  |  |
|  Jersey Central Power & Light Co. 2.75% 3/1/2032 <sup>(e)</sup> | USD525 | $461 |
|  Monongahela Power Co. 3.55% 5/15/2027 <sup>(e)</sup> | 1700 | 1676 |
|  NiSource, Inc. 5.40% 6/30/2033 | 650 | 665 |
|  Pacific Gas and Electric Co. 3.15% 1/1/2026 | 27543 | 27283 |
|  Pacific Gas and Electric Co. 2.95% 3/1/2026 | 10850 | 10709 |
|  Pacific Gas and Electric Co. 2.10% 8/1/2027 | 2026 | 1919 |
|  Pacific Gas and Electric Co. 3.30% 12/1/2027 | 7105 | 6876 |
|  Pacific Gas and Electric Co. 3.00% 6/15/2028 | 2542 | 2415 |
|  Pacific Gas and Electric Co. 3.75% 7/1/2028 | 13760 | 13356 |
|  Pacific Gas and Electric Co. 4.65% 8/1/2028 | 7900 | 7858 |
|  Pacific Gas and Electric Co. 4.55% 7/1/2030 | 35449 | 34617 |
|  Pacific Gas and Electric Co. 2.50% 2/1/2031 | 21597 | 18759 |
|  Pacific Gas and Electric Co. 6.40% 6/15/2033 | 12824 | 13412 |
|  Pacific Gas and Electric Co. 6.95% 3/15/2034 | 1294 | 1394 |
|  Pacific Gas and Electric Co. 5.80% 5/15/2034 | 5376 | 5378 |
|  Pacific Gas and Electric Co. 5.70% 3/1/2035 | 14434 | 14312 |
|  Pacific Gas and Electric Co. 3.30% 8/1/2040 | 10340 | 7405 |
|  Pacific Gas and Electric Co. 4.95% 7/1/2050 | 5524 | 4458 |
|  Pacific Gas and Electric Co. 3.50% 8/1/2050 | 15807 | 10149 |
|  Pacific Gas and Electric Co. 5.90% 10/1/2054 | 2410 | 2188 |
|  PacifiCorp 5.30% 2/15/2031 | 603 | 621 |
|  PacifiCorp 5.45% 2/15/2034 | 8920 | 9051 |
|  PacifiCorp 3.30% 3/15/2051 | 325 | 212 |
|  PacifiCorp 2.90% 6/15/2052 | 586 | 347 |
|  PacifiCorp 5.35% 12/1/2053 | 3678 | 3310 |
|  PacifiCorp 5.50% 5/15/2054 | 8738 | 8046 |
|  PacifiCorp 5.80% 1/15/2055 | 7735 | 7411 |
|  PECO Energy Co. 5.25% 9/15/2054 | 1775 | 1685 |
|  Public Service Electric and Gas Co. 3.20% 5/15/2029 | 6000 | 5798 |
|  Public Service Electric and Gas Co. 5.20% 8/1/2033 | 1200 | 1237 |
|  Public Service Electric and Gas Co. 5.50% 3/1/2055 | 1503 | 1484 |
|  Southern California Edison Co. 4.90% 6/1/2026 | 1177 | 1178 |
|  Southern California Edison Co. 5.30% 3/1/2028 | 3826 | 3876 |
|  Southern California Edison Co. 4.20% 3/1/2029 | 8211 | 8042 |
|  Southern California Edison Co. 2.85% 8/1/2029 | 7858 | 7275 |
|  Southern California Edison Co. 5.25% 3/15/2030 | 19378 | 19586 |
|  Southern California Edison Co. 2.50% 6/1/2031 | 5044 | 4383 |
|  Southern California Edison Co. 5.45% 6/1/2031 | 9875 | 10055 |
|  Southern California Edison Co. 5.20% 6/1/2034 | 5196 | 5043 |
|  Southern California Edison Co. 5.45% 3/1/2035 | 1845 | 1812 |
|  Southern California Edison Co. 5.75% 4/1/2035 | 4549 | 4644 |
|  Southern California Edison Co. 5.35% 7/15/2035 | 6450 | 6288 |
|  Southern California Edison Co. 5.625% 2/1/2036 | 7051 | 6866 |
|  Southern California Edison Co. 3.60% 2/1/2045 | 2417 | 1666 |
|  Southern California Edison Co. 2.95% 2/1/2051 | 706 | 414 |
|  Southern California Edison Co. 3.65% 6/1/2051 | 29 | 19 |
|  Southern California Edison Co. 5.90% 3/1/2055 | 1661 | 1521 |
|  Southwestern Electric Power Co. 1.65% 3/15/2026 | 3550 | 3481 |
|  Southwestern Electric Power Co. 3.25% 11/1/2051 | 2075 | 1343 |
|  Virginia Electric & Power 2.40% 3/30/2032 | 2575 | 2234 |
|  Wisconsin Power and Light Co. 1.95% 9/16/2031 | 525 | 451 |
|  Wisconsin Power and Light Co. 3.65% 4/1/2050 | 1075 | 772 |
|  Wisconsin Public Service Corp. 2.85% 12/1/2051 | 375 | 230 |
|  Xcel Energy, Inc. 4.75% 3/21/2028 | 7808 | 7886 |
|  Xcel Energy, Inc. 2.60% 12/1/2029 | 4049 | 3747 |
|  Xcel Energy, Inc. 5.45% 8/15/2033 | 4355 | 4445 |
|  Xcel Energy, Inc. 5.50% 3/15/2034 | 4230 | 4300 |
|  |  | 466306 |

---

American Funds Insurance Series **170**

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  <br> **Corporate bonds, notes & loans (continued)** |  |  |
|  <br> **Health care 4.14%** |  |  |
|  AbbVie, Inc. 5.05% 3/15/2034 | USD18,501 | $18844 |
|  AbbVie, Inc. 5.35% 3/15/2044 | 800 | 785 |
|  AbbVie, Inc. 5.40% 3/15/2054 | 15770 | 15345 |
|  AbbVie, Inc. 5.50% 3/15/2064 | 550 | 534 |
|  Amgen, Inc. 5.507% 3/2/2026 | 725 | 725 |
|  Amgen, Inc. 5.15% 3/2/2028 | 5326 | 5444 |
|  Amgen, Inc. 4.05% 8/18/2029 | 7429 | 7345 |
|  Amgen, Inc. 2.45% 2/21/2030 | 5131 | 4700 |
|  Amgen, Inc. 5.25% 3/2/2030 | 2854 | 2942 |
|  Amgen, Inc. 4.20% 3/1/2033 | 8502 | 8164 |
|  Amgen, Inc. 5.25% 3/2/2033 | 20793 | 21300 |
|  Amgen, Inc. 4.875% 3/1/2053 | 3360 | 2937 |
|  Amgen, Inc. 4.40% 2/22/2062 | 196 | 153 |
|  AstraZeneca Finance, LLC 5.00% 2/26/2034 | 6925 | 7062 |
|  Baxter International, Inc. 2.539% 2/1/2032 | 3906 | 3406 |
|  Bristol-Myers Squibb Co. 4.90% 2/22/2029 | 2625 | 2688 |
|  Bristol-Myers Squibb Co. 5.10% 2/22/2031 | 3990 | 4134 |
|  Bristol-Myers Squibb Co. 5.20% 2/22/2034 | 22685 | 23242 |
|  Bristol-Myers Squibb Co. 5.50% 2/22/2044 | 425 | 422 |
|  Bristol-Myers Squibb Co. 2.55% 11/13/2050 | 2113 | 1234 |
|  Bristol-Myers Squibb Co. 3.70% 3/15/2052 | 2197 | 1602 |
|  Bristol-Myers Squibb Co. 6.25% 11/15/2053 | 1740 | 1866 |
|  Bristol-Myers Squibb Co. 5.55% 2/22/2054 | 12840 | 12535 |
|  Centene Corp. 4.25% 12/15/2027 | 14860 | 14644 |
|  Centene Corp. 2.45% 7/15/2028 | 12410 | 11533 |
|  Centene Corp. 4.625% 12/15/2029 | 14945 | 14546 |
|  Centene Corp. 3.375% 2/15/2030 | 15718 | 14488 |
|  Cigna Group (The) 5.125% 5/15/2031 | 2095 | 2156 |
|  Cigna Group (The) 5.25% 2/15/2034 | 3745 | 3806 |
|  CVS Health Corp. 5.125% 2/21/2030 | 1720 | 1752 |
|  CVS Health Corp. 5.25% 1/30/2031 | 960 | 982 |
|  CVS Health Corp. 5.55% 6/1/2031 | 3707 | 3852 |
|  CVS Health Corp. 5.25% 2/21/2033 | 2122 | 2137 |
|  CVS Health Corp. 5.70% 6/1/2034 | 7706 | 7938 |
|  CVS Health Corp. 5.625% 2/21/2053 | 40 | 37 |
|  CVS Health Corp. 5.875% 6/1/2053 | 4897 | 4682 |
|  CVS Health Corp. 6.05% 6/1/2054 | 1995 | 1957 |
|  CVS Health Corp. 6.00% 6/1/2063 | 1344 | 1286 |
|  Elevance Health, Inc. 4.95% 11/1/2031 | 2322 | 2356 |
|  Elevance Health, Inc. 5.20% 2/15/2035 | 7577 | 7660 |
|  Elevance Health, Inc. 4.55% 5/15/2052 | 271 | 222 |
|  Elevance Health, Inc. 5.125% 2/15/2053 | 784 | 701 |
|  Elevance Health, Inc. 5.70% 2/15/2055 | 995 | 965 |
|  Eli Lilly and Co. 5.10% 2/12/2035 | 23057 | 23641 |
|  Eli Lilly and Co. 5.50% 2/12/2055 | 7907 | 7962 |
|  Gilead Sciences, Inc. 5.25% 10/15/2033 | 3340 | 3457 |
|  HCA, Inc. 5.20% 6/1/2028 | 4165 | 4256 |
|  HCA, Inc. 2.375% 7/15/2031 | 2233 | 1944 |
|  HCA, Inc. 3.625% 3/15/2032 | 2400 | 2215 |
|  HCA, Inc. 4.625% 3/15/2052 | 226 | 182 |
|  Humana, Inc. 5.375% 4/15/2031 | 5530 | 5659 |
|  Humana, Inc. 5.55% 5/1/2035 | 1735 | 1745 |
|  Humana, Inc. 5.75% 4/15/2054 | 954 | 889 |
|  Johnson & Johnson 4.80% 6/1/2029 | 3970 | 4080 |
|  Johnson & Johnson 4.90% 6/1/2031 | 4175 | 4319 |
|  Merck & Co., Inc. 1.70% 6/10/2027 | 3093 | 2966 |
|  Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028 | 1375 | 1386 |
|  Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 7942 | 7921 |
|  Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 5622 | 5311 |
|  Roche Holdings, Inc. 1.93% 12/13/2028 <sup>(e)</sup> | 7545 | 7031 |

---

**171** American Funds Insurance Series

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  <br> **Corporate bonds, notes & loans (continued)** |  |  |
|  <br> **Health care (continued)** |  |  |
|  Roche Holdings, Inc. 4.592% 9/9/2034 <sup>(e)</sup> | USD765 | $757 |
|  Roche Holdings, Inc. 2.607% 12/13/2051 <sup>(e)</sup> | 645 | 395 |
|  Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026 | 306 | 302 |
|  Stryker Corp. 4.85% 2/10/2030 | 1235 | 1260 |
|  Stryker Corp. 5.20% 2/10/2035 | 1110 | 1132 |
|  Takeda U.S. Financing, Inc. 5.20% 7/7/2035 | 12074 | 12080 |
|  Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028 | 26824 | 27874 |
|  Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 4431 | 4460 |
|  Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029 | 3720 | 4063 |
|  Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031 | 2935 | 3327 |
|  Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032 | 725 | 741 |
|  Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046 | 37896 | 27295 |
|  UnitedHealth Group, Inc. 3.75% 7/15/2025 | 5410 | 5408 |
|  UnitedHealth Group, Inc. 4.80% 1/15/2030 | 395 | 401 |
|  UnitedHealth Group, Inc. 2.00% 5/15/2030 | 466 | 417 |
|  UnitedHealth Group, Inc. 4.95% 1/15/2032 | 1910 | 1935 |
|  UnitedHealth Group, Inc. 4.20% 5/15/2032 | 1654 | 1602 |
|  UnitedHealth Group, Inc. 5.15% 7/15/2034 | 15956 | 16125 |
|  UnitedHealth Group, Inc. 3.05% 5/15/2041 | 1300 | 956 |
|  UnitedHealth Group, Inc. 4.25% 6/15/2048 | 960 | 772 |
|  UnitedHealth Group, Inc. 3.25% 5/15/2051 | 572 | 380 |
|  UnitedHealth Group, Inc. 5.625% 7/15/2054 | 10472 | 10165 |
|  UnitedHealth Group, Inc. 4.95% 5/15/2062 | 69 | 59 |
|  Viatris, Inc. 4.00% 6/22/2050 | 3750 | 2500 |
|  |  | 454479 |
|  <br> **Consumer discretionary 3.71%** |  |  |
|  Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(e)</sup> | 335 | 325 |
|  Amazon.com, Inc. 1.65% 5/12/2028 | 3860 | 3626 |
|  Amazon.com, Inc. 3.45% 4/13/2029 | 600 | 589 |
|  Amazon.com, Inc. 3.25% 5/12/2061 | 4100 | 2670 |
|  Amazon.com, Inc. 4.10% 4/13/2062 | 470 | 369 |
|  Atlas LuxCo 4 SARL 4.625% 6/1/2028 <sup>(e)</sup> | 255 | 247 |
|  Bath & Body Works, Inc. 6.875% 11/1/2035 | 14740 | 15308 |
|  BMW US Capital, LLC 3.45% 4/1/2027 <sup>(e)</sup> | 1075 | 1059 |
|  BMW US Capital, LLC 3.70% 4/1/2032 <sup>(e)</sup> | 1350 | 1259 |
|  Carnival Corp. 6.125% 2/15/2033 <sup>(e)</sup> | 4115 | 4213 |
|  Daimler Trucks Finance North America, LLC 5.00% 1/15/2027 <sup>(e)</sup> | 794 | 802 |
|  Daimler Trucks Finance North America, LLC 3.65% 4/7/2027 <sup>(e)</sup> | 3567 | 3523 |
|  Daimler Trucks Finance North America, LLC 5.125% 9/25/2027 <sup>(e)</sup> | 1320 | 1339 |
|  Daimler Trucks Finance North America, LLC 5.40% 9/20/2028 <sup>(e)</sup> | 832 | 855 |
|  Daimler Trucks Finance North America, LLC 2.375% 12/14/2028 <sup>(e)</sup> | 3230 | 3015 |
|  Daimler Trucks Finance North America, LLC 5.25% 1/13/2030 <sup>(e)</sup> | 565 | 578 |
|  Daimler Trucks Finance North America, LLC 2.50% 12/14/2031 <sup>(e)</sup> | 8174 | 7096 |
|  Daimler Trucks Finance North America, LLC 5.375% 1/13/2032 <sup>(e)</sup> | 430 | 437 |
|  Daimler Trucks Finance North America, LLC 5.50% 9/20/2033 <sup>(e)</sup> | 691 | 701 |
|  Daimler Trucks Finance North America, LLC 5.375% 1/18/2034 <sup>(e)</sup> | 246 | 247 |
|  Daimler Trucks Finance North America, LLC 5.625% 1/13/2035 <sup>(e)</sup> | 3395 | 3457 |
|  Ford Motor Co. 3.25% 2/12/2032 | 620 | 523 |
|  Ford Motor Credit Co., LLC 6.95% 3/6/2026 | 855 | 863 |
|  Ford Motor Credit Co., LLC 6.95% 6/10/2026 | 755 | 765 |
|  Ford Motor Credit Co., LLC 2.70% 8/10/2026 | 200 | 195 |
|  Ford Motor Credit Co., LLC 5.125% 11/5/2026 | 9695 | 9675 |
|  Ford Motor Credit Co., LLC 4.271% 1/9/2027 | 18742 | 18479 |
|  Ford Motor Credit Co., LLC 5.80% 3/5/2027 | 3145 | 3171 |
|  Ford Motor Credit Co., LLC 5.85% 5/17/2027 | 6490 | 6542 |
|  Ford Motor Credit Co., LLC 4.95% 5/28/2027 | 485 | 482 |
|  Ford Motor Credit Co., LLC 4.125% 8/17/2027 | 39480 | 38603 |

---

American Funds Insurance Series **172**

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  <br> **Corporate bonds, notes & loans (continued)** |  |  |
|  <br> **Consumer discretionary (continued)** |  |  |
|  Ford Motor Credit Co., LLC 3.815% 11/2/2027 | USD3,990 | $3853 |
|  Ford Motor Credit Co., LLC 7.35% 11/4/2027 | 7549 | 7842 |
|  Ford Motor Credit Co., LLC 5.918% 3/20/2028 | 24035 | 24284 |
|  Ford Motor Credit Co., LLC 6.80% 5/12/2028 | 2030 | 2099 |
|  Ford Motor Credit Co., LLC 6.798% 11/7/2028 | 762 | 790 |
|  Ford Motor Credit Co., LLC 2.90% 2/10/2029 | 1065 | 969 |
|  Ford Motor Credit Co., LLC 5.80% 3/8/2029 | 6740 | 6756 |
|  Ford Motor Credit Co., LLC 5.113% 5/3/2029 | 9854 | 9639 |
|  Ford Motor Credit Co., LLC 5.303% 9/6/2029 | 5407 | 5312 |
|  Ford Motor Credit Co., LLC 7.35% 3/6/2030 | 10668 | 11266 |
|  Ford Motor Credit Co., LLC 7.20% 6/10/2030 | 1015 | 1069 |
|  Ford Motor Credit Co., LLC 6.05% 3/5/2031 | 3960 | 3953 |
|  Ford Motor Credit Co., LLC 3.625% 6/17/2031 | 1215 | 1070 |
|  Ford Motor Credit Co., LLC 7.122% 11/7/2033 | 688 | 714 |
|  General Motors Co. 6.125% 10/1/2025 | 13888 | 13913 |
|  General Motors Financial Co., Inc. 1.50% 6/10/2026 | 6712 | 6517 |
|  General Motors Financial Co., Inc. 2.35% 2/26/2027 | 9771 | 9420 |
|  General Motors Financial Co., Inc. 5.35% 1/7/2030 | 10000 | 10126 |
|  General Motors Financial Co., Inc. 5.45% 7/15/2030 | 8013 | 8129 |
|  General Motors Financial Co., Inc. 5.625% 4/4/2032 | 1201 | 1216 |
|  General Motors Financial Co., Inc. 5.90% 1/7/2035 | 2888 | 2905 |
|  Hanesbrands, Inc. 9.00% 2/15/2031 <sup>(e)</sup> | 528 | 560 |
|  Home Depot, Inc. 2.95% 6/15/2029 | 1966 | 1882 |
|  Home Depot, Inc. 4.75% 6/25/2029 | 1849 | 1888 |
|  Home Depot, Inc. 4.85% 6/25/2031 | 2559 | 2626 |
|  Home Depot, Inc. 4.95% 6/25/2034 | 4749 | 4809 |
|  Home Depot, Inc. 4.50% 12/6/2048 | 1915 | 1644 |
|  Home Depot, Inc. 5.30% 6/25/2054 | 2234 | 2147 |
|  Hyatt Hotels Corp. 5.05% 3/30/2028 | 8567 | 8662 |
|  Hyundai Capital America 1.80% 10/15/2025 <sup>(e)</sup> | 13274 | 13164 |
|  Hyundai Capital America 6.25% 11/3/2025 <sup>(e)</sup> | 825 | 828 |
|  Hyundai Capital America 1.30% 1/8/2026 <sup>(e)</sup> | 6000 | 5897 |
|  Hyundai Capital America 5.50% 3/30/2026 <sup>(e)</sup> | 705 | 709 |
|  Hyundai Capital America 1.50% 6/15/2026 <sup>(e)</sup> | 7475 | 7259 |
|  Hyundai Capital America 1.65% 9/17/2026 <sup>(e)</sup> | 7275 | 7024 |
|  Hyundai Capital America 3.00% 2/10/2027 <sup>(e)</sup> | 9000 | 8784 |
|  Hyundai Capital America 5.275% 6/24/2027 <sup>(e)</sup> | 1650 | 1672 |
|  Hyundai Capital America 2.375% 10/15/2027 <sup>(e)</sup> | 7543 | 7176 |
|  Hyundai Capital America 5.60% 3/30/2028 <sup>(e)</sup> | 1385 | 1419 |
|  Hyundai Capital America 5.30% 6/24/2029 <sup>(e)</sup> | 1523 | 1551 |
|  Hyundai Capital America 5.15% 3/27/2030 <sup>(e)</sup> | 25720 | 26038 |
|  Hyundai Capital America 5.40% 6/24/2031 <sup>(e)</sup> | 3365 | 3444 |
|  Hyundai Capital Services, Inc. 1.25% 2/8/2026 <sup>(e)</sup> | 3695 | 3622 |
|  Marriott International, Inc. 5.00% 10/15/2027 | 4470 | 4545 |
|  Marriott International, Inc. 4.90% 4/15/2029 | 653 | 665 |
|  Marriott International, Inc. 5.35% 3/15/2035 | 1365 | 1377 |
|  McDonald's Corp. 5.00% 5/17/2029 | 1305 | 1342 |
|  McDonald's Corp. 4.95% 3/3/2035 | 786 | 786 |
|  McDonald's Corp. 4.45% 3/1/2047 | 3535 | 2991 |
|  McDonald's Corp. 3.625% 9/1/2049 | 2938 | 2133 |
|  Nissan Motor Co., Ltd. 4.81% 9/17/2030 <sup>(e)</sup> | 267 | 245 |
|  Sands China, Ltd. 2.30% 3/8/2027 | 2368 | 2275 |
|  Toyota Motor Credit Corp. 3.375% 4/1/2030 | 4954 | 4737 |
|  Toyota Motor Credit Corp. 4.55% 5/17/2030 | 1625 | 1636 |
|  Toyota Motor Credit Corp. 5.55% 11/20/2030 | 690 | 727 |
|  Travel + Leisure Co. 6.625% 7/31/2026 <sup>(e)</sup> | 675 | 683 |

---

**173** American Funds Insurance Series

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  <br> **Corporate bonds, notes & loans (continued)** |  |  |
|  <br> **Consumer discretionary (continued)** |  |  |
|  Volkswagen Group of America Finance, LLC 4.95% 8/15/2029 <sup>(e)</sup> | USD1,635 | $1642 |
|  Volkswagen Group of America Finance, LLC 6.45% 11/16/2030 <sup>(e)</sup> | 5190 | 5525 |
|  Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(e)</sup> | 410 | 407 |
|  |  | 407376 |
|  <br> **Energy 2.63%** |  |  |
|  Antero Resources Corp. 5.375% 3/1/2030 <sup>(e)</sup> | 280 | 282 |
|  APA Corp. 4.25% 1/15/2030 <sup>(e)</sup> | 2465 | 2361 |
|  Apache Corp. 4.625% 11/15/2025 | 645 | 644 |
|  Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(e)</sup> | 395 | 401 |
|  Baker Hughes Holdings, LLC 2.061% 12/15/2026 | 1136 | 1101 |
|  Canadian Natural Resources, Ltd. 2.05% 7/15/2025 | 754 | 753 |
|  Cenovus Energy, Inc. 5.375% 7/15/2025 | 2763 | 2763 |
|  Cenovus Energy, Inc. 4.25% 4/15/2027 | 13613 | 13586 |
|  Cenovus Energy, Inc. 2.65% 1/15/2032 | 2969 | 2567 |
|  Cenovus Energy, Inc. 5.25% 6/15/2037 | 289 | 273 |
|  Cenovus Energy, Inc. 3.75% 2/15/2052 | 19 | 13 |
|  Chevron Corp. 2.954% 5/16/2026 | 3365 | 3327 |
|  Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(e)</sup> | 22400 | 22677 |
|  Columbia Pipelines Operating Co., LLC 5.927% 8/15/2030 <sup>(e)</sup> | 268 | 283 |
|  Devon Energy Corp. 5.75% 9/15/2054 | 2068 | 1863 |
|  Diamondback Energy, Inc. 5.55% 4/1/2035 | 9020 | 9122 |
|  Ecopetrol SA 8.875% 1/13/2033 | 15325 | 15820 |
|  Energy Transfer, LP 5.25% 7/1/2029 | 979 | 1003 |
|  Energy Transfer, LP 6.40% 12/1/2030 | 479 | 516 |
|  Eni SpA 5.50% 5/15/2034 <sup>(e)</sup> | 359 | 362 |
|  Eni SpA 5.95% 5/15/2054 <sup>(e)</sup> | 222 | 215 |
|  Enterprise Products Operating, LLC 4.95% 2/15/2035 | 1465 | 1461 |
|  EOG Resources, Inc. 5.95% 7/15/2055 | 5080 | 5177 |
|  Equinor ASA 3.625% 9/10/2028 | 4928 | 4862 |
|  Equinor ASA 3.125% 4/6/2030 | 20000 | 19094 |
|  Equinor ASA 3.25% 11/18/2049 | 5687 | 3979 |
|  Exxon Mobil Corp. 3.043% 3/1/2026 | 4625 | 4590 |
|  Exxon Mobil Corp. 3.452% 4/15/2051 | 6510 | 4620 |
|  GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(e)</sup> | 11320 | 11460 |
|  Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(e)</sup> | 1470 | 1493 |
|  Occidental Petroleum Corp. 6.625% 9/1/2030 | 5120 | 5417 |
|  Occidental Petroleum Corp. 5.55% 10/1/2034 | 5200 | 5106 |
|  Odebrecht Drilling Services, LLC 7.50% 6/15/2030 <sup>(e)</sup> | 6 | 6 |
|  Oleoducto Central SA 4.00% 7/14/2027 <sup>(e)</sup> | 1715 | 1673 |
|  Oleoducto Central SA 4.00% 7/14/2027 | 350 | 341 |
|  Petroleos Mexicanos 6.875% 10/16/2025 | 5000 | 4998 |
|  Petroleos Mexicanos 4.50% 1/23/2026 | 1158 | 1143 |
|  Petroleos Mexicanos 6.875% 8/4/2026 | 2965 | 2968 |
|  Petroleos Mexicanos 6.49% 1/23/2027 | 20653 | 20562 |
|  Petroleos Mexicanos 6.50% 3/13/2027 | 35154 | 34932 |
|  Petroleos Mexicanos 6.50% 1/23/2029 | 2404 | 2354 |
|  Petroleos Mexicanos 8.75% 6/2/2029 | 14185 | 14705 |
|  Petroleos Mexicanos 6.84% 1/23/2030 | 11164 | 10793 |
|  Petroleos Mexicanos 5.95% 1/28/2031 | 4681 | 4236 |
|  Petroleos Mexicanos 6.70% 2/16/2032 | 15755 | 14652 |
|  Petroleos Mexicanos 6.50% 6/2/2041 | 645 | 480 |
|  Petroleos Mexicanos 6.375% 1/23/2045 | 259 | 184 |
|  Petroleos Mexicanos 6.75% 9/21/2047 | 4589 | 3327 |
|  Petroleos Mexicanos 6.35% 2/12/2048 | 352 | 245 |
|  Petroleos Mexicanos 7.69% 1/23/2050 | 5874 | 4624 |
|  Petroleos Mexicanos 6.95% 1/28/2060 | 6406 | 4607 |
|  Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(e)</sup> | 6770 | 6362 |

---

American Funds Insurance Series **174**

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  <br> **Corporate bonds, notes & loans (continued)** |  |  |
|  <br> **Energy (continued)** |  |  |
|  Shell Finance US, Inc. 2.75% 4/6/2030 | USD377 | $354 |
|  South Bow USA Infrastructure Holdings, LLC 4.911% 9/1/2027 <sup>(e)</sup> | 809 | 814 |
|  TotalEnergies Capital International SA 3.455% 2/19/2029 | 885 | 866 |
|  TotalEnergies Capital SA 5.275% 9/10/2054 | 6805 | 6377 |
|  |  | 288794 |
|  <br> **Industrials 1.88%** |  |  |
|  ADT Security Corp. 4.125% 8/1/2029 <sup>(e)</sup> | 510 | 493 |
|  Aeropuerto Internacional de Tocumen, SA 4.00% 8/11/2041 <sup>(e)</sup> | 730 | 550 |
|  Aeropuerto Internacional de Tocumen, SA 5.125% 8/11/2061 <sup>(e)</sup> | 565 | 398 |
|  Air Lease Corp. 2.875% 1/15/2026 | 10172 | 10070 |
|  Air Lease Corp. 2.20% 1/15/2027 | 4341 | 4204 |
|  Air Lease Corp. 5.20% 7/15/2031 | 3650 | 3732 |
|  BAE Systems PLC 5.00% 3/26/2027 <sup>(e)</sup> | 1200 | 1214 |
|  BAE Systems PLC 5.125% 3/26/2029 <sup>(e)</sup> | 3482 | 3570 |
|  BAE Systems PLC 5.25% 3/26/2031 <sup>(e)</sup> | 2156 | 2230 |
|  BAE Systems PLC 5.30% 3/26/2034 <sup>(e)</sup> | 570 | 583 |
|  Boeing Co. (The) 2.75% 2/1/2026 | 11211 | 11085 |
|  Boeing Co. (The) 2.196% 2/4/2026 | 9781 | 9630 |
|  Boeing Co. (The) 2.70% 2/1/2027 | 6473 | 6294 |
|  Boeing Co. (The) 5.04% 5/1/2027 | 13539 | 13646 |
|  Boeing Co. (The) 6.259% 5/1/2027 | 4214 | 4337 |
|  Boeing Co. (The) 3.25% 2/1/2028 | 11810 | 11457 |
|  Boeing Co. (The) 3.25% 3/1/2028 | 1925 | 1861 |
|  Boeing Co. (The) 6.298% 5/1/2029 | 1507 | 1594 |
|  Boeing Co. (The) 5.15% 5/1/2030 | 25342 | 25812 |
|  Boeing Co. (The) 3.625% 2/1/2031 | 751 | 708 |
|  Boeing Co. (The) 6.388% 5/1/2031 | 5632 | 6055 |
|  Boeing Co. (The) 6.528% 5/1/2034 | 1381 | 1501 |
|  Canadian Pacific Railway Co. 1.75% 12/2/2026 | 1066 | 1029 |
|  Canadian Pacific Railway Co. 3.00% 12/2/2041 | 578 | 421 |
|  Canadian Pacific Railway Co. 3.10% 12/2/2051 | 1801 | 1185 |
|  CK Hutchison International (23), Ltd. 4.75% 4/21/2028 <sup>(e)</sup> | 1260 | 1270 |
|  CSX Corp. 4.10% 11/15/2032 | 1886 | 1830 |
|  CSX Corp. 5.20% 11/15/2033 | 1333 | 1379 |
|  CSX Corp. 4.50% 11/15/2052 | 4470 | 3773 |
|  Dun & Bradstreet Corp. (The) 5.00% 12/15/2029 <sup>(e)</sup> | 978 | 1003 |
|  General Dynamics Corp. 3.75% 5/15/2028 | 479 | 477 |
|  General Dynamics Corp. 3.625% 4/1/2030 | 387 | 377 |
|  L3Harris Technologies, Inc. 5.40% 7/31/2033 | 1126 | 1157 |
|  LG Energy Solution, Ltd. 5.25% 4/2/2028 <sup>(e)</sup> | 13205 | 13260 |
|  MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027 <sup>(e)</sup> | 2690 | 2655 |
|  Norfolk Southern Corp. 5.05% 8/1/2030 | 1734 | 1793 |
|  Norfolk Southern Corp. 5.35% 8/1/2054 | 1458 | 1394 |
|  Northrop Grumman Corp. 4.70% 3/15/2033 | 2909 | 2901 |
|  Northrop Grumman Corp. 4.95% 3/15/2053 | 1124 | 1011 |
|  Republic Services, Inc. 2.375% 3/15/2033 | 1635 | 1398 |
|  Republic Services, Inc. 5.00% 4/1/2034 | 15 | 15 |
|  RTX Corp. 5.75% 11/8/2026 | 550 | 560 |
|  RTX Corp. 3.125% 5/4/2027 | 4551 | 4464 |
|  RTX Corp. 4.125% 11/16/2028 | 4974 | 4956 |
|  RTX Corp. 5.75% 1/15/2029 | 410 | 430 |
|  RTX Corp. 6.00% 3/15/2031 | 550 | 591 |
|  RTX Corp. 2.375% 3/15/2032 | 451 | 393 |
|  RTX Corp. 6.10% 3/15/2034 | 401 | 434 |
|  RTX Corp. 2.82% 9/1/2051 | 665 | 411 |
|  RTX Corp. 3.03% 3/15/2052 | 1190 | 764 |
|  RTX Corp. 6.40% 3/15/2054 | 1006 | 1104 |

---

**175** American Funds Insurance Series

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  <br> **Corporate bonds, notes & loans (continued)** |  |  |
|  <br> **Industrials (continued)** |  |  |
|  Summit Digitel Infrastructure Pvt, Ltd. 2.875% 8/12/2031 <sup>(e)</sup> | USD2,550 | $2254 |
|  Triton Container International, Ltd. 3.15% 6/15/2031 <sup>(e)</sup> | 2482 | 2156 |
|  Union Pacific Corp. 2.15% 2/5/2027 | 2213 | 2150 |
|  Union Pacific Corp. 2.40% 2/5/2030 | 4454 | 4109 |
|  Union Pacific Corp. 2.375% 5/20/2031 | 2298 | 2067 |
|  Union Pacific Corp. 2.80% 2/14/2032 | 5244 | 4733 |
|  Union Pacific Corp. 5.10% 2/20/2035 | 2104 | 2141 |
|  Union Pacific Corp. 2.95% 3/10/2052 | 1405 | 897 |
|  Union Pacific Corp. 5.60% 12/1/2054 | 470 | 468 |
|  United Rentals (North America), Inc. 5.50% 5/15/2027 | 2500 | 2502 |
|  Veralto Corp. 5.50% 9/18/2026 | 350 | 354 |
|  Veralto Corp. 5.35% 9/18/2028 | 2450 | 2526 |
|  Veralto Corp. 5.45% 9/18/2033 | 1680 | 1734 |
|  Waste Management, Inc. 1.50% 3/15/2031 | 419 | 358 |
|  Waste Management, Inc. 4.80% 3/15/2032 | 4135 | 4200 |
|  |  | 206108 |
|  <br> **Communication services 1.64%** |  |  |
|  AT&T, Inc. 1.70% 3/25/2026 | 17807 | 17453 |
|  AT&T, Inc. 1.65% 2/1/2028 | 4700 | 4410 |
|  AT&T, Inc. 4.30% 2/15/2030 | 15940 | 15893 |
|  AT&T, Inc. 2.55% 12/1/2033 | 12748 | 10673 |
|  AT&T, Inc. 5.40% 2/15/2034 | 442 | 455 |
|  AT&T, Inc. 4.50% 5/15/2035 | 174 | 166 |
|  CCO Holdings, LLC 5.125% 5/1/2027 <sup>(e)</sup> | 4800 | 4788 |
|  CCO Holdings, LLC 4.75% 2/1/2032 <sup>(e)</sup> | 1265 | 1201 |
|  CCO Holdings, LLC 4.25% 1/15/2034 <sup>(e)</sup> | 3875 | 3452 |
|  Charter Communications Operating, LLC 6.10% 6/1/2029 | 1360 | 1424 |
|  Charter Communications Operating, LLC 2.80% 4/1/2031 | 6057 | 5403 |
|  Charter Communications Operating, LLC 4.40% 4/1/2033 | 1092 | 1029 |
|  Charter Communications Operating, LLC 5.75% 4/1/2048 | 5000 | 4550 |
|  Charter Communications Operating, LLC 4.80% 3/1/2050 | 5134 | 4111 |
|  Charter Communications Operating, LLC 3.70% 4/1/2051 | 2519 | 1679 |
|  Charter Communications Operating, LLC 3.90% 6/1/2052 | 6148 | 4223 |
|  Charter Communications Operating, LLC 5.25% 4/1/2053 | 1065 | 905 |
|  Comcast Corp. 3.15% 2/15/2028 | 7200 | 7015 |
|  Comcast Corp. 4.55% 1/15/2029 | 1610 | 1628 |
|  Comcast Corp. 4.80% 5/15/2033 | 1841 | 1838 |
|  Comcast Corp. 2.887% 11/1/2051 | 18 | 11 |
|  Comcast Corp. 5.65% 6/1/2054 | 3313 | 3222 |
|  Comcast Corp. 5.50% 5/15/2064 | 250 | 233 |
|  Netflix, Inc. 4.90% 8/15/2034 | 645 | 658 |
|  Netflix, Inc. 5.40% 8/15/2054 | 127 | 125 |
|  News Corp. 5.125% 2/15/2032 <sup>(e)</sup> | 1300 | 1273 |
|  SBA Tower Trust 1.631% 11/15/2026 <sup>(e)</sup> | 6741 | 6470 |
|  Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(e)</sup> | 675 | 649 |
|  Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(e)</sup> | 12000 | 10674 |
|  T-Mobile USA, Inc. 2.625% 4/15/2026 | 4416 | 4350 |
|  T-Mobile USA, Inc. 3.75% 4/15/2027 | 5000 | 4950 |
|  T-Mobile USA, Inc. 4.95% 3/15/2028 | 705 | 717 |
|  T-Mobile USA, Inc. 4.80% 7/15/2028 | 175 | 177 |
|  T-Mobile USA, Inc. 4.85% 1/15/2029 | 2725 | 2764 |
|  T-Mobile USA, Inc. 3.875% 4/15/2030 | 4500 | 4372 |
|  T-Mobile USA, Inc. 2.875% 2/15/2031 | 14691 | 13378 |
|  T-Mobile USA, Inc. 5.125% 5/15/2032 | 4970 | 5070 |
|  T-Mobile USA, Inc. 5.05% 7/15/2033 | 832 | 838 |
|  T-Mobile USA, Inc. 5.75% 1/15/2034 | 730 | 765 |
|  T-Mobile USA, Inc. 3.00% 2/15/2041 | 2100 | 1538 |

---

American Funds Insurance Series **176**

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  <br> **Corporate bonds, notes & loans (continued)** |  |  |
|  <br> **Communication services (continued)** |  |  |
|  T-Mobile USA, Inc. 6.00% 6/15/2054 | USD920 | $937 |
|  T-Mobile USA, Inc. 5.50% 1/15/2055 | 406 | 385 |
|  Verizon Communications, Inc. 1.75% 1/20/2031 | 9144 | 7882 |
|  Verizon Communications, Inc. 2.55% 3/21/2031 | 5047 | 4528 |
|  Verizon Communications, Inc. 2.355% 3/15/2032 | 2775 | 2393 |
|  Verizon Communications, Inc. 4.78% 2/15/2035 | 1552 | 1513 |
|  Verizon Communications, Inc. 3.55% 3/22/2051 | 625 | 447 |
|  Verizon Communications, Inc. 3.875% 3/1/2052 | 4006 | 2983 |
|  Vodafone Group PLC 4.25% 9/17/2050 | 3050 | 2379 |
|  WarnerMedia Holdings, Inc. 3.755% 3/15/2027 | 1126 | 1051 |
|  WarnerMedia Holdings, Inc. 4.279% 3/15/2032 | 112 | 84 |
|  ZipRecruiter, Inc. 5.00% 1/15/2030 <sup>(e)</sup> | 490 | 419 |
|  |  | 179531 |
|  <br> **Consumer staples 1.54%** |  |  |
|  Altria Group, Inc. 4.40% 2/14/2026 | 4585 | 4582 |
|  Altria Group, Inc. 4.875% 2/4/2028 | 1330 | 1349 |
|  Anheuser-Busch InBev Worldwide, Inc. 5.55% 1/23/2049 | 4715 | 4683 |
|  BAT Capital Corp. 3.557% 8/15/2027 | 9271 | 9125 |
|  BAT Capital Corp. 2.259% 3/25/2028 | 2353 | 2227 |
|  BAT Capital Corp. 6.343% 8/2/2030 | 2210 | 2383 |
|  BAT Capital Corp. 4.742% 3/16/2032 | 2675 | 2661 |
|  BAT Capital Corp. 5.35% 8/15/2032 | 18664 | 19102 |
|  BAT Capital Corp. 6.421% 8/2/2033 | 4665 | 5069 |
|  BAT Capital Corp. 5.625% 8/15/2035 | 12170 | 12389 |
|  BAT Capital Corp. 7.079% 8/2/2043 | 1323 | 1458 |
|  BAT Capital Corp. 5.65% 3/16/2052 | 120 | 112 |
|  BAT International Finance PLC 1.668% 3/25/2026 | 4070 | 3986 |
|  BAT International Finance PLC 4.448% 3/16/2028 | 2925 | 2930 |
|  Campbell's Co. (The) 5.20% 3/21/2029 | 726 | 744 |
|  Constellation Brands, Inc. 3.50% 5/9/2027 | 7500 | 7384 |
|  Constellation Brands, Inc. 4.35% 5/9/2027 | 890 | 891 |
|  Constellation Brands, Inc. 4.80% 5/1/2030 | 1618 | 1632 |
|  Constellation Brands, Inc. 2.25% 8/1/2031 | 1487 | 1289 |
|  Constellation Brands, Inc. 4.75% 5/9/2032 | 1978 | 1966 |
|  Constellation Brands, Inc. 4.90% 5/1/2033 | 2807 | 2783 |
|  H.J. Heinz Co. 4.875% 10/1/2049 | 2725 | 2342 |
|  Imperial Brands Finance PLC 4.50% 6/30/2028 <sup>(e)</sup> | 12545 | 12546 |
|  Indofood CBP Sukses Makmur Tbk PT 3.398% 6/9/2031 | 3110 | 2853 |
|  Indofood CBP Sukses Makmur Tbk PT 4.745% 6/9/2051 | 685 | 554 |
|  Mars, Inc. 4.80% 3/1/2030 <sup>(e)</sup> | 4670 | 4733 |
|  Mars, Inc. 5.00% 3/1/2032 <sup>(e)</sup> | 3640 | 3690 |
|  Mars, Inc. 5.20% 3/1/2035 <sup>(e)</sup> | 15670 | 15866 |
|  Mars, Inc. 5.65% 5/1/2045 <sup>(e)</sup> | 2371 | 2378 |
|  Mars, Inc. 5.70% 5/1/2055 <sup>(e)</sup> | 13235 | 13212 |
|  Mondelez International, Inc. 4.75% 8/28/2034 | 5520 | 5459 |
|  Philip Morris International, Inc. 4.875% 2/13/2026 | 2508 | 2514 |
|  Philip Morris International, Inc. 5.25% 9/7/2028 | 2800 | 2881 |
|  Philip Morris International, Inc. 5.125% 2/15/2030 | 982 | 1011 |
|  Philip Morris International, Inc. 5.50% 9/7/2030 | 4565 | 4774 |
|  Philip Morris International, Inc. 4.75% 11/1/2031 | 830 | 837 |
|  Philip Morris International, Inc. 5.375% 2/15/2033 | 1644 | 1699 |
|  Walmart, Inc. 4.10% 4/15/2033 | 1206 | 1178 |
|  Walmart, Inc. 4.50% 4/15/2053 | 1416 | 1241 |
|  |  | 168513 |

---

**177** American Funds Insurance Series

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  <br> **Corporate bonds, notes & loans (continued)** |  |  |
|  <br> **Real estate 0.82%** |  |  |
|  American Tower Corp. 3.65% 3/15/2027 | USD1,375 | $1359 |
|  Boston Properties, LP 2.90% 3/15/2030 | 4630 | 4256 |
|  Boston Properties, LP 3.25% 1/30/2031 | 463 | 425 |
|  Boston Properties, LP 2.55% 4/1/2032 | 1674 | 1413 |
|  Boston Properties, LP 2.45% 10/1/2033 | 1335 | 1067 |
|  Boston Properties, LP 6.50% 1/15/2034 | 10849 | 11621 |
|  Boston Properties, LP 5.75% 1/15/2035 | 11874 | 11957 |
|  COPT Defense Properties, LP 2.00% 1/15/2029 | 1139 | 1038 |
|  COPT Defense Properties, LP 2.75% 4/15/2031 | 1547 | 1369 |
|  COPT Defense Properties, LP 2.90% 12/1/2033 | 564 | 464 |
|  Corp. Inmobiliaria Vesta, SAB de CV, 3.625% 5/13/2031 <sup>(e)</sup> | 395 | 350 |
|  Crown Castle, Inc. 5.00% 1/11/2028 | 4874 | 4924 |
|  Equinix, Inc. 2.90% 11/18/2026 | 2762 | 2708 |
|  Equinix, Inc. 3.20% 11/18/2029 | 887 | 842 |
|  Equinix, Inc. 3.90% 4/15/2032 | 1155 | 1094 |
|  FibraSOMA 4.375% 7/22/2031 <sup>(e)</sup> | 1475 | 1152 |
|  Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(e)</sup> | 1755 | 1743 |
|  Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(e)</sup> | 2755 | 2626 |
|  Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(e)</sup> | 3135 | 2895 |
|  Iron Mountain, Inc. 5.25% 3/15/2028 <sup>(e)</sup> | 3020 | 3009 |
|  Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(e)</sup> | 675 | 666 |
|  Iron Mountain, Inc. 6.25% 1/15/2033 <sup>(e)</sup> | 4395 | 4522 |
|  Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030 | 2097 | 2112 |
|  Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(e)</sup> | 4683 | 4900 |
|  Prologis, LP 4.875% 6/15/2028 | 1040 | 1061 |
|  Prologis, LP 4.75% 6/15/2033 | 1409 | 1406 |
|  Prologis, LP 5.125% 1/15/2034 | 6175 | 6254 |
|  Prologis, LP 5.00% 3/15/2034 | 360 | 361 |
|  Prologis, LP 5.25% 6/15/2053 | 117 | 110 |
|  Service Properties Trust 3.95% 1/15/2028 | 1710 | 1581 |
|  Service Properties Trust 8.625% 11/15/2031 <sup>(e)</sup> | 3040 | 3266 |
|  VICI Properties, LP 4.75% 2/15/2028 | 6844 | 6884 |
|  |  | 89435 |
|  <br> **Information technology 0.77%** |  |  |
|  Analog Devices, Inc. 2.10% 10/1/2031 | 270 | 236 |
|  Analog Devices, Inc. 5.05% 4/1/2034 | 717 | 735 |
|  Analog Devices, Inc. 2.80% 10/1/2041 | 521 | 379 |
|  Broadcom Corp. 3.875% 1/15/2027 | 5966 | 5927 |
|  Broadcom, Inc. 5.05% 7/12/2027 | 2545 | 2582 |
|  Broadcom, Inc. 4.00% 4/15/2029 <sup>(e)</sup> | 609 | 601 |
|  Broadcom, Inc. 5.05% 7/12/2029 | 2177 | 2230 |
|  Broadcom, Inc. 5.15% 11/15/2031 | 5186 | 5337 |
|  Broadcom, Inc. 4.15% 4/15/2032 <sup>(e)</sup> | 630 | 607 |
|  Broadcom, Inc. 3.469% 4/15/2034 <sup>(e)</sup> | 11652 | 10413 |
|  Broadcom, Inc. 4.80% 10/15/2034 | 1063 | 1051 |
|  Broadcom, Inc. 3.137% 11/15/2035 <sup>(e)</sup> | 847 | 715 |
|  Broadcom, Inc. 4.926% 5/15/2037 <sup>(e)</sup> | 2879 | 2796 |
|  Cisco Systems, Inc. 4.95% 2/26/2031 | 991 | 1020 |
|  Cisco Systems, Inc. 5.05% 2/26/2034 | 843 | 863 |
|  Cisco Systems, Inc. 5.10% 2/24/2035 | 2675 | 2739 |
|  Cisco Systems, Inc. 5.30% 2/26/2054 | 784 | 761 |
|  Fair Isaac Corp. 6.00% 5/15/2033 <sup>(e)</sup> | 1300 | 1315 |
|  Microchip Technology, Inc. 5.05% 3/15/2029 | 4350 | 4421 |
|  Oracle Corp. 1.65% 3/25/2026 | 4867 | 4768 |
|  Oracle Corp. 4.80% 8/3/2028 | 615 | 625 |
|  Oracle Corp. 5.25% 2/3/2032 | 1340 | 1375 |
|  Oracle Corp. 5.50% 8/3/2035 | 2374 | 2428 |

---

American Funds Insurance Series **178**

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  <br> **Corporate bonds, notes & loans (continued)** |  |  |
|  <br> **Information technology (continued)** |  |  |
|  ServiceNow, Inc. 1.40% 9/1/2030 | USD726 | $630 |
|  Synopsys, Inc. 5.15% 4/1/2035 | 21470 | 21649 |
|  Synopsys, Inc. 5.70% 4/1/2055 | 8055 | 8015 |
|  |  | 84218 |
|  <br> **Materials 0.55%** |  |  |
|  Air Products and Chemicals, Inc. 2.70% 5/15/2040 | 2911 | 2120 |
|  BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033 | 138 | 141 |
|  Braskem Netherlands Finance BV 7.25% 2/13/2033 <sup>(e)</sup> | 700 | 555 |
|  Celanese US Holdings, LLC 6.415% 7/15/2027 | 6297 | 6525 |
|  Celanese US Holdings, LLC 6.85% 11/15/2028 | 3575 | 3759 |
|  Celanese US Holdings, LLC 6.58% 7/15/2029 | 8862 | 9242 |
|  Celanese US Holdings, LLC 7.05% 11/15/2030 | 4530 | 4771 |
|  Celanese US Holdings, LLC 6.629% 7/15/2032 | 800 | 839 |
|  Celanese US Holdings, LLC 7.20% 11/15/2033 | 1031 | 1095 |
|  Chevron Phillips Chemical Co., LLC 4.75% 5/15/2030 <sup>(e)</sup> | 834 | 846 |
|  Dow Chemical Co. (The) 5.15% 2/15/2034 | 452 | 452 |
|  Dow Chemical Co. (The) 5.35% 3/15/2035 | 199 | 198 |
|  Dow Chemical Co. (The) 5.55% 11/30/2048 | 142 | 130 |
|  Dow Chemical Co. (The) 6.90% 5/15/2053 | 62 | 67 |
|  Dow Chemical Co. (The) 5.60% 2/15/2054 | 504 | 459 |
|  Methanex Corp. 5.125% 10/15/2027 | 510 | 509 |
|  NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(e)</sup> | 205 | 217 |
|  NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(e)</sup> | 425 | 409 |
|  OCI NV 6.70% 3/16/2033 <sup>(e)</sup> | 950 | 1052 |
|  POSCO 5.75% 1/17/2028 <sup>(e)</sup> | 745 | 766 |
|  Rio Tinto Finance (USA) PLC 4.875% 3/14/2030 | 25776 | 26281 |
|  |  | 60433 |
|  **Total corporate bonds, notes & loans** |  | 3620419 |
|  <br> **U.S. Treasury bonds & notes 19.60%** |  |  |
|  <br> **U.S. Treasury 18.98%** |  |  |
|  U.S. Treasury 3.00% 7/15/2025 | 97643 | 97593 |
|  U.S. Treasury 5.00% 9/30/2025 | 1090 | 1092 |
|  U.S. Treasury 5.00% 10/31/2025 | 27980 | 28042 |
|  U.S. Treasury 2.25% 11/15/2025 | 6785 | 6734 |
|  U.S. Treasury 4.25% 12/31/2025 | 4994 | 4995 |
|  U.S. Treasury 3.625% 5/15/2026 | 1926 | 1919 |
|  U.S. Treasury 4.625% 6/30/2026 | 198 | 199 |
|  U.S. Treasury 4.375% 7/31/2026 | 271 | 272 |
|  U.S. Treasury 0.75% 8/31/2026 | 8871 | 8551 |
|  U.S. Treasury 4.625% 11/15/2026 | 3589 | 3625 |
|  U.S. Treasury 4.00% 1/15/2027 | 3741 | 3750 |
|  U.S. Treasury 1.875% 2/28/2027 | 4000 | 3877 |
|  U.S. Treasury 2.625% 5/31/2027 | 43530 | 42635 |
|  U.S. Treasury 3.875% 5/31/2027 | 29928 | 30048 |
|  U.S. Treasury 3.75% 6/30/2027 | 233196 | 233351 |
|  U.S. Treasury 2.25% 11/15/2027 | 105830 | 102343 |
|  U.S. Treasury 6.125% 11/15/2027 | 24000 | 25319 |
|  U.S. Treasury 1.125% 2/29/2028 | 9895 | 9253 |
|  U.S. Treasury 4.00% 2/29/2028 | 4750 | 4786 |
|  U.S. Treasury 3.625% 3/31/2028 | 13 | 13 |
|  U.S. Treasury 3.875% 6/15/2028 | 90271 | 90747 |
|  U.S. Treasury 1.00% 7/31/2028 | 5630 | 5190 |
|  U.S. Treasury 1.125% 8/31/2028 | 13555 | 12516 |
|  U.S. Treasury 5.25% 11/15/2028 | 5700 | 5973 |
|  U.S. Treasury 2.375% 5/15/2029 | 4070 | 3872 |

---

**179** American Funds Insurance Series

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |
|  <br> **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 4.00% 7/31/2029 | USD334 | $337 |
| U.S. Treasury 3.875% 12/31/2029 | 44049 | 44235 |
| U.S. Treasury 3.75% 5/31/2030 | 13300 | 13270 |
| U.S. Treasury 4.00% 5/31/2030 | 23286 | 24077 |
| U.S. Treasury 3.875% 6/30/2030 | 207879 | 208683 |
| U.S. Treasury 4.125% 8/31/2030 | 11215 | 11377 |
| U.S. Treasury 4.875% 10/31/2030 | 92133 | 96710 |
| U.S. Treasury 4.125% 10/31/2031 | 1408 | 1423 |
| U.S. Treasury 4.125% 11/30/2031 | 985 | 995 |
| U.S. Treasury 4.00% 6/30/2032 | 39211 | 39233 |
| U.S. Treasury 4.125% 11/15/2032 | 114 | 115 |
| U.S. Treasury 4.375% 5/15/2034 | 100 | 102 |
| U.S. Treasury 3.875% 8/15/2034 | 6145 | 6000 |
| U.S. Treasury 4.25% 5/15/2035 <sup>(i)</sup> | 217126 | 217415 |
| U.S. Treasury 4.25% 5/15/2039 <sup>(i)</sup> | 125497 | 122211 |
| U.S. Treasury 1.375% 11/15/2040 | 24540 | 15629 |
| U.S. Treasury 1.875% 2/15/2041 | 24272 | 16696 |
| U.S. Treasury 4.75% 2/15/2041 | 75066 | 76057 |
| U.S. Treasury 2.00% 11/15/2041 | 57 | 39 |
| U.S. Treasury 2.375% 2/15/2042 | 2701 | 1964 |
| U.S. Treasury 3.25% 5/15/2042 | 10848 | 8972 |
| U.S. Treasury 5.00% 5/15/2045 | 108592 | 111536 |
| U.S. Treasury 3.00% 2/15/2049 | 124633 | 91812 |
| U.S. Treasury 2.875% 5/15/2049 | 19228 | 13799 |
| U.S. Treasury 2.875% 5/15/2052 | 990 | 697 |
| U.S. Treasury 4.00% 11/15/2052 | 7328 | 6412 |
| U.S. Treasury 4.125% 8/15/2053 | 213 | 190 |
| U.S. Treasury 4.625% 2/15/2055 <sup>(i)</sup> | 228046 | 221971 |
| U.S. Treasury 4.75% 5/15/2055 | 2905 | 2888 |
|  |  | 2081540 |
| <br> **U.S. Treasury inflation-protected securities 0.62%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025 <sup>(j)</sup> | 5495 | 5493 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(j)</sup> | 6045 | 5977 |
| U.S. Treasury Inflation-Protected Security 1.875% 7/15/2034 <sup>(j)</sup> | 11474 | 11488 |
| U.S. Treasury Inflation-Protected Security 2.125% 1/15/2035 <sup>(j)</sup> | 5974 | 6073 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(j)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> |
| U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(j)</sup> | 2337 | 1852 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(j)</sup> | 13940 | 12763 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(j)</sup> | 24528 | 23721 |
|  |  | 67367 |
| **Total U.S. Treasury bonds & notes** |  | 2148907 |
| <br> **Asset-backed obligations 5.42%** |  |  |
| Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/2026 <sup>(a)(e)</sup> | 4 | 4 |
| Affirm Asset Securitization Trust, Series 2024-B, Class A, 4.62% 9/15/2029 <sup>(a)(e)</sup> | 9848 | 9853 |
| Affirm, Inc., Series 2024, Class 1A, 5.61% 2/15/2029 <sup>(a)(e)</sup> | 11785 | 11841 |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(a)(e)</sup> | 3485 | 3502 |
| Affirm, Inc., Series 2024-X1, Class A, 6.27% 5/15/2029 <sup>(a)(e)</sup> | 200 | 200 |
| Affirm, Inc., Series 2024-X2, Class A, 5.22% 12/17/2029 <sup>(a)(e)</sup> | 2787 | 2789 |
| Ally Auto Receivables Trust, Series 2023-1, Class A3, 5.46% 5/15/2028 <sup>(a)</sup> | 431 | 434 |
| American Credit Acceptance Receivables Trust, Series 2023-4, Class B, 6.63% 2/14/2028 <sup>(a)(e)</sup> | 1843 | 1846 |
| American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/2052 <sup>(a)(e)</sup> | 2622 | 2611 |
| American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/2052 <sup>(a)(e)</sup> | 396 | 394 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 1/19/2027 <sup>(a)</sup> | 581 | 575 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 6/18/2027 <sup>(a)</sup> | 2613 | 2562 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(a)(e)</sup> | 4926 | 4986 |

---

American Funds Insurance Series **180**

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Asset-backed obligations (continued)** |  |  |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(a)(e)</sup> | USD13,550 | $13516 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-1A, Class A, 2.33% 8/20/2026 <sup>(a)(e)</sup> | 2563 | 2557 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(a)(e)</sup> | 2427 | 2400 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(a)(e)</sup> | 623 | 617 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class C, 4.25% 2/20/2027 <sup>(a)(e)</sup> | 1279 | 1271 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027 <sup>(a)(e)</sup> | 3445 | 3347 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class B, 1.63% 8/20/2027 <sup>(a)(e)</sup> | 531 | 515 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class C, 2.13% 8/20/2027 <sup>(a)(e)</sup> | 193 | 187 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028 <sup>(a)(e)</sup> | 6724 | 6864 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2025-1A, Class A, 4.80% 8/20/2029 <sup>(a)(e)</sup> | 1348 | 1365 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(a)(e)</sup> | 5059 | 5263 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2024-1, Class A, 5.36% 6/20/2030 <sup>(a)(e)</sup> | 4665 | 4795 |
| AXIS Equipment Finance Receivables, LLC, Series 2024-2, Class A2, 5.19% 7/21/2031 <sup>(a)(e)</sup> | 5541 | 5594 |
| Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 10/17/2034 <sup>(a)(e)</sup> | 208 | 203 |
|  Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, 2.443% 7/15/2046 <sup>(a)(e)</sup> | 3080 | 2892 |
|  Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% 7/15/2046 <sup>(a)(e)</sup> | 354 | 333 |
| Blue Owl Asset Leasing Trust, Series 2024-1A, Class A2, 5.05% 3/15/2029 <sup>(a)(e)</sup> | 1183 | 1185 |
| BMW Vehicle Owner Trust, Series 2023-A, Class A3, 5.47% 2/25/2028 <sup>(a)</sup> | 160 | 161 |
| Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class A3, 6.51% 11/15/2027 <sup>(a)</sup> | 266 | 267 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-1, Class A3, 5.53% 1/18/2028 <sup>(a)</sup> | 2571 | 2575 |
| Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class B, 6.80% 8/15/2029 <sup>(a)</sup> | 1400 | 1413 |
| Business Jet Securities, LLC, Series 2024-2A, Class A, 5.364% 9/15/2039 <sup>(a)(e)</sup> | 6424 | 6450 |
| Capteris Equipment Finance, Series 2024-1, Class A2, 5.58% 7/20/2032 <sup>(a)(e)</sup> | 13328 | 13517 |
| Carvana Auto Receivables Trust, Series 2023-N3, Class A, 6.41% 9/10/2027 <sup>(a)(e)</sup> | 27 | 27 |
| Carvana Auto Receivables Trust, Series 2023-P3, Class A3, 5.82% 8/10/2028 <sup>(a)(e)</sup> | 388 | 391 |
| Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72% 9/11/2028 <sup>(a)</sup> | 65 | 63 |
| Carvana Auto Receivables Trust, Series 2023-P3, Class A4, 5.71% 7/10/2029 <sup>(a)(e)</sup> | 172 | 177 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 <sup>(a)(e)</sup> | 13731 | 12661 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 5/11/2037 <sup>(a)(e)</sup> | 5358 | 4964 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 6.171% 5/11/2037 <sup>(a)(e)</sup> | 597 | 561 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041 <sup>(a)(e)</sup> | 196 | 189 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(e)</sup> | 18497 | 18303 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(a)(e)</sup> | 1907 | 1765 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060 <sup>(a)(e)</sup> | 3362 | 3327 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060 <sup>(a)(e)</sup> | 364 | 328 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(a)(e)</sup> | 5994 | 5770 |
| CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 3/15/2061 <sup>(a)(e)</sup> | 1898 | 1785 |
| CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 <sup>(a)(e)</sup> | 14984 | 15034 |
| CF Hippolyta, LLC, Series 2022-1A, Class A2, 6.11% 8/15/2062 <sup>(a)(e)</sup> | 6572 | 6618 |
| Chesapeake Funding II, LLC, Series 2023-2, Class A1, 6.16% 10/15/2035 <sup>(a)(e)</sup> | 622 | 630 |
| Citizens Auto Receivables Trust, Series 2023-2, Class A3, 5.83% 2/15/2028 <sup>(a)(e)</sup> | 1556 | 1568 |
| Citizens Auto Receivables Trust, Series 2023-2, Class A4, 5.74% 10/15/2030 <sup>(a)(e)</sup> | 799 | 817 |
| Clarus Capital Funding, LLC, Series 2024-1A, Class A2, 4.71% 8/20/2032 <sup>(a)(e)</sup> | 6872 | 6882 |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045 <sup>(a)(e)</sup> | 1538 | 1432 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045 <sup>(a)(e)</sup> | 3114 | 2902 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 2/18/2046 <sup>(a)(e)</sup> | 285 | 261 |
| CPS Auto Receivables Trust, Series 2024-A, Class B, 5.65% 5/15/2028 <sup>(a)(e)</sup> | 1237 | 1241 |
| CPS Auto Receivables Trust, Series 2024-D, Class A, 4.91% 6/15/2028 <sup>(a)(e)</sup> | 1076 | 1077 |
| CPS Auto Receivables Trust, Series 2022-B, Class C, 4.33% 8/15/2028 <sup>(a)(e)</sup> | 921 | 920 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(a)</sup> | 1107 | 1108 |
| DriveTime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 2/16/2027 <sup>(a)(e)</sup> | 166 | 165 |
| DriveTime Auto Owner Trust, Series 2023-3, Class C, 6.40% 5/15/2029 <sup>(a)(e)</sup> | 819 | 832 |
| DriveTime Auto Owner Trust, Series 2023-3, Class D, 7.12% 5/15/2029 <sup>(a)(e)</sup> | 846 | 881 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 <sup>(a)(e)</sup> | 262 | 241 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(a)(e)</sup> | 2594 | 2605 |
| Enterprise Fleet Financing, LLC, Series 2024-4, Class A2, 4.69% 7/20/2027 <sup>(a)(e)</sup> | 9326 | 9341 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 7/20/2029 <sup>(a)(e)</sup> | 897 | 896 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029 <sup>(a)(e)</sup> | 260 | 260 |
| Enterprise Fleet Financing, LLC, Series 2024-1, Class A2, 5.23% 3/20/2030 <sup>(a)(e)</sup> | 10564 | 10643 |

---

**181** American Funds Insurance Series

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Asset-backed obligations (continued)** |  |  |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(a)(e)</sup> | USD7,961 | $8088 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(a)(e)</sup> | 4046 | 4075 |
| Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 4/15/2027 <sup>(a)</sup> | 1218 | 1199 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class B, 6.11% 9/15/2027 <sup>(a)</sup> | 34 | 34 |
| Exeter Automobile Receivables Trust, Series 2023-5A, Class B, 6.58% 4/17/2028 <sup>(a)</sup> | 3989 | 4012 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class C, 6.21% 6/15/2028 <sup>(a)</sup> | 418 | 421 |
| Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/2028 <sup>(a)</sup> | 271 | 270 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class D, 6.68% 4/16/2029 <sup>(a)</sup> | 758 | 774 |
| Exeter Automobile Receivables Trust, Series 2023-1A, Class D, 6.69% 6/15/2029 <sup>(a)</sup> | 462 | 470 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class E, 9.98% 1/15/2031 <sup>(a)(e)</sup> | 1014 | 1105 |
| Flagship Credit Auto Trust, Series 2023-3, Class A3, 5.44% 4/17/2028 <sup>(a)(e)</sup> | 561 | 562 |
| Flagship Credit Auto Trust, Series 2023-3, Class B, 5.64% 7/16/2029 <sup>(a)(e)</sup> | 312 | 315 |
| Flagship Credit Auto Trust, Series 2023-3, Class C, 6.01% 7/16/2029 <sup>(a)(e)</sup> | 454 | 463 |
| Flagship Credit Auto Trust, Series 2023-3, Class D, 6.58% 8/15/2029 <sup>(a)(e)</sup> | 307 | 309 |
| Ford Credit Auto Owner Trust, Series 2023-B, Class A3, 5.23% 5/15/2028 <sup>(a)</sup> | 703 | 707 |
| Ford Credit Auto Owner Trust, Series 2023-B, Class A4, 5.06% 2/15/2029 <sup>(a)</sup> | 597 | 605 |
| Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/2035 <sup>(a)(e)</sup> | 4218 | 4283 |
| Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/2028 <sup>(a)(e)</sup> | 5833 | 5860 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(a)(e)</sup> | 1411 | 1330 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046 <sup>(a)(e)</sup> | 1071 | 986 |
| GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 6/18/2046 <sup>(a)(e)</sup> | 119 | 109 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 <sup>(a)(e)</sup> | 1838 | 1756 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041 <sup>(a)(e)</sup> | 6720 | 6222 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041 <sup>(a)(e)</sup> | 1869 | 1743 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041 <sup>(a)(e)</sup> | 1574 | 1458 |
| GLS Auto Receivables Trust, Series 2023-4, Class A3, 6.42% 6/15/2027 <sup>(a)(e)</sup> | 1197 | 1198 |
| GLS Auto Receivables Trust, Series 2024-3A, Class A2, 5.35% 8/16/2027 <sup>(a)(e)</sup> | 1079 | 1080 |
| GLS Auto Receivables Trust, Series 2023-3, Class B, 5.89% 1/18/2028 <sup>(a)(e)</sup> | 1053 | 1056 |
| GLS Auto Receivables Trust, Series 2023-3, Class C, 6.01% 5/15/2029 <sup>(a)(e)</sup> | 561 | 567 |
| GLS Auto Receivables Trust, Series 2023-3, Class D, 6.44% 5/15/2029 <sup>(a)(e)</sup> | 507 | 519 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(a)(e)</sup> | 2399 | 2398 |
| GLS Auto Select Receivables Trust, Series 2024-2, Class A2, 5.58% 6/17/2030 <sup>(a)(e)</sup> | 1521 | 1536 |
| GM Financial Automobile Leasing Trust, Series 2023-3, Class A3, 5.38% 11/20/2026 <sup>(a)</sup> | 457 | 457 |
| GM Financial Automobile Leasing Trust, Series 2023-3, Class A4, 5.44% 8/20/2027 <sup>(a)</sup> | 101 | 101 |
| GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A3, 5.45% 6/16/2028 <sup>(a)</sup> | 434 | 436 |
| GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A4, 5.34% 12/18/2028 <sup>(a)</sup> | 320 | 325 |
| GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/2035 <sup>(a)(e)</sup> | 4815 | 4929 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035 <sup>(a)(e)</sup> | 2703 | 2806 |
| GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/2036 <sup>(a)(e)</sup> | 3984 | 4173 |
| GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1, 5.34% 6/15/2028 <sup>(a)(e)</sup> | 1600 | 1616 |
| GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A, 5.34% 6/17/2030 <sup>(a)(e)</sup> | 948 | 977 |
| Hertz Vehicle Financing III, LLC, Series 2023-1, Class 1D, 9.13% 6/25/2027 <sup>(a)(e)</sup> | 330 | 334 |
| Hertz Vehicle Financing III, LLC, Series 2022-2, Class D, 5.16% 6/26/2028 <sup>(a)(e)</sup> | 1174 | 1122 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(a)(e)</sup> | 17770 | 17097 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(a)(e)</sup> | 1264 | 1209 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(a)(e)</sup> | 859 | 824 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(a)(e)</sup> | 3007 | 3057 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027 <sup>(a)</sup> | 190 | 191 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A4, 4.97% 6/21/2029 <sup>(a)</sup> | 188 | 189 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(a)(e)</sup> | 9124 | 9145 |
| Hyundai Auto Receivables Trust, Series 2023-B, Class A3, 5.48% 4/17/2028 <sup>(a)</sup> | 139 | 140 |
| Hyundai Auto Receivables Trust, Series 2023-B, Class A4, 5.31% 8/15/2029 <sup>(a)</sup> | 160 | 163 |
| LAD Auto Receivables Trust, Series 2022-1, Class A, 5.21% 6/15/2027 <sup>(a)(e)</sup> | 84 | 84 |
| LAD Auto Receivables Trust, Series 2023-1, Class A3, 5.48% 6/15/2027 <sup>(a)(e)</sup> | 296 | 297 |
| LAD Auto Receivables Trust, Series 2022-1, Class B, 5.87% 9/15/2027 <sup>(a)(e)</sup> | 438 | 440 |
| LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/2027 <sup>(a)(e)</sup> | 993 | 997 |
| LAD Auto Receivables Trust, Series 2023-2, Class A3, 5.42% 2/15/2028 <sup>(a)(e)</sup> | 775 | 776 |
| LAD Auto Receivables Trust, Series 2023-2, Class B, 5.45% 4/15/2028 <sup>(a)(e)</sup> | 615 | 618 |
| LAD Auto Receivables Trust, Series 2023-3, Class B, 6.09% 6/15/2028 <sup>(a)(e)</sup> | 848 | 861 |
| LAD Auto Receivables Trust, Series 2023-2, Class C, 5.58% 9/15/2028 <sup>(a)(e)</sup> | 1361 | 1375 |
| LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/2028 <sup>(a)(e)</sup> | 3223 | 3300 |

---

American Funds Insurance Series **182**

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Asset-backed obligations (continued)** |  |  |
| LAD Auto Receivables Trust, Series 2023-3, Class C, 6.43% 12/15/2028 <sup>(a)(e)</sup> | USD714 | $732 |
| LAD Auto Receivables Trust, Series 2022-1, Class C, 6.85% 4/15/2030 <sup>(a)(e)</sup> | 623 | 632 |
| LAD Auto Receivables Trust, Series 2023-3, Class D, 6.92% 12/16/2030 <sup>(a)(e)</sup> | 483 | 502 |
| LAD Auto Receivables Trust, Series 2023-2, Class D, 6.30% 2/15/2031 <sup>(a)(e)</sup> | 123 | 126 |
| Mercedes-Benz Auto Receivables Trust, Series 2023-2, Class A3, 5.95% 11/15/2028 <sup>(a)</sup> | 1050 | 1064 |
| Merchants Fleet Funding, LLC, Series 2023-1, Class A, 7.21% 5/20/2036 <sup>(a)(e)</sup> | 698 | 704 |
| Merchants Fleet Funding, LLC, Series 2024-1, Class A, 5.82% 4/20/2037 <sup>(a)(e)</sup> | 7005 | 7052 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.40% 9/15/2031 <sup>(a)(e)</sup> | 8461 | 8466 |
| Navient Education Loan Trust, Series 2025-A, Class A, 5.02% 7/15/2055 <sup>(a)(e)</sup> | 7140 | 7186 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(e)</sup> | 1609 | 1449 |
| Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 12/16/2069 <sup>(a)(e)</sup> | 940 | 842 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070 <sup>(a)(e)</sup> | 598 | 541 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046 <sup>(a)(e)</sup> | 3380 | 3163 |
| Nelnet Student Loan Trust, Series 2025-AA, Class A1B, (30-day Average USD-SOFR + 1.10%) 5.404% 3/15/2057 <sup>(a)(b)(e)</sup> | 16395 | 16301 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32% 4/20/2062 <sup>(a)(e)</sup> | 165 | 154 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(e)</sup> | 2818 | 2652 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(a)(e)</sup> | 6417 | 6005 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 5.172% 4/20/2062 <sup>(a)(b)(e)</sup> | 2117 | 2107 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(e)</sup> | 50765 | 47836 |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 5.513% 7/25/2030 <sup>(a)(b)(e)</sup> | 121 | 122 |
| Nissan Auto Receivables Owner Trust, Series 2023-B, Class A3, 5.93% 3/15/2028 <sup>(a)</sup> | 598 | 603 |
| NMEF Funding, LLC, Series 2024-A, Class A2, 5.15% 12/15/2031 <sup>(a)(e)</sup> | 5287 | 5313 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class A, 4.98% 10/17/2031 <sup>(a)(e)</sup> | 2314 | 2303 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class B, 5.42% 10/17/2031 <sup>(a)(e)</sup> | 482 | 480 |
| PEAC Solutions Receivables, LLC, Series 2024-2A, Class A2, 4.74% 4/20/2027 <sup>(a)(e)</sup> | 2782 | 2783 |
| PEAC Solutions Receivables, LLC, Series 2024-1A, Class A2, 5.79% 6/21/2027 <sup>(a)(e)</sup> | 3502 | 3530 |
| PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/2027 <sup>(a)(e)</sup> | 1721 | 1720 |
| PFS Financing Corp., Series 2023-D, Class A, (30-day Average USD-SOFR + 1.15%) 5.454% 8/16/2027 <sup>(a)(b)(e)</sup> | 1393 | 1394 |
| PFS Financing Corp., Series 2023-A, Class A, 5.80% 3/15/2028 <sup>(a)(e)</sup> | 1710 | 1725 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(a)(e)</sup> | 4558 | 4589 |
| PFS Financing Corp., Series 2023-C, Class A, 5.52% 10/16/2028 <sup>(a)(e)</sup> | 909 | 923 |
| PK ALIFT Loan Funding 4, LP, Series 2024-2, Class A, 5.052% 10/15/2039 <sup>(a)(e)</sup> | 4870 | 4861 |
| Post Road Equipment Finance, Series 2024-1, Class A2, 5.59% 11/15/2029 <sup>(a)(e)</sup> | 1652 | 1661 |
| Prestige Auto Receivables Trust, Series 2023-2, Class B, 6.64% 12/15/2027 <sup>(a)(e)</sup> | 5088 | 5119 |
| Prodigy Finance Designated Activity Co., Series 2021-1A, Class A, (1-month USD CME Term SOFR + 1.364%) 5.684% 7/25/2051 <sup>(a)(b)(e)</sup> | 179 | 179 |
| Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35% 7/15/2027 <sup>(a)</sup> | 215 | 214 |
| Santander Drive Auto Receivables Trust, Series 2024-4, Class A2, 5.41% 7/15/2027 <sup>(a)</sup> | 1700 | 1702 |
| Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33% 9/15/2027 <sup>(a)</sup> | 512 | 510 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25% 4/17/2028 <sup>(a)</sup> | 585 | 586 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/16/2028 <sup>(a)</sup> | 630 | 630 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/2028 <sup>(a)</sup> | 700 | 709 |
| SBNA Auto Lease Trust, Series 2024-A, Class A3, 5.39% 11/20/2026 <sup>(a)(e)</sup> | 4791 | 4803 |
| SCF Equipment Leasing, LLC, Series 2024-1A, Class A2, 5.88% 11/20/2029 <sup>(a)(e)</sup> | 2182 | 2198 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028 <sup>(a)(e)</sup> | 558 | 562 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A4, 5.47% 12/20/2029 <sup>(a)(e)</sup> | 361 | 368 |
| SLAM, Ltd., Series 2021-1, Class A, 2.434% 6/15/2046 <sup>(a)(e)</sup> | 2186 | 2050 |
| SLAM, Ltd., Series 2021-1, Class B, 3.422% 6/15/2046 <sup>(a)(e)</sup> | 403 | 375 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1A, 5.67% 11/15/2052 <sup>(a)(e)</sup> | 646 | 663 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 5.854% 11/15/2052 <sup>(a)(b)(e)</sup> | 713 | 721 |
| SMB Private Education Loan Trust, Series 2025-A, Class A1A, 5.13% 4/15/2054 <sup>(a)(e)</sup> | 6704 | 6788 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046 <sup>(a)(e)</sup> | 1899 | 1772 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046 <sup>(a)(e)</sup> | 1667 | 1612 |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041 <sup>(a)(e)</sup> | 181 | 178 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(a)(e)</sup> | 462 | 443 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033 <sup>(a)(e)</sup> | 529 | 506 |

---

**183** American Funds Insurance Series

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Asset-backed obligations (continued)** |  |  |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 <sup>(a)(e)</sup> | USD995 | $961 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045 <sup>(a)(e)</sup> | 1950 | 1838 |
| Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/2045 <sup>(a)(e)</sup> | 792 | 760 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045 <sup>(a)(e)</sup> | 1532 | 1433 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class A, 1.68% 2/20/2046 <sup>(a)(e)</sup> | 4739 | 4364 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class B, 2.52% 2/20/2046 <sup>(a)(e)</sup> | 265 | 244 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046 <sup>(a)(e)</sup> | 4000 | 3736 |
| TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 8/20/2045 <sup>(a)(e)</sup> | 3293 | 3096 |
| TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/2046 <sup>(a)(e)</sup> | 99 | 89 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045 <sup>(a)(e)</sup> | 7680 | 7145 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046 <sup>(a)(e)</sup> | 2674 | 2445 |
| Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/2046 <sup>(a)(e)</sup> | 260 | 236 |
| Verizon Master Trust, Series 2024-1, Class A1A, 5.00% 12/20/2028 <sup>(a)</sup> | 7985 | 8003 |
| Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031 <sup>(a)(e)</sup> | 5380 | 5466 |
| Westlake Automobile Receivables Trust, Series 2021-2, Class D, 1.23% 12/15/2026 <sup>(a)(e)</sup> | 206 | 206 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class A3, 5.82% 5/17/2027 <sup>(a)(e)</sup> | 2559 | 2565 |
| Westlake Automobile Receivables Trust, Series 2023-4, Class A3, 6.24% 7/15/2027 <sup>(a)(e)</sup> | 3052 | 3070 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/2028 <sup>(a)(e)</sup> | 1175 | 1182 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class C, 6.02% 9/15/2028 <sup>(a)(e)</sup> | 2219 | 2251 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class D, 6.47% 3/15/2029 <sup>(a)(e)</sup> | 1236 | 1267 |
| Wheels Fleet Lease Funding, LLC, Series 24-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(e)</sup> | 12088 | 12160 |
| Wheels Fleet Lease Funding, LLC, Series 2024-3A, Class A1, 4.80% 9/19/2039 <sup>(a)(e)</sup> | 9695 | 9747 |
| World Omni Auto Receivables Trust, Series 2023-C, Class A3, 5.15% 11/15/2028 <sup>(a)</sup> | 273 | 274 |
| World Omni Auto Receivables Trust, Series 2023-C, Class A4, 5.03% 11/15/2029 <sup>(a)</sup> | 232 | 235 |
|  |  | 594080 |
| **Municipals 1.46%** |  |  |
|  **California 0.02%** |  |  |
| GO Bonds, Series 2009, 7.50% 4/1/2034 | 2100 | 2439 |
|  **Illinois 1.30%** |  |  |
|  City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-C, 6.319% 11/1/2029 | 65 | 64 |
|  City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2009-E, 6.138% 12/1/2039 | 31050 | 28815 |
|  City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-D, 6.519% 12/1/2040 | 8945 | 8386 |
|  City of Chicago, Board of Education, Unlimited Tax GO Bonds (Qualified School Construction Bonds), Series 2009-G, 1.75% 12/15/2025 | 2500 | 2457 |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 | 102799 | 103195 |
|  |  | 142917 |
|  **Massachusetts 0.07%** |  |  |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-A, 6.352% 7/1/2049 | 7500 | 7714 |
|  **Texas 0.03%** |  |  |
|  Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052 | 4075 | 2784 |
|  **Wisconsin 0.04%** |  |  |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034 | 4510 | 4411 |
| **Total municipals** |  | 160265 |
|  **Bonds & notes of governments & government agencies outside the U.S. 1.06%** |  |  |
| Chile (Republic of) 4.00% 1/31/2052 | 580 | 448 |

---

American Funds Insurance Series **184**

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
| Colombia (Republic of) 7.50% 2/2/2034 | USD2,530 | $2522 |
| Dominican Republic 5.95% 1/25/2027 <sup>(e)</sup> | 8100 | 8190 |
| Dominican Republic 7.05% 2/3/2031 <sup>(e)</sup> | 680 | 714 |
| Greece (Hellenic Republic of) 1.50% 6/18/2030 | EUR10,830 | 12114 |
| Greece (Hellenic Republic of) 0.75% 6/18/2031 | 9600 | 10071 |
| Greece (Hellenic Republic of) 4.25% 6/15/2033 | 23825 | 30443 |
| Japan 3.10% 3/20/2065 | JPY1,968,100 | 13705 |
| Japan, Series 86, 2.40% 3/20/2055 | 1908300 | 12173 |
| Paraguay (Republic of) 5.00% 4/15/2026 | USD285 | 285 |
| Poland (Republic of) 5.75% 11/16/2032 | 555 | 587 |
| Poland (Republic of) 4.875% 10/4/2033 | 830 | 826 |
| United Mexican States 6.00% 5/13/2030 | 2960 | 3067 |
| United Mexican States 6.00% 5/7/2036 | 14755 | 14599 |
| United Mexican States 6.875% 5/13/2037 | 3200 | 3345 |
| United Mexican States 7.375% 5/13/2055 | 3090 | 3197 |
|  |  | 116286 |
| **Federal agency bonds & notes 0.11%** |  |  |
| Fannie Mae 2.125% 4/24/2026 | 11910 | 11725 |
| **Total bonds, notes & other debt instruments** (cost: $10,550,957,000) |  | 10443759 |
| Common stocks 0.00% | Shares |  |
|  **Energy 0.00%** |  |  |
| FORESEA Holding SA, Class C, nonvoting shares <sup>(e)</sup> | 555 | 13 |
| FORESEA Holding SA, Class B <sup>(e)</sup> | 61 | 1 |
| **Total common stocks** (cost: $9,000) |  | 14 |
| Short-term securities 6.80% |  |  |
|  **Money market investments 6.80%** |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(k)(l)</sup> | 7457964 | 745797 |
| **Total short-term securities** (cost: $745,710,000) |  | 745797 |
| **Total investment securities 102.04%** (cost: $11,296,676,000) |  | 11189570 |
| Other assets less liabilities (2.04)% |  | (224007) |
| **Net assets 100.00%** |  | $10965563 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Futures contracts** | **Futures contracts** | **Futures contracts** | **Futures contracts** | **Futures contracts** | **Futures contracts** |
| Contracts | Type | Number of<br>contracts | Expiration<br>date | Notional<br>amount<br>(000) | <br> Value and<br>unrealized<br> appreciation<br> (depreciation)<br>at 6/30/2025<br> (000) |
|  30 Day Federal Funds Futures | Long | 33 | 8/1/2025 | USD13,156 | $(29) |
|  30 Day Federal Funds Futures | Long | 380 | 9/2/2025 | 151569 | (11) |
|  3 Month SOFR Futures | Long | 3768 | 9/17/2025 | 901164 | (132) |
|  3 Month SOFR Futures | Short | 7493 | 3/18/2026 | (1804502) | (2876) |
|  2 Year U.S. Treasury Note Futures | Long | 7288 | 10/3/2025 | 1516075 | 3980 |
|  5 Year U.S. Treasury Note Futures | Long | 14759 | 10/3/2025 | 1608731 | 16573 |
|  10 Year Euro-Bund Futures | Short | 399 | 9/10/2025 | (61171) | 317 |
|  10 Year Japanese Government Bond Futures | Short | 76 | 9/22/2025 | (73369) | (249) |

---

**185** American Funds Insurance Series

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **Futures contracts** (continued)<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br>contracts | Expiration<br>date | Notional<br>amount<br>(000) | <br> Value and<br>unrealized<br> (depreciation)<br>appreciation<br>at 6/30/2025<br> (000) |
|  10 Year U.S. Treasury Note Futures | Long | 5413 | 9/30/2025 | USD606,933 | $11168 |
|  10 Year Ultra U.S. Treasury Note Futures | Long | 472 | 9/30/2025 | 53933 | 986 |
|  20 Year U.S. Treasury Bond Futures | Long | 17 | 9/30/2025 | 1963 | 55 |
|  30 Year Ultra U.S. Treasury Bond Futures | Long | 2688 | 9/30/2025 | 320208 | 11557 |
|  |  |  |  |  | $41339 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward currency contracts | Forward currency contracts | Forward currency contracts | Forward currency contracts | Forward currency contracts | Forward currency contracts | Forward currency contracts |
|  |  |  |  |  |  | Unrealized |
| Contract amount | Contract amount | Contract amount | Contract amount |  |  | appreciation<br> (depreciation) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | Currency sold<br> (000) | Currency sold<br> (000) | Counterparty | Settlement<br> date | at 6/30/2025<br> (000) |
|  EUR | 15927 | USD | 18685 | HSBC Bank | 7/1/2025 | $78 |
|  USD | 18048 | EUR | 15927 | BNP Paribas | 7/1/2025 | (715) |
|  BRL | 24015 | USD | 4192 | Citibank | 7/14/2025 | 212 |
|  USD | 39177 | EUR | 34264 | BNP Paribas | 7/15/2025 | (1228) |
|  JPY | 7850983 | USD | 54424 | Citibank | 7/16/2025 | 200 |
|  JPY | 1271230 | USD | 8809 | Goldman Sachs | 7/16/2025 | 36 |
|  USD | 7336 | EUR | 6377 | Bank of America | 7/16/2025 | (185) |
|  JPY | 3901364 | EUR | 23501 | JPMorgan Chase | 7/16/2025 | (571) |
|  USD | 84956 | JPY | 12198797 | JPMorgan Chase | 7/17/2025 | 71 |
|  JPY | 1414255 | USD | 9801 | Goldman Sachs | 7/17/2025 | 40 |
|  USD | 8718 | JPY | 1259985 | JPMorgan Chase | 7/17/2025 | (49) |
|  USD | 11977 | JPY | 1738295 | UBS AG | 7/28/2025 | (135) |
|  USD | 18735 | EUR | 15927 | HSBC Bank | 8/11/2025 | (81) |
|  |  |  |  |  |  | $(2327) |

---

#### Swap contracts

#### Interest rate swaps

#### Centrally cleared interest rate swaps

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | | | | Upfront | Unrealized |
| Receive | Receive | Pay | Pay |  | Notional | Value at | premium<br> paid | appreciation<br> (depreciation) |
|  | Payment |  | Payment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration | amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(received) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at 6/30/2025 |
| Rate | frequency | Rate | frequency | date | (000) | (000) | (000) | (000) |
|  4.4555% | Annual | SOFR | Annual | 12/6/2025 | USD35,525 | $25 | $– | $25 |
|  SOFR | Annual | 4.186% | Annual | 2/18/2027 | USD30,500 | (287) |  | (287) |
|  SOFR | Annual | 3.39981% | Annual | 3/31/2027 | USD88,200 | 211 |  | 211 |
|  SOFR | Annual | 3.62% | Annual | 6/30/2027 | USD40,816 | (163) |  | (163) |
|  3.998% | Annual | SOFR | Annual | 12/4/2028 | USD40,040 | 770 |  | 770 |
|  SOFR | Annual | 3.945% | Annual | 5/31/2029 | USD20,090 | (401) |  | (401) |
|  SOFR | Annual | 3.3125% | Annual | 10/7/2029 | USD11,993 | 44 |  | 44 |
|  SOFR | Annual | 3.4445% | Annual | 10/7/2029 | USD6,052 | (12) |  | (12) |
|  SOFR | Annual | 3.4805% | Annual | 10/7/2029 | USD6,052 | (18) |  | (18) |
|  SOFR | Annual | 3.455% | Annual | 10/7/2029 | USD12,103 | (23) |  | (23) |
|  SOFR | Annual | 3.552% | Annual | 10/7/2029 | USD4,000 | (23) |  | (23) |
|  SOFR | Annual | 3.543% | Annual | 10/7/2029 | USD6,052 | (33) |  | (33) |
|  SOFR | Annual | 3.551% | Annual | 10/7/2029 | USD12,103 | (69) |  | (69) |

---

American Funds Insurance Series **186**

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Swap contracts** (continued)

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | |  | | | | | Upfront | Unrealized |
| Receive | Receive | Pay | Pay |  | Notional | Value at | premium<br> paid | appreciation<br> (depreciation) |
|  | Payment |  | Payment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration | amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(received) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at 6/30/2025 |
| Rate | frequency | Rate | frequency | date | (000) | (000) | (000) | (000) |
|  SOFR | Annual | 3.965% | Annual | 11/14/2029 | USD30,465 | $(684) | $– | $(684) |
|  SOFR | Annual | 3.9195% | Annual | 11/15/2029 | USD8,240 | (170) |  | (170) |
|  SOFR | Annual | 3.763% | Annual | 12/12/2029 | USD11,790 | (170) |  | (170) |
|  SOFR | Annual | 3.797% | Annual | 3/31/2030 | USD2,774 | (46) |  | (46) |
|  SOFR | Annual | 3.794% | Annual | 3/31/2030 | USD5,301 | (86) |  | (86) |
|  SOFR | Annual | 3.796% | Annual | 3/31/2030 | USD5,301 | (87) |  | (87) |
|  SOFR | Annual | 3.7815% | Annual | 3/31/2030 | USD10,484 | (165) |  | (165) |
|  SOFR | Annual | 3.6065% | Annual | 5/12/2030 | USD9,910 | (81) |  | (81) |
|  SOFR | Annual | 3.762% | Annual | 4/30/2032 | USD26,088 | (412) |  | (412) |
|  SOFR | Annual | 3.6025% | Annual | 1/8/2034 | USD16,295 | 18 |  | 18 |
|  SOFR | Annual | 3.871% | Annual | 3/4/2034 | USD25,128 | (459) |  | (459) |
|  SOFR | Annual | 3.883% | Annual | 7/28/2045 | USD33,965 | 396 |  | 396 |
|  |  |  |  |  |  | $(1925) | $– | $(1925) |

---

#### Bilateral interest rate swaps

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | |  | |  | | | | Upfront | Unrealized |
| Receive | Receive | Pay | Pay |  |  | Notional | Value at | premium<br> paid | appreciation<br> (depreciation) |
|  | Payment |  | Payment |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration | amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(received) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at 6/30/2025 |
| Rate | frequency | Rate | frequency | Counterparrty | date | (000) | (000) | (000) | (000) |
|  14.5956% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL160,970 | $1615 | $– | $1615 |
|  14.24% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL88,380 | 773 |  | 773 |
|  14.585% | At maturity | BZDIOVER | At maturity | Bank of America | 1/2/2029 | BRL19,180 | 191 |  | 191 |
|  13.31% | At maturity | BZDIOVER | At maturity | BNP Paribas | 1/2/2029 | BRL76,120 | 126 |  | 126 |
|  13.18% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL56,000 | 67 |  | 67 |
|  13.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL77,000 | 24 |  | 24 |
|  13.04% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL41,300 | 10 |  | 10 |
|  12.99% | At maturity | BZDIOVER | At maturity | Bank of America | 1/2/2029 | BRL36,820 | (5) |  | (5) |
|  12.99% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL41,300 | (6) |  | (6) |
|  12.32% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL25,300 | (123) |  | (123) |
|  12.365% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL38,509 | (174) |  | (174) |
|  12.36% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL38,753 | (176) |  | (176) |
|  12.3075% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL38,500 | (191) |  | (191) |
|  12.36% | At maturity | BZDIOVER | At maturity | BNP Paribas | 1/2/2029 | BRL77,020 | (351) |  | (351) |
|  12.35% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL76,900 | (357) |  | (357) |
|  12.303% | At maturity | BZDIOVER | At maturity | BNP Paribas | 1/2/2029 | BRL75,919 | (378) |  | (378) |
|  |  |  |  |  |  |  | $1045 | $– | $1045 |

---

#### Credit default swaps

#### Centrally cleared credit default swaps on credit indices — buy protection

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference<br> index | Financing<br>rate paid | Payment<br>frequency | Expiration<br>date | Notional<br>amount<br>(000) | Value at<br>6/30/2025<br>(000) | Upfront<br>premium<br> paid<br> (received)<br>(000) | Unrealized<br>appreciation<br>(depreciation)<br>at 6/30/2025<br> (000) |
|  CDX.NA.HY.44 | 5.00% | Quarterly | 6/20/2030 | USD94,715 | $(7109) | $(4510) | $(2599) |

---

**187** American Funds Insurance Series

------

The Bond Fund of America<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Swap contracts** (continued)

**Credit default swaps** (continued)

#### Centrally cleared credit default swaps on credit indices — sell protection

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference<br> index | Financing<br>rate received | Payment<br>frequency | Expiration<br>date | Notional <br> amount <sup>(m)</sup><br> (000)  | Value at <br> 6/30/2025 <sup>(n)</sup><br> (000)  | Upfront<br>premium<br> paid<br> (received)<br>(000) | Unrealized<br>appreciation<br>(depreciation)<br>at 6/30/2025<br> (000) |
|  CDX.NA.IG.44 | 1.00% | Quarterly | 6/20/2030 | USD48,163 | $1065 | $604 | $461 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments in affiliates<sup>(l)</sup> |  |  |  |  |  |  |  |
|  | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 6/30/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
|  Short-term securities 6.80% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 6.80%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.35%<sup>(k)</sup> | $730121 | $2295601 | $2279811 | $94 | $(208) | $745797 | $16350 |

---

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(c)</sup> Amount less than one thousand. 

<sup>(d)</sup> Represents securities transacted on a TBA basis.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,833,396,000, which represented 16.72% of the net assets of the fund. 

<sup>(f)</sup> Step bond; coupon rate may change at a later date.

<sup>(g)</sup> Value determined using significant unobservable inputs.

<sup>(h)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $7,595,000, which represented 0.07% of the net assets of the fund. 

<sup>(i)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $79,661,000, which represented 0.73% of the net assets of the fund. 

<sup>(j)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(k)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(l)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(m)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur. 

<sup>(n)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

#### Key to abbreviation(s)

---

| | |
|:---|:---|
| Assn. = Association | Fncg. = Financing |
| Auth. = Authority | GO = General Obligation |
| BRL = Brazilian reais | ICE = Intercontinental Exchange, Inc. |
| BZDIOVER = Overnight Brazilian Interbank Deposit Rate | JPY = Japanese yen |
| CLO = Collateralized Loan Obligations | Ref. = Refunding |
| CME = CME Group | Rev. = Revenue |
| CMO = Collateralized Mortgage Obligations | SOFR = Secured Overnight Financing Rate |
| DAC = Designated Activity Company | TBA = To be announced |
| EUR = Euros | USD = U.S. dollars |
| EURIBOR = Euro Interbank Offered Rate | UST = U.S. Treasury |
| Fin. = Finance |  |

---

Refer to the notes to financial statements.

American Funds Insurance Series **188**

------

Capital World Bond Fund<sup>®</sup>

---

| | |
|:---|:---|
| **Investment portfolio** June 30, 2025 | unaudited |

---

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 96.14% | Principal amount<br> (000) | Value<br> (000) |
|  **Euros 22.44%** |  |  |
|  AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028) <sup>(a)</sup> | EUR2,800 | $3053 |
|  Albania (Republic of) 4.75% 2/14/2035 | 2290 | 2700 |
|  Alpha Bank SA 6.875% 6/27/2029 (1-year EUR-ICE Swap EURIBOR + 3.793% on 6/27/2028) <sup>(a)</sup> | 500 | 653 |
|  Alpha Bank SA 5.00% 5/12/2030 (1-year EUR-ICE Swap EURIBOR + 2.432% on 5/12/2029) <sup>(a)</sup> | 100 | 126 |
|  Alpha Bank SA 5.50% 6/11/2031 (5-year EUR Mid-Swap + 5.823% on 6/11/2026) <sup>(a)</sup> | 680 | 813 |
|  Altria Group, Inc. 3.125% 6/15/2031 | 800 | 929 |
|  American Tower Corp. 0.45% 1/15/2027 | 2525 | 2887 |
|  American Tower Corp. 0.875% 5/21/2029 | 1470 | 1605 |
|  Anheuser-Busch InBev SA/NV 1.125% 7/1/2027 | 2000 | 2301 |
|  AT&T, Inc. 1.60% 5/19/2028 | 2350 | 2699 |
|  Banco de Credito Social Cooperativo, SA 4.125% 9/3/2030 (1-year EUR-ICE Swap EURIBOR + 1.70% on 9/3/2029) <sup>(a)</sup> | 1000 | 1218 |
|  Banco de Sabadell, SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028) <sup>(a)</sup> | 900 | 1126 |
|  Banco de Sabadell, SA 5.50% 9/8/2029 (1-year EUR-ICE Swap EURIBOR + 2.40% on 9/8/2028) <sup>(a)</sup> | 700 | 892 |
|  Bank Gospodarstwa Krajowego 4.25% 9/13/2044 | 290 | 329 |
|  Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028) <sup>(a)(b)</sup> | 5000 | 6058 |
|  Banque Federative du Credit Mutuel 3.875% 6/16/2032 (5-year EUR Mid-Swap + 2.20% on 6/16/2027) <sup>(a)</sup> | 2800 | 3353 |
|  Belgium (Kingdom of), Series 100, 2.85% 10/22/2034 | 880 | 1019 |
|  Belgium (Kingdom of), Series 88, 1.70% 6/22/2050 | 2730 | 2104 |
|  Belgium (Kingdom of), Series 98, 3.30% 6/22/2054 | 880 | 923 |
|  BPCE SA 4.50% 1/13/2033 | 1400 | 1742 |
|  BPCE SA 4.875% 2/26/2036 (5-year EUR-ICE Swap EURIBOR + 2.30% on 2/26/2031) <sup>(a)</sup> | 900 | 1115 |
|  British American Tobacco PLC 3.00% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 3.372% on 12/27/2026) <sup>(a)</sup> | 4980 | 5840 |
|  Coca-Cola Co. 3.375% 8/15/2037 | 155 | 179 |
|  Commerzbank AG 4.625% 1/17/2031 (3-month EUR-EURIBOR + 2.10% on 1/17/2030) <sup>(a)</sup> | 1900 | 2365 |
|  Croatia (Republic of) 3.25% 2/11/2037 | 1005 | 1160 |
|  Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029) <sup>(a)</sup> | 4000 | 4422 |
|  Deutsche Telekom AG 3.25% 6/4/2035 | 1990 | 2316 |
|  Deutsche Telekom International Finance BV 7.50% 1/24/2033 | 200 | 302 |
|  Egypt (Arab Republic of) 5.625% 4/16/2030 | 300 | 327 |
|  Electricite de France SA 4.25% 1/25/2032 | 1300 | 1605 |
|  Electricite de France SA 4.00% 5/7/2037 | 500 | 587 |
|  Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on 6/1/2028) <sup>(a)</sup> | 1400 | 1607 |
|  Electricite de France SA 7.50% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 4.86% on 12/6/2028) <sup>(a)</sup> | 1200 | 1558 |
|  Enel Finance International NV 4.00% 2/20/2031 | 465 | 572 |
|  Engie SA 3.875% 1/6/2031 | 1000 | 1226 |
|  Equinix Europe 2 Financing Corp., LLC 3.25% 3/15/2031 | 1375 | 1605 |
|  Equinor ASA 1.375% 5/22/2032 | 3650 | 3850 |
|  Eurobank Ergasias Services and Holdings SA 10.00% 12/6/2032 (5-year EUR Mid-Swap + 7.588% on 12/6/2027) <sup>(a)</sup> | 1540 | 2084 |
|  Eurobank Ergasias Services and Holdings SA 6.25% 4/25/2034 (5-year EUR Mid-Swap + 3.707% on 4/25/2029) <sup>(a)</sup> | 475 | 602 |
|  Eurobank SA 5.875% 11/28/2029 (1-year EUR Mid-Swap + 2.83% on 11/28/2028) <sup>(a)</sup> | 240 | 308 |
|  Eurobank SA 4.875% 4/30/2031 (5-year EUR Mid-Swap + 2.165% on 4/30/2030) <sup>(a)</sup> | 2030 | 2543 |
|  Eurobank SA 4.00% 2/7/2036 (1-year EUR-ICE Swap EURIBOR + 1.70% on 2/7/2035) <sup>(a)</sup> | 1375 | 1592 |
|  European Investment Bank 0.25% 1/20/2032 | 2075 | 2100 |
|  European Investment Bank 1.50% 6/15/2032 | 1000 | 1093 |
|  European Investment Bank 2.875% 1/12/2033 | 4500 | 5359 |
|  European Investment Bank 2.875% 1/15/2035 | 395 | 465 |
|  European Union 0.25% 10/22/2026 | 610 | 703 |
|  European Union 2.875% 12/6/2027 | 1060 | 1272 |
|  European Union 2.875% 10/5/2029 | 170 | 204 |
|  European Union 3.125% 12/4/2030 | 190 | 231 |
|  European Union 0% 7/4/2031 | 705 | 712 |
|  European Union 3.25% 7/4/2034 | 380 | 458 |
|  European Union 0% 7/4/2035 | 220 | 192 |
|  European Union 3.75% 10/12/2045 | 425 | 502 |
|  European Union 0.70% 7/6/2051 | 3000 | 1785 |

---

**189** American Funds Insurance Series

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Euros (continued)** |  |  |
|  European Union 3.375% 10/5/2054 | EUR540 | $580 |
|  Finland (Republic of) 3.00% 9/15/2033 | 2370 | 2827 |
|  Ford Motor Credit Co., LLC 3.622% 7/27/2028 | 960 | 1132 |
|  French Republic O.A.T. 0.75% 2/25/2028 | 980 | 1114 |
|  French Republic O.A.T. 2.75% 2/25/2029 | 1790 | 2139 |
|  French Republic O.A.T. 0% 11/25/2030 | 19550 | 20032 |
|  French Republic O.A.T. 0% 5/25/2032 | 2120 | 2055 |
|  French Republic O.A.T. 2.00% 11/25/2032 | 3170 | 3506 |
|  French Republic O.A.T. 3.00% 5/25/2033 | 1920 | 2260 |
|  French Republic O.A.T. 3.00% 11/25/2034 | 4430 | 5134 |
|  French Republic O.A.T. 0.50% 5/25/2040 | 600 | 454 |
|  French Republic O.A.T. 0.75% 5/25/2052 | 360 | 202 |
|  French Republic O.A.T. 3.75% 5/25/2056 | 810 | 902 |
|  Germany (Federal Republic of) 0% 10/9/2026 | 2305 | 2654 |
|  Germany (Federal Republic of) 0% 11/15/2027 | 1400 | 1579 |
|  Germany (Federal Republic of) 0% 2/15/2030 | 16885 | 18062 |
|  Germany (Federal Republic of) 2.50% 2/15/2035 | 13725 | 16037 |
|  Germany (Federal Republic of) 1.00% 5/15/2038 | 1300 | 1232 |
|  Germany (Federal Republic of) 0% 8/15/2050 | 1200 | 669 |
|  Greece (Hellenic Republic of) 3.875% 6/15/2028 | 615 | 758 |
|  Greece (Hellenic Republic of) 1.50% 6/18/2030 | 690 | 772 |
|  Greece (Hellenic Republic of) 1.75% 6/18/2032 | 1915 | 2094 |
|  Greece (Hellenic Republic of) 3.90% 1/30/2033 | 3200 | 3995 |
|  Greece (Hellenic Republic of) 3.375% 6/15/2034 | 5870 | 7030 |
|  Greece (Hellenic Republic of) 3.625% 6/15/2035 | 4385 | 5309 |
|  Greece (Hellenic Republic of) 4.125% 6/15/2054 | 640 | 752 |
|  Grifols SA 7.50% 5/1/2030 | 100 | 124 |
|  Hungary (Republic of), Series Y, 4.50% 6/16/2034 | 380 | 452 |
|  Hungary (Republic of), Series Y, 4.875% 3/22/2040 | 305 | 352 |
|  ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032) <sup>(a)</sup> | 1200 | 1578 |
|  Ireland (Republic of) 2.60% 10/18/2034 | 1820 | 2091 |
|  Ireland (Republic of) 3.00% 10/18/2043 | 1130 | 1268 |
|  Ireland (Republic of) 3.15% 10/18/2055 | 755 | 828 |
|  Italy (Republic of) 1.85% 7/1/2025 | 17700 | 20850 |
|  Italy (Republic of) 3.10% 8/28/2026 | 3425 | 4085 |
|  Italy (Republic of) 1.10% 4/1/2027 | 2565 | 2976 |
|  Italy (Republic of) 1.35% 4/1/2030 | 7 | 8 |
|  Italy (Republic of) 2.70% 10/1/2030 | 1365 | 1606 |
|  Italy (Republic of) 4.20% 3/1/2034 | 1430 | 1806 |
|  Italy (Republic of) 3.65% 8/1/2035 | 4595 | 5512 |
|  Italy (Republic of) 3.85% 10/1/2040 | 2530 | 2969 |
|  Italy (Republic of) 4.30% 10/1/2054 | 4245 | 5016 |
|  Johnson & Johnson 3.35% 2/26/2037 | 360 | 421 |
|  Lithuania (Republic of) 3.50% 7/3/2031 | 1170 | 1425 |
|  Lithuania (Republic of) 3.50% 2/13/2034 | 1620 | 1941 |
|  Lloyds Banking Group PLC 3.875% 5/14/2032 (1-year EUR-ICE Swap EURIBOR + 1.18% on 5/14/2031) <sup>(a)</sup> | 100 | 121 |
|  Magyar Export-Import Bank 6.00% 5/16/2029 | 1430 | 1820 |
|  Metropolitan Life Global Funding I 0.55% 6/16/2027 <sup>(b)</sup> | 2000 | 2280 |
|  MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 4.375% 6/27/2030 | 590 | 705 |
|  MPT Finance Corp. 7.00% 2/15/2032 | 100 | 121 |
|  National Bank of Greece SA 8.00% 1/3/2034 (5-year EUR-ICE Swap EURIBOR + 4.646% on 1/3/2029) <sup>(a)</sup> | 660 | 877 |
|  NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029) <sup>(a)</sup> | 2725 | 2977 |
|  NatWest Group PLC 1.043% 9/14/2032 (5-year EUR Mid-Swap + 1.27% on 9/14/2027) <sup>(a)</sup> | 185 | 210 |
|  PepsiCo, Inc. 0.75% 10/14/2033 | 2000 | 1939 |
|  Philip Morris International, Inc. 2.75% 6/6/2029 | 770 | 901 |
|  Piraeus Bank SA 6.75% 12/5/2029 (1-year EUR Mid-Swap + 3.837% on 12/5/2028) <sup>(a)</sup> | 320 | 419 |
|  Piraeus Bank SA 5.00% 4/16/2030 (1-year EUR-ICE Swap EURIBOR + 2.245% on 4/16/2029) <sup>(a)</sup> | 730 | 912 |
|  Portugal (Republic of) 0.475% 10/18/2030 | 350 | 374 |
|  Portugal (Republic of) 2.875% 10/20/2034 | 1960 | 2295 |
|  Portugal (Republic of) 3.00% 6/15/2035 | 2870 | 3370 |
|  Portugal (Republic of) 3.50% 6/18/2038 | 3140 | 3771 |

---

American Funds Insurance Series **190**

------

Capital World Bond Fund<sup>®</sup> (continued)

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br>(000) |
|  **Euros (continued)** |  |  |
|  Portugal (Republic of) 3.375% 6/15/2040 | EUR715 | $832 |
|  Province of Ontario 3.25% 7/3/2035 | 1120 | 1318 |
|  Prysmian SpA 3.875% 11/28/2031 | 435 | 523 |
|  Quebec (Province of) 0.25% 5/5/2031 | 920 | 940 |
|  Quebec (Province of) 0.50% 1/25/2032 | 1155 | 1170 |
|  Quebec (Province of) 3.35% 7/23/2039 | 2525 | 2911 |
|  Queensland Treasury Corp. 3.25% 5/21/2035 | 360 | 424 |
|  Romania 2.125% 3/7/2028 | 1440 | 1642 |
|  Romania 3.75% 2/7/2034 | 530 | 534 |
|  Romania 6.00% 9/24/2044 | 745 | 808 |
|  Senegal (Republic of) 5.375% 6/8/2037 | 2250 | 1641 |
|  Severn Trent Utilities Finance PLC 4.00% 3/5/2034 | 475 | 572 |
|  Shell International Finance BV 1.50% 4/7/2028 | 2000 | 2308 |
|  Slovak Republic, Series 250, 3.75% 3/6/2034 | 640 | 780 |
|  Spain (Kingdom of) 0% 1/31/2028 | 900 | 1006 |
|  Spain (Kingdom of) 1.40% 7/30/2028 | 7510 | 8648 |
|  Spain (Kingdom of) 1.45% 4/30/2029 | 1890 | 2158 |
|  Spain (Kingdom of) 1.25% 10/31/2030 | 1295 | 1427 |
|  Spain (Kingdom of) 0.50% 10/31/2031 | 1247 | 1283 |
|  Spain (Kingdom of) 3.15% 4/30/2033 | 3647 | 4367 |
|  Spain (Kingdom of) 3.55% 10/31/2033 | 5005 | 6138 |
|  Spain (Kingdom of) 3.25% 4/30/2034 | 1980 | 2367 |
|  Spain (Kingdom of) 3.45% 10/31/2034 | 500 | 605 |
|  Spain (Kingdom of) 3.20% 10/31/2035 | 1795 | 2109 |
|  Spain (Kingdom of) 1.90% 10/31/2052 | 1010 | 788 |
|  State Grid Overseas Investment (2016), Ltd. 2.125% 5/2/2030 | 200 | 230 |
|  Stryker Corp. 1.00% 12/3/2031 | 450 | 465 |
|  T-Mobile USA, Inc. 3.15% 2/11/2032 | 1705 | 1991 |
|  Toyota Motor Credit Corp. 0.125% 11/5/2027 | 1850 | 2073 |
|  Verallia SAS 3.875% 11/4/2032 | 4500 | 5287 |
|  Verizon Communications, Inc. 3.50% 6/28/2032 | 1620 | 1941 |
|  |  | 330337 |
|  **Japanese yen 8.79%** |  |  |
|  Indonesia (Republic of), Series 20, 0.57% 5/27/2026 | JPY100,000 | 691 |
|  Indonesia (Republic of), Series 31, 0.99% 5/27/2027 | 400000 | 2759 |
|  Indonesia (Republic of), Series 32, 1.33% 5/25/2029 | 300000 | 2060 |
|  Japan, Series 352, 0.10% 9/20/2028 | 314350 | 2134 |
|  Japan, Series 356, 0.10% 9/20/2029 | 1029800 | 6907 |
|  Japan, Series 116, 2.20% 3/20/2030 | 576100 | 4226 |
|  Japan, Series 362, 0.10% 3/20/2031 | 514000 | 3386 |
|  Japan, Series 374, 0.80% 3/20/2034 | 68200 | 454 |
|  Japan, Series 152, 1.20% 3/20/2035 | 1239550 | 8430 |
|  Japan, Series 21, 2.30% 12/20/2035 | 720000 | 5379 |
|  Japan, Series 162, 0.60% 9/20/2037 | 1966150 | 11972 |
|  Japan, Series 173, 0.40% 6/20/2040 | 270900 | 1491 |
|  Japan, Series 179, 0.50% 12/20/2041 | 196950 | 1056 |
|  Japan, Series 182, 1.10% 9/20/2042 | 619850 | 3629 |
|  Japan, Series 186, 1.50% 9/20/2043 | 1341900 | 8257 |
|  Japan, Series 188, 1.60% 3/20/2044 | 69000 | 429 |
|  Japan, Series 192, 2.40% 3/20/2045 | 6359250 | 44483 |
|  Japan, Series 53, 0.60% 12/20/2046 | 781600 | 3774 |
|  Japan, Series 37, 0.60% 6/20/2050 | 694500 | 3043 |
|  Japan, Series 73, 0.70% 12/20/2051 | 1568700 | 6765 |
|  Japan, Series 74, 1.00% 3/20/2052 | 246100 | 1150 |
|  Japan, Series 76, 1.40% 9/20/2052 | 5800 | 30 |
|  Japan, Series 77, 1.60% 12/20/2052 | 53250 | 288 |

---

**191** American Funds Insurance Series

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br>(000) |
|  **Japanese yen (continued)** |  |  |
|  Japan, Series 79, 1.20% 6/20/2053 | JPY612,200 | $2959 |
|  Japan, Series 81, 1.60% 12/20/2053 | 168700 | 898 |
|  Japan, Series 84, 2.10% 9/20/2054 | 455100 | 2714 |
|  |  | 129364 |
|  **British pounds 4.59%** |  |  |
|  Credit Agricole SA 5.375% 1/15/2029 (1-year GBP-GILT + 1.65% on 1/15/2028) <sup>(a)</sup> | GBP800 | 1115 |
|  Electricite de France SA 5.50% 3/27/2037 | 900 | 1176 |
|  KfW 1.125% 7/4/2025 | 1165 | 1599 |
|  Lloyds Banking Group PLC 2.707% 12/3/2035 (5-year GBP-GILT + 2.40% on 12/3/2030) <sup>(a)</sup> | 900 | 1075 |
|  Quebec (Province of) 2.25% 9/15/2026 | 1870 | 2511 |
|  United Kingdom 0.125% 1/30/2026 | 425 | 573 |
|  United Kingdom 4.25% 12/7/2027 | 3785 | 5269 |
|  United Kingdom 1.625% 10/22/2028 | 3690 | 4746 |
|  United Kingdom 4.125% 7/22/2029 | 2015 | 2792 |
|  United Kingdom 4.75% 12/7/2030 | 4770 | 6821 |
|  United Kingdom 0.25% 7/31/2031 | 12845 | 14143 |
|  United Kingdom 1.00% 1/31/2032 | 7120 | 8046 |
|  United Kingdom 4.25% 6/7/2032 | 1310 | 1814 |
|  United Kingdom 3.25% 1/31/2033 | 1090 | 1400 |
|  United Kingdom 0.625% 7/31/2035 | 210 | 199 |
|  United Kingdom 0.875% 1/31/2046 | 4917 | 3113 |
|  United Kingdom 3.75% 10/22/2053 | 1870 | 1993 |
|  United Kingdom 4.375% 7/31/2054 | 5570 | 6625 |
|  United Kingdom 2.50% 7/22/2065 | 3313 | 2523 |
|  |  | 67533 |
|  **Brazilian reais 2.64%** |  |  |
|  Brazil (Federative Republic of) 10.00% 1/1/2029 | BRL33,688 | 5692 |
|  Brazil (Federative Republic of) 10.00% 1/1/2031 | 113384 | 18323 |
|  Brazil (Federative Republic of) 10.00% 1/1/2035 | 58289 | 8856 |
|  Brazil (Federative Republic of) 6.00% 8/15/2040 <sup>(c)</sup> | 2126 | 355 |
|  Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(c)</sup> | 26763 | 4382 |
|  Brazil (Federative Republic of) 6.00% 8/15/2060 <sup>(c)</sup> | 7920 | 1278 |
|  |  | 38886 |
|  **Canadian dollars 2.06%** |  |  |
|  Canada (Government) 3.50% 3/1/2028 | CAD25,228 | 18927 |
|  Canada (Government) 1.50% 12/1/2031 | 5690 | 3811 |
|  Canada (Government) 3.25% 12/1/2033 | 7330 | 5412 |
|  Canada (Government) 2.75% 12/1/2048 | 3500 | 2246 |
|  |  | 30396 |
|  **Australian dollars 2.06%** |  |  |
|  Australia (Commonwealth of), Series 157, 1.50% 6/21/2031 | AUD3,640 | 2123 |
|  Australia (Commonwealth of), Series 163, 1.00% 11/21/2031 | 5789 | 3226 |
|  Australia (Commonwealth of), Series 167, 3.75% 5/21/2034 | 4415 | 2841 |
|  New South Wales Treasury Corp. 4.75% 2/20/2035 | 12509 | 8219 |
|  New South Wales Treasury Corp. 4.75% 9/20/2035 | 3115 | 2037 |
|  New South Wales Treasury Corp. 4.25% 2/20/2036 | 14861 | 9231 |
|  New South Wales Treasury Corp. 5.25% 2/24/2038 | 3956 | 2621 |
|  |  | 30298 |
|  **South Korean won 1.71%** |  |  |
|  South Korea (Republic of), Series 2709, 3.125% 9/10/2027 | KRW4,513,500 | 3394 |

---

American Funds Insurance Series **192**

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **South Korean won (continued)** |  |  |
|  South Korea (Republic of), Series 2712, 2.375% 12/10/2027 | KRW5,158,930 | $3816 |
|  South Korea (Republic of), Series 2803, 3.25% 3/10/2028 | 3998100 | 3021 |
|  South Korea (Republic of), Series 3212, 4.25% 12/10/2032 | 18379880 | 14987 |
|  |  | 25218 |
|  **Chinese yuan renminbi 1.63%** |  |  |
|  China (People's Republic of), Series INBK, 2.37% 1/15/2029 | CNY6,340 | 912 |
|  China (People's Republic of), Series INBK, 2.75% 2/17/2032 | 1160 | 173 |
|  China (People's Republic of), Series INBK, 1.57% 5/15/2032 | 33900 | 4715 |
|  China (People's Republic of), Series INBK, 2.88% 2/25/2033 | 22230 | 3381 |
|  China (People's Republic of), Series INBK, 2.27% 5/25/2034 | 54910 | 8033 |
|  China (People's Republic of), Series INBK, 3.53% 10/18/2051 | 800 | 148 |
|  China (People's Republic of), Series INBK, 3.12% 10/25/2052 | 4740 | 826 |
|  China (People's Republic of), Series INBK, 3.19% 4/15/2053 | 4720 | 835 |
|  China (People's Republic of), Series INBK, 3.00% 10/15/2053 | 5150 | 894 |
|  China (People's Republic of), Series INBK, 1.92% 1/15/2055 | 28690 | 4011 |
|  |  | 23928 |
|  **Malaysian ringgits 1.55%** |  |  |
|  Malaysia (Federation of), Series 0419, 3.828% 7/5/2034 | MYR26,902 | 6544 |
|  Malaysia (Federation of), Series 0124, 4.054% 4/18/2039 | 6143 | 1517 |
|  Malaysia (Federation of), Series 0519, 3.757% 5/22/2040 | 10588 | 2523 |
|  Malaysia (Federation of), Series 0221, 4.417% 9/30/2041 | 2484 | 636 |
|  Malaysia (Federation of), Series 0223, 4.291% 8/14/2043 | 9030 | 2283 |
|  Malaysia (Federation of), Series 0224, 4.18% 5/16/2044 | 35614 | 8920 |
|  Malaysia (Federation of), Series 0417, 4.895% 5/8/2047 | 1277 | 344 |
|  |  | 22767 |
|  **Mexican pesos 1.12%** |  |  |
|  America Movil, SAB de CV, 10.125% 1/22/2029 | MXN13,920 | 765 |
|  America Movil, SAB de CV, 9.50% 1/27/2031 | 29290 | 1566 |
|  United Mexican States, Series M30, 8.50% 11/18/2038 | 21100 | 1034 |
|  United Mexican States, Series M, 7.75% 11/13/2042 | 83507 | 3691 |
|  United Mexican States, Series M, 8.00% 11/7/2047 | 7830 | 347 |
|  United Mexican States, Series M, 8.00% 7/31/2053 | 198770 | 8719 |
|  United Mexican States, Series S, 4.00% 10/29/2054 <sup>(c)</sup> | 7738 | 357 |
|  |  | 16479 |
|  **Indian rupees 1.07%** |  |  |
|  Asian Development Bank 6.72% 2/8/2028 | INR144,700 | 1705 |
|  European Bank for Reconstruction and Development 5.25% 1/12/2027 | 81400 | 932 |
|  European Bank for Reconstruction and Development 6.30% 10/26/2027 | 34000 | 396 |
|  European Bank for Reconstruction and Development 6.75% 1/13/2032 | 650500 | 7668 |
|  European Investment Bank 6.95% 3/1/2029 | 46200 | 546 |
|  European Investment Bank 7.40% 10/23/2033 | 155800 | 1915 |
|  Inter-American Development Bank 7.00% 1/25/2029 | 18000 | 213 |
|  International Bank for Reconstruction and Development 6.75% 9/8/2027 | 126400 | 1484 |
|  Korea Development Bank 6.75% 7/1/2030 | 73000 | 844 |
|  |  | 15703 |
|  **Indonesian rupiah 0.66%** |  |  |
|  Indonesia (Republic of), Series 84, 7.25% 2/15/2026 | IDR22,733,000 | 1410 |
|  Indonesia (Republic of), Series 64, 6.125% 5/15/2028 | 1556000 | 96 |
|  Indonesia (Republic of), Series 95, 6.375% 8/15/2028 | 63512000 | 3932 |
|  Indonesia (Republic of), Series 71, 9.00% 3/15/2029 | 26010000 | 1748 |

---

**193** American Funds Insurance Series

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Indonesian rupiah (continued)** |  |  |
|  Indonesia (Republic of), Series 82, 7.00% 9/15/2030 | IDR2,930,000 | $186 |
|  Indonesia (Republic of), Series FR100, 6.625% 2/15/2034 | 29412000 | 1810 |
|  Indonesia (Republic of), Series 68, 8.375% 3/15/2034 | 6937000 | 475 |
|  |  | 9657 |
|  **Norwegian kroner 0.45%** |  |  |
|  Norway (Kingdom of) 1.75% 9/6/2029 | NOK2,080 | 192 |
|  Norway (Kingdom of) 2.125% 5/18/2032 | 6615 | 593 |
|  Norway (Kingdom of) 3.75% 6/12/2035 | 59865 | 5913 |
|  |  | 6698 |
|  **South African rand 0.45%** |  |  |
|  South Africa (Republic of), Series R-2030, 8.00% 1/31/2030 | ZAR8,400 | 467 |
|  South Africa (Republic of), Series R-2032, 8.25% 3/31/2032 | 114250 | 6170 |
|  |  | 6637 |
|  **Danish kroner 0.44%** |  |  |
|  Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043 <sup>(d)</sup> | DKK48,108 | 6238 |
|  Realkredit Danmark AS 1.00% 10/1/2053 <sup>(d)</sup> | 2503 | 308 |
|  |  | 6546 |
|  **Polish zloty 0.27%** |  |  |
|  Poland (Republic of), Series 1029, 2.75% 10/25/2029 | PLN4,900 | 1255 |
|  Poland (Republic of), Series 1033, 6.00% 10/25/2033 | 9280 | 2685 |
|  |  | 3940 |
|  **Chilean pesos 0.19%** |  |  |
|  Chile (Republic of) 1.50% 3/1/2026 <sup>(c)</sup> | CLP903,263 | 971 |
|  Chile (Republic of) 5.00% 10/1/2028 | 955000 | 1025 |
|  Chile (Republic of) 6.00% 4/1/2033 | 675000 | 743 |
|  |  | 2739 |
|  **Turkish lira 0.13%** |  |  |
|  Turkey (Republic of), Series 5Y, 12.60% 10/1/2025 | TRY73,785 | 1738 |
|  Turkey (Republic of) 17.80% 7/13/2033 | 12175 | 204 |
|  |  | 1942 |
|  **Colombian pesos 0.07%** |  |  |
|  Colombia (Republic of), Series B, 7.25% 10/26/2050 | COP7,150,600 | 1052 |
|  **Czech korunas 0.06%** |  |  |
|  Czech Republic 6.00% 2/26/2026 | CZK17,550 | 851 |
|  **U.S. dollars 43.76%** |  |  |
|  1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(e)</sup> | USD200 | 202 |
|  AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(e)</sup> | 27 | 28 |
|  AbbVie, Inc. 5.05% 3/15/2034 | 2790 | 2842 |
|  AbbVie, Inc. 5.35% 3/15/2044 | 75 | 74 |
|  AbbVie, Inc. 5.40% 3/15/2054 | 1265 | 1231 |
|  AbbVie, Inc. 5.50% 3/15/2064 | 150 | 146 |
|  Abu Dhabi Crude Oil Pipeline, LLC 4.60% 11/2/2047 | 775 | 694 |

---

American Funds Insurance Series **194**

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. dollars (continued)** |  |  |
|  ACHV ABS Trust, Series 2024-3AL, Class C, 5.68% 12/26/2031 <sup>(d)(e)</sup> | USD102 | $102 |
|  Adnoc Murban Rsc, Ltd. 4.50% 9/11/2034 <sup>(e)</sup> | 1345 | 1315 |
|  Advance Auto Parts, Inc. 5.95% 3/9/2028 | 45 | 46 |
|  AerCap Ireland Capital DAC 2.45% 10/29/2026 | 2102 | 2049 |
|  Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% 11/17/2029 <sup>(e)(f)(g)(h)</sup> | 528 | 524 |
|  Aeropuerto Internacional de Tocumen, SA 5.125% 8/11/2061 <sup>(e)</sup> | 660 | 465 |
|  AG Issuer, LLC 6.25% 3/1/2028 <sup>(e)</sup> | 165 | 165 |
|  AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027 <sup>(e)</sup> | 68 | 70 |
|  AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028) <sup>(a)(e)</sup> | 1147 | 1214 |
|  AIB Group PLC 5.871% 3/28/2035 (USD-SOFR + 1.91% on 3/28/2034) <sup>(a)(e)</sup> | 2985 | 3080 |
|  Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(e)</sup> | 140 | 133 |
|  Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(e)</sup> | 200 | 205 |
|  Alcoa Nederland Holding BV 4.125% 3/31/2029 <sup>(e)</sup> | 75 | 72 |
|  Alera Group Intermediate Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 9.824% 5/15/2033 <sup>(g)(h)</sup> | 65 | 66 |
|  Allegro CLO, Ltd., Series 2019-1, Class ARR, (3-month USD CME Term SOFR + 1.13%) 5.399% 4/20/2032 <sup>(d)(e)(h)</sup> | 553 | 553 |
|  Alliance Resource Operating Partners, LP 8.625% 6/15/2029 <sup>(e)</sup> | 50 | 53 |
|  Alliant Holdings Intermediate, LLC 6.75% 10/15/2027 <sup>(e)</sup> | 290 | 290 |
|  Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(e)</sup> | 120 | 118 |
|  Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(e)</sup> | 180 | 186 |
|  Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(e)</sup> | 65 | 66 |
|  Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(e)</sup> | 70 | 72 |
|  Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(e)</sup> | 300 | 292 |
|  Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/2029 <sup>(e)</sup> | 200 | 209 |
|  Amazon.com, Inc. 1.50% 6/3/2030 | 2040 | 1805 |
|  Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(e)</sup> | 98 | 101 |
|  Amer Sports Co. 6.75% 2/16/2031 <sup>(e)</sup> | 35 | 36 |
|  American Electric Power Co., Inc. 1.00% 11/1/2025 | 250 | 247 |
|  American Express Co. 5.532% 4/25/2030 (USD-SOFR + 1.09% on 4/25/2029) <sup>(a)</sup> | 1030 | 1071 |
|  Amgen, Inc. 2.20% 2/21/2027 | 445 | 431 |
|  Amgen, Inc. 5.25% 3/2/2030 | 981 | 1011 |
|  Amgen, Inc. 5.25% 3/2/2033 | 2687 | 2752 |
|  Amgen, Inc. 5.65% 3/2/2053 | 1284 | 1255 |
|  AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(e)</sup> | 135 | 131 |
|  Angola (Republic of) 9.50% 11/12/2025 | 4225 | 4245 |
|  Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(e)</sup> | 110 | 97 |
|  Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(e)</sup> | 115 | 94 |
|  AP Core Holdings II, LLC, Term Loan B, (3-month USD CME Term SOFR + 5.50%) 9.941% 9/1/2027 <sup>(g)(h)</sup> | 95 | 86 |
|  Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(d)(e)</sup> | 994 | 1006 |
|  Apollo Aviation Securitization Equity Trust, Series 25-1A, Class A, 5.943% 2/16/2050 <sup>(d)(e)</sup> | 559 | 570 |
|  Apple Bidco, LLC, Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.827% 9/23/2031 <sup>(g)(h)</sup> | 145 | 145 |
|  Aramark Services, Inc. 5.00% 2/1/2028 <sup>(e)</sup> | 110 | 110 |
|  Aretec Group, Inc. 7.50% 4/1/2029 <sup>(e)</sup> | 245 | 248 |
|  Aretec Group, Inc. 10.00% 8/15/2030 <sup>(e)</sup> | 50 | 55 |
|  Artera Services, LLC 8.50% 2/15/2031 <sup>(e)</sup> | 45 | 38 |
|  Asbury Automotive Group, Inc. 5.00% 2/15/2032 <sup>(e)</sup> | 55 | 52 |
|  Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(e)</sup> | 55 | 55 |
|  Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(e)</sup> | 25 | 25 |
|  Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(e)</sup> | 15 | 15 |
|  AssuredPartners, Inc. 5.625% 1/15/2029 <sup>(e)</sup> | 190 | 190 |
|  AssuredPartners, Inc., Term Loan, (3-month USD CME Term SOFR + 3.50%) 7.827% 2/14/2031 <sup>(g)(h)</sup> | 30 | 30 |
|  AT&T, Inc. 3.50% 9/15/2053 | 2070 | 1402 |
|  ATI, Inc. 7.25% 8/15/2030 | 60 | 63 |
|  Atkore, Inc. 4.25% 6/1/2031 <sup>(e)</sup> | 25 | 23 |
|  Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(e)</sup> | 122 | 116 |
|  Avient Corp. 6.25% 11/1/2031 <sup>(e)</sup> | 25 | 25 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027 <sup>(d)(e)</sup> | 1817 | 1831 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(e)</sup> | 996 | 1036 |
|  B&G Foods, Inc. 5.25% 9/15/2027 | 210 | 191 |

---

**195** American Funds Insurance Series

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. dollars (continued)** |  |  |
|  B&G Foods, Inc. 8.00% 9/15/2028 <sup>(e)</sup> | USD25 | $24 |
|  BAE Systems PLC 5.30% 3/26/2034 <sup>(e)</sup> | 865 | 885 |
|  Baldwin Insurance Group Holdings, LLC 7.125% 5/15/2031 <sup>(e)</sup> | 20 | 21 |
|  Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(d)(h)</sup> | 219 | 235 |
|  Bank Gospodarstwa Krajowego 5.75% 7/9/2034 <sup>(e)</sup> | 950 | 979 |
|  Bank Gospodarstwa Krajowego 6.25% 7/9/2054 <sup>(e)</sup> | 425 | 423 |
|  Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(a)</sup> | 4040 | 3522 |
|  Bank of America Corp. 5.511% 1/24/2036 (USD-SOFR + 1.31% on 1/24/2035) <sup>(a)</sup> | 1535 | 1579 |
|  Bank of East Asia, Ltd. 5.825% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.527% on 10/21/2025) <sup>(a)</sup> | 640 | 639 |
|  BAT Capital Corp. 3.215% 9/6/2026 | 955 | 942 |
|  BAT Capital Corp. 5.625% 8/15/2035 | 5501 | 5600 |
|  Bath & Body Works, Inc. 6.625% 10/1/2030 <sup>(e)</sup> | 120 | 124 |
|  Bath & Body Works, Inc. 6.875% 11/1/2035 | 75 | 78 |
|  Bausch Health Americas, Inc. 9.25% 4/1/2026 <sup>(e)</sup> | 80 | 80 |
|  Baytex Energy Corp. 7.375% 3/15/2032 <sup>(e)</sup> | 85 | 81 |
|  BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on 6/29/2033) <sup>(a)</sup> | 1360 | 1439 |
|  Becton, Dickinson and Co. 4.298% 8/22/2032 | 320 | 311 |
|  Biocon Biologics Global PLC 6.67% 10/9/2029 <sup>(e)</sup> | 2595 | 2467 |
|  BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(e)</sup> | 400 | 395 |
|  Block, Inc. 6.50% 5/15/2032 | 240 | 248 |
|  BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(d)(h)</sup> | 1070 | 1112 |
|  BMW US Capital, LLC 4.15% 4/9/2030 <sup>(e)</sup> | 900 | 885 |
|  BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(a)(e)</sup> | 700 | 649 |
|  BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031) <sup>(a)(e)</sup> | 1275 | 1143 |
|  Boeing Co. (The) 6.259% 5/1/2027 | 45 | 46 |
|  Boeing Co. (The) 5.15% 5/1/2030 | 2451 | 2496 |
|  Boeing Co. (The) 3.625% 2/1/2031 | 718 | 677 |
|  Boeing Co. (The) 6.388% 5/1/2031 | 723 | 777 |
|  Boeing Co. (The) 6.528% 5/1/2034 | 457 | 497 |
|  Boeing Co. (The) 5.805% 5/1/2050 | 50 | 48 |
|  Boeing Co. (The) 6.858% 5/1/2054 | 526 | 576 |
|  Bombardier, Inc. 7.125% 6/15/2026 <sup>(e)</sup> | 16 | 16 |
|  Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(e)</sup> | 25 | 27 |
|  Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(e)</sup> | 289 | 264 |
|  Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(e)</sup> | 45 | 43 |
|  Boyne USA, Inc. 4.75% 5/15/2029 <sup>(e)</sup> | 107 | 104 |
|  BPCE SA 6.293% 1/14/2036 (USD-SOFR + 2.04% on 1/14/2035) <sup>(a)(e)</sup> | 3520 | 3698 |
|  Braskem Netherlands Finance BV 4.50% 1/31/2030 | 1756 | 1362 |
|  Braskem Netherlands Finance BV 8.50% 1/12/2031 | 2129 | 1863 |
|  Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(e)</sup> | 525 | 459 |
|  BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on 5/1/2027) <sup>(a)(d)(e)</sup> | 1599 | 1609 |
|  Bristol-Myers Squibb Co. 5.20% 2/22/2034 | 1925 | 1972 |
|  Bristol-Myers Squibb Co. 5.55% 2/22/2054 | 2200 | 2148 |
|  British Columbia (Province of) 4.20% 7/6/2033 | 70 | 68 |
|  Broadcom, Inc. 4.00% 4/15/2029 <sup>(e)</sup> | 250 | 247 |
|  Broadcom, Inc. 3.469% 4/15/2034 <sup>(e)</sup> | 746 | 667 |
|  Broadcom, Inc. 3.137% 11/15/2035 <sup>(e)</sup> | 185 | 156 |
|  Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(e)</sup> | 63 | 63 |
|  Brown & Brown, Inc. 5.25% 6/23/2032 | 28 | 29 |
|  Brown & Brown, Inc. 6.25% 6/23/2055 | 48 | 50 |
|  Buffalo Energy Mexico Holdings 7.875% 2/15/2039 <sup>(e)</sup> | 1341 | 1383 |
|  Burlington Northern Santa Fe, LLC 5.50% 3/15/2055 | 232 | 230 |
|  BWX Technologies, Inc. 4.125% 4/15/2029 <sup>(e)</sup> | 175 | 169 |
|  BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 5.126% 9/15/2036 <sup>(d)(e)(h)</sup> | 1269 | 1266 |
|  BX Trust, Series 2025-BIO3, Class A, 6.138% 2/10/2042 <sup>(d)(e)</sup> | 1724 | 1772 |
|  Caesars Entertainment, Inc. 4.625% 10/15/2029 <sup>(e)</sup> | 15 | 14 |
|  Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(e)</sup> | 64 | 66 |
|  Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(e)</sup> | 45 | 46 |

---

American Funds Insurance Series **196**

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. dollars (continued)** |  |  |
|  CaixaBank, SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(a)(e)</sup> | USD1,633 | $1689 |
|  CaixaBank, SA 6.84% 9/13/2034 (USD-SOFR + 2.77% on 9/13/2033) <sup>(a)(e)</sup> | 200 | 220 |
|  CaixaBank, SA 6.037% 6/15/2035 (USD-SOFR + 2.26% on 9/15/2034) <sup>(a)(e)</sup> | 200 | 209 |
|  California Resources Corp. 7.125% 2/1/2026 <sup>(e)</sup> | 50 | 50 |
|  Canadian Pacific Railway Co. 3.00% 12/2/2041 | 349 | 254 |
|  Canadian Pacific Railway Co. 3.10% 12/2/2051 | 1085 | 714 |
|  CAN-PACK Spolka Akcyjna 3.875% 11/15/2029 <sup>(e)</sup> | 90 | 84 |
|  Carnival Corp. 6.00% 5/1/2029 <sup>(e)</sup> | 100 | 101 |
|  Cascade Funding Mortgage Trust, Series 2024-NR1, Class A1, 6.405% 11/25/2029 (9.405% on 11/25/2027) <sup>(a)(d)(e)</sup> | 163 | 164 |
|  Cascade Funding Mortgage Trust, Series 2024-HB15, Class M1, 4.00% 8/25/2034 <sup>(d)(e)(h)</sup> | 614 | 596 |
|  Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(d)(e)(h)</sup> | 111 | 110 |
|  Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(e)</sup> | 834 | 847 |
|  CCO Holdings, LLC 5.125% 5/1/2027 <sup>(e)</sup> | 125 | 125 |
|  CCO Holdings, LLC 4.75% 3/1/2030 <sup>(e)</sup> | 135 | 131 |
|  CCO Holdings, LLC 4.50% 8/15/2030 <sup>(e)</sup> | 240 | 229 |
|  CCO Holdings, LLC 4.25% 2/1/2031 <sup>(e)</sup> | 155 | 145 |
|  CCO Holdings, LLC 4.50% 6/1/2033 <sup>(e)</sup> | 147 | 134 |
|  CCO Holdings, LLC 4.25% 1/15/2034 <sup>(e)</sup> | 55 | 49 |
|  Centene Corp. 2.45% 7/15/2028 | 40 | 37 |
|  Centene Corp. 4.625% 12/15/2029 | 35 | 34 |
|  Centene Corp. 2.50% 3/1/2031 | 65 | 56 |
|  Central Garden & Pet Co. 4.125% 10/15/2030 | 74 | 70 |
|  Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(e)</sup> | 110 | 102 |
|  Charter Communications Operating, LLC 3.75% 2/15/2028 | 2650 | 2601 |
|  Charter Communications Operating, LLC 4.80% 3/1/2050 | 384 | 307 |
|  Charter Communications Operating, LLC 3.70% 4/1/2051 | 188 | 125 |
|  Charter Communications Operating, LLC 3.90% 6/1/2052 | 458 | 315 |
|  Charter Communications Operating, LLC 5.25% 4/1/2053 | 17 | 14 |
|  Cheniere Energy Partners, LP 3.25% 1/31/2032 | 26 | 23 |
|  China Oil and Gas Group, Ltd. 4.70% 6/30/2026 | 1130 | 1110 |
|  Chubb INA Holdings, LLC 3.35% 5/3/2026 | 195 | 194 |
|  Chubb INA Holdings, LLC 4.35% 11/3/2045 | 425 | 368 |
|  Cisco Systems, Inc. 5.10% 2/24/2035 | 990 | 1014 |
|  Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028 <sup>(d)(e)(h)</sup> | 805 | 843 |
|  Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(e)(h)</sup> | 1240 | 1282 |
|  Citizens Financial Group, Inc. 5.718% 7/23/2032 (USD-SOFR + 1.91% on 7/23/2031) <sup>(a)</sup> | 421 | 436 |
|  Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(e)</sup> | 90 | 91 |
|  Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(e)</sup> | 15 | 15 |
|  Clarios Global, LP 8.50% 5/15/2027 <sup>(e)</sup> | 90 | 91 |
|  Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(e)</sup> | 45 | 43 |
|  Clarivate Science Holdings Corp. 4.875% 7/1/2029 <sup>(e)</sup> | 5 | 5 |
|  Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(e)</sup> | 100 | 99 |
|  Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(e)</sup> | 75 | 64 |
|  Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(e)</sup> | 235 | 237 |
|  Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(e)</sup> | 175 | 182 |
|  Cloud Software Group, Inc., Term Loan B1, (3-month USD CME Term SOFR + 3.50%) 7.796% 3/29/2029 <sup>(g)(h)</sup> | 252 | 252 |
|  CMS Energy Corp. 3.00% 5/15/2026 | 1200 | 1185 |
|  CNX Resources Corp. 7.25% 3/1/2032 <sup>(e)</sup> | 110 | 114 |
|  Coca-Cola Co. 4.65% 8/14/2034 | 336 | 338 |
|  Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(e)</sup> | 55 | 52 |
|  Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(e)</sup> | 85 | 76 |
|  Colombia (Republic of) 3.875% 4/25/2027 | 350 | 343 |
|  Colombia (Republic of) 3.125% 4/15/2031 | 3000 | 2471 |
|  Colombia (Republic of) 8.00% 11/14/2035 | 445 | 448 |
|  Comcast Corp. 4.80% 5/15/2033 | 4100 | 4093 |
|  Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(e)</sup> | 192 | 173 |
|  Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(e)</sup> | 65 | 55 |
|  Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(e)</sup> | 65 | 63 |
|  Connect Finco SARL 9.00% 9/15/2029 <sup>(e)</sup> | 200 | 201 |

---

**197** American Funds Insurance Series

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. dollars (continued)** |  |  |
|  Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%)<br>6.605% 5/25/2043 <sup>(d)(e)(h)</sup> | USD1,208 | $1234 |
|  Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2, (30-day Average USD-SOFR + 3.55%)<br>7.855% 5/25/2043 <sup>(d)(e)(h)</sup> | 804 | 850 |
|  Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%)<br>6.205% 6/25/2043 <sup>(d)(e)(h)</sup> | 658 | 665 |
|  Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M2, (30-day Average USD-SOFR + 3.10%)<br>7.405% 6/25/2043 <sup>(d)(e)(h)</sup> | 305 | 319 |
|  Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%)<br>6.005% 7/25/2043 <sup>(d)(e)(h)</sup> | 461 | 464 |
|  Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%)<br>6.105% 1/25/2044 <sup>(d)(e)(h)</sup> | 206 | 208 |
|  Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M2, (30-day Average USD-SOFR + 1.65%)<br>5.955% 5/25/2044 <sup>(d)(e)(h)</sup> | 1148 | 1156 |
|  Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%)<br>5.305% 2/25/2045 <sup>(d)(e)(h)</sup> | 259 | 259 |
|  Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%)<br>5.455% 2/25/2045 <sup>(d)(e)(h)</sup> | 671 | 671 |
|  ConocoPhillips Co. 5.50% 1/15/2055 | 3050 | 2897 |
|  Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(e)</sup> | 200 | 204 |
|  Constellium SE 3.75% 4/15/2029 <sup>(e)</sup> | 125 | 118 |
|  COPT Defense Properties, LP 2.75% 4/15/2031 | 1212 | 1073 |
|  Corebridge Financial, Inc. 3.90% 4/5/2032 | 748 | 703 |
|  CoreLogic, Inc. 4.50% 5/1/2028 <sup>(e)</sup> | 384 | 367 |
|  CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.50%) 10.941% 6/4/2029 <sup>(g)(h)</sup> | 65 | 63 |
|  CoreWeave, Inc. 9.25% 6/1/2030 <sup>(e)</sup> | 50 | 51 |
|  Coronado Finance Pty, Ltd. 9.25% 10/1/2029 <sup>(e)</sup> | 125 | 93 |
|  Coty, Inc. 5.00% 4/15/2026 <sup>(e)</sup> | 36 | 36 |
|  Coty, Inc. 4.75% 1/15/2029 <sup>(e)</sup> | 65 | 64 |
|  Coty, Inc. 6.625% 7/15/2030 <sup>(e)</sup> | 95 | 97 |
|  Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(e)</sup> | 65 | 69 |
|  Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(e)</sup> | 178 | 186 |
|  Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(e)</sup> | 165 | 161 |
|  Crown Castle, Inc. 2.50% 7/15/2031 | 767 | 670 |
|  CSX Corp. 3.80% 4/15/2050 | 75 | 57 |
|  CVR Partners, LP 6.125% 6/15/2028 <sup>(e)</sup> | 65 | 65 |
|  Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(e)</sup> | 10 | 10 |
|  DaVita, Inc. 6.75% 7/15/2033 <sup>(e)</sup> | 40 | 41 |
|  Deluxe Corp. 8.00% 6/1/2029 <sup>(e)</sup> | 20 | 19 |
|  Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025) <sup>(a)</sup> | 850 | 841 |
|  Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026) <sup>(a)</sup> | 1160 | 1126 |
|  Deutsche Telekom International Finance BV 9.25% 6/1/2032 | 930 | 1161 |
|  Diamond Sports Net, LLC, Term Loan, 15.00% PIK 1/2/2028 <sup>(g)(i)</sup> | 8 | 7 |
|  Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(e)</sup> | 125 | 133 |
|  DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(e)</sup> | 50 | 50 |
|  DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.541% 8/2/2027 <sup>(g)(h)</sup> | 13 | 13 |
|  DISH Network Corp. 11.75% 11/15/2027 <sup>(e)</sup> | 296 | 305 |
|  Dun & Bradstreet Corp. (The) 5.00% 12/15/2029 <sup>(e)</sup> | 23 | 24 |
|  EchoStar Corp. 10.75% 11/30/2029 | 30 | 31 |
|  Edison International 5.25% 11/15/2028 | 1862 | 1844 |
|  Edison International 5.45% 6/15/2029 | 75 | 74 |
|  Edison International 6.95% 11/15/2029 | 350 | 364 |
|  Edison International 6.25% 3/15/2030 | 1510 | 1534 |
|  Edison International 5.25% 3/15/2032 | 705 | 669 |
|  Edison International 5.00% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.901% on 3/15/2027) <sup>(a)</sup> | 100 | 87 |
|  Egypt (Arab Republic of) 6.588% 2/21/2028 | 1550 | 1553 |
|  Egypt (Arab Republic of) 9.45% 2/4/2033 <sup>(e)</sup> | 460 | 466 |
|  Electricite de France SA 5.65% 4/22/2029 <sup>(e)</sup> | 800 | 830 |
|  Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(a)(e)</sup> | 300 | 339 |

---

American Funds Insurance Series **198**

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. dollars (continued)** |  |  |
|  Element Solutions, Inc. 3.875% 9/1/2028 <sup>(e)</sup> | USD105 | $102 |
|  Ellucian Holdings, Inc. 6.50% 12/1/2029 <sup>(e)</sup> | 25 | 26 |
|  Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.077% 11/22/2032 <sup>(g)(h)</sup> | 25 | 26 |
|  Encino Acquisition Partners Holdings, LLC 8.75% 5/1/2031 <sup>(e)</sup> | 30 | 33 |
|  Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(e)</sup> | 190 | 201 |
|  Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.00%) 8.327% 4/23/2031 <sup>(g)(h)</sup> | 84 | 84 |
|  Enel Finance International NV 1.625% 7/12/2026 <sup>(e)</sup> | 1248 | 1212 |
|  Enel Finance International NV 2.125% 7/12/2028 <sup>(e)</sup> | 1227 | 1146 |
|  Enfragen Energia Sur SA 5.375% 12/30/2030 | 3329 | 2983 |
|  Entergy Corp. 0.90% 9/15/2025 | 750 | 744 |
|  Enterprise Products Operating, LLC 4.95% 2/15/2035 | 168 | 167 |
|  Enviri Corp. 5.75% 7/31/2027 <sup>(e)</sup> | 145 | 143 |
|  EQT Corp. 6.375% 4/1/2029 <sup>(e)</sup> | 20 | 21 |
|  EQT Corp. 7.50% 6/1/2030 <sup>(e)</sup> | 45 | 49 |
|  Equinix, Inc. 1.80% 7/15/2027 | 1145 | 1092 |
|  EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(d)(e)</sup> | 871 | 885 |
|  EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(d)(e)</sup> | 1348 | 1358 |
|  EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(e)</sup> | 90 | 95 |
|  EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(e)</sup> | 15 | 16 |
|  ESAB Corp. 6.25% 4/15/2029 <sup>(e)</sup> | 75 | 77 |
|  Evergreen Credit Card Trust, Series 2025-CRT5, Class B, 5.24% 5/15/2029 <sup>(d)(e)</sup> | 148 | 149 |
|  Exeter Automobile Receivables Trust, Series 2023-5A, Class B, 6.58% 4/17/2028 <sup>(d)</sup> | 62 | 62 |
|  Expand Energy Corp. 5.875% 2/1/2029 <sup>(e)</sup> | 46 | 46 |
|  Expand Energy Corp. 6.75% 4/15/2029 <sup>(e)</sup> | 30 | 30 |
|  Expand Energy Corp. 5.375% 3/15/2030 | 55 | 55 |
|  Expand Energy Corp. 4.75% 2/1/2032 | 15 | 15 |
|  Expand Energy Corp. 4.875% 4/15/2032 <sup>(j)</sup> | 915 | 4 |
|  Export-Import Bank of Thailand 5.354% 5/16/2029 | 1420 | 1461 |
|  Fair Isaac Corp. 4.00% 6/15/2028 <sup>(e)</sup> | 15 | 15 |
|  Fair Isaac Corp. 6.00% 5/15/2033 <sup>(e)</sup> | 125 | 126 |
|  Fannie Mae Pool #MA5696 7.00% 3/1/2045 <sup>(d)</sup> | 75 | 80 |
|  Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(d)</sup> | 6 | 5 |
|  Fannie Mae Pool #FP0015 2.50% 9/1/2050 <sup>(d)</sup> | 1 | 1 |
|  Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(d)</sup> | 127 | 124 |
|  Fannie Mae Pool #CB0046 3.00% 4/1/2051 <sup>(d)</sup> | 1635 | 1417 |
|  Fannie Mae Pool #FM9672 2.50% 12/1/2051 <sup>(d)</sup> | 248 | 206 |
|  Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(d)</sup> | 1414 | 1124 |
|  Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(d)</sup> | 1380 | 1097 |
|  Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(d)</sup> | 3437 | 2727 |
|  Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(d)</sup> | 3987 | 3824 |
|  Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(d)</sup> | 51 | 50 |
|  Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(d)</sup> | 1692 | 1623 |
|  Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(d)</sup> | 93 | 93 |
|  Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(d)</sup> | 203 | 205 |
|  Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(d)</sup> | 882 | 903 |
|  Fannie Mae Pool #BY0943 4.00% 4/1/2053 <sup>(d)</sup> | 20 | 19 |
|  Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(d)</sup> | 4375 | 4302 |
|  Fannie Mae Pool #FS4840 5.50% 5/1/2053 <sup>(d)</sup> | 532 | 532 |
|  Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(d)</sup> | 16 | 16 |
|  Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(d)</sup> | 58 | 58 |
|  Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(d)</sup> | 28 | 26 |
|  Fannie Mae Pool #MA5071 5.00% 7/1/2053 <sup>(d)</sup> | 420 | 413 |
|  Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(d)</sup> | 218 | 219 |
|  Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(d)</sup> | 1535 | 1539 |
|  Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(d)</sup> | 839 | 840 |
|  Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(d)</sup> | 1839 | 1872 |
|  Fannie Mae Pool #FS6838 5.50% 11/1/2053 <sup>(d)</sup> | 435 | 435 |
|  Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(d)</sup> | 2183 | 2223 |
|  Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(d)</sup> | 636 | 637 |
|  Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(d)</sup> | 220 | 220 |
|  Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(d)</sup> | 457 | 457 |

---

**199** American Funds Insurance Series

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. dollars (continued)** |  |  |
|  Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(d)</sup> | USD277 | $282 |
|  Fannie Mae Pool #BU4479 5.50% 4/1/2054 <sup>(d)</sup> | 320 | 321 |
|  Fannie Mae Pool #DB2495 6.00% 5/1/2054 <sup>(d)</sup> | 578 | 588 |
|  Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(d)</sup> | 1639 | 1647 |
|  Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(d)</sup> | 1581 | 1618 |
|  Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(d)</sup> | 944 | 961 |
|  Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(d)</sup> | 646 | 661 |
|  Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(d)</sup> | 219 | 223 |
|  Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(d)</sup> | 196 | 202 |
|  Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(d)</sup> | 4031 | 4038 |
|  Fannie Mae Pool #DB5213 5.50% 7/1/2054 <sup>(d)</sup> | 3341 | 3344 |
|  Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(d)</sup> | 1039 | 1040 |
|  Fannie Mae Pool #DB5214 6.00% 7/1/2054 <sup>(d)</sup> | 1514 | 1540 |
|  Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(d)</sup> | 1306 | 1329 |
|  Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(d)</sup> | 838 | 853 |
|  Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(d)</sup> | 586 | 596 |
|  Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(d)</sup> | 570 | 582 |
|  Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(d)</sup> | 420 | 431 |
|  Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(d)</sup> | 318 | 326 |
|  Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(d)</sup> | 177 | 181 |
|  Fannie Mae Pool #FS8786 6.50% 7/1/2054 <sup>(d)</sup> | 17 | 17 |
|  Fannie Mae Pool #FS9819 7.00% 7/1/2054 <sup>(d)</sup> | 43 | 46 |
|  Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(d)</sup> | 393 | 395 |
|  Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(d)</sup> | 823 | 838 |
|  Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(d)</sup> | 496 | 508 |
|  Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(d)</sup> | 340 | 346 |
|  Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(d)</sup> | 246 | 251 |
|  Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(d)</sup> | 202 | 207 |
|  Fannie Mae Pool #DC0299 6.00% 8/1/2054 <sup>(d)</sup> | 195 | 199 |
|  Fannie Mae Pool #DB7692 6.00% 8/1/2054 <sup>(d)</sup> | 189 | 192 |
|  Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(d)</sup> | 163 | 166 |
|  Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(d)</sup> | 94 | 96 |
|  Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(d)</sup> | 74 | 76 |
|  Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(d)</sup> | 68 | 69 |
|  Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(d)</sup> | 66 | 68 |
|  Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(d)</sup> | 38 | 39 |
|  Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(d)</sup> | 2116 | 2118 |
|  Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(d)</sup> | 462 | 472 |
|  Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(d)</sup> | 1812 | 1777 |
|  Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(d)</sup> | 124 | 124 |
|  Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(d)</sup> | 48 | 47 |
|  Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(d)</sup> | 3825 | 3828 |
|  Fannie Mae Pool #MA5631 6.50% 2/1/2055 <sup>(d)</sup> | 707 | 731 |
|  Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(d)</sup> | 612 | 585 |
|  Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(d)</sup> | 4644 | 4647 |
|  Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(d)</sup> | 104 | 105 |
|  Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(d)</sup> | 644 | 616 |
|  Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(d)</sup> | 461 | 469 |
|  Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(d)</sup> | 350 | 343 |
|  Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(d)</sup> | 202 | 206 |
|  Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(d)</sup> | 1624 | 1593 |
|  Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(d)</sup> | 324 | 325 |
|  Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(d)</sup> | 1 | 2 |
|  Fannie Mae Pool #DD6324 5.00% 4/1/2055 <sup>(d)</sup> | 371 | 364 |
|  Farmer Mac Agricultural Real Estate Trust, Series 2024-2, Class B, 5.595% 8/1/2054 <sup>(d)(e)(h)</sup> | 330 | 294 |
|  Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(e)</sup> | 25 | 23 |
|  Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(e)</sup> | 150 | 159 |
|  Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(e)</sup> | 30 | 32 |
|  Fiesta Purchaser, Inc., Term Loan, (3-month USD CME Term SOFR + 3.25%) 7.577% 2/12/2031 <sup>(g)(h)</sup> | 15 | 15 |
|  Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(b)(g)(h)</sup> | 95 | 96 |
|  Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(b)(g)(h)</sup> | 2 | 2 |

---

American Funds Insurance Series **200**

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. dollars (continued)** |  |  |
|  First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(e)</sup> | USD45 | $42 |
|  FirstEnergy Corp., Series B, 3.90% 7/15/2027 | 1763 | 1744 |
|  Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%)<br>5.762% 12/15/2029 <sup>(d)(e)(h)</sup> | 483 | 484 |
|  Ford Motor Co. 6.10% 8/19/2032 | 30 | 30 |
|  Ford Motor Credit Co., LLC 5.85% 5/17/2027 | 2175 | 2192 |
|  Ford Motor Credit Co., LLC 4.95% 5/28/2027 | 300 | 298 |
|  Ford Motor Credit Co., LLC 3.815% 11/2/2027 | 200 | 193 |
|  Ford Motor Credit Co., LLC 7.35% 11/4/2027 | 200 | 208 |
|  Ford Motor Credit Co., LLC 2.90% 2/16/2028 | 200 | 188 |
|  Ford Motor Credit Co., LLC 5.80% 3/8/2029 | 3000 | 3007 |
|  Ford Motor Credit Co., LLC 4.00% 11/13/2030 | 125 | 114 |
|  Ford Otomotiv Sanayi AS 7.125% 4/25/2029 <sup>(e)</sup> | 255 | 256 |
|  Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/2033 <sup>(d)</sup> | 1680 | 1617 |
|  Freddie Mac Pool #RB5111 2.00% 5/1/2041 <sup>(d)</sup> | 2088 | 1797 |
|  Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(d)</sup> | 195 | 190 |
|  Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(d)</sup> | 605 | 480 |
|  Freddie Mac Pool #QE6084 5.00% 7/1/2052 <sup>(d)</sup> | 911 | 898 |
|  Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(d)</sup> | 372 | 357 |
|  Freddie Mac Pool #SD8276 5.00% 12/1/2052 <sup>(d)</sup> | 3297 | 3249 |
|  Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(d)</sup> | 2788 | 2674 |
|  Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(d)</sup> | 5529 | 5434 |
|  Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(d)</sup> | 259 | 260 |
|  Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(d)</sup> | 22 | 22 |
|  Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(d)</sup> | 695 | 697 |
|  Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(d)</sup> | 173 | 177 |
|  Freddie Mac Pool #SD3512 6.00% 8/1/2053 <sup>(d)</sup> | 58 | 59 |
|  Freddie Mac Pool #RA9795 4.00% 9/1/2053 <sup>(d)</sup> | 34 | 32 |
|  Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(d)</sup> | 2668 | 2672 |
|  Freddie Mac Pool #SD8363 6.00% 9/1/2053 <sup>(d)</sup> | 1592 | 1620 |
|  Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(d)</sup> | 29450 | 28942 |
|  Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(d)</sup> | 11000 | 11029 |
|  Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(d)</sup> | 126 | 131 |
|  Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(d)</sup> | 194 | 194 |
|  Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(d)</sup> | 1786 | 1818 |
|  Freddie Mac Pool #QI1357 4.00% 3/1/2054 <sup>(d)</sup> | 927 | 863 |
|  Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(d)</sup> | 1449 | 1450 |
|  Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(d)</sup> | 103 | 105 |
|  Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(d)</sup> | 126 | 129 |
|  Freddie Mac Pool #SD8433 6.50% 5/1/2054 <sup>(d)</sup> | 25 | 26 |
|  Freddie Mac Pool #RJ1855 5.00% 6/1/2054 <sup>(d)</sup> | 271 | 266 |
|  Freddie Mac Pool #RJ1857 5.50% 6/1/2054 <sup>(d)</sup> | 14756 | 14781 |
|  Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(d)</sup> | 822 | 826 |
|  Freddie Mac Pool #RJ1859 6.00% 6/1/2054 <sup>(d)</sup> | 977 | 995 |
|  Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(d)</sup> | 1054 | 1055 |
|  Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(d)</sup> | 522 | 523 |
|  Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(d)</sup> | 1540 | 1567 |
|  Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(d)</sup> | 1259 | 1294 |
|  Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(d)</sup> | 869 | 886 |
|  Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(d)</sup> | 538 | 551 |
|  Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(d)</sup> | 346 | 352 |
|  Freddie Mac Pool #SD5873 6.00% 7/1/2054 <sup>(d)</sup> | 228 | 232 |
|  Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(d)</sup> | 185 | 189 |
|  Freddie Mac Pool #RJ2200 5.50% 8/1/2054 <sup>(d)</sup> | 6026 | 6045 |
|  Freddie Mac Pool #RJ2206 5.50% 8/1/2054 <sup>(d)</sup> | 3860 | 3874 |
|  Freddie Mac Pool #RJ2243 5.50% 8/1/2054 <sup>(d)</sup> | 3455 | 3462 |
|  Freddie Mac Pool #RJ2203 5.50% 8/1/2054 <sup>(d)</sup> | 633 | 637 |
|  Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(d)</sup> | 310 | 317 |
|  Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(d)</sup> | 29 | 29 |
|  Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(d)</sup> | 543 | 565 |
|  Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(d)</sup> | 2317 | 2319 |

---

**201** American Funds Insurance Series

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. dollars (continued)** |  |  |
|  Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(d)</sup> | USD666 | $668 |
|  Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(d)</sup> | 1084 | 1104 |
|  Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(d)</sup> | 592 | 606 |
|  Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(d)</sup> | 560 | 574 |
|  Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(d)</sup> | 514 | 528 |
|  Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(d)</sup> | 331 | 337 |
|  Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(d)</sup> | 443 | 444 |
|  Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(d)</sup> | 426 | 408 |
|  Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(d)</sup> | 1156 | 1157 |
|  Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(d)</sup> | 523 | 513 |
|  Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(d)</sup> | 340 | 340 |
|  Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(d)</sup> | 13 | 13 |
|  Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(d)</sup> | 58 | 59 |
|  Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(d)</sup> | 152 | 149 |
|  Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(d)</sup> | 627 | 637 |
|  Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(d)</sup> | 322 | 315 |
|  Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(d)</sup> | 166 | 169 |
|  Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(d)</sup> | 449 | 441 |
|  Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(d)</sup> | 746 | 746 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1B, (30-day Average USD-SOFR + 2.90%) 7.205% 4/25/2042 <sup>(d)(e)(h)</sup> | 441 | 455 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA1, Class A1, (30-day Average USD-SOFR + 0.95%) 5.255% 1/25/2045 <sup>(d)(e)(h)</sup> | 282 | 282 |
|  Frontier Communications Holdings, LLC 5.00% 5/1/2028 <sup>(e)</sup> | 25 | 25 |
|  Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(e)</sup> | 2 | 2 |
|  Frontier Communications Holdings, LLC 5.875% 11/1/2029 | 65 | 66 |
|  Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(e)</sup> | 103 | 104 |
|  Frontier Communications Holdings, LLC 8.625% 3/15/2031 <sup>(e)</sup> | 27 | 29 |
|  FXI Holdings, Inc. 12.25% 11/15/2026 <sup>(e)</sup> | 497 | 438 |
|  Garda World Security Corp. 8.375% 11/15/2032 <sup>(e)</sup> | 65 | 67 |
|  Gartner, Inc. 3.75% 10/1/2030 <sup>(e)</sup> | 70 | 66 |
|  GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(a)(d)(e)</sup> | 1150 | 1160 |
|  Genesis Energy, LP 8.25% 1/15/2029 | 25 | 26 |
|  Genesis Energy, LP 8.875% 4/15/2030 | 38 | 40 |
|  Genesis Energy, LP 7.875% 5/15/2032 | 60 | 62 |
|  Georgia (Republic of) 2.75% 4/22/2026 <sup>(e)</sup> | 400 | 389 |
|  Gilead Sciences, Inc. 5.25% 10/15/2033 | 1342 | 1389 |
|  Gilead Sciences, Inc. 5.55% 10/15/2053 | 1155 | 1141 |
|  Glatfelter Corp., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 8.583% 11/4/2031 <sup>(g)(h)</sup> | 55 | 54 |
|  Global Auto Holdings PLC 11.50% 8/15/2029 <sup>(e)</sup> | 200 | 196 |
|  Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026) <sup>(a)</sup> | 1080 | 1043 |
|  Goldman Sachs Group, Inc. 5.536% 1/28/2036 (USD-SOFR + 1.38% on 1/28/2035) <sup>(a)</sup> | 732 | 751 |
|  Government National Mortgage Assn. Pool #785813 2.50% 12/20/2051 <sup>(d)</sup> | 3561 | 2987 |
|  Government National Mortgage Assn. Pool #MB0144 4.00% 1/20/2055 <sup>(d)</sup> | 1756 | 1634 |
|  Government National Mortgage Assn. Pool #MB0202 4.00% 2/20/2055 <sup>(d)</sup> | 185 | 172 |
|  Government National Mortgage Assn. Pool #MB0256 4.00% 3/20/2055 <sup>(d)</sup> | 225 | 209 |
|  Government National Mortgage Assn. Pool #MB0421 4.00% 6/20/2055 <sup>(d)</sup> | 10 | 9 |
|  Government National Mortgage Assn. 6.50% 7/1/2055 <sup>(d)(k)</sup> | 1708 | 1754 |
|  Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(d)</sup> | 754 | 551 |
|  Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052 | 965 | 659 |
|  Gray Media, Inc. 5.375% 11/15/2031 <sup>(e)</sup> | 19 | 14 |
|  Greenko Dutch BV 3.85% 3/29/2026 | 1514 | 1488 |
|  GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(e)</sup> | 1645 | 1665 |
|  Group 1 Automotive, Inc. 4.00% 8/15/2028 <sup>(e)</sup> | 115 | 111 |
|  Grupo Energia Bogota SA ESP 4.875% 5/15/2030 <sup>(e)</sup> | 660 | 650 |
|  Gulfport Energy Operating Corp. 6.75% 9/1/2029 <sup>(e)</sup> | 15 | 15 |
|  HAH Group Holding Co., LLC 9.75% 10/1/2031 <sup>(e)</sup> | 115 | 114 |
|  Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 2.75%) 7.077% 3/7/2032 <sup>(g)(h)</sup> | 56 | 57 |
|  Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(e)</sup> | 25 | 25 |
|  Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(e)</sup> | 25 | 26 |

---

American Funds Insurance Series **202**

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. dollars (continued)** |  |  |
|  Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.705% 3/15/2042 <sup>(d)(e)(h)</sup> | USD1,066 | $1068 |
|  HCA, Inc. 5.625% 9/1/2028 | 120 | 124 |
|  HealthEquity, Inc. 4.50% 10/1/2029 <sup>(e)</sup> | 80 | 78 |
|  Helios Software Holdings, Inc. 8.75% 5/1/2029 <sup>(e)</sup> | 200 | 206 |
|  Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(e)</sup> | 65 | 68 |
|  Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(e)</sup> | 30 | 31 |
|  Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(d)(e)</sup> | 249 | 253 |
|  Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(e)</sup> | 1188 | 1194 |
|  Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(e)</sup> | 14 | 14 |
|  Hightower Holding, LLC 6.75% 4/15/2029 <sup>(e)</sup> | 235 | 234 |
|  Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(e)</sup> | 105 | 102 |
|  Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(e)</sup> | 25 | 24 |
|  Hilton Domestic Operating Co., Inc. 4.875% 1/15/2030 | 25 | 25 |
|  Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(e)</sup> | 115 | 108 |
|  Honduras (Republic of) 6.25% 1/19/2027 | 653 | 654 |
|  Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.644% 2/5/2045 <sup>(d)(e)(h)</sup> | 1949 | 2004 |
|  Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(e)</sup> | 175 | 174 |
|  Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(e)</sup> | 195 | 186 |
|  Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(e)</sup> | 120 | 111 |
|  Howden UK Refinance 2 PLC 8.125% 2/15/2032 <sup>(e)</sup> | 200 | 209 |
|  HSBC Holdings PLC 4.292% 9/12/2026 (3-month USD CME Term SOFR + 1.609% on 9/12/2025) <sup>(a)</sup> | 4172 | 4168 |
|  HSBC Holdings PLC 4.755% 6/9/2028 (USD-SOFR + 2.11% on 6/9/2027) <sup>(a)</sup> | 1700 | 1707 |
|  HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033) <sup>(a)</sup> | 2000 | 2238 |
|  HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(a)</sup> | 1200 | 1289 |
|  HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.875% 5/10/2039 <sup>(d)(e)(h)</sup> | 396 | 400 |
|  HUB International, Ltd. 7.375% 1/31/2032 <sup>(e)</sup> | 130 | 136 |
|  HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.769% 6/20/2030 <sup>(g)(h)</sup> | 3 | 3 |
|  Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.649% 1/13/2040 <sup>(d)(e)(h)</sup> | 2712 | 2799 |
|  Hungary (Republic of) 6.00% 9/26/2035 <sup>(e)</sup> | 325 | 327 |
|  Hungary (Republic of) 5.50% 3/26/2036 <sup>(e)</sup> | 290 | 280 |
|  Husky Injection Molding Systems, Ltd., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.796% 2/15/2029 <sup>(g)(h)</sup> | 54 | 55 |
|  Hyatt Hotels Corp. 5.75% 3/30/2032 | 16 | 16 |
|  Hyundai Capital America 1.50% 6/15/2026 <sup>(e)</sup> | 2375 | 2306 |
|  Hyundai Capital America 1.65% 9/17/2026 <sup>(e)</sup> | 269 | 260 |
|  Hyundai Capital America 2.00% 6/15/2028 <sup>(e)</sup> | 600 | 555 |
|  Hyundai Capital America 6.50% 1/16/2029 <sup>(e)</sup> | 132 | 139 |
|  Icahn Enterprises, LP 9.75% 1/15/2029 | 65 | 63 |
|  Indonesia Asahan Aluminium (Persero) PT 5.45% 5/15/2030 <sup>(e)</sup> | 500 | 509 |
|  Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(e)</sup> | 130 | 121 |
|  Insulet Corp. 6.50% 4/1/2033 <sup>(e)</sup> | 7 | 7 |
|  Intelsat Jackson Holdings SA 6.50% 3/15/2030 <sup>(e)</sup> | 130 | 133 |
|  Intesa Sanpaolo SpA 7.00% 11/21/2025 <sup>(e)</sup> | 225 | 227 |
|  INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.662% 3/15/2042 <sup>(d)(e)(h)</sup> | 3679 | 3668 |
|  Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(e)</sup> | 55 | 53 |
|  Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(e)</sup> | 235 | 232 |
|  Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(e)</sup> | 200 | 206 |
|  Jane Street Group, LLC 6.75% 5/1/2033 <sup>(e)</sup> | 80 | 82 |
|  Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(e)</sup> | 80 | 83 |
|  JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(e)</sup> | 5 | 5 |
|  JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(e)</sup> | 5 | 5 |
|  JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(a)</sup> | 1243 | 1218 |
|  JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(a)</sup> | 536 | 556 |
|  JPMorgan Chase & Co. 5.534% 11/29/2045 (USD-SOFR + 1.55% on 11/29/2044) <sup>(a)</sup> | 730 | 732 |
|  Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.25%) 7.577% 3/20/2032 <sup>(g)(h)</sup> | 75 | 75 |
|  Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.327% 3/20/2033 <sup>(g)(h)</sup> | 50 | 50 |
|  KB Home 6.875% 6/15/2027 | 50 | 52 |
|  Kennedy-Wilson, Inc. 4.75% 3/1/2029 | 20 | 19 |
|  Kennedy-Wilson, Inc. 4.75% 2/1/2030 | 245 | 225 |

---

**203** American Funds Insurance Series

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. dollars (continued)** |  |  |
|  Kimmeridge Texas Gas, LLC 8.50% 2/15/2030 <sup>(e)</sup> | USD15 | $16 |
|  Kodiak Gas Services, LLC 7.25% 2/15/2029 <sup>(e)</sup> | 10 | 10 |
|  Korea Electric Power Corp. 5.375% 7/31/2026 <sup>(e)</sup> | 1290 | 1304 |
|  Korea Electric Power Corp. 4.75% 2/13/2028 <sup>(e)</sup> | 2250 | 2277 |
|  Korea Gas Corp. 5.00% 7/8/2029 <sup>(e)</sup> | 225 | 231 |
|  KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%)<br>5.854% 12/15/2039 <sup>(d)(e)(h)</sup> | 1243 | 1243 |
|  LAD Auto Receivables Trust, Series 2023-1, Class A3, 5.48% 6/15/2027 <sup>(d)(e)</sup> | 273 | 274 |
|  LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/2028 <sup>(d)(e)</sup> | 194 | 199 |
|  LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.52% 3/15/2029 <sup>(d)(e)</sup> | 219 | 220 |
|  Lamar Media Corp. 3.75% 2/15/2028 | 10 | 10 |
|  Lamar Media Corp. 3.625% 1/15/2031 | 120 | 111 |
|  Lamb Weston Holdings, Inc. 4.125% 1/31/2030 <sup>(e)</sup> | 30 | 29 |
|  LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(e)</sup> | 25 | 26 |
|  LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(e)</sup> | 110 | 107 |
|  LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(e)</sup> | 40 | 43 |
|  Lendbuzz Securitization Trust, Series 2025-1A, Class A2, 5.10% 10/15/2030 <sup>(d)(e)</sup> | 530 | 532 |
|  Levi Strauss & Co. 3.50% 3/1/2031 <sup>(e)</sup> | 115 | 105 |
|  LGI Homes, Inc. 8.75% 12/15/2028 <sup>(e)</sup> | 155 | 161 |
|  Light and Wonder International, Inc. 7.00% 5/15/2028 <sup>(e)</sup> | 20 | 20 |
|  Lindblad Expeditions, LLC 6.75% 2/15/2027 <sup>(e)</sup> | 5 | 5 |
|  Live Nation Entertainment, Inc. 4.75% 10/15/2027 <sup>(e)</sup> | 130 | 129 |
|  Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on<br>5/11/2026) <sup>(a)</sup> | 7000 | 6827 |
|  Lockheed Martin Corp. 5.20% 2/15/2064 | 309 | 286 |
|  LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(e)</sup> | 135 | 129 |
|  LSB Industries, Inc. 6.25% 10/15/2028 <sup>(e)</sup> | 90 | 89 |
|  Magnetite CLO, Ltd., Series 2019-22, Class ARR, (3-month USD CME Term SOFR + 1.25%) 5.506% 7/15/2036 <sup>(d)(e)(h)</sup> | 563 | 564 |
|  Marathon CLO, Ltd., Series 2019-2A, Class A1R2, (3-month USD CME Term SOFR + 0.95%) 5.219% 1/20/2033 <sup>(d)(e)(h)</sup> | 2788 | 2776 |
|  Marriott International, Inc. 2.75% 10/15/2033 | 5 | 4 |
|  Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(e)</sup> | 45 | 43 |
|  Mars, Inc. 4.80% 3/1/2030 <sup>(e)</sup> | 2925 | 2965 |
|  Mars, Inc. 5.00% 3/1/2032 <sup>(e)</sup> | 1450 | 1470 |
|  Mars, Inc. 5.20% 3/1/2035 <sup>(e)</sup> | 1475 | 1493 |
|  Marsh & McLennan Companies, Inc. 5.70% 9/15/2053 | 282 | 284 |
|  Mastercard, Inc. 2.00% 11/18/2031 | 600 | 523 |
|  Matador Resources Co. 6.50% 4/15/2032 <sup>(e)</sup> | 50 | 50 |
|  Matador Resources Co. 6.25% 4/15/2033 <sup>(e)</sup> | 45 | 45 |
|  McDonald's Corp. 4.95% 3/3/2035 | 476 | 476 |
|  Medline Borrower, LP 5.25% 10/1/2029 <sup>(e)</sup> | 40 | 40 |
|  Medline Borrower, LP, Term Loan, (3-month USD CME Term SOFR + 2.25%) 6.577% 10/23/2028 <sup>(g)(h)</sup> | 49 | 49 |
|  MEG Energy Corp. 5.875% 2/1/2029 <sup>(e)</sup> | 30 | 30 |
|  Meituan 2.125% 10/28/2025 | 1730 | 1716 |
|  Melco Resorts Finance, Ltd. 5.25% 4/26/2026 <sup>(e)</sup> | 1528 | 1527 |
|  Melco Resorts Finance, Ltd. 5.625% 7/17/2027 <sup>(e)</sup> | 873 | 872 |
|  Methanex Corp. 5.125% 10/15/2027 | 55 | 55 |
|  Methanex Corp. 5.25% 12/15/2029 | 5 | 5 |
|  MFRA Trust, Series 2024-NQM3, Class A1, 5.722% 12/25/2069 (6.722% on 12/1/2028) <sup>(a)(d)(e)</sup> | 1352 | 1361 |
|  MGM Resorts International 5.50% 4/15/2027 | 90 | 91 |
|  Microchip Technology, Inc. 5.05% 2/15/2030 | 709 | 720 |
|  Mileage Plus Holdings, LLC 6.50% 6/20/2027 <sup>(e)</sup> | 30 | 30 |
|  Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(e)</sup> | 155 | 156 |
|  Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(e)</sup> | 85 | 87 |
|  Minerva Luxembourg SA 8.875% 9/13/2033 | 1086 | 1174 |
|  Mission Lane Credit Card Master Trust, Series 2024-A, Class A1, 6.20% 8/15/2029 <sup>(d)(e)</sup> | 1094 | 1104 |
|  Mission Lane Credit Card Master Trust, Series 2024-A, Class B, 6.59% 8/15/2029 <sup>(d)(e)</sup> | 539 | 543 |
|  Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.40% 9/15/2031 <sup>(d)(e)</sup> | 1136 | 1137 |
|  Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(e)</sup> | 80 | 78 |
|  Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(e)</sup> | 75 | 70 |

---

American Funds Insurance Series **204**

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. dollars (continued)** |  |  |
|  Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(e)</sup> | USD115 | $117 |
|  Moog, Inc. 4.25% 12/9/2027 <sup>(e)</sup> | 120 | 117 |
|  Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(a)</sup> | 3700 | 3708 |
|  Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031) <sup>(a)</sup> | 1433 | 1226 |
|  MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(e)</sup> | 35 | 37 |
|  MSCI, Inc. 3.625% 11/1/2031 <sup>(e)</sup> | 210 | 194 |
|  MSWF Commercial Mortgage Trust, Series 2023-2, Class A5, 6.014% 12/15/2056 <sup>(d)(h)</sup> | 336 | 360 |
|  Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%)<br>7.055% 7/25/2054 <sup>(d)(e)(h)</sup> | 493 | 498 |
|  Murphy Oil Corp. 6.00% 10/1/2032 | 25 | 24 |
|  Murphy Oil USA, Inc. 4.75% 9/15/2029 | 48 | 47 |
|  MV24 Capital BV 6.748% 6/1/2034 | 1025 | 995 |
|  Nabors Industries, Inc. 7.375% 5/15/2027 <sup>(e)</sup> | 55 | 54 |
|  Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(e)</sup> | 160 | 153 |
|  National Australia Bank, Ltd. 5.181% 6/11/2034 <sup>(e)</sup> | 1250 | 1294 |
|  Nationstar Mortgage Holdings, Inc. 5.125% 12/15/2030 <sup>(e)</sup> | 135 | 137 |
|  Navient Corp. 5.00% 3/15/2027 | 45 | 45 |
|  Navient Corp. 4.875% 3/15/2028 | 145 | 143 |
|  Navient Corp. 7.875% 6/15/2032 | 55 | 57 |
|  NCR Atleos Corp., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 8.030% 4/16/2029 <sup>(g)(h)</sup> | 21 | 21 |
|  NCR Voyix Corp. 5.125% 4/15/2029 <sup>(e)</sup> | 38 | 37 |
|  New York Life Global Funding 1.20% 8/7/2030 <sup>(e)</sup> | 2725 | 2332 |
|  New York Life Global Funding 5.00% 1/9/2034 <sup>(e)</sup> | 1500 | 1511 |
|  New York Mortgage Trust, Series 2024-CP1, Class A1, 3.75% 2/25/2068 <sup>(d)(e)(h)</sup> | 547 | 506 |
|  Newell Brands, Inc. 8.50% 6/1/2028 <sup>(e)</sup> | 30 | 32 |
|  Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(e)</sup> | 165 | 161 |
|  NFE Financing, LLC 12.00% 11/15/2029 <sup>(e)</sup> | 709 | 323 |
|  NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(e)</sup> | 55 | 56 |
|  NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(e)</sup> | 70 | 70 |
|  NMEF Funding, LLC, Series 2025-A, Class A2, 4.72% 7/15/2032 <sup>(d)(e)</sup> | 662 | 663 |
|  Norfolk Southern Corp. 5.35% 8/1/2054 | 496 | 474 |
|  Northern Oil and Gas, Inc. 8.125% 3/1/2028 <sup>(e)</sup> | 150 | 151 |
|  NOVA Chemicals Corp. 5.25% 6/1/2027 <sup>(e)</sup> | 20 | 20 |
|  NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(e)</sup> | 90 | 97 |
|  Novelis Corp. 4.75% 1/30/2030 <sup>(e)</sup> | 80 | 77 |
|  Novelis Corp. 3.875% 8/15/2031 <sup>(e)</sup> | 20 | 18 |
|  NuStar Logistics, LP 5.625% 4/28/2027 | 80 | 81 |
|  Occidental Petroleum Corp. 6.375% 9/1/2028 | 54 | 56 |
|  OCP SA 3.75% 6/23/2031 | 500 | 449 |
|  OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(d)(e)</sup> | 269 | 272 |
|  OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class B, 7.15% 6/17/2031 <sup>(d)(e)</sup> | 120 | 122 |
|  OneMain Finance Corp. 7.125% 9/15/2032 | 25 | 26 |
|  ONEOK, Inc. 5.80% 11/1/2030 | 69 | 72 |
|  ONEOK, Inc. 6.05% 9/1/2033 | 514 | 540 |
|  ONEOK, Inc. 6.625% 9/1/2053 | 290 | 302 |
|  OneSky Flight, LLC 8.875% 12/15/2029 <sup>(e)</sup> | 35 | 36 |
|  Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 3/25/2028 (6.988% on 3/1/2028) <sup>(a)(d)(e)</sup> | 770 | 776 |
|  Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(a)(d)(e)</sup> | 1494 | 1510 |
|  Onslow Bay Financial, LLC, Series 2025-NQM3, Class A1, 5.648% 12/1/2064 (6.648% on 2/1/2029) <sup>(a)(d)(e)</sup> | 2573 | 2589 |
|  Onslow Bay Financial, LLC, Series 2025-NQM1, Class A1, 5.547% 12/25/2064 (6.547% on 12/1/2028) <sup>(a)(d)(e)</sup> | 2624 | 2635 |
|  Open Text Corp. 3.875% 2/15/2028 <sup>(e)</sup> | 25 | 24 |
|  Option Care Health, Inc. 4.375% 10/31/2029 <sup>(e)</sup> | 25 | 24 |
|  Oracle Corp. 2.65% 7/15/2026 | 2327 | 2286 |
|  Oracle Corp. 3.25% 11/15/2027 | 1880 | 1838 |
|  Oracle Corp. 3.95% 3/25/2051 | 22 | 16 |
|  Orange 9.00% 3/1/2031 <sup>(a)</sup> | 2434 | 2958 |
|  Osaic Holdings, Inc. 10.75% 8/1/2027 <sup>(e)</sup> | 256 | 257 |
|  Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(e)</sup> | 40 | 38 |
|  Pacific Gas and Electric Co. 3.15% 1/1/2026 | 3000 | 2972 |
|  Pacific Gas and Electric Co. 4.65% 8/1/2028 | 542 | 539 |
|  Pacific Gas and Electric Co. 6.40% 6/15/2033 | 1500 | 1569 |

---

**205** American Funds Insurance Series

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. dollars (continued)** |  |  |
|  Pacific Gas and Electric Co. 3.30% 8/1/2040 | USD4,525 | $3241 |
|  PacifiCorp 3.30% 3/15/2051 | 150 | 98 |
|  PacifiCorp 2.90% 6/15/2052 | 280 | 166 |
|  PacifiCorp 5.35% 12/1/2053 | 525 | 472 |
|  PacifiCorp 5.50% 5/15/2054 | 980 | 902 |
|  PacifiCorp 5.80% 1/15/2055 | 500 | 479 |
|  Panama (Republic of) 3.75% 4/17/2026 | 465 | 459 |
|  Panama (Republic of) 7.50% 3/1/2031 | 415 | 443 |
|  Panama (Republic of) 6.40% 2/14/2035 | 850 | 830 |
|  Panama (Republic of) 8.00% 3/1/2038 | 755 | 811 |
|  Panama (Republic of) 7.875% 3/1/2057 | 2015 | 2055 |
|  Park Intermediate Holdings, LLC 5.875% 10/1/2028 <sup>(e)</sup> | 65 | 65 |
|  Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(e)</sup> | 65 | 63 |
|  Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(e)</sup> | 55 | 57 |
|  Party City Holdco, Inc. 12.00% PIK 1/11/2029 <sup>(e)(f)(i)(j)</sup> | 2 | – <sup>(l)</sup> |
|  PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(e)</sup> | 1059 | 1063 |
|  Performance Food Group, Inc. 5.50% 10/15/2027 <sup>(e)</sup> | 11 | 11 |
|  Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(e)</sup> | 3 | 3 |
|  Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(e)</sup> | 25 | 26 |
|  Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(e)</sup> | 106 | 107 |
|  Petroleos Mexicanos 6.875% 10/16/2025 | 946 | 946 |
|  Petroleos Mexicanos 6.875% 8/4/2026 | 638 | 639 |
|  Petroleos Mexicanos 6.49% 1/23/2027 | 5999 | 5972 |
|  Petroleos Mexicanos 6.50% 3/13/2027 | 6200 | 6161 |
|  Petroleos Mexicanos 6.84% 1/23/2030 | 8494 | 8211 |
|  Petroleos Mexicanos 5.95% 1/28/2031 | 65 | 59 |
|  Petroleos Mexicanos 6.70% 2/16/2032 | 779 | 724 |
|  Petroleos Mexicanos 6.95% 1/28/2060 | 55 | 40 |
|  Petrorio Luxembourg Holding SARL 6.125% 6/9/2026 | 910 | 912 |
|  Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 2128 | 2122 |
|  Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 188 | 178 |
|  PG&E Corp. 5.00% 7/1/2028 | 235 | 229 |
|  PG&E Corp. 5.25% 7/1/2030 | 175 | 167 |
|  PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.883% on 3/15/2030) <sup>(a)</sup> | 145 | 138 |
|  Philip Morris International, Inc. 5.125% 11/17/2027 | 315 | 321 |
|  Philip Morris International, Inc. 2.10% 5/1/2030 | 634 | 571 |
|  Philip Morris International, Inc. 5.75% 11/17/2032 | 1554 | 1644 |
|  Philip Morris International, Inc. 5.375% 2/15/2033 | 1382 | 1428 |
|  PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(a)</sup> | 375 | 390 |
|  POSCO Holdings, Inc. 4.875% 1/23/2027 <sup>(e)</sup> | 510 | 512 |
|  Post Holdings, Inc. 5.50% 12/15/2029 <sup>(e)</sup> | 80 | 80 |
|  Post Holdings, Inc. 4.625% 4/15/2030 <sup>(e)</sup> | 444 | 427 |
|  Post Holdings, Inc. 6.25% 2/15/2032 <sup>(e)</sup> | 33 | 34 |
|  Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(e)</sup> | 120 | 111 |
|  Procter & Gamble Co. 3.00% 3/25/2030 | 338 | 323 |
|  Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2030 <sup>(d)(e)</sup> | 902 | 850 |
|  PRP Advisors, LLC, Series 2025-RPL3, Class A1, 3.25% 4/25/2055 (4.25% on 4/1/2028) <sup>(a)(d)(e)</sup> | 833 | 798 |
|  PT Bank Negara Indonesia (Persero) Tbk 4.30% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.466% on 3/24/2027) <sup>(a)</sup> | 2755 | 2633 |
|  PT Freeport Indonesia 5.315% 4/14/2032 | 449 | 450 |
|  Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(e)</sup> | 40 | 41 |
|  Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(e)</sup> | 10 | 10 |
|  Quikrete Holdings, Inc., Term Loan B3, (3-month USD CME Term SOFR + 2.25%) 6.577% 2/10/2032 <sup>(g)(h)</sup> | 15 | 15 |
|  Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(e)(i)</sup> | 282 | 277 |
|  Radiology Partners, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.50%) 1.50% PIK and 6.591% Cash 1/31/2029 <sup>(g)(h)(i)</sup> | 9 | 9 |
|  Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(e)</sup> | 910 | 911 |
|  Range Resources Corp. 4.75% 2/15/2030 <sup>(e)</sup> | 145 | 141 |
|  Reworld Holding Corp. 4.875% 12/1/2029 <sup>(e)</sup> | 25 | 24 |
|  RHP Hotel Properties, LP 7.25% 7/15/2028 <sup>(e)</sup> | 80 | 83 |

---

American Funds Insurance Series **206**

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. dollars (continued)** |  |  |
|  RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(e)</sup> | USD90 | $88 |
|  RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(e)</sup> | 30 | 31 |
|  Rio Tinto Finance (USA) PLC 5.25% 3/14/2035 | 1420 | 1446 |
|  RLJ Lodging Trust, LP 4.00% 9/15/2029 <sup>(e)</sup> | 25 | 23 |
|  Roller Bearing Company of America, Inc. 4.375% 10/15/2029 <sup>(e)</sup> | 20 | 19 |
|  Royal Bank of Canada 5.153% 2/4/2031 (USD-SOFR + 1.03% on 2/4/2030) <sup>(a)</sup> | 1700 | 1736 |
|  Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028 <sup>(e)</sup> | 75 | 76 |
|  Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(e)</sup> | 90 | 92 |
|  Ryan Specialty, LLC 4.375% 2/1/2030 <sup>(e)</sup> | 45 | 44 |
|  Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(e)</sup> | 20 | 20 |
|  Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(e)</sup> | 25 | 26 |
|  Sally Holdings, LLC 6.75% 3/1/2032 | 107 | 110 |
|  Sands China, Ltd. 5.40% 8/8/2028 | 2710 | 2732 |
|  Santander Holdings USA, Inc. 3.244% 10/5/2026 | 3750 | 3693 |
|  Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(b)</sup> | 1330 | 1318 |
|  Sats Treasury Pte., Ltd. 4.828% 1/23/2029 | 350 | 356 |
|  Saturn Oil & Gas, Inc. 9.625% 6/15/2029 <sup>(e)</sup> | 66 | 66 |
|  Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(e)</sup> | 1040 | 977 |
|  Scentre Group Trust 1 3.75% 3/23/2027 <sup>(e)</sup> | 110 | 109 |
|  SCF Equipment Trust, LLC, Series 2025-1A, Class A3, 5.11% 11/21/2033 <sup>(d)(e)</sup> | 2846 | 2907 |
|  Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(e)</sup> | 46 | 44 |
|  SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(e)</sup> | 115 | 112 |
|  Sealed Air Corp. 6.125% 2/1/2028 <sup>(e)</sup> | 180 | 183 |
|  Sealed Air Corp. 6.50% 7/15/2032 <sup>(e)</sup> | 123 | 128 |
|  Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038% 7/25/2031 <sup>(d)(e)</sup> | 158 | 160 |
|  Securitized Term Auto Receivables Trust, Series 2025-B, Class B, 4.98% 12/29/2032 <sup>(d)(e)</sup> | 826 | 829 |
|  Serbia (Republic of) 6.25% 5/26/2028 <sup>(e)</sup> | 740 | 766 |
|  Service Corp. International 5.75% 10/15/2032 | 35 | 35 |
|  Service Properties Trust 8.625% 11/15/2031 <sup>(e)</sup> | 60 | 64 |
|  ServiceNow, Inc. 1.40% 9/1/2030 | 756 | 655 |
|  Simmons Foods, Inc. 4.625% 3/1/2029 <sup>(e)</sup> | 80 | 76 |
|  Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(e)</sup> | 50 | 49 |
|  Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(e)</sup> | 195 | 187 |
|  Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(e)</sup> | 39 | 36 |
|  Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(e)</sup> | 111 | 99 |
|  SK hynix, Inc. 1.50% 1/19/2026 | 563 | 554 |
|  SLM Corp. 6.50% 1/31/2030 | 85 | 89 |
|  SM Energy Co. 6.50% 7/15/2028 | 45 | 45 |
|  SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%)<br>5.854% 11/15/2052 <sup>(d)(e)(h)</sup> | 547 | 553 |
|  SMRC Automotive Holdings Netherlands BV 5.625% 7/11/2029 <sup>(e)</sup> | 595 | 605 |
|  Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(e)</sup> | 45 | 44 |
|  Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(e)</sup> | 20 | 19 |
|  Southern California Edison Co. 2.85% 8/1/2029 | 200 | 185 |
|  Southern California Edison Co. 3.65% 2/1/2050 | 1700 | 1125 |
|  Southern California Edison Co. 5.90% 3/1/2055 | 1100 | 1007 |
|  Spirit AeroSystems, Inc., Term Loan, (3-month CME Term SOFR + 4.25%) 8.78% 1/15/2027 <sup>(g)(h)</sup> | 5 | 5 |
|  Sprint, LLC 7.625% 3/1/2026 | 130 | 131 |
|  Stagwell Global, LLC 5.625% 8/15/2029 <sup>(e)</sup> | 115 | 110 |
|  Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) 5.762% 2/17/2042 <sup>(d)(e)(h)</sup> | 216 | 216 |
|  State Street Corp. 5.146% 2/28/2036 (USD-SOFR + 1.217% on 2/28/2035) <sup>(a)</sup> | 1450 | 1467 |
|  Station Casinos, LLC 6.625% 3/15/2032 <sup>(e)</sup> | 35 | 36 |
|  Steele Creek CLO, Ltd., Series 2019-2A, Class ARR, (3-month USD CME Term SOFR + 1.00%) 5.256% 7/15/2032 <sup>(d)(e)(h)</sup> | 1832 | 1832 |
|  Stillwater Mining Co. 4.00% 11/16/2026 <sup>(b)</sup> | 2090 | 2043 |
|  Sunoco, LP 7.00% 5/1/2029 <sup>(e)</sup> | 30 | 31 |
|  Sunoco, LP 4.50% 5/15/2029 | 290 | 282 |
|  Sunoco, LP 4.50% 4/30/2030 | 35 | 34 |
|  Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(e)</sup> | 45 | 46 |

---

**207** American Funds Insurance Series

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. dollars (continued)** |  |  |
|  SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) 5.755% 3/15/2042 <sup>(d)(e)(h)</sup> | USD6,917 | $6877 |
|  Synopsys, Inc. 5.15% 4/1/2035 | 1410 | 1422 |
|  Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(e)</sup> | 69 | 74 |
|  Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.808% 5/17/2030 <sup>(g)(h)</sup> | 44 | 44 |
|  Talos Production, Inc. 9.00% 2/1/2029 <sup>(e)</sup> | 15 | 15 |
|  Talos Production, Inc. 9.375% 2/1/2031 <sup>(e)</sup> | 55 | 56 |
|  Tenet Healthcare Corp. 6.125% 10/1/2028 | 25 | 25 |
|  Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 455 | 458 |
|  Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032 | 200 | 204 |
|  TGS ASA 8.50% 1/15/2030 <sup>(e)</sup> | 200 | 207 |
|  Tidewater, Inc. 9.125% 7/15/2030 <sup>(e)</sup> | 10 | 10 |
|  Tierra Mojada Luxembourg II SARL 5.75% 12/1/2040 | 863 | 816 |
|  T-Mobile USA, Inc. 2.40% 3/15/2029 | 1079 | 1005 |
|  T-Mobile USA, Inc. 5.65% 1/15/2053 | 1400 | 1355 |
|  Toronto-Dominion Bank (The) 4.783% 12/17/2029 | 424 | 429 |
|  TotalEnergies Capital SA 5.488% 4/5/2054 | 1500 | 1445 |
|  TransDigm, Inc. 4.875% 5/1/2029 | 80 | 79 |
|  TransDigm, Inc. 6.875% 12/15/2030 <sup>(e)</sup> | 85 | 88 |
|  TransDigm, Inc. 6.625% 3/1/2032 <sup>(e)</sup> | 45 | 47 |
|  TransDigm, Inc. 6.375% 5/31/2033 <sup>(e)</sup> | 75 | 75 |
|  Transocean Poseidon, Ltd. 6.875% 2/1/2027 <sup>(e)</sup> | 39 | 39 |
|  Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(e)</sup> | 92 | 94 |
|  Transocean, Inc. 8.75% 2/15/2030 <sup>(e)</sup> | 32 | 33 |
|  Transocean, Inc. 6.80% 3/15/2038 | 35 | 25 |
|  Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(e)(f)</sup> | 100 | 100 |
|  Tricon Residential Trust, Series 2023-SFR1, Class B, 5.10% 7/17/2040 <sup>(d)(e)</sup> | 251 | 252 |
|  Tricon Residential Trust, Series 2023-SFR1, Class C, 5.10% 7/17/2040 <sup>(d)(e)</sup> | 100 | 100 |
|  Triumph Group, Inc. 9.00% 3/15/2028 <sup>(e)</sup> | 57 | 60 |
|  Truist Insurance Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.046% 5/6/2032 <sup>(g)(h)</sup> | 124 | 125 |
|  Turkey (Republic of) 7.125% 7/17/2032 | 1360 | 1363 |
|  U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(d)(e)</sup> | 752 | 753 |
|  U.S. Treasury 3.875% 5/31/2027 | 662 | 664 |
|  U.S. Treasury 3.50% 9/30/2029 | 399 | 395 |
|  U.S. Treasury 4.125% 10/31/2029 | 328 | 333 |
|  U.S. Treasury 4.00% 5/31/2030 | 2995 | 3024 |
|  U.S. Treasury 4.125% 11/30/2031 | 704 | 711 |
|  U.S. Treasury 3.875% 8/15/2034 | 540 | 527 |
|  U.S. Treasury 4.625% 2/15/2035 <sup>(m)</sup> | 1681 | 1734 |
|  U.S. Treasury 1.75% 8/15/2041 <sup>(m)</sup> | 4650 | 3087 |
|  U.S. Treasury 4.75% 11/15/2043 | 2650 | 2648 |
|  U.S. Treasury 4.625% 5/15/2044 | 1210 | 1187 |
|  U.S. Treasury 3.00% 8/15/2048 <sup>(m)</sup> | 5045 | 3730 |
|  U.S. Treasury 1.25% 5/15/2050 | 1625 | 781 |
|  U.S. Treasury 4.75% 11/15/2053 <sup>(m)</sup> | 4809 | 4763 |
|  U.S. Treasury 4.25% 2/15/2054 | 681 | 621 |
|  U.S. Treasury 4.625% 5/15/2054 <sup>(m)</sup> | 5926 | 5755 |
|  U.S. Treasury 4.50% 11/15/2054 | 143 | 136 |
|  U.S. Treasury Inflation-Protected Security 0.125% 7/15/2026 <sup>(c)</sup> | 837 | 830 |
|  U.S. Treasury Inflation-Protected Security 2.375% 10/15/2028 <sup>(c)(m)</sup> | 10569 | 10964 |
|  U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(c)</sup> | 3487 | 1900 |
|  U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(c)</sup> | 183 | 145 |
|  U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(c)(m)</sup> | 5916 | 5416 |
|  UKG, Inc. 6.875% 2/1/2031 <sup>(e)</sup> | 77 | 80 |
|  Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(d)(k)</sup> | 3098 | 2789 |
|  Uniform Mortgage-Backed Security 4.50% 7/1/2055 <sup>(d)(k)</sup> | 4068 | 3892 |
|  Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(d)(k)</sup> | 171 | 168 |
|  Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(d)(k)</sup> | 5160 | 5244 |
|  Uniform Mortgage-Backed Security 7.00% 7/1/2055 <sup>(d)(k)</sup> | 183 | 193 |
|  Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(d)(k)</sup> | 6 | 6 |
|  United Mexican States 6.00% 5/7/2036 | 970 | 960 |

---

American Funds Insurance Series **208**

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. dollars (continued)** |  |  |
|  United Mexican States 6.338% 5/4/2053 | USD425 | $391 |
|  United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(e)</sup> | 85 | 84 |
|  United Rentals (North America), Inc. 3.875% 2/15/2031 | 130 | 122 |
|  Univision Communications, Inc. 8.00% 8/15/2028 <sup>(e)</sup> | 110 | 112 |
|  Univision Communications, Inc. 4.50% 5/1/2029 <sup>(e)</sup> | 250 | 228 |
|  US Foods, Inc. 4.625% 6/1/2030 <sup>(e)</sup> | 35 | 34 |
|  Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(e)</sup> | 35 | 35 |
|  Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(e)</sup> | 20 | 21 |
|  Valvoline, Inc. 3.625% 6/15/2031 <sup>(e)</sup> | 85 | 77 |
|  Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 8.00% PIK and 6.308% Cash<br>1/16/2026 <sup>(f)(g)(h)(i)</sup> | 32 | 18 |
|  Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 8.00% PIK and 6.329% Cash<br>7/16/2026 <sup>(f)(g)(h)(i)</sup> | 33 | 18 |
|  Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 8.00% PIK and 6.302% Cash 10/12/2028 <sup>(f)(g)(h)(i)</sup> | 54 | 30 |
|  Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(e)</sup> | 35 | 33 |
|  Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(e)</sup> | 31 | 32 |
|  Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(e)</sup> | 110 | 102 |
|  Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(e)</sup> | 80 | 83 |
|  Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(e)</sup> | 82 | 89 |
|  Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(e)</sup> | 55 | 59 |
|  Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(e)</sup> | 115 | 115 |
|  Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(e)</sup> | 25 | 27 |
|  Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(e)</sup> | 85 | 85 |
|  Veralto Corp. 5.35% 9/18/2028 | 2900 | 2990 |
|  Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(a)(d)(e)</sup> | 631 | 638 |
|  Verus Securitization Trust, Series 2024-9, Class A1, 5.438% 11/25/2069 <sup>(d)(e)(h)</sup> | 838 | 840 |
|  Voyager Parent, LLC 9.25% 7/1/2032 <sup>(e)</sup> | 150 | 156 |
|  VZ Secured Financing BV 5.00% 1/15/2032 <sup>(e)</sup> | 200 | 178 |
|  Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(e)</sup> | 71 | 73 |
|  WASH Multifamily Acquisition, Inc. 5.75% 4/15/2026 <sup>(e)</sup> | 200 | 199 |
|  Waste Management, Inc. 3.875% 1/15/2029 | 50 | 49 |
|  Waste Pro USA, Inc. 7.00% 2/1/2033 <sup>(e)</sup> | 20 | 21 |
|  Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(e)</sup> | 93 | 96 |
|  Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027) <sup>(a)</sup> | 4698 | 4633 |
|  Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052) <sup>(a)</sup> | 1600 | 1365 |
|  WESCO Distribution, Inc. 7.25% 6/15/2028 <sup>(e)</sup> | 200 | 203 |
|  WESCO Distribution, Inc. 6.625% 3/15/2032 <sup>(e)</sup> | 150 | 156 |
|  Westlake Automobile Receivables Trust, Series 2023-1, Class B, 5.41% 1/18/2028 <sup>(d)(e)</sup> | 50 | 50 |
|  Wingspire Equipment Finance, LLC, Series 2024-1A, Class A2, 4.99% 9/20/2032 <sup>(d)(e)</sup> | 146 | 146 |
|  WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(e)</sup> | 110 | 103 |
|  WMG Acquisition Corp. 3.875% 7/15/2030 <sup>(e)</sup> | 135 | 126 |
|  WMG Acquisition Corp. 3.00% 2/15/2031 <sup>(e)</sup> | 80 | 73 |
|  Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 (13.875% on 6/22/2026) <sup>(a)(b)(i)</sup> | 106 | 107 |
|  Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(e)</sup> | 43 | 46 |
|  Ziggo BV 4.875% 1/15/2030 <sup>(e)</sup> | 300 | 281 |
|  |  | 644142 |
|  **Total bonds, notes & other debt instruments** (cost: $1,425,802,000) |  | 1415113 |
| Preferred securities 0.01% | Shares |  |
|  **U.S. dollars 0.01%** |  |  |
|  ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(e)(f)(n)</sup> | 48 | 68 |
|  **Total preferred securities** (cost: $49,000) |  | 68 |
| Common stocks 0.12% |  |  |
|  **Norwegian kroner 0.12%** |  |  |
|  Constellation Oil Services Holding SA (NDR) <sup>(n)</sup> | 3958470 | 1767 |

---

**209** American Funds Insurance Series

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **U.S. dollars 0.00%** |  |  |
|  Altera Infrastructure, LP <sup>(f)</sup> | 1441 | $45 |
|  New Fortress Energy, Inc., Class A <sup>(n)</sup> | 4095 | 14 |
|  DSG TopCo, Inc. <sup>(n)</sup> | 420 | 6 |
|  Bighorn Permian Resources, LLC <sup>(f)</sup> | 531 | – <sup>(l)</sup> |
|  Party City Holdco, Inc. <sup>(f)(n)</sup> | 80 | – <sup>(l)</sup> |
|  Party City Holdco, Inc. <sup>(e)(f)(n)</sup> | 1 | – <sup>(l)</sup> |
|  Venator Materials PLC <sup>(f)(n)</sup> | 232 | – <sup>(l)</sup> |
|  Endo, Inc., 1L 6.125% Escrow <sup>(f)(n)</sup> | 205000 | – <sup>(l)</sup> |
|  |  | 65 |
|  **Total common stocks** (cost: $2,070,000) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832 |
| Investment funds 1.50% |  |  |
|  Capital Group Central Corporate Bond Fund <sup>(o)</sup> | 2612163 | 22047 |
|  **Total investment funds** (cost: $20,457,000) |  | &nbsp;&nbsp;&nbsp;&nbsp;22047 |
| Short-term securities 2.54% |  |  |
| **Money market investments 2.34%** |  |  |
|  Capital Group Central Cash Fund 4.35% <sup>(o)(p)</sup> | 345182 | 34518 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) | |
| **Bills & notes of governments & government agencies outside the U.S. 0.20%** |  |  |  |
|  Egypt (Arab Republic of) 9/9/2025 | 21.356% | EGP150,475 | 2878 |
|  **Total short-term securities** (cost: $37,370,000) |  |  | 37396 |
| Options purchased (equity style) 0.00% |  |  |  |
|  Options purchased (equity style) \* |  |  | 35 |
|  **Total options purchased (equity style)** (cost: $21,000) |  |  | 35 |
|  **Total investment securities 100.31%** (cost: $1,485,769,000) |  |  | 1476491 |
|  **Total options written (equity style) <sup>†</sup> 0.00%** (premium received: $121,000) |  |  | (12) |
|  Other assets less liabilities (0.31)% |  |  | (4525) |
|  **Net assets 100.00%** |  |  | $1471954 |

---

---

| |
|:---|
| **<sup>\*</sup>Options purchased (equity style)** |
|  **Options on foreign currencies** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise<br> price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> amount<br> (000) | Value at<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/2025<br> (000) |
|  **Call** |  |  |  |  |  |
|  GBP/USD Foreign Currency Options | Goldman Sachs | 12/15/2025 | USD1.43 | GBP3,625 | $35 |

---

American Funds Insurance Series **210**

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<sup>†</sup>Options written (equity style)** | | | | | |
|  **Options on foreign currencies** |  |  |  |  |  |
| Description | Counterparty | Expiration<br> date | Exercise<br> price | Notional<br> amount<br> (000) | Value at<br> 6/30/2025<br>(000) |
|  **Call** |  |  |  |  |  |
|  GBP/USD Foreign Currency Options | Goldman Sachs | 12/15/2025 | USD1.49 | GBP(3625) | $(12) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Options purchased (futures style)** | | | | | |
|  **Options on futures** |  |  |  |  |  |
| Description | Number of<br> contracts | Expiration<br> date | Exercise<br> price | Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at<br> 6/30/2025<br> (000) |
|  **Put** |  |  |  |  |  |
|  10 Year Euro-Bund Futures Options | 817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR129.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR81,700 | $64 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Options written (futures style)** | | | | | |
|  **Options on futures** |  |  |  |  |  |
| Description | Number of<br> contracts | Expiration<br> date | Exercise<br> price | Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at<br> 6/30/2025<br> (000) |
|  **Put** |  |  |  |  |  |
|  10 Year Euro-Bund Futures Options | (817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR128.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR(81700) | $(39) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts** | | | | | |
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of<br> contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br> date | Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 6/30/2025<br> (000) |
|  3 Month SONIA Futures | Long | 141 | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD46,637 | $158 |
|  2 Year Italy Government Bond Futures | Long | 239 | 9/10/2025 | 30390 | (13) |
|  2 Year Euro-Schatz Futures | Short | 300 | 9/10/2025 | (37900) | 47 |
|  2 Year Canadian Government Bond Futures | Long | 394 | 9/29/2025 | 30572 | 23 |
|  2 Year U.S. Treasury Note Futures | Long | 260 | 10/3/2025 | 54086 | 92 |
|  3 Year Australian Treasury Bond Futures | Short | 1 | 9/16/2025 | (71) | – <sup>(l)</sup> |
|  5 Year Euro-Bobl Futures | Long | 403 | 9/10/2025 | 55864 | (127) |
|  5 Year Canadian Government Bond Futures | Long | 268 | 9/29/2025 | 22458 | 101 |
|  5 Year U.S. Treasury Note Futures | Long | 760 | 10/3/2025 | 82840 | 884 |
|  10 Year French Government Bond Futures | Long | 46 | 9/10/2025 | 6710 | (24) |
|  10 Year Italy Government Bond Futures | Short | 12 | 9/10/2025 | (1710) | (5) |
|  10 Year Euro-Bund Futures | Short | 683 | 9/10/2025 | (104711) | 587 |

---

**211** American Funds Insurance Series

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts** (continued) | | | | | |
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of<br> contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br> date | Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 6/30/2025<br> (000) |
|  10 Year Australian Treasury Bond Futures | Short | 118 | 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD(8901) | $(99) |
|  10 Year Japanese Government Bond Futures | Short | 106 | 9/22/2025 | (102331) | (348) |
|  10 Year Canadian Government Bond Futures | Long | 21 | 9/29/2025 | 1881 | 1 |
|  10 Year Ultra U.S. Treasury Note Futures | Long | 275 | 9/30/2025 | 31423 | 678 |
|  10 Year UK Gilt Futures | Long | 220 | 9/30/2025 | 28094 | 375 |
|  10 Year U.S. Treasury Note Futures | Long | 217 | 9/30/2025 | 24331 | 469 |
|  20 Year U.S. Treasury Bond Futures | Long | 115 | 9/30/2025 | 13279 | 467 |
|  30 Year Euro-Buxl Futures | Short | 46 | 9/10/2025 | (6434) | 68 |
|  30 Year Ultra U.S. Treasury Bond Futures | Long | 2 | 9/30/2025 | 238 | 5 |
|  |  |  |  |  | $3339 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | |
| Contract amount | Contract amount | Contract amount | Contract amount |  |  | Unrealized<br> appreciation<br>(depreciation) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | Currency sold<br> (000) | Currency sold<br> (000) | Counterparty | Settlement<br>date | at 6/30/2025<br> (000) |
| GBP | 3740 | USD | 5131 | Morgan Stanley | 7/1/2025 | $3 |
| USD | 5044 | GBP | 3740 | Morgan Stanley | 7/1/2025 | (90) |
| JPY | 772730 | USD | 5329 | Goldman Sachs | 7/7/2025 | 41 |
| USD | 1689 | JPY | 245540 | BNP Paribas | 7/7/2025 | (17) |
| EUR | 14600 | USD | 16776 | Citibank | 7/8/2025 | 431 |
| USD | 1028 | EUR | 890 | UBS AG | 7/8/2025 | (20) |
| USD | 1739 | EUR | 1510 | Morgan Stanley | 7/8/2025 | (40) |
| USD | 9018 | EUR | 8155 | BNP Paribas | 7/8/2025 | (594) |
| EUR | 18217 | USD | 20946 | HSBC Bank | 7/10/2025 | 527 |
| USD | 583 | EUR | 505 | JPMorgan Chase | 7/10/2025 | (13) |
| USD | 487 | EUR | 427 | HSBC Bank | 7/10/2025 | (16) |
| USD | 2802 | ZAR | 50000 | UBS AG | 7/10/2025 | (20) |
| CNH | 269622 | USD | 37612 | Citibank | 7/14/2025 | 98 |
| EUR | 2692 | USD | 3085 | Standard Chartered Bank | 7/14/2025 | 89 |
| GBP | 800 | USD | 1082 | Morgan Stanley | 7/14/2025 | 17 |
| AUD | 2600 | USD | 1696 | Standard Chartered Bank | 7/14/2025 | 15 |
| TRY | 7670 | USD | 189 | Citibank | 7/14/2025 | 1 |
| INR | 25000 | USD | 291 | Standard Chartered Bank | 7/14/2025 | – <sup>(l)</sup> |
| USD | 858 | NOK | 8645 | Citibank | 7/14/2025 | – <sup>(l)</sup> |
| SEK | 11225 | USD | 1191 | BNP Paribas | 7/14/2025 | (4) |
| USD | 1731 | CLP | 1623750 | Morgan Stanley | 7/14/2025 | (12) |
| USD | 1483 | BRL | 8200 | UBS AG | 7/14/2025 | (21) |
| USD | 3273 | IDR | 53437025 | HSBC Bank | 7/14/2025 | (22) |
| USD | 14248 | AUD | 21747 | Citibank | 7/14/2025 | (69) |
| USD | 2353 | BRL | 13480 | Citibank | 7/14/2025 | (119) |
| EUR | 5075 | USD | 5803 | BNP Paribas | 7/15/2025 | 182 |
| CAD | 5525 | USD | 4039 | Bank of New York Mellon | 7/15/2025 | 21 |
| USD | 863 | EUR | 745 | Barclays Bank PLC | 7/15/2025 | (16) |
| EUR | 34176 | USD | 39311 | Bank of America | 7/16/2025 | 992 |
| USD | 3474 | NOK | 34365 | BNP Paribas | 7/16/2025 | 64 |
| EUR | 4922 | GBP | 4185 | BNP Paribas | 7/16/2025 | 60 |
| CNH | 368432 | USD | 51481 | HSBC Bank | 7/16/2025 | 56 |
| JPY | 1690218 | USD | 11717 | Citibank | 7/16/2025 | 43 |
| CNH | 68468 | USD | 9559 | Citibank | 7/16/2025 | 19 |
| NZD | 2799 | USD | 1704 | UBS AG | 7/16/2025 | 3 |
| NOK | 34365 | USD | 3412 | UBS AG | 7/16/2025 | (2) |

---

American Funds Insurance Series **212**

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward currency contracts** (continued) | **Forward currency contracts** (continued) | **Forward currency contracts** (continued) | **Forward currency contracts** (continued) | **Forward currency contracts** (continued) | **Forward currency contracts** (continued) | |
| Contract amount | Contract amount | Contract amount | Contract amount |  |  | Unrealized<br> appreciation<br>(depreciation) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | Currency sold<br> (000) | Currency sold<br> (000) | Counterparty | Settlement<br>date | at 6/30/2025<br> (000) |
| USD | 2711 | EUR | 2330 | Citibank | 7/16/2025 | $(37) |
| USD | 16932 | EUR | 14600 | UBS AG | 7/16/2025 | (285) |
| CAD | 16013 | USD | 11740 | Bank of New York Mellon | 7/17/2025 | 31 |
| JPY | 2279574 | USD | 15876 | JPMorgan Chase | 7/17/2025 | (13) |
| USD | 15723 | JPY | 2244750 | HSBC Bank | 7/18/2025 | 101 |
| JPY | 1135410 | USD | 7835 | Bank of New York Mellon | 7/18/2025 | 67 |
| COP | 2800000 | USD | 663 | Morgan Stanley | 7/18/2025 | 20 |
| GBP | 1535 | USD | 2090 | Standard Chartered Bank | 7/18/2025 | 17 |
| IDR | 14450980 | USD | 887 | Citibank | 7/18/2025 | 4 |
| USD | 10414 | KRW | 14246054 | Citibank | 7/18/2025 | (127) |
| USD | 10075 | GBP | 7445 | UBS AG | 7/18/2025 | (145) |
| USD | 13205 | BRL | 73862 | Citibank | 7/18/2025 | (327) |
| MYR | 20815 | USD | 4902 | Standard Chartered Bank | 7/21/2025 | 41 |
| THB | 190470 | USD | 5839 | Citibank | 7/21/2025 | 40 |
| SEK | 32900 | USD | 3466 | Morgan Stanley | 7/21/2025 | 17 |
| MYR | 3215 | USD | 758 | JPMorgan Chase | 7/21/2025 | 5 |
| PLN | 6680 | EUR | 1567 | HSBC Bank | 7/21/2025 | 4 |
| USD | 273 | PLN | 1000 | Citibank | 7/21/2025 | (4) |
| USD | 2280 | CAD | 3109 | HSBC Bank | 7/21/2025 | (6) |
| USD | 899 | MYR | 3934 | HSBC Bank | 7/21/2025 | (36) |
| USD | 1343 | MYR | 5889 | BNP Paribas | 7/21/2025 | (55) |
| USD | 1304 | MYR | 5740 | Standard Chartered Bank | 7/21/2025 | (58) |
| USD | 1618 | MYR | 7113 | Standard Chartered Bank | 7/21/2025 | (71) |
| USD | 2922 | MYR | 12851 | Standard Chartered Bank | 7/21/2025 | (130) |
| USD | 3562 | MYR | 15578 | HSBC Bank | 7/21/2025 | (137) |
| USD | 3587 | MYR | 15720 | Standard Chartered Bank | 7/21/2025 | (145) |
| JPY | 388645 | USD | 2751 | Standard Chartered Bank | 7/22/2025 | (45) |
| USD | 5272 | EUR | 4580 | HSBC Bank | 7/24/2025 | (132) |
| GBP | 3981 | EUR | 4620 | BNP Paribas | 7/25/2025 | 13 |
| USD | 5494 | EUR | 4805 | UBS AG | 7/25/2025 | (177) |
| CHF | 3497 | USD | 4361 | Barclays Bank PLC | 7/28/2025 | 63 |
| MXN | 35424 | USD | 1859 | Morgan Stanley | 7/28/2025 | 23 |
| DKK | 46980 | EUR | 6299 | Bank of America | 7/28/2025 | – <sup>(l)</sup> |
| USD | 5237 | NOK | 52916 | Bank of America | 7/28/2025 | (14) |
| USD | 11415 | DKK | 73090 | Bank of America | 7/28/2025 | (151) |
| CZK | 18000 | USD | 852 | Citibank | 8/6/2025 | 6 |
| SGD | 1400 | USD | 1102 | Bank of America | 8/6/2025 | 3 |
| CZK | 47290 | EUR | 1908 | Citibank | 8/6/2025 | 2 |
| HUF | 1284310 | EUR | 3202 | Goldman Sachs | 8/6/2025 | (4) |
| USD | 1812 | HUF | 619035 | HSBC Bank | 8/6/2025 | (9) |
| USD | 3156 | EUR | 2710 | UBS AG | 8/6/2025 | (45) |
| EUR | 5100 | CAD | 8144 | Citibank | 8/7/2025 | 31 |
| USD | 5132 | GBP | 3740 | Morgan Stanley | 8/11/2025 | (3) |
| EUR | 4535 | USD | 5211 | HSBC Bank | 9/12/2025 | 157 |
| EUR | 1760 | USD | 2053 | UBS AG | 9/17/2025 | 31 |
| USD | 1567 | EUR | 1362 | UBS AG | 9/17/2025 | (46) |
|  |  |  |  |  |  | $61 |

---

**213** American Funds Insurance Series

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Swap contracts

#### Interest rate swaps

#### Centrally cleared interest rate swaps

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | |  | |  | | | Upfront<br> premium | Unrealized<br>appreciation |
| Receive | Receive | Pay | Pay |  | Notional | Value at | paid | (depreciation) |
|  | Payment |  | Payment | Expiration | amount | 6/30/2025 | (received) | at 6/30/2025 |
| Rate | frequency | Rate | frequency | date | (000) | (000) | (000) | (000) |
| 5.298% | Annual | 6-month PLN-WIBOR | Semi-annual | 2/14/2026 | PLN14,940 | $3 | $– | $3 |
| 6-month CZK-PRIBOR | Semi-annual | 3.875% | Annual | 2/14/2026 | CZK83,740 | (8) |  | (8) |
| 6-month EURIBOR | Semi-annual | 2.2032% | Annual | 2/10/2027 | EUR9,730 | (33) |  | (33) |
| 6-month EURIBOR | Semi-annual | 2.2007% | Annual | 2/10/2027 | EUR9,720 | (33) |  | (33) |
| 4.254% | Annual | SONIA | Annual | 5/9/2027 | GBP4,083 | 62 |  | 62 |
| 2.5225% | Semi-annual | Bank of Canada Overnight Repo | Semi-annual | 5/22/2027 | CAD25,620 | 21 |  | 21 |
| 3.5175% | Annual | SOFR | Annual | 8/15/2027 | USD24,180 | 25 |  | 25 |
| 3.968% | Annual | SONIA | Annual | 2/16/2029 | GBP13,830 | 226 |  | 226 |
| 6-month EURIBOR | Semi-annual | 2.8272% | Annual | 6/18/2029 | EUR5,930 | (172) |  | (172) |
| 3.4928% | Annual | SONIA | Annual | 8/6/2029 | GBP5,260 | (35) |  | (35) |
| SOFR | Annual | 3.4705% | Annual | 2/10/2030 | USD16,910 | (39) |  | (39) |
| 3.925% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/5/2030 | NOK32,270 | 26 |  | 26 |
| 6-month EURIBOR | Semi-annual | 2.2577% | Annual | 3/5/2030 | EUR2,690 | (1) |  | (1) |
| 6-month EURIBOR | Semi-annual | 2.2562% | Annual | 3/5/2030 | EUR2,690 | (1) |  | (1) |
| 6-month EURIBOR | Semi-annual | 2.2592% | Annual | 3/5/2030 | EUR2,690 | (2) |  | (2) |
| 6-month EURIBOR | Semi-annual | 2.1912% | Annual | 3/6/2030 | EUR2,500 | 7 |  | 7 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK26,280 | 47 |  | 47 |
| 4.1703% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK16,900 | 31 |  | 31 |
| 4.162% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK16,890 | 30 |  | 30 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/25/2030 | NOK62,070 | 112 |  | 112 |
| 2.2053% | Annual | 6-month EURIBOR | Semi-annual | 4/22/2030 | EUR6,330 | (17) |  | (17) |
| 2.2033% | Annual | 6-month EURIBOR | Semi-annual | 4/22/2030 | EUR6,350 | (18) |  | (18) |
| 3-month SEK-STIBOR | Quarterly | 2.3527% | Annual | 4/22/2030 | SEK67,510 | (67) |  | (67) |
| 3-month SEK-STIBOR | Quarterly | 2.3532% | Annual | 4/22/2030 | SEK67,510 | (68) |  | (68) |
| SONIA | Annual | 3.9322% | Annual | 2/16/2054 | GBP3,550 | 412 |  | 412 |
|  |  |  |  |  |  | $508 | $– | $508 |

---

#### Bilateral interest rate swaps

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | | | | Upfront<br> premium | Unrealized<br>appreciation |
| Receive | Receive | Pay | Pay |  |  | Notional | Value at | paid | (depreciation) |
|  | Payment |  | Payment |  | Expiration | amount | 6/30/2025 | (received) | at 6/30/2025 |
| Rate | frequency | Rate | frequency | Counterparty | date | (000) | (000) | (000) | (000) |
|  12.215% | At maturity | BZDIOVER | At maturity | Bank of America | 1/4/2027 | BRL44,390 | $(255) | $– | $(255) |
|  11.22441676% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/4/2027 | BRL30,865 | (321) |  | (321) |
|  11.91% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/4/2027 | BRL79,860 | (542) |  | (542) |
|  11.405% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/4/2027 | BRL100,270 | (870) |  | (870) |
|  13.995% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL52,510 | 316 |  | 316 |
|  14.115% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL14,440 | 98 |  | 98 |
|  14.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL10,600 | 67 |  | 67 |
|  14.05% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL6,440 | 41 |  | 41 |
|  11.495% | At maturity | BZDIOVER | At maturity | Bank of America | 1/2/2029 | BRL35,980 | (389) |  | (389) |
|  10.045% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL55,145 | (1313) |  | (1313) |
|  |  |  |  |  |  |  | $(3168) | $– | $(3168) |

---

American Funds Insurance Series **214**

------

Capital World Bond Fund<sup>®</sup> (continued)

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
**Swap contracts** (continued)

#### Credit default swaps

#### Centrally cleared credit default swaps on credit indices — buy protection

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference<br> index | Financing<br> rate paid | Payment<br> frequency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br> date | Notional<br> amount<br> (000) | Value at<br> 6/30/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 6/30/2025<br> (000) |
|  CDX.NA.IG.44 | 1.00% | Quarterly | 6/20/2030 | USD2,037 | $(45) | $(41) | $(4) |
|  CDX.EM.43 | 1.00% | Quarterly | 6/20/2030 | 9890 | 246 | 350 | (104) |
|  CDX.NA.HY.44 | 5.00% | Quarterly | 6/20/2030 | 11405 | (856) | (735) | (121) |
|  ITRAXX.EUR.43 | 1.00% | Quarterly | 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR15,490 | (389) | (194) | (195) |
|  |  |  |  |  | $(1044) | $(620) | $(424) |

---

#### Credit default swaps

#### Centrally cleared credit default swaps on credit indices — sell protection

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference<br> index | Financing<br> rate received | Payment<br> frequency | Expiration<br> date | Notional<br> amount<br> (000) | <br> <sup>(q)</sup> <br>| Value at<br> 6/30/2025(000) | <br> <sup>(r)</sup>  | Upfront<br>premium<br>paid<br> (received)<br>(000) | Unrealized<br>appreciation<br>(depreciation)<br>at 6/30/2025<br> (000) |
|  ITRAXX.EUR.XO.43 | 5.00% | Quarterly | 6/20/2030 | EUR3,520 |  | $386 |  | $371 | $15 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in affiliates <sup>(o)</sup>** | | | | | | | |
|  | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br>unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 6/30/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
|  Investment funds 1.50% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Corporate Bond Fund | $21147 | $513 | $– | $– | $387 | $22047 | $513 |
|  Short-term securities 2.34% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 2.34%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.35% <sup>(p)</sup> | 23214 | 269520 | 258213 | (1) | (2) | 34518 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 3.84%** |  |  |  | $(1) | $385 | $56565 | $1371 |

---

**215** American Funds Insurance Series

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted securities <sup>(b)</sup>** | | | | |
|  | Acquisition<br> date(s) | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028) <sup>(a)</sup> | 5/19/2020 | $5770 | $6058 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I 0.55% 6/16/2027 | 12/11/2023 | 2040 | 2280 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stillwater Mining Co. 4.00% 11/16/2026 | 1/26/2024-2/20/2024 | 1971 | 2043 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sasol Financing USA, LLC 8.75% 5/3/2029 | 7/18/2023-2/16/2024 | 1338 | 1318 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030<br>(13.875% on 6/22/2026) <sup>(a)(i)</sup> | 6/23/2023-3/24/2025 | 104 | 107 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(g)(h)</sup> | 9/13/2023 | 94 | 96 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(g)(h)</sup> | 9/13/2023-6/13/2025 | 2 | 2 | 0.00 <sup>(s)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $11319 | $11904 | 0.81% |

---

<sup>(a)</sup> Step bond; coupon rate may change at a later date.

<sup>(b)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $11,904,000, which represented 0.81% of the net assets of the fund. 

<sup>(c)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(d)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $155,722,000, which represented 10.58% of the net assets of the fund. 

<sup>(f)</sup> Value determined using significant unobservable inputs.

<sup>(g)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $2,037,000, which represented 0.14% of the net assets of the fund. 

<sup>(h)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(i)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>(j)</sup> Scheduled interest and/or principal payment was not received.

<sup>(k)</sup> Represents securities transacted on a TBA basis.

<sup>(l)</sup> Amount less than one thousand. 

<sup>(m)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $13,222,000, which represented 0.90% of the net assets of the fund. 

<sup>(n)</sup> Security did not produce income during the last 12 months.

<sup>(o)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(p)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(q)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur. 

<sup>(r)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

<sup>(s)</sup> Amount less than 0.01%. 

American Funds Insurance Series **216**

------

Capital World Bond Fund<sup>®</sup> (continued)

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Key to abbreviation(s)** |  |  |
| Assn. = Association | EUR = Euros | PRIBOR = Prague Interbank Offered Rate |
| AUD = Australian dollars | EURIBOR = Euro Interbank Offered Rate | Ref. = Refunding |
| BRL = Brazilian reais | GBP = British pounds | REIT = Real Estate Investment Trust |
| BZDIOVER = Overnight Brazilian Interbank Deposit | HUF = Hungarian forints | Rev. = Revenue |
| Rate | ICE = Intercontinental Exchange, Inc. | RSC = Restricted Scope Company |
| CAD = Canadian dollars | IDR = Indonesian rupiah | SEK = Swedish kronor |
| CHF = Swiss francs | INR = Indian rupees | SGD = Singapore dollars |
| CLO = Collateralized Loan Obligations | JPY = Japanese yen | SOFR = Secured Overnight Financing Rate |
| CLP = Chilean pesos | KRW = South Korean won | SONIA = Sterling Overnight Interbank Average Rate |
| CME = CME Group | MXN = Mexican pesos | STIBOR = Stockholm Interbank Offered Rate |
| CNH = Chinese yuan renminbi | MYR = Malaysian ringgits | TBA = To be announced |
| CNY = Chinese yuan renminbi | NDR = Norwegian Depositary Receipts | THB = Thai baht |
| COP = Colombian pesos | NIBOR = Norwegian Interbank Offered Rate | TRY = Turkish lira |
| CZK = Czech korunas | NOK = Norwegian kroner | USD = U.S. dollars |
| DAC = Designated Activity Company | NZD = New Zealand dollars | UST = U.S. Treasury |
| DKK = Danish kroner | PIK = Payment In Kind | WIBOR = Warsaw Interbank Offered Rate |
| EGP = Egyptian pounds | PLN = Polish zloty | ZAR = South African rand |

---

Refer to the notes to financial statements.

**217** American Funds Insurance Series

------

American High-Income Trust

---

| | |
|:---|:---|
| **Investment portfolio** June 30, 2025 | unaudited |

---

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 88.27% | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans 88.17%** |  |  |
|  **Communication services 13.96%** |  |  |
|  CCO Holdings, LLC 5.50% 5/1/2026 <sup>(a)</sup> | USD102 | $102 |
|  CCO Holdings, LLC 5.00% 2/1/2028 <sup>(a)</sup> | 586 | 581 |
|  CCO Holdings, LLC 5.375% 6/1/2029 <sup>(a)</sup> | 525 | 523 |
|  CCO Holdings, LLC 6.375% 9/1/2029 <sup>(a)</sup> | 445 | 454 |
|  CCO Holdings, LLC 4.75% 3/1/2030 <sup>(a)</sup> | 3281 | 3181 |
|  CCO Holdings, LLC 4.50% 8/15/2030 <sup>(a)</sup> | 2484 | 2370 |
|  CCO Holdings, LLC 4.25% 2/1/2031 <sup>(a)</sup> | 3164 | 2958 |
|  CCO Holdings, LLC 7.375% 3/1/2031 <sup>(a)</sup> | 70 | 73 |
|  CCO Holdings, LLC 4.75% 2/1/2032 <sup>(a)</sup> | 2708 | 2570 |
|  CCO Holdings, LLC 4.50% 5/1/2032 | 2419 | 2254 |
|  CCO Holdings, LLC 4.50% 6/1/2033 <sup>(a)</sup> | 2232 | 2042 |
|  CCO Holdings, LLC 4.25% 1/15/2034 <sup>(a)</sup> | 4646 | 4139 |
|  Charter Communications Operating, LLC 4.80% 3/1/2050 | 437 | 350 |
|  Charter Communications Operating, LLC 3.70% 4/1/2051 | 473 | 315 |
|  Charter Communications Operating, LLC 3.90% 6/1/2052 | 950 | 653 |
|  Charter Communications Operating, LLC 5.25% 4/1/2053 | 577 | 491 |
|  Charter Communications Operating, LLC 3.85% 4/1/2061 | 175 | 112 |
|  Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/2028 <sup>(a)</sup> | 870 | 823 |
|  Clear Channel Outdoor Holdings, Inc. 7.50% 6/1/2029 <sup>(a)</sup> | 460 | 426 |
|  Connect Finco SARL 9.00% 9/15/2029 <sup>(a)</sup> | 6630 | 6672 |
|  Consolidated Communications, Inc. 5.00% 10/1/2028 <sup>(a)</sup> | 225 | 228 |
|  Consolidated Communications, Inc. 6.50% 10/1/2028 <sup>(a)</sup> | 80 | 82 |
|  CSC Holdings, LLC 5.50% 4/15/2027 <sup>(a)</sup> | 430 | 411 |
|  CSC Holdings, LLC, Term Loan B, (USD Prime Rate + 1.50%) 9.00% 4/15/2027 <sup>(b)(c)</sup> | 329 | 321 |
|  CSC Holdings, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.812% 1/18/2028 <sup>(b)(c)</sup> | 1698 | 1676 |
|  Cumulus Media New Holdings, Inc. 8.00% 7/1/2029 <sup>(a)</sup> | 285 | 81 |
|  Diamond Sports Net, LLC, Term Loan, 15.00% PIK 1/2/2028 <sup>(b)(d)</sup> | 40 | 36 |
|  DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(a)</sup> | 4210 | 4199 |
|  DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.541% 8/2/2027 <sup>(b)(c)</sup> | 209 | 210 |
|  DISH Network Corp. 11.75% 11/15/2027 <sup>(a)</sup> | 12368 | 12759 |
|  EchoStar Corp. 10.75% 11/30/2029 | 4187 | 4316 |
|  EchoStar Corp. 6.75% PIK 11/30/2030 <sup>(d)</sup> | 3157 | 2883 |
|  Embarq, LLC 7.995% 6/1/2036 | 4729 | 2171 |
|  Frontier Communications Holdings, LLC 5.875% 10/15/2027 <sup>(a)</sup> | 445 | 445 |
|  Frontier Communications Holdings, LLC 5.00% 5/1/2028 <sup>(a)</sup> | 35 | 35 |
|  Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(a)</sup> | 3755 | 3807 |
|  Frontier Communications Holdings, LLC 5.875% 11/1/2029 | 2625 | 2653 |
|  Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(a)</sup> | 3261 | 3306 |
|  Frontier Communications Holdings, LLC 8.75% 5/15/2030 <sup>(a)</sup> | 50 | 52 |
|  Frontier Communications Holdings, LLC 8.625% 3/15/2031 <sup>(a)</sup> | 225 | 239 |
|  Gray Media, Inc. 7.00% 5/15/2027 <sup>(a)</sup> | 325 | 325 |
|  Gray Media, Inc. 10.50% 7/15/2029 <sup>(a)</sup> | 4250 | 4569 |
|  Gray Media, Inc. 4.75% 10/15/2030 <sup>(a)</sup> | 791 | 599 |
|  Gray Media, Inc. 5.375% 11/15/2031 <sup>(a)</sup> | 2538 | 1905 |
|  Gray Television, Inc., Term Loan D, (3-month USD CME Term SOFR + 3.00%) 7.439% 12/1/2028 <sup>(b)(c)</sup> | 2 | 2 |
|  Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.574% 6/4/2029 <sup>(b)(c)</sup> | 1124 | 1124 |
|  Intelsat Jackson Holdings SA 6.50% 3/15/2030 <sup>(a)</sup> | 6565 | 6711 |
|  Lamar Media Corp. 4.00% 2/15/2030 | 260 | 249 |
|  Lamar Media Corp. 3.625% 1/15/2031 | 160 | 148 |
|  Level 3 Financing, Inc. 3.75% 7/15/2029 <sup>(a)</sup> | 550 | 465 |
|  Ligado Networks, LLC 17.50% PIK 11/1/2023 <sup>(a)(d)(e)</sup> | 3213 | 1108 |
|  Ligado Networks, LLC, Term Loan, 17.50% PIK 10/4/2025 <sup>(b)(d)(f)</sup> | 688 | 688 |
|  News Corp. 3.875% 5/15/2029 <sup>(a)</sup> | 710 | 680 |
|  Nexstar Media, Inc. 5.625% 7/15/2027 <sup>(a)</sup> | 1254 | 1252 |
|  Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(a)</sup> | 3780 | 3685 |
|  Paramount Global 7.875% 7/30/2030 | 130 | 144 |
|  Paramount Global 6.875% 4/30/2036 | 490 | 502 |
|  Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(a)</sup> | 1240 | 1254 |
|  Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(a)</sup> | 1760 | 1728 |
|  Sirius XM Radio, LLC 5.00% 8/1/2027 <sup>(a)</sup> | 700 | 695 |

---

American Funds Insurance Series **218**

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Communication services (continued)** |  |  |
|  Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(a)</sup> | USD3,489 | $3353 |
|  Sirius XM Radio, LLC 5.50% 7/1/2029 <sup>(a)</sup> | 590 | 587 |
|  Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(a)</sup> | 3100 | 2860 |
|  Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(a)</sup> | 5756 | 5120 |
|  Snap, Inc. 6.875% 3/1/2033 <sup>(a)</sup> | 1540 | 1581 |
|  Sprint Capital Corp. 6.875% 11/15/2028 | 316 | 339 |
|  Sprint Capital Corp. 8.75% 3/15/2032 | 716 | 869 |
|  Sprint, LLC 7.625% 3/1/2026 | 480 | 485 |
|  Stagwell Global, LLC 5.625% 8/15/2029 <sup>(a)</sup> | 1285 | 1230 |
|  TEGNA, Inc. 5.00% 9/15/2029 | 861 | 823 |
|  T-Mobile USA, Inc. 3.375% 4/15/2029 | 860 | 828 |
|  Univision Communications, Inc. 6.625% 6/1/2027 <sup>(a)</sup> | 3170 | 3164 |
|  Univision Communications, Inc. 8.00% 8/15/2028 <sup>(a)</sup> | 2455 | 2493 |
|  Univision Communications, Inc. 4.50% 5/1/2029 <sup>(a)</sup> | 5170 | 4706 |
|  Univision Communications, Inc. 7.375% 6/30/2030 <sup>(a)</sup> | 2397 | 2357 |
|  Univision Communications, Inc. 8.50% 7/31/2031 <sup>(a)</sup> | 1235 | 1237 |
|  Univision Communications, Inc., Term Loan, (3-month USD CME Term SOFR + 4.25%) 8.546% 6/24/2029 <sup>(b)(c)</sup> | 68 | 68 |
|  VMED O2 UK Financing I PLC 4.25% 1/31/2031 <sup>(a)</sup> | 1300 | 1192 |
|  WarnerMedia Holdings, Inc. 4.054% 3/15/2029 | 1027 | 956 |
|  WarnerMedia Holdings, Inc. 4.279% 3/15/2032 | 490 | 412 |
|  WarnerMedia Holdings, Inc. 5.05% 3/15/2042 | 405 | 273 |
|  WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(a)</sup> | 1498 | 1405 |
|  WMG Acquisition Corp. 3.875% 7/15/2030 <sup>(a)</sup> | 957 | 895 |
|  WMG Acquisition Corp. 3.00% 2/15/2031 <sup>(a)</sup> | 225 | 204 |
|  X Corp., Term Loan B3, 9.50% 10/26/2029 <sup>(b)</sup> | 370 | 360 |
|  X Corp., Term Loan B, (USD-SOFR + 6.50%) 10.927% 10/26/2029 <sup>(b)(c)</sup> | 1464 | 1432 |
|  Ziggo BV 4.875% 1/15/2030 <sup>(a)</sup> | 865 | 809 |
|  |  | 138870 |
|  **Energy 12.69%** |  |  |
|  3R Lux SARL 9.75% 2/5/2031 <sup>(a)</sup> | 675 | 683 |
|  Antero Midstream Partners, LP 5.375% 6/15/2029 <sup>(a)</sup> | 620 | 616 |
|  Antero Midstream Partners, LP 6.625% 2/1/2032 <sup>(a)</sup> | 40 | 41 |
|  Antero Resources Corp. 5.375% 3/1/2030 <sup>(a)</sup> | 130 | 131 |
|  Archrock Partners, LP 6.25% 4/1/2028 <sup>(a)</sup> | 255 | 256 |
|  Archrock Partners, LP 6.625% 9/1/2032 <sup>(a)</sup> | 420 | 428 |
|  Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(a)</sup> | 650 | 651 |
|  Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(a)</sup> | 500 | 509 |
|  Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(a)</sup> | 475 | 482 |
|  Baytex Energy Corp. 8.50% 4/30/2030 <sup>(a)</sup> | 645 | 646 |
|  Baytex Energy Corp. 7.375% 3/15/2032 <sup>(a)</sup> | 330 | 315 |
|  BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(a)</sup> | 1210 | 1196 |
|  Blue Racer Midstream, LLC 7.00% 7/15/2029 <sup>(a)</sup> | 125 | 131 |
|  Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(a)</sup> | 2275 | 2079 |
|  Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(a)</sup> | 1034 | 915 |
|  California Resources Corp. 7.125% 2/1/2026 <sup>(a)</sup> | 195 | 196 |
|  California Resources Corp. 8.25% 6/15/2029 <sup>(a)</sup> | 520 | 534 |
|  Chord Energy Corp. 6.75% 3/15/2033 <sup>(a)</sup> | 1315 | 1344 |
|  CITGO Petroleum Corp. 8.375% 1/15/2029 <sup>(a)</sup> | 1220 | 1272 |
|  Civitas Resources, Inc. 5.00% 10/15/2026 <sup>(a)</sup> | 585 | 578 |
|  Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(a)</sup> | 740 | 759 |
|  Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(a)</sup> | 730 | 742 |
|  Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(a)</sup> | 2547 | 2578 |
|  Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(a)</sup> | 290 | 298 |
|  CNX Midstream Partners, LP 4.75% 4/15/2030 <sup>(a)</sup> | 280 | 265 |
|  CNX Resources Corp. 6.00% 1/15/2029 <sup>(a)</sup> | 1504 | 1511 |
|  CNX Resources Corp. 7.375% 1/15/2031 <sup>(a)</sup> | 861 | 899 |

---

**219** American Funds Insurance Series

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Energy (continued)** |  |  |
|  CNX Resources Corp. 7.25% 3/1/2032 <sup>(a)</sup> | USD1,300 | $1347 |
|  Comstock Resources, Inc. 6.75% 3/1/2029 <sup>(a)</sup> | 405 | 406 |
|  Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(a)</sup> | 890 | 865 |
|  Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(a)</sup> | 2150 | 2190 |
|  Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(a)</sup> | 1258 | 1312 |
|  Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(a)</sup> | 1790 | 1749 |
|  Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(a)</sup> | 1490 | 1426 |
|  Crescent Energy Finance, LLC 8.375% 1/15/2034 <sup>(a)</sup> | 495 | 496 |
|  Diamond Foreign Asset Co. 8.50% 10/1/2030 <sup>(a)</sup> | 420 | 438 |
|  DT Midstream, Inc. 4.125% 6/15/2029 <sup>(a)</sup> | 1408 | 1361 |
|  DT Midstream, Inc. 4.375% 6/15/2031 <sup>(a)</sup> | 307 | 294 |
|  Encino Acquisition Partners Holdings, LLC 8.50% 5/1/2028 <sup>(a)</sup> | 610 | 627 |
|  Encino Acquisition Partners Holdings, LLC 8.75% 5/1/2031 <sup>(a)</sup> | 1360 | 1503 |
|  Energean Israel Finance, Ltd. 5.375% 3/30/2028 <sup>(a)</sup> | 730 | 697 |
|  Energean Israel Finance, Ltd. 5.875% 3/30/2031 <sup>(a)</sup> | 765 | 707 |
|  Energy Transfer, LP 6.00% 2/1/2029 <sup>(a)</sup> | 55 | 56 |
|  EQT Corp. 5.00% 1/15/2029 | 170 | 171 |
|  EQT Corp. 6.375% 4/1/2029 <sup>(a)</sup> | 185 | 191 |
|  EQT Corp. 4.75% 1/15/2031 <sup>(a)</sup> | 1350 | 1330 |
|  EQT Corp. 3.625% 5/15/2031 <sup>(a)</sup> | 290 | 269 |
|  Expand Energy Corp. 6.75% 4/15/2029 <sup>(a)</sup> | 635 | 643 |
|  Expand Energy Corp. 5.375% 3/15/2030 | 1290 | 1295 |
|  Expand Energy Corp. 4.75% 2/1/2032 | 290 | 282 |
|  Expand Energy Corp. 4.875% 4/15/2032 <sup>(e)</sup> | 4300 | 17 |
|  Genesis Energy, LP 7.75% 2/1/2028 | 72 | 73 |
|  Genesis Energy, LP 8.25% 1/15/2029 | 1545 | 1617 |
|  Genesis Energy, LP 8.875% 4/15/2030 | 1225 | 1302 |
|  Genesis Energy, LP 7.875% 5/15/2032 | 2540 | 2643 |
|  Global Partners, LP 6.875% 1/15/2029 | 135 | 137 |
|  Global Partners, LP 8.25% 1/15/2032 <sup>(a)</sup> | 460 | 484 |
|  Global Partners, LP 7.125% 7/1/2033 <sup>(a)</sup> | 265 | 269 |
|  Harbour Energy PLC 5.50% 10/15/2026 <sup>(a)</sup> | 1065 | 1054 |
|  Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(a)</sup> | 1392 | 1417 |
|  Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(a)</sup> | 820 | 867 |
|  Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(a)</sup> | 845 | 858 |
|  Hess Midstream Operations, LP 5.125% 6/15/2028 <sup>(a)</sup> | 361 | 359 |
|  Hess Midstream Operations, LP 6.50% 6/1/2029 <sup>(a)</sup> | 455 | 468 |
|  Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(a)</sup> | 1430 | 1376 |
|  Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(a)</sup> | 490 | 492 |
|  Hilcorp Energy I, LP 5.75% 2/1/2029 <sup>(a)</sup> | 805 | 795 |
|  Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(a)</sup> | 837 | 814 |
|  Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(a)</sup> | 783 | 758 |
|  Hilcorp Energy I, LP 6.25% 4/15/2032 <sup>(a)</sup> | 970 | 927 |
|  Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(a)</sup> | 1258 | 1306 |
|  Kimmeridge Texas Gas, LLC 8.50% 2/15/2030 <sup>(a)</sup> | 250 | 259 |
|  Kodiak Gas Services, LLC 7.25% 2/15/2029 <sup>(a)</sup> | 350 | 362 |
|  Matador Resources Co. 6.875% 4/15/2028 <sup>(a)</sup> | 425 | 434 |
|  Matador Resources Co. 6.50% 4/15/2032 <sup>(a)</sup> | 720 | 721 |
|  Matador Resources Co. 6.25% 4/15/2033 <sup>(a)</sup> | 800 | 796 |
|  MEG Energy Corp. 5.875% 2/1/2029 <sup>(a)</sup> | 1430 | 1429 |
|  Mesquite Energy, Inc. 7.25% 2/15/2023 <sup>(a)(e)</sup> | 739 | 15 |
|  Murphy Oil Corp. 6.375% 7/15/2028 | 243 | 245 |
|  Murphy Oil Corp. 6.00% 10/1/2032 | 410 | 391 |
|  Murphy Oil USA, Inc. 3.75% 2/15/2031 <sup>(a)</sup> | 820 | 757 |
|  Nabors Industries, Inc. 7.375% 5/15/2027 <sup>(a)</sup> | 755 | 746 |
|  Nabors Industries, Inc. 7.50% 1/15/2028 <sup>(a)</sup> | 75 | 67 |
|  Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(a)</sup> | 990 | 949 |
|  Nabors Industries, Inc. 8.875% 8/15/2031 <sup>(a)</sup> | 525 | 390 |
|  New Fortress Energy, Inc. 6.50% 9/30/2026 <sup>(a)</sup> | 935 | 520 |
|  New Fortress Energy, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 9.807% 10/30/2028 <sup>(b)(c)</sup> | 267 | 147 |

---

American Funds Insurance Series **220**

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Energy (continued)** |  |  |
|  NFE Financing, LLC 12.00% 11/15/2029 <sup>(a)</sup> | USD17,123 | $7788 |
|  NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(a)</sup> | 105 | 106 |
|  NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(a)</sup> | 1110 | 1114 |
|  Noble Finance II, LLC 8.00% 4/15/2030 <sup>(a)</sup> | 1695 | 1727 |
|  Northern Oil and Gas, Inc. 8.125% 3/1/2028 <sup>(a)</sup> | 1900 | 1918 |
|  Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(a)</sup> | 360 | 371 |
|  NuStar Logistics, LP 6.00% 6/1/2026 | 286 | 287 |
|  Occidental Petroleum Corp. 6.60% 3/15/2046 | 692 | 683 |
|  Occidental Petroleum Corp. 6.05% 10/1/2054 | 1200 | 1101 |
|  Parkland Corp. 5.875% 7/15/2027 <sup>(a)</sup> | 605 | 606 |
|  Parkland Corp. 4.625% 5/1/2030 <sup>(a)</sup> | 440 | 422 |
|  Parkland Corp. 6.625% 8/15/2032 <sup>(a)</sup> | 70 | 72 |
|  Permian Resources Operating, LLC 8.00% 4/15/2027 <sup>(a)</sup> | 58 | 59 |
|  Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(a)</sup> | 955 | 991 |
|  Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(a)</sup> | 1490 | 1505 |
|  Petroleos Mexicanos 6.875% 10/16/2025 | 350 | 350 |
|  Petroleos Mexicanos 4.50% 1/23/2026 | 695 | 686 |
|  Petroleos Mexicanos 6.875% 8/4/2026 | 155 | 155 |
|  Petroleos Mexicanos 6.49% 1/23/2027 | 160 | 159 |
|  Petroleos Mexicanos 5.35% 2/12/2028 | 125 | 120 |
|  Petroleos Mexicanos 6.50% 1/23/2029 | 140 | 137 |
|  Petroleos Mexicanos 8.75% 6/2/2029 | 777 | 805 |
|  Petroleos Mexicanos 6.84% 1/23/2030 | 510 | 493 |
|  Petroleos Mexicanos 5.95% 1/28/2031 | 715 | 647 |
|  Petroleos Mexicanos 6.50% 6/2/2041 | 10 | 7 |
|  Petroleos Mexicanos 6.75% 9/21/2047 | 31 | 22 |
|  Petroleos Mexicanos 6.35% 2/12/2048 | 10 | 7 |
|  Petroleos Mexicanos 7.69% 1/23/2050 | 185 | 146 |
|  Petroleos Mexicanos 6.95% 1/28/2060 | 460 | 331 |
|  Range Resources Corp. 8.25% 1/15/2029 | 500 | 515 |
|  Range Resources Corp. 4.75% 2/15/2030 <sup>(a)</sup> | 285 | 277 |
|  Saturn Oil & Gas, Inc. 9.625% 6/15/2029 <sup>(a)</sup> | 268 | 267 |
|  Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(a)</sup> | 200 | 204 |
|  Suburban Propane Partners, LP 5.00% 6/1/2031 <sup>(a)</sup> | 335 | 317 |
|  Summit Midstream Holdings, LLC 8.625% 10/31/2029 <sup>(a)</sup> | 1745 | 1787 |
|  Sunoco, LP 6.00% 4/15/2027 | 547 | 547 |
|  Sunoco, LP 5.875% 3/15/2028 | 290 | 291 |
|  Sunoco, LP 7.00% 5/1/2029 <sup>(a)</sup> | 300 | 313 |
|  Sunoco, LP 4.50% 5/15/2029 | 1970 | 1914 |
|  Sunoco, LP 4.50% 4/30/2030 | 1880 | 1809 |
|  Sunoco, LP 7.25% 5/1/2032 <sup>(a)</sup> | 1335 | 1403 |
|  Sunoco, LP 6.25% 7/1/2033 <sup>(a)</sup> | 810 | 824 |
|  Talos Production, Inc. 9.00% 2/1/2029 <sup>(a)</sup> | 985 | 1009 |
|  Talos Production, Inc. 9.375% 2/1/2031 <sup>(a)</sup> | 1265 | 1293 |
|  Targa Resources Partners, LP 6.50% 7/15/2027 | 133 | 133 |
|  Targa Resources Partners, LP 5.50% 3/1/2030 | 327 | 332 |
|  Targa Resources Partners, LP 4.875% 2/1/2031 | 695 | 690 |
|  TGS ASA 8.50% 1/15/2030 <sup>(a)</sup> | 710 | 736 |
|  Tidewater, Inc. 9.125% 7/15/2030 <sup>(a)</sup> | 290 | 299 |
|  Transocean Aquila, Ltd. 8.00% 9/30/2028 <sup>(a)</sup> | 436 | 441 |
|  Transocean Poseidon, Ltd. 6.875% 2/1/2027 <sup>(a)</sup> | 369 | 369 |
|  Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(a)</sup> | 1074 | 1092 |
|  Transocean, Inc. 8.00% 2/1/2027 <sup>(a)</sup> | 140 | 138 |
|  Transocean, Inc. 8.75% 2/15/2030 <sup>(a)</sup> | 399 | 411 |
|  Transocean, Inc. 8.50% 5/15/2031 <sup>(a)</sup> | 665 | 594 |
|  Transocean, Inc. 6.80% 3/15/2038 | 425 | 299 |
|  USA Compression Partners, LP 6.875% 9/1/2027 | 332 | 333 |
|  USA Compression Partners, LP 7.125% 3/15/2029 <sup>(a)</sup> | 430 | 441 |
|  Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(a)</sup> | 1190 | 1123 |
|  Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(a)</sup> | 195 | 201 |

---

**221** American Funds Insurance Series

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Energy (continued)** |  |  |
|  Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(a)</sup> | USD1,600 | $1482 |
|  Venture Global Calcasieu Pass, LLC 3.875% 11/1/2033 <sup>(a)</sup> | 1260 | 1103 |
|  Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(a)</sup> | 915 | 946 |
|  Venture Global LNG, Inc. 9.50% 2/1/2029 <sup>(a)</sup> | 405 | 441 |
|  Venture Global LNG, Inc. 7.00% 1/15/2030 <sup>(a)</sup> | 750 | 759 |
|  Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(a)</sup> | 1300 | 1351 |
|  Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(a)</sup> | 492 | 532 |
|  Venture Global LNG, Inc. 9.00% junior subordinated perpetual preferred bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.44% on 9/30/2029) <sup>(a)(g)</sup> | 413 | 402 |
|  Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(a)</sup> | 1140 | 1222 |
|  Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(a)</sup> | 1425 | 1425 |
|  Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(a)</sup> | 970 | 1051 |
|  Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(a)</sup> | 1470 | 1470 |
|  Vital Energy, Inc. 7.875% 4/15/2032 <sup>(a)</sup> | 700 | 599 |
|  Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(a)</sup> | 3309 | 3413 |
|  Western Midstream Operating, LP 4.50% 3/1/2028 | 239 | 238 |
|  Western Midstream Operating, LP 5.25% 2/1/2050 | 300 | 253 |
|  Wildfire Intermediate Holdings, LLC 7.50% 10/15/2029 <sup>(a)</sup> | 395 | 393 |
|  |  | 126268 |
|  **Financials 9.18%** |  |  |
|  AG Issuer, LLC 6.25% 3/1/2028 <sup>(a)</sup> | 1286 | 1287 |
|  AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027 <sup>(a)</sup> | 392 | 406 |
|  Alera Group Intermediate Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 7.574% 5/15/2032 <sup>(b)(c)</sup> | 285 | 286 |
|  Alera Group Intermediate Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 9.824% 5/15/2033 <sup>(b)(c)</sup> | 1265 | 1292 |
|  Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(a)</sup> | 555 | 545 |
|  Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(a)</sup> | 1460 | 1440 |
|  Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(a)</sup> | 660 | 683 |
|  Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(a)</sup> | 845 | 862 |
|  Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(a)</sup> | 3420 | 3530 |
|  AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(a)</sup> | 1650 | 1605 |
|  Ardonagh Finco, Ltd. 7.75% 2/15/2031 <sup>(a)</sup> | 1095 | 1146 |
|  Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(a)</sup> | 1815 | 1911 |
|  Aretec Group, Inc. 7.50% 4/1/2029 <sup>(a)</sup> | 3193 | 3235 |
|  Aretec Group, Inc. 10.00% 8/15/2030 <sup>(a)</sup> | 755 | 831 |
|  AssuredPartners, Inc. 5.625% 1/15/2029 <sup>(a)</sup> | 365 | 364 |
|  AssuredPartners, Inc., Term Loan, (3-month USD CME Term SOFR + 3.50%) 7.827% 2/14/2031 <sup>(b)(c)</sup> | 496 | 498 |
|  Blackstone Private Credit Fund 6.00% 11/22/2034 | 795 | 778 |
|  Block, Inc. 2.75% 6/1/2026 | 1640 | 1607 |
|  Block, Inc. 3.50% 6/1/2031 | 1820 | 1671 |
|  Block, Inc. 6.50% 5/15/2032 | 920 | 950 |
|  Blue Owl Capital Corp. 3.40% 7/15/2026 | 290 | 285 |
|  Blue Owl Capital Corp. 3.125% 4/13/2027 | 600 | 580 |
|  Blue Owl Credit Income Corp. 4.70% 2/8/2027 | 965 | 959 |
|  Blue Owl Credit Income Corp. 6.65% 3/15/2031 | 380 | 391 |
|  Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(a)</sup> | 1660 | 1763 |
|  Brown & Brown, Inc. 5.25% 6/23/2032 | 92 | 94 |
|  Brown & Brown, Inc. 5.55% 6/23/2035 | 266 | 271 |
|  Brown & Brown, Inc. 6.25% 6/23/2055 | 331 | 342 |
|  Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(a)</sup> | 3416 | 3205 |
|  Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(a)</sup> | 2554 | 2276 |
|  Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(a)</sup> | 3661 | 3289 |
|  Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(a)</sup> | 710 | 601 |
|  Hightower Holding, LLC 6.75% 4/15/2029 <sup>(a)</sup> | 1280 | 1277 |
|  Hightower Holding, LLC 9.125% 1/31/2030 <sup>(a)</sup> | 195 | 208 |
|  Howden UK Refinance PLC 7.25% 2/15/2031 <sup>(a)</sup> | 1100 | 1140 |

---

American Funds Insurance Series **222**

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Financials (continued)** |  |  |
|  HUB International, Ltd. 5.625% 12/1/2029 <sup>(a)</sup> | USD165 | $165 |
|  HUB International, Ltd. 7.25% 6/15/2030 <sup>(a)</sup> | 767 | 802 |
|  HUB International, Ltd. 7.375% 1/31/2032 <sup>(a)</sup> | 870 | 911 |
|  HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.769% 6/20/2030 <sup>(b)(c)</sup> | 146 | 146 |
|  Intercontinental Exchange, Inc. 3.625% 9/1/2028 | 410 | 402 |
|  Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(a)</sup> | 1335 | 1282 |
|  Jane Street Group, LLC 6.75% 5/1/2033 <sup>(a)</sup> | 1075 | 1106 |
|  Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(a)</sup> | 830 | 861 |
|  JPMorgan Chase & Co. 2.956% 5/13/2031 (USD-SOFR + 2.515% on 5/13/2030) <sup>(g)</sup> | 160 | 148 |
|  LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(a)</sup> | 715 | 684 |
|  MPT Finance Corp. 7.00% 2/15/2032 | EUR705 | 852 |
|  MSCI, Inc. 3.875% 2/15/2031 <sup>(a)</sup> | USD630 | 595 |
|  MSCI, Inc. 3.625% 11/1/2031 <sup>(a)</sup> | 341 | 314 |
|  MSCI, Inc. 3.25% 8/15/2033 <sup>(a)</sup> | 584 | 512 |
|  Nationstar Mortgage Holdings, Inc. 7.125% 2/1/2032 <sup>(a)</sup> | 380 | 395 |
|  Navient Corp. 6.75% 6/15/2026 | 510 | 517 |
|  Navient Corp. 5.00% 3/15/2027 | 2253 | 2245 |
|  Navient Corp. 4.875% 3/15/2028 | 550 | 543 |
|  Navient Corp. 5.50% 3/15/2029 | 3815 | 3739 |
|  Navient Corp. 9.375% 7/25/2030 | 1547 | 1708 |
|  Navient Corp. 11.50% 3/15/2031 | 880 | 998 |
|  Navient Corp. 7.875% 6/15/2032 | 1455 | 1515 |
|  Navient Corp. 5.625% 8/1/2033 | 2463 | 2267 |
|  OneMain Finance Corp. 3.875% 9/15/2028 | 165 | 158 |
|  OneMain Finance Corp. 9.00% 1/15/2029 | 105 | 110 |
|  OneMain Finance Corp. 6.625% 5/15/2029 | 1055 | 1085 |
|  OneMain Finance Corp. 5.375% 11/15/2029 | 950 | 935 |
|  OneMain Finance Corp. 7.875% 3/15/2030 | 915 | 973 |
|  OneMain Finance Corp. 4.00% 9/15/2030 | 245 | 226 |
|  OneMain Finance Corp. 7.50% 5/15/2031 | 125 | 131 |
|  OneMain Finance Corp. 7.125% 11/15/2031 | 1335 | 1390 |
|  OneMain Finance Corp. 7.125% 9/15/2032 | 1975 | 2047 |
|  Osaic Holdings, Inc. 10.75% 8/1/2027 <sup>(a)</sup> | 4101 | 4113 |
|  Osaic Holdings, Inc., Term Loan B4, (3-month USD CME Term SOFR + 3.50%) 7.827% 8/17/2028 <sup>(b)(c)</sup> | 475 | 476 |
|  Owl Rock Capital Corp. 3.75% 7/22/2025 | 145 | 145 |
|  Oxford Finance, LLC 6.375% 2/1/2027 <sup>(a)</sup> | 1488 | 1497 |
|  Panther Escrow Issuer, LLC 7.125% 6/1/2031 <sup>(a)</sup> | 675 | 702 |
|  PennyMac Financial Services, Inc. 6.875% 5/15/2032 <sup>(a)</sup> | 440 | 450 |
|  PennyMac Financial Services, Inc. 6.875% 2/15/2033 <sup>(a)</sup> | 520 | 534 |
|  Planet Financial Group, LLC 10.50% 12/15/2029 <sup>(a)</sup> | 230 | 230 |
|  Rocket Mortgage, LLC 2.875% 10/15/2026 <sup>(a)</sup> | 520 | 508 |
|  Ryan Specialty, LLC 4.375% 2/1/2030 <sup>(a)</sup> | 720 | 697 |
|  Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(a)</sup> | 805 | 812 |
|  SLM Corp. 6.50% 1/31/2030 | 680 | 714 |
|  Starwood Property Trust, Inc. 4.375% 1/15/2027 <sup>(a)</sup> | 655 | 649 |
|  Starwood Property Trust, Inc. 7.25% 4/1/2029 <sup>(a)</sup> | 600 | 632 |
|  Starwood Property Trust, Inc. 6.50% 7/1/2030 <sup>(a)</sup> | 535 | 553 |
|  Starwood Property Trust, Inc. 6.50% 10/15/2030 <sup>(a)</sup> | 385 | 398 |
|  Truist Insurance Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.046% 5/6/2032 <sup>(b)(c)</sup> | 2891 | 2932 |
|  Voyager Parent, LLC 9.25% 7/1/2032 <sup>(a)</sup> | 3240 | 3373 |
|  WEX, Inc. 6.50% 3/15/2033 <sup>(a)</sup> | 550 | 555 |
|  |  | 91340 |
|  **Consumer discretionary 9.11%** |  |  |
|  Advance Auto Parts, Inc. 5.95% 3/9/2028 | 853 | 873 |
|  Advance Auto Parts, Inc. 3.90% 4/15/2030 | 1470 | 1379 |
|  Advance Auto Parts, Inc. 3.50% 3/15/2032 | 1629 | 1428 |

---

**223** American Funds Insurance Series

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Consumer discretionary (continued)** |  |  |
|  Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.935% 3/11/2030 <sup>(b)(c)(f)</sup> | USD556 | $556 |
|  Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and 5.947% Cash 3/11/2030 <sup>(b)(c)(d)(f)</sup> | 509 | 509 |
|  Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(a)</sup> | 555 | 539 |
|  Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(a)</sup> | 2545 | 2478 |
|  Allied Universal Holdco, LLC 6.875% 6/15/2030 <sup>(a)</sup> | 1375 | 1395 |
|  Allied Universal Holdco, LLC 7.875% 2/15/2031 <sup>(a)</sup> | 305 | 319 |
|  Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/2029 <sup>(a)</sup> | 1849 | 1931 |
|  Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(a)</sup> | 1275 | 1232 |
|  Asbury Automotive Group, Inc. 5.00% 2/15/2032 <sup>(a)</sup> | 600 | 571 |
|  Bath & Body Works, Inc. 6.875% 11/1/2035 | 1581 | 1642 |
|  Bath & Body Works, Inc. 6.75% 7/1/2036 | 910 | 926 |
|  Belron Finance 2019, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.75%) 7.049% 10/16/2031 <sup>(b)(c)</sup> | 591 | 594 |
|  Boyd Gaming Corp. 4.75% 12/1/2027 | 441 | 439 |
|  Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(a)</sup> | 575 | 552 |
|  Boyne USA, Inc. 4.75% 5/15/2029 <sup>(a)</sup> | 650 | 631 |
|  Caesars Entertainment, Inc. 4.625% 10/15/2029 <sup>(a)</sup> | 1794 | 1714 |
|  Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(a)</sup> | 2345 | 2430 |
|  Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(a)</sup> | 1570 | 1612 |
|  Carnival Corp. 5.75% 3/1/2027 <sup>(a)</sup> | 505 | 510 |
|  Carnival Corp. 4.00% 8/1/2028 <sup>(a)</sup> | 1450 | 1420 |
|  Carnival Corp. 7.00% 8/15/2029 <sup>(a)</sup> | 135 | 142 |
|  Carnival Corp. 6.125% 2/15/2033 <sup>(a)</sup> | 3765 | 3855 |
|  Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(a)</sup> | 150 | 160 |
|  Fertitta Entertainment, LLC 4.625% 1/15/2029 <sup>(a)</sup> | 1800 | 1725 |
|  Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(a)</sup> | 2155 | 1990 |
|  First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(a)</sup> | 1295 | 1218 |
|  First Student Bidco, Inc., Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.796% 7/21/2028 <sup>(b)(c)</sup> | 334 | 334 |
|  First Student Bidco, Inc., Term Loan C, (3-month USD CME Term SOFR + 2.50%) 6.796% 7/21/2028 <sup>(b)(c)</sup> | 102 | 102 |
|  Ford Motor Co. 3.25% 2/12/2032 | 500 | 422 |
|  Ford Motor Credit Co., LLC 4.271% 1/9/2027 | 495 | 488 |
|  Ford Motor Credit Co., LLC 3.815% 11/2/2027 | 115 | 111 |
|  Ford Motor Credit Co., LLC 5.918% 3/20/2028 | 200 | 202 |
|  Ford Motor Credit Co., LLC 5.875% 11/7/2029 | 225 | 226 |
|  Ford Motor Credit Co., LLC 7.20% 6/10/2030 | 370 | 390 |
|  Ford Motor Credit Co., LLC 4.00% 11/13/2030 | 550 | 502 |
|  Ford Motor Credit Co., LLC 6.532% 3/19/2032 | 470 | 478 |
|  Gap, Inc. 3.625% 10/1/2029 <sup>(a)</sup> | 170 | 158 |
|  Gap, Inc. 3.875% 10/1/2031 <sup>(a)</sup> | 108 | 97 |
|  General Motors Financial Co., Inc. 5.90% 1/7/2035 | 530 | 533 |
|  Genting New York, LLC 7.25% 10/1/2029 <sup>(a)</sup> | 1240 | 1287 |
|  Global Auto Holdings PLC 11.50% 8/15/2029 <sup>(a)</sup> | 585 | 573 |
|  Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(a)</sup> | 1790 | 1753 |
|  Hanesbrands, Inc. 9.00% 2/15/2031 <sup>(a)</sup> | 2266 | 2401 |
|  Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 2.75%) 7.077% 3/7/2032 <sup>(b)(c)</sup> | 1123 | 1127 |
|  Hilton Domestic Operating Co., Inc. 4.875% 1/15/2030 | 408 | 406 |
|  Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(a)</sup> | 1045 | 983 |
|  Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(a)</sup> | 591 | 569 |
|  Hyatt Hotels Corp. 5.75% 3/30/2032 | 269 | 276 |
|  Hyundai Capital America 1.65% 9/17/2026 <sup>(a)</sup> | 70 | 68 |
|  International Game Technology PLC 4.125% 4/15/2026 <sup>(a)</sup> | 465 | 465 |
|  International Game Technology PLC 5.25% 1/15/2029 <sup>(a)</sup> | 1065 | 1056 |
|  KB Home 6.875% 6/15/2027 | 330 | 340 |
|  KB Home 7.25% 7/15/2030 | 330 | 342 |
|  Kohl's Corp. 5.125% 5/1/2031 <sup>(g)</sup> | 90 | 65 |
|  Kontoor Brands, Inc. 4.125% 11/15/2029 <sup>(a)</sup> | 370 | 348 |
|  Las Vegas Sands Corp. 6.20% 8/15/2034 | 25 | 26 |
|  LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(a)</sup> | 3405 | 3314 |
|  LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(a)</sup> | 1365 | 1452 |

---

American Funds Insurance Series **224**

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Consumer discretionary (continued)** |  |  |
|  Levi Strauss & Co. 3.50% 3/1/2031 <sup>(a)</sup> | USD1,175 | $1076 |
|  Light and Wonder International, Inc. 7.25% 11/15/2029 <sup>(a)</sup> | 470 | 485 |
|  Light and Wonder International, Inc. 7.50% 9/1/2031 <sup>(a)</sup> | 305 | 319 |
|  Lindblad Expeditions, LLC 6.75% 2/15/2027 <sup>(a)</sup> | 205 | 206 |
|  Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(a)</sup> | 1090 | 1040 |
|  Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(a)</sup> | 700 | 666 |
|  M.D.C. Holdings, Inc. 6.00% 1/15/2043 | 803 | 727 |
|  Macy's Retail Holdings, LLC 5.875% 4/1/2029 <sup>(a)</sup> | 75 | 74 |
|  Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(a)</sup> | 555 | 533 |
|  Melco Resorts Finance, Ltd. 5.75% 7/21/2028 <sup>(a)</sup> | 325 | 318 |
|  Mercury Aggregator, LP, Term Loan 2, 3.50% 4/3/2026 <sup>(b)(f)</sup> | 95 | 36 |
|  Mercury Aggregator, LP, Term Loan, 13.50% 4/3/2026 (16.00% on 8/3/2025) <sup>(b)(f)(g)</sup> | 166 | 63 |
|  MGM Resorts International 5.50% 4/15/2027 | 200 | 201 |
|  NCL Corp., Ltd. 5.875% 2/15/2027 <sup>(a)</sup> | 375 | 377 |
|  Newell Brands, Inc. 8.50% 6/1/2028 <sup>(a)</sup> | 580 | 611 |
|  Newell Brands, Inc. 6.625% 9/15/2029 | 435 | 431 |
|  Newell Brands, Inc. 6.375% 5/15/2030 | 785 | 766 |
|  Newell Brands, Inc. 6.625% 5/15/2032 | 435 | 416 |
|  Newell Brands, Inc. 6.875% 4/1/2036 | 355 | 341 |
|  Newell Brands, Inc. 7.00% 4/1/2046 | 165 | 141 |
|  Nissan Motor Acceptance Co., LLC 1.85% 9/16/2026 <sup>(a)</sup> | 350 | 334 |
|  Party City Holdings, Inc. 0% 10/12/2028 <sup>(f)(h)</sup> | 500 | – <sup>(i)</sup> |
|  Party City Holdco, Inc. 12.00% PIK 1/11/2029 <sup>(a)(d)(e)(f)</sup> | 2510 | 251 |
|  PENN Entertainment, Inc. 4.125% 7/1/2029 <sup>(a)</sup> | 15 | 14 |
|  Petco Health and Wellness Co., Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 7.807% 3/3/2028 <sup>(b)(c)</sup> | 965 | 893 |
|  RHP Hotel Properties, LP 7.25% 7/15/2028 <sup>(a)</sup> | 492 | 510 |
|  RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(a)</sup> | 660 | 646 |
|  RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(a)</sup> | 745 | 767 |
|  Royal Caribbean Cruises, Ltd. 5.50% 8/31/2026 <sup>(a)</sup> | 70 | 70 |
|  Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028 <sup>(a)</sup> | 1105 | 1120 |
|  Royal Caribbean Cruises, Ltd. 6.25% 3/15/2032 <sup>(a)</sup> | 705 | 725 |
|  Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(a)</sup> | 625 | 637 |
|  Sally Holdings, LLC 6.75% 3/1/2032 | 2887 | 2966 |
|  Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(a)</sup> | 190 | 183 |
|  Scientific Games Holdings, LP, Term Loan, (3-month USD CME Term SOFR + 3.00%) 7.285% 4/4/2029 <sup>(b)(c)</sup> | 1298 | 1298 |
|  Service Corp. International 4.625% 12/15/2027 | 405 | 403 |
|  Service Corp. International 5.125% 6/1/2029 | 75 | 75 |
|  Service Corp. International 3.375% 8/15/2030 | 190 | 175 |
|  Service Corp. International 4.00% 5/15/2031 | 515 | 482 |
|  Service Corp. International 5.75% 10/15/2032 | 350 | 354 |
|  Somnigroup International, Inc. 4.00% 4/15/2029 <sup>(a)</sup> | 95 | 91 |
|  Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(a)</sup> | 2181 | 2118 |
|  Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(a)</sup> | 2669 | 2539 |
|  Station Casinos, LLC 6.625% 3/15/2032 <sup>(a)</sup> | 320 | 327 |
|  Travel + Leisure Co. 4.50% 12/1/2029 <sup>(a)</sup> | 995 | 962 |
|  Travel + Leisure Co. 4.625% 3/1/2030 <sup>(a)</sup> | 200 | 192 |
|  Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(a)</sup> | 2495 | 2440 |
|  Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(a)</sup> | 315 | 316 |
|  Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(a)</sup> | 550 | 569 |
|  Valvoline, Inc. 3.625% 6/15/2031 <sup>(a)</sup> | 630 | 571 |
|  Voyager Parent, LLC, Term Loan B, (1-month USD CME Term SOFR + 4.75%) 9.083% 5/10/2032 <sup>(b)(c)</sup> | 400 | 396 |
|  Wand NewCo 3, Inc. 7.625% 1/30/2032 <sup>(a)</sup> | 10 | 11 |
|  WASH Multifamily Acquisition, Inc. 5.75% 4/15/2026 <sup>(a)</sup> | 615 | 613 |
|  Wyndham Hotels & Resorts, Inc. 4.375% 8/15/2028 <sup>(a)</sup> | 555 | 543 |
|  Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(a)</sup> | 482 | 479 |

---

**225** American Funds Insurance Series

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Consumer discretionary (continued)** |  |  |
|  Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(a)</sup> | USD487 | $520 |
|  Wynn Resorts Finance, LLC 6.25% 3/15/2033 <sup>(a)</sup> | 1300 | 1309 |
|  ZF North America Capital, Inc. 7.125% 4/14/2030 <sup>(a)</sup> | 250 | 245 |
|  |  | 90635 |
|  **Health care 8.35%** |  |  |
|  1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(a)</sup> | 2015 | 2034 |
|  AdaptHealth, LLC 6.125% 8/1/2028 <sup>(a)</sup> | 435 | 436 |
|  AdaptHealth, LLC 4.625% 8/1/2029 <sup>(a)</sup> | 1105 | 1042 |
|  AdaptHealth, LLC 5.125% 3/1/2030 <sup>(a)</sup> | 1505 | 1431 |
|  AthenaHealth Group, Inc. 6.50% 2/15/2030 <sup>(a)</sup> | 590 | 581 |
|  Avantor Funding, Inc. 4.625% 7/15/2028 <sup>(a)</sup> | 2040 | 2005 |
|  Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(a)</sup> | 620 | 588 |
|  Bausch + Lomb Corp. 8.375% 10/1/2028 <sup>(a)</sup> | 70 | 73 |
|  Bausch + Lomb Corp., Term Loan B, (USD-SOFR + 4.25%) 8.564% 12/18/2030 <sup>(b)(c)</sup> | 447 | 448 |
|  Bausch Health Americas, Inc. 9.25% 4/1/2026 <sup>(a)</sup> | 939 | 937 |
|  Bausch Health Americas, Inc. 8.50% 1/31/2027 <sup>(a)</sup> | 1156 | 1102 |
|  Bausch Health Cos., Inc. 5.00% 1/30/2028 <sup>(a)</sup> | 442 | 364 |
|  Bausch Health Cos., Inc. 4.875% 6/1/2028 <sup>(a)</sup> | 1335 | 1127 |
|  Bausch Health Cos., Inc. 11.00% 9/30/2028 <sup>(a)</sup> | 530 | 525 |
|  Bausch Health Cos., Inc. 7.25% 5/30/2029 <sup>(a)</sup> | 20 | 14 |
|  Bausch Health Cos., Inc. 5.25% 1/30/2030 <sup>(a)</sup> | 1262 | 800 |
|  Bausch Health Cos., Inc. 5.25% 2/15/2031 <sup>(a)</sup> | 1277 | 755 |
|  Biocon Biologics Global PLC 6.67% 10/9/2029 | 200 | 190 |
|  Centene Corp. 4.625% 12/15/2029 | 945 | 920 |
|  Centene Corp. 3.375% 2/15/2030 | 52 | 48 |
|  Centene Corp. 3.00% 10/15/2030 | 295 | 264 |
|  Centene Corp. 2.50% 3/1/2031 | 1125 | 969 |
|  Centene Corp. 2.625% 8/1/2031 | 615 | 527 |
|  Charles River Laboratories International, Inc. 4.25% 5/1/2028 <sup>(a)</sup> | 186 | 181 |
|  Charles River Laboratories International, Inc. 3.75% 3/15/2029 <sup>(a)</sup> | 550 | 517 |
|  CHS / Community Health Systems, Inc. 5.625% 3/15/2027 <sup>(a)</sup> | 1395 | 1375 |
|  CHS / Community Health Systems, Inc. 6.00% 1/15/2029 <sup>(a)</sup> | 805 | 775 |
|  CHS / Community Health Systems, Inc. 5.25% 5/15/2030 <sup>(a)</sup> | 1990 | 1767 |
|  CHS / Community Health Systems, Inc. 4.75% 2/15/2031 <sup>(a)</sup> | 1020 | 873 |
|  CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(a)</sup> | 180 | 191 |
|  CVS Health Corp., junior subordinated, 6.75% 12/10/2054 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.516% on 12/10/2034) <sup>(g)</sup> | 200 | 201 |
|  DaVita, Inc. 4.625% 6/1/2030 <sup>(a)</sup> | 1085 | 1040 |
|  DaVita, Inc. 3.75% 2/15/2031 <sup>(a)</sup> | 875 | 796 |
|  DaVita, Inc. 6.875% 9/1/2032 <sup>(a)</sup> | 2255 | 2338 |
|  DaVita, Inc. 6.75% 7/15/2033 <sup>(a)</sup> | 2035 | 2103 |
|  Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(a)</sup> | 2565 | 2718 |
|  Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.00%) 8.327% 4/23/2031 <sup>(b)(c)</sup> | 1757 | 1758 |
|  Grifols SA 3.875% 10/15/2028 | EUR340 | 384 |
|  Grifols SA 4.75% 10/15/2028 <sup>(a)</sup> | USD2,000 | 1924 |
|  Grifols SA 7.50% 5/1/2030 | EUR1,320 | 1631 |
|  HCA, Inc. 3.50% 9/1/2030 | USD180 | 170 |
|  HCA, Inc. 4.625% 3/15/2052 | 233 | 187 |
|  HCA, Inc. 7.50% 11/15/2095 | 250 | 272 |
|  Insulet Corp. 6.50% 4/1/2033 <sup>(a)</sup> | 372 | 388 |
|  IQVIA, Inc. 5.00% 10/15/2026 <sup>(a)</sup> | 603 | 603 |
|  IQVIA, Inc. 6.50% 5/15/2030 <sup>(a)</sup> | 660 | 681 |
|  IQVIA, Inc. 6.25% 6/1/2032 <sup>(a)</sup> | 1205 | 1238 |
|  Jazz Securities DAC 4.375% 1/15/2029 <sup>(a)</sup> | 506 | 489 |
|  Mallinckrodt International Finance SA 14.75% 11/14/2028 <sup>(a)</sup> | 174 | 180 |
|  Medline Borrower, LP 3.875% 4/1/2029 <sup>(a)</sup> | 1380 | 1325 |
|  Medline Borrower, LP 6.25% 4/1/2029 <sup>(a)</sup> | 914 | 940 |

---

American Funds Insurance Series **226**

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Health care (continued)** |  |  |
|  Medline Borrower, LP 5.25% 10/1/2029 <sup>(a)</sup> | USD1,985 | $1971 |
|  Medline Borrower, LP, Term Loan, (3-month USD CME Term SOFR + 2.25%) 6.577% 10/23/2028 <sup>(b)(c)</sup> | 552 | 552 |
|  Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(a)</sup> | 995 | 973 |
|  Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(a)</sup> | 1514 | 1409 |
|  Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(a)</sup> | 2750 | 2505 |
|  Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(a)</sup> | 1495 | 1523 |
|  Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(a)</sup> | 1328 | 1192 |
|  Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(a)</sup> | 5290 | 4974 |
|  Perrigo Finance Unlimited Co. 6.125% 9/30/2032 | 400 | 404 |
|  Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(a)(d)</sup> | 2347 | 2309 |
|  Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(a)</sup> | 2830 | 2840 |
|  Radiology Partners, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.50%) 1.50% PIK and 6.591% Cash 1/31/2029 <sup>(b)(c)(d)</sup> | 1770 | 1766 |
|  Sterigenics-Nordion Holdings, LLC 7.375% 6/1/2031 <sup>(a)</sup> | 505 | 526 |
|  Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(a)</sup> | 665 | 679 |
|  Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.53% 3/2/2027 <sup>(b)(c)</sup> | 36 | 36 |
|  Tenet Healthcare Corp. 6.25% 2/1/2027 | 320 | 320 |
|  Tenet Healthcare Corp. 5.125% 11/1/2027 | 375 | 375 |
|  Tenet Healthcare Corp. 4.25% 6/1/2029 | 1620 | 1572 |
|  Tenet Healthcare Corp. 4.375% 1/15/2030 | 895 | 867 |
|  Tenet Healthcare Corp. 6.125% 6/15/2030 | 25 | 26 |
|  Tenet Healthcare Corp. 6.75% 5/15/2031 | 860 | 890 |
|  Tenet Healthcare Corp. 6.875% 11/15/2031 | 100 | 108 |
|  Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027 | 452 | 452 |
|  Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 6790 | 6834 |
|  Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029 | 400 | 437 |
|  Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031 | 959 | 1087 |
|  Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032 | 940 | 961 |
|  Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046 | 942 | 679 |
|  Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030 | 610 | 621 |
|  |  | 83113 |
|  **Materials 8.13%** |  |  |
|  Alliance Resource Operating Partners, LP 8.625% 6/15/2029 <sup>(a)</sup> | 975 | 1037 |
|  ArcelorMittal SA 7.00% 10/15/2039 | 488 | 541 |
|  ArcelorMittal SA 6.75% 3/1/2041 | 825 | 870 |
|  Ardagh Metal Packaging Finance PLC 4.00% 9/1/2029 <sup>(a)</sup> | 690 | 630 |
|  Avient Corp. 6.25% 11/1/2031 <sup>(a)</sup> | 225 | 227 |
|  Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 <sup>(a)</sup> | 240 | 253 |
|  Axalta Coating Systems, LLC 4.75% 6/15/2027 <sup>(a)</sup> | 460 | 457 |
|  Ball Corp. 6.875% 3/15/2028 | 465 | 476 |
|  Ball Corp. 6.00% 6/15/2029 | 350 | 359 |
|  Ball Corp. 2.875% 8/15/2030 | 160 | 144 |
|  Ball Corp. 3.125% 9/15/2031 | 1530 | 1374 |
|  CAN-PACK Spolka Akcyjna 3.875% 11/15/2029 <sup>(a)</sup> | 1875 | 1758 |
|  Capstone Copper Corp. 6.75% 3/31/2033 <sup>(a)</sup> | 245 | 251 |
|  Celanese US Holdings, LLC 6.415% 7/15/2027 | 45 | 47 |
|  Celanese US Holdings, LLC 6.50% 4/15/2030 | 520 | 533 |
|  Celanese US Holdings, LLC 7.05% 11/15/2030 | 265 | 279 |
|  Celanese US Holdings, LLC 6.75% 4/15/2033 | 1290 | 1304 |
|  Celanese US Holdings, LLC 7.20% 11/15/2033 | 70 | 74 |
|  Cleveland-Cliffs, Inc. 5.875% 6/1/2027 | 1363 | 1363 |
|  Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(a)</sup> | 2346 | 2157 |
|  Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(a)</sup> | 2354 | 2320 |
|  Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(a)</sup> | 920 | 891 |
|  Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(a)</sup> | 2025 | 1734 |
|  Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(a)</sup> | 1930 | 1863 |
|  Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(a)</sup> | 2035 | 1921 |

---

**227** American Funds Insurance Series

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Materials (continued)** |  |  |
|  Cleveland-Cliffs, Inc. 7.375% 5/1/2033 <sup>(a)</sup> | USD210 | $197 |
|  Consolidated Energy Finance SA 6.50% 5/15/2026 <sup>(a)</sup> | 150 | 146 |
|  Consolidated Energy Finance SA 5.625% 10/15/2028 <sup>(a)</sup> | 655 | 565 |
|  Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(a)</sup> | 3465 | 3403 |
|  CVR Partners, LP 6.125% 6/15/2028 <sup>(a)</sup> | 685 | 687 |
|  First Quantum Minerals, Ltd. 6.875% 10/15/2027 <sup>(a)</sup> | 2207 | 2212 |
|  First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(a)</sup> | 4240 | 4505 |
|  First Quantum Minerals, Ltd. 8.00% 3/1/2033 <sup>(a)</sup> | 675 | 693 |
|  Freeport-McMoRan, Inc. 4.25% 3/1/2030 | 437 | 428 |
|  Freeport-McMoRan, Inc. 5.45% 3/15/2043 | 411 | 389 |
|  FXI Holdings, Inc. 12.25% 11/15/2026 <sup>(a)</sup> | 9297 | 8192 |
|  FXI Holdings, Inc. 12.25% 11/15/2026 <sup>(a)</sup> | 6051 | 5357 |
|  Glatfelter Corp., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 8.583% 11/4/2031 <sup>(b)(c)</sup> | 612 | 602 |
|  INEOS Finance PLC 6.75% 5/15/2028 <sup>(a)</sup> | 500 | 497 |
|  INEOS Finance PLC 7.50% 4/15/2029 <sup>(a)</sup> | 285 | 286 |
|  JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(a)</sup> | 510 | 515 |
|  JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(a)</sup> | 805 | 819 |
|  Kaiser Aluminum Corp. 4.625% 3/1/2028 <sup>(a)</sup> | 638 | 625 |
|  LABL, Inc. 10.50% 7/15/2027 <sup>(a)</sup> | 160 | 153 |
|  LSB Industries, Inc. 6.25% 10/15/2028 <sup>(a)</sup> | 155 | 154 |
|  Magnera Corp. 4.75% 11/15/2029 <sup>(a)</sup> | 815 | 721 |
|  Magnera Corp. 7.25% 11/15/2031 <sup>(a)</sup> | 530 | 500 |
|  Mauser Packaging Solutions Holding Co. 7.875% 8/15/2026 <sup>(a)</sup> | 382 | 383 |
|  Mauser Packaging Solutions Holding Co. 9.25% 4/15/2027 <sup>(a)</sup> | 555 | 551 |
|  Methanex Corp. 5.125% 10/15/2027 | 2415 | 2408 |
|  Methanex Corp. 5.25% 12/15/2029 | 712 | 704 |
|  Methanex Corp. 5.65% 12/1/2044 | 465 | 370 |
|  Methanex US Operations, Inc. 6.25% 3/15/2032 <sup>(a)</sup> | 860 | 858 |
|  Minera Mexico SA de CV, 5.625% 2/12/2032 <sup>(a)</sup> | 200 | 204 |
|  Mineral Resources, Ltd. 8.125% 5/1/2027 <sup>(a)</sup> | 393 | 393 |
|  Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(a)</sup> | 1919 | 1929 |
|  Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(a)</sup> | 1820 | 1865 |
|  Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(a)</sup> | 750 | 747 |
|  NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(a)</sup> | 245 | 259 |
|  NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(a)</sup> | 1365 | 1314 |
|  NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(a)</sup> | 2100 | 2271 |
|  NOVA Chemicals Corp. 7.00% 12/1/2031 <sup>(a)</sup> | 665 | 697 |
|  Novelis Corp. 3.25% 11/15/2026 <sup>(a)</sup> | 485 | 478 |
|  Novelis Corp. 3.875% 8/15/2031 <sup>(a)</sup> | 497 | 447 |
|  Olin Corp. 5.625% 8/1/2029 | 200 | 199 |
|  Olin Corp. 5.00% 2/1/2030 | 180 | 174 |
|  Olin Corp. 6.625% 4/1/2033 <sup>(a)</sup> | 80 | 79 |
|  Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(a)</sup> | 835 | 859 |
|  Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(a)</sup> | 995 | 1027 |
|  Quikrete Holdings, Inc., Term Loan B3, (3-month USD CME Term SOFR + 2.25%) 6.577% 2/10/2032 <sup>(b)(c)</sup> | 170 | 170 |
|  Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.00% PIK and 4.00% Cash on 12/30/2025) <sup>(a)(d)(g)</sup> | 1280 | 1259 |
|  Samarco Mineracao SA 9.00% 6/30/2031 (5.00% PIK and 4.00% Cash on 12/30/2025) <sup>(d)(g)</sup> | 460 | 452 |
|  SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(a)</sup> | 660 | 643 |
|  Trident TPI Holdings, Inc. 12.75% 12/31/2028 <sup>(a)</sup> | 470 | 499 |
|  Trivium Packaging Finance BV 8.25% 7/15/2030 <sup>(a)</sup> | 585 | 619 |
|  Trivium Packaging Finance BV 12.25% 1/15/2031 <sup>(a)</sup> | 1015 | 1089 |
|  Tronox, Inc. 4.625% 3/15/2029 <sup>(a)</sup> | 740 | 639 |
|  Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 8.00% PIK and 6.308% Cash 1/16/2026 <sup>(b)(c)(d)(f)</sup> | 540 | 297 |
|  Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 8.00% PIK and 6.329% Cash 7/16/2026 <sup>(b)(c)(d)(f)</sup> | 543 | 299 |
|  Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 8.00% PIK and 6.302% Cash 10/12/2028 <sup>(b)(c)(d)(f)</sup> | 894 | 492 |

---

American Funds Insurance Series **228**

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Materials (continued)** |  |  |
|  Verde Purchaser, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.00%) 8.296% 11/30/2030 <sup>(b)(c)</sup> | USD194 | $195 |
|  Veritiv Operating Co. 10.50% 11/30/2030 <sup>(a)</sup> | 780 | 845 |
|  Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(a)</sup> | 598 | 611 |
|  |  | 80834 |
|  **Information technology 7.36%** |  |  |
|  Acuris Finance US, Inc. 9.00% 8/1/2029 <sup>(a)</sup> | 1350 | 1385 |
|  ams-OSRAM AG 12.25% 3/30/2029 <sup>(a)</sup> | 1175 | 1255 |
|  Booz Allen Hamilton, Inc. 3.875% 9/1/2028 <sup>(a)</sup> | 60 | 58 |
|  Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(a)</sup> | 1735 | 1752 |
|  Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(a)</sup> | 5185 | 5379 |
|  Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(a)</sup> | 1625 | 1731 |
|  Cloud Software Group, Inc., Term Loan B1, (3-month USD CME Term SOFR + 3.50%) 7.796% 3/29/2029 <sup>(b)(c)</sup> | 1407 | 1410 |
|  CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(a)</sup> | 2190 | 2135 |
|  CommScope, LLC 8.25% 3/1/2027 <sup>(a)</sup> | 1404 | 1400 |
|  CommScope, LLC 7.125% 7/1/2028 <sup>(a)</sup> | 1107 | 1089 |
|  CommScope, LLC 4.75% 9/1/2029 <sup>(a)</sup> | 103 | 101 |
|  CommScope, LLC 9.50% 12/15/2031 <sup>(a)</sup> | 525 | 550 |
|  Commscope, LLC, Term Loan, (3-month USD CME Term SOFR + 5.25%) 9.577% 12/17/2029 <sup>(b)(c)</sup> | 645 | 654 |
|  CoreWeave, Inc. 9.25% 6/1/2030 <sup>(a)</sup> | 425 | 435 |
|  Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(a)</sup> | 5860 | 6231 |
|  Ellucian Holdings, Inc. 6.50% 12/1/2029 <sup>(a)</sup> | 275 | 282 |
|  Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.077% 11/22/2032 <sup>(b)(c)</sup> | 300 | 307 |
|  Fair Isaac Corp. 4.00% 6/15/2028 <sup>(a)</sup> | 2340 | 2279 |
|  Fair Isaac Corp. 6.00% 5/15/2033 <sup>(a)</sup> | 3120 | 3156 |
|  Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(b)(c)(j)</sup> | 3610 | 3638 |
|  Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(b)(c)(j)</sup> | 75 | 76 |
|  Fortress Intermediate 3, Inc. 7.50% 6/1/2031 <sup>(a)</sup> | 440 | 461 |
|  Gartner, Inc. 4.50% 7/1/2028 <sup>(a)</sup> | 703 | 696 |
|  Gartner, Inc. 3.75% 10/1/2030 <sup>(a)</sup> | 126 | 118 |
|  Gen Digital, Inc. 6.25% 4/1/2033 <sup>(a)</sup> | 725 | 746 |
|  Helios Software Holdings, Inc. 8.75% 5/1/2029 <sup>(a)</sup> | 3675 | 3783 |
|  Hughes Satellite Systems Corp. 5.25% 8/1/2026 | 3595 | 3203 |
|  Hughes Satellite Systems Corp. 6.625% 8/1/2026 | 3415 | 2435 |
|  Imola Merger Corp. 4.75% 5/15/2029 <sup>(a)</sup> | 300 | 290 |
|  ION Trading Technologies SARL 9.50% 5/30/2029 <sup>(a)</sup> | 2420 | 2497 |
|  Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.25%) 7.577% 3/20/2032 <sup>(b)(c)</sup> | 623 | 627 |
|  Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.327% 3/20/2033 <sup>(b)(c)</sup> | 875 | 878 |
|  McAfee Corp. 7.375% 2/15/2030 <sup>(a)</sup> | 275 | 260 |
|  NCR Atleos Corp. 9.50% 4/1/2029 <sup>(a)</sup> | 1785 | 1957 |
|  NCR Voyix Corp. 5.125% 4/15/2029 <sup>(a)</sup> | 343 | 338 |
|  Open Text Corp. 3.875% 2/15/2028 <sup>(a)</sup> | 645 | 626 |
|  Open Text Corp. 3.875% 12/1/2029 <sup>(a)</sup> | 250 | 236 |
|  Shift4 Payments, LLC, 6.75% 8/15/2032 <sup>(a)</sup> | 985 | 1024 |
|  Synaptics, Inc. 4.00% 6/15/2029 <sup>(a)</sup> | 375 | 356 |
|  UKG, Inc. 6.875% 2/1/2031 <sup>(a)</sup> | 1325 | 1376 |
|  Unisys Corp. 10.625% 1/15/2031 <sup>(a)</sup> | 1875 | 1933 |
|  Viasat, Inc. 5.625% 4/15/2027 <sup>(a)</sup> | 5540 | 5522 |
|  Viasat, Inc. 6.50% 7/15/2028 <sup>(a)</sup> | 1505 | 1424 |
|  Viasat, Inc. 7.50% 5/30/2031 <sup>(a)</sup> | 2394 | 2076 |
|  Viavi Solutions, Inc. 3.75% 10/1/2029 <sup>(a)</sup> | 230 | 215 |
|  Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 (13.875% on 6/22/2026) <sup>(d)(g)(j)</sup> | 3138 | 3174 |
|  Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 (13.875% on 6/23/2026) <sup>(d)(g)(j)</sup> | 547 | 553 |
|  Xerox Holdings Corp. 5.50% 8/15/2028 <sup>(a)</sup> | 1135 | 869 |
|  Xerox Holdings Corp. 8.875% 11/30/2029 <sup>(a)</sup> | 269 | 203 |
|  |  | 73179 |

---

**229** American Funds Insurance Series

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Real estate 7.03%** |  |  |
|  Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(a)</sup> | USD2,063 | $1812 |
|  Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(a)</sup> | 1322 | 1085 |
|  Anywhere Real Estate Group, LLC 7.00% 4/15/2030 <sup>(a)</sup> | 465 | 435 |
|  Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(a)</sup> | 829 | 827 |
|  Brookfield Property REIT, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 7.56% 5/30/2030 <sup>(b)(c)</sup> | 265 | 265 |
|  Fideicomiso Fibra Uno 7.70% 1/23/2032 <sup>(a)</sup> | 405 | 423 |
|  Forestar Group, Inc. 5.00% 3/1/2028 <sup>(a)</sup> | 92 | 91 |
|  Forestar Group, Inc. 6.50% 3/15/2033 <sup>(a)</sup> | 1900 | 1916 |
|  Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(a)</sup> | 1392 | 1383 |
|  Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(a)</sup> | 2688 | 2562 |
|  Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(a)</sup> | 3643 | 3364 |
|  Iron Mountain, Inc. 4.875% 9/15/2027 <sup>(a)</sup> | 1006 | 1001 |
|  Iron Mountain, Inc. 5.00% 7/15/2028 <sup>(a)</sup> | 367 | 364 |
|  Iron Mountain, Inc. 7.00% 2/15/2029 <sup>(a)</sup> | 210 | 217 |
|  Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(a)</sup> | 3060 | 3020 |
|  Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(a)</sup> | 1660 | 1583 |
|  Iron Mountain, Inc. 5.625% 7/15/2032 <sup>(a)</sup> | 220 | 218 |
|  Iron Mountain, Inc. 6.25% 1/15/2033 <sup>(a)</sup> | 395 | 406 |
|  Kennedy-Wilson, Inc. 4.75% 3/1/2029 | 1840 | 1726 |
|  Kennedy-Wilson, Inc. 4.75% 2/1/2030 | 2645 | 2425 |
|  Kennedy-Wilson, Inc. 5.00% 3/1/2031 | 2560 | 2310 |
|  Ladder Capital Finance Holdings LLLP 5.25% 10/1/2025 <sup>(a)</sup> | 440 | 440 |
|  Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029 <sup>(a)</sup> | 315 | 307 |
|  Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030 | 38 | 38 |
|  Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(a)</sup> | 615 | 643 |
|  MPT Operating Partnership, LP 5.00% 10/15/2027 | 10058 | 9299 |
|  MPT Operating Partnership, LP 4.625% 8/1/2029 | 170 | 134 |
|  MPT Operating Partnership, LP 3.50% 3/15/2031 | 1524 | 1079 |
|  MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(a)</sup> | 4269 | 4471 |
|  Park Intermediate Holdings, LLC 5.875% 10/1/2028 <sup>(a)</sup> | 170 | 170 |
|  Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(a)</sup> | 820 | 795 |
|  Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(a)</sup> | 740 | 761 |
|  Pebblebrook Hotel, LP 6.375% 10/15/2029 <sup>(a)</sup> | 655 | 659 |
|  RLJ Lodging Trust, LP 3.75% 7/1/2026 <sup>(a)</sup> | 45 | 45 |
|  RLJ Lodging Trust, LP 4.00% 9/15/2029 <sup>(a)</sup> | 460 | 430 |
|  SBA Communications Corp. 3.125% 2/1/2029 | 131 | 124 |
|  Service Properties Trust 5.25% 2/15/2026 | 117 | 116 |
|  Service Properties Trust 4.75% 10/1/2026 | 1515 | 1495 |
|  Service Properties Trust 4.95% 2/15/2027 | 2131 | 2105 |
|  Service Properties Trust 5.50% 12/15/2027 | 750 | 744 |
|  Service Properties Trust 3.95% 1/15/2028 | 3031 | 2802 |
|  Service Properties Trust 8.375% 6/15/2029 | 2460 | 2560 |
|  Service Properties Trust 4.95% 10/1/2029 | 3518 | 3073 |
|  Service Properties Trust 4.375% 2/15/2030 | 3180 | 2677 |
|  Service Properties Trust 8.625% 11/15/2031 <sup>(a)</sup> | 4850 | 5210 |
|  Service Properties Trust 8.875% 6/15/2032 | 1230 | 1266 |
|  VICI Properties, LP 3.875% 2/15/2029 <sup>(a)</sup> | 1130 | 1094 |
|  |  | 69970 |
|  **Industrials 6.87%** |  |  |
|  AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026 <sup>(a)</sup> | 108 | 108 |
|  AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(a)</sup> | 261 | 271 |
|  ADT Security Corp. 4.125% 8/1/2029 <sup>(a)</sup> | 200 | 193 |
|  Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(a)</sup> | 1120 | 1146 |
|  Allison Transmission, Inc. 3.75% 1/30/2031 <sup>(a)</sup> | 1045 | 959 |
|  Ambipar Lux SARL 9.875% 2/6/2031 <sup>(a)</sup> | 226 | 214 |
|  Ambipar Lux SARL 10.875% 2/5/2033 <sup>(a)</sup> | 200 | 190 |
|  Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(a)</sup> | 1145 | 1179 |

---

American Funds Insurance Series **230**

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Industrials (continued)** |  |  |
|  American Airlines, Inc. 8.50% 5/15/2029 <sup>(a)</sup> | USD415 | $435 |
|  Aramark Services, Inc. 5.00% 2/1/2028 <sup>(a)</sup> | 760 | 758 |
|  ATI, Inc. 4.875% 10/1/2029 | 690 | 676 |
|  ATI, Inc. 7.25% 8/15/2030 | 375 | 393 |
|  ATI, Inc. 5.125% 10/1/2031 | 775 | 758 |
|  Avis Budget Car Rental, LLC 5.75% 7/15/2027 <sup>(a)</sup> | 767 | 761 |
|  Avis Budget Car Rental, LLC 4.75% 4/1/2028 <sup>(a)</sup> | 55 | 53 |
|  Avis Budget Car Rental, LLC 5.375% 3/1/2029 <sup>(a)</sup> | 925 | 892 |
|  Avis Budget Car Rental, LLC 8.25% 1/15/2030 <sup>(a)</sup> | 35 | 37 |
|  Avis Budget Car Rental, LLC 8.00% 2/15/2031 <sup>(a)</sup> | 445 | 461 |
|  Avis Budget Group, Inc. 5.75% 7/15/2027 <sup>(a)</sup> | 61 | 61 |
|  Avolon Holdings Funding, Ltd. 2.528% 11/18/2027 <sup>(a)</sup> | 2098 | 1995 |
|  Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(a)</sup> | 935 | 964 |
|  Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(a)</sup> | 1320 | 1362 |
|  Beach Acquisition Bidco, LLC, 10.75% PIK or 10.00% Cash 7/15/2033 <sup>(a)(d)</sup> | 605 | 629 |
|  Boeing Co. (The) 3.60% 5/1/2034 | 190 | 168 |
|  Boeing Co. (The) 5.805% 5/1/2050 | 34 | 33 |
|  Boeing Co. (The) 6.858% 5/1/2054 | 352 | 386 |
|  Boeing Co. (The) 7.008% 5/1/2064 | 120 | 132 |
|  Bombardier, Inc. 7.45% 5/1/2034 <sup>(a)</sup> | 115 | 125 |
|  Brink's Co. (The) 6.50% 6/15/2029 <sup>(a)</sup> | 170 | 175 |
|  Brink's Co. (The) 6.75% 6/15/2032 <sup>(a)</sup> | 170 | 177 |
|  BWX Technologies, Inc. 4.125% 6/30/2028 <sup>(a)</sup> | 165 | 161 |
|  BWX Technologies, Inc. 4.125% 4/15/2029 <sup>(a)</sup> | 335 | 323 |
|  Chart Industries, Inc. 7.50% 1/1/2030 <sup>(a)</sup> | 523 | 548 |
|  Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(a)</sup> | 915 | 878 |
|  Clarivate Science Holdings Corp. 4.875% 7/1/2029 <sup>(a)</sup> | 890 | 839 |
|  Clean Harbors, Inc. 4.875% 7/15/2027 <sup>(a)</sup> | 766 | 763 |
|  Clean Harbors, Inc. 6.375% 2/1/2031 <sup>(a)</sup> | 116 | 119 |
|  CoreLogic, Inc. 4.50% 5/1/2028 <sup>(a)</sup> | 3004 | 2868 |
|  CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.50%) 10.941% 6/4/2029 <sup>(b)(c)</sup> | 660 | 642 |
|  Dun & Bradstreet Corp. (The) 5.00% 12/15/2029 <sup>(a)</sup> | 980 | 1005 |
|  Enviri Corp. 5.75% 7/31/2027 <sup>(a)</sup> | 1295 | 1279 |
|  EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(a)</sup> | 2870 | 3036 |
|  EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(a)</sup> | 490 | 521 |
|  FTAI Aviation Investors, LLC 5.50% 5/1/2028 <sup>(a)</sup> | 700 | 697 |
|  FTAI Aviation Investors, LLC 7.875% 12/1/2030 <sup>(a)</sup> | 45 | 48 |
|  Garda World Security Corp. 8.375% 11/15/2032 <sup>(a)</sup> | 1735 | 1784 |
|  Herc Holdings, Inc. 5.50% 7/15/2027 <sup>(a)</sup> | 280 | 280 |
|  Herc Holdings, Inc. 6.625% 6/15/2029 <sup>(a)</sup> | 455 | 467 |
|  Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(a)</sup> | 890 | 930 |
|  Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(a)</sup> | 1110 | 1164 |
|  Hertz Corp. (The) 4.625% 12/1/2026 <sup>(a)</sup> | 645 | 579 |
|  Hertz Corp. (The), Term Loan B-EXIT, (3-month USD CME Term SOFR + 3.50%) 8.041% 6/30/2028 <sup>(b)(c)</sup> | 71 | 59 |
|  Hertz Corp. (The), Term Loan C-EXIT, (3-month USD CME Term SOFR + 3.50%) 8.041% 6/30/2028 <sup>(b)(c)</sup> | 15 | 13 |
|  Icahn Enterprises, LP 6.25% 5/15/2026 | 818 | 813 |
|  Icahn Enterprises, LP 5.25% 5/15/2027 | 3754 | 3641 |
|  Icahn Enterprises, LP 9.75% 1/15/2029 | 1090 | 1060 |
|  Icahn Enterprises, LP 4.375% 2/1/2029 | 855 | 719 |
|  Icahn Enterprises, LP 10.00% 11/15/2029 <sup>(a)</sup> | 90 | 89 |
|  LATAM Airlines Group SA 7.625% 1/7/2031 <sup>(a)</sup> | 810 | 815 |
|  Mileage Plus Holdings, LLC 6.50% 6/20/2027 <sup>(a)</sup> | 854 | 856 |
|  Miter Brands Acquisition Holdco, Inc. 6.75% 4/1/2032 <sup>(a)</sup> | 309 | 317 |
|  Moog, Inc. 4.25% 12/9/2027 <sup>(a)</sup> | 395 | 387 |
|  Mueller Water Products, Inc. 4.00% 6/15/2029 <sup>(a)</sup> | 275 | 264 |
|  NESCO Holdings II, Inc. 5.50% 4/15/2029 <sup>(a)</sup> | 1105 | 1077 |
|  OneSky Flight, LLC 8.875% 12/15/2029 <sup>(a)</sup> | 360 | 375 |
|  Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 8.177% 2/1/2028 <sup>(b)(c)</sup> | 1035 | 915 |
|  Pitney Bowes, Inc. 6.875% 3/15/2027 <sup>(a)</sup> | 600 | 606 |
|  PM General Purchaser, LLC 9.50% 10/1/2028 <sup>(a)</sup> | 215 | 149 |

---

**231** American Funds Insurance Series

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Industrials (continued)** |  |  |
|  Prime Security Services Borrower, LLC 3.375% 8/31/2027 <sup>(a)</sup> | USD475 | $461 |
|  QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(a)</sup> | 1745 | 1802 |
|  QXO Building Products, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.00%) 7.296% 4/30/2032 <sup>(b)(c)</sup> | 185 | 187 |
|  Reworld Holding Corp. 4.875% 12/1/2029 <sup>(a)</sup> | 1155 | 1100 |
|  Reworld Holding Corp. 5.00% 9/1/2030 | 1455 | 1378 |
|  Roller Bearing Company of America, Inc. 4.375% 10/15/2029 <sup>(a)</sup> | 110 | 107 |
|  Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(a)</sup> | 2610 | 2733 |
|  Sensata Technologies, Inc. 3.75% 2/15/2031 <sup>(a)</sup> | 795 | 725 |
|  SkyMiles IP, Ltd. 4.75% 10/20/2028 <sup>(a)</sup> | 440 | 441 |
|  Spirit AeroSystems, Inc. 4.60% 6/15/2028 | 798 | 785 |
|  Spirit AeroSystems, Inc. 9.375% 11/30/2029 <sup>(a)</sup> | 34 | 36 |
|  Spirit AeroSystems, Inc. 9.75% 11/15/2030 <sup>(a)</sup> | 195 | 215 |
|  Spirit AeroSystems, Inc., Term Loan, (3-month CME Term SOFR + 4.25%) 8.78% 1/15/2027 <sup>(b)(c)</sup> | 1081 | 1083 |
|  Standard Building Solutions, Inc. 6.50% 8/15/2032 <sup>(a)</sup> | 435 | 446 |
|  Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(a)(f)</sup> | 100 | 100 |
|  Titan International, Inc. 7.00% 4/30/2028 | 750 | 754 |
|  TransDigm, Inc. 6.75% 8/15/2028 <sup>(a)</sup> | 75 | 77 |
|  TransDigm, Inc. 6.875% 12/15/2030 <sup>(a)</sup> | 355 | 369 |
|  TransDigm, Inc. 6.625% 3/1/2032 <sup>(a)</sup> | 1540 | 1596 |
|  TransDigm, Inc. 6.00% 1/15/2033 <sup>(a)</sup> | 405 | 408 |
|  TransDigm, Inc. 6.375% 5/31/2033 <sup>(a)</sup> | 400 | 401 |
|  Uber Technologies, Inc. 7.50% 9/15/2027 <sup>(a)</sup> | 395 | 399 |
|  Uber Technologies, Inc. 6.25% 1/15/2028 <sup>(a)</sup> | 755 | 759 |
|  Uber Technologies, Inc. 4.50% 8/15/2029 <sup>(a)</sup> | 310 | 308 |
|  United Rentals (North America), Inc. 6.00% 12/15/2029 <sup>(a)</sup> | 115 | 118 |
|  United Rentals (North America), Inc. 3.875% 2/15/2031 | 745 | 701 |
|  United Rentals (North America), Inc. 3.75% 1/15/2032 | 570 | 524 |
|  United Rentals (North America), Inc. 6.125% 3/15/2034 <sup>(a)</sup> | 310 | 320 |
|  Waste Pro USA, Inc. 7.00% 2/1/2033 <sup>(a)</sup> | 225 | 234 |
|  WESCO Distribution, Inc. 6.625% 3/15/2032 <sup>(a)</sup> | 1600 | 1665 |
|  WESCO Distribution, Inc. 6.375% 3/15/2033 <sup>(a)</sup> | 320 | 331 |
|  XPO, Inc. 6.25% 6/1/2028 <sup>(a)</sup> | 70 | 71 |
|  XPO, Inc. 7.125% 6/1/2031 <sup>(a)</sup> | 533 | 559 |
|  XPO, Inc. 7.125% 2/1/2032 <sup>(a)</sup> | 390 | 409 |
|  |  | 68379 |
|  **Consumer staples 3.50%** |  |  |
|  Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(a)</sup> | 1198 | 1136 |
|  Albertsons Cos., Inc. 4.875% 2/15/2030 <sup>(a)</sup> | 465 | 458 |
|  Amer Sports Co. 6.75% 2/16/2031 <sup>(a)</sup> | 130 | 135 |
|  B&G Foods, Inc. 5.25% 9/15/2027 | 1758 | 1603 |
|  B&G Foods, Inc. 8.00% 9/15/2028 <sup>(a)</sup> | 1375 | 1326 |
|  Central Garden & Pet Co. 4.125% 10/15/2030 | 915 | 865 |
|  Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(a)</sup> | 1740 | 1617 |
|  Coty, Inc. 5.00% 4/15/2026 <sup>(a)</sup> | 280 | 281 |
|  Coty, Inc. 4.75% 1/15/2029 <sup>(a)</sup> | 1070 | 1047 |
|  Coty, Inc. 6.625% 7/15/2030 <sup>(a)</sup> | 380 | 389 |
|  Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(a)</sup> | 1350 | 1369 |
|  Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(a)</sup> | 915 | 972 |
|  Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(a)</sup> | 775 | 820 |
|  Fiesta Purchaser, Inc., Term Loan, (3-month USD CME Term SOFR + 3.25%) 7.577% 2/12/2031 <sup>(b)(c)</sup> | 158 | 159 |
|  H.J. Heinz Co. 3.875% 5/15/2027 | 275 | 273 |
|  H.J. Heinz Co. 4.375% 6/1/2046 | 26 | 21 |
|  Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(a)</sup> | 370 | 346 |
|  KeHE Distributors, LLC 9.00% 2/15/2029 <sup>(a)</sup> | 485 | 503 |
|  Lamb Weston Holdings, Inc. 4.875% 5/15/2028 <sup>(a)</sup> | 75 | 75 |
|  Lamb Weston Holdings, Inc. 4.125% 1/31/2030 <sup>(a)</sup> | 1920 | 1833 |
|  Lamb Weston Holdings, Inc. 4.375% 1/31/2032 <sup>(a)</sup> | 480 | 451 |

---

American Funds Insurance Series **232**

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Consumer staples (continued)** |  |  |
|  Mars, Inc. 4.60% 3/1/2028 <sup>(a)</sup> | USD150 | $151 |
|  Mars, Inc. 5.20% 3/1/2035 <sup>(a)</sup> | 45 | 46 |
|  Mars, Inc. 5.70% 5/1/2055 <sup>(a)</sup> | 45 | 45 |
|  Opal Bidco SAS 6.50% 3/31/2032 <sup>(a)</sup> | 660 | 674 |
|  Performance Food Group, Inc. 5.50% 10/15/2027 <sup>(a)</sup> | 705 | 704 |
|  Performance Food Group, Inc. 4.25% 8/1/2029 <sup>(a)</sup> | 573 | 553 |
|  Performance Food Group, Inc. 6.125% 9/15/2032 <sup>(a)</sup> | 725 | 742 |
|  Post Holdings, Inc. 5.50% 12/15/2029 <sup>(a)</sup> | 451 | 449 |
|  Post Holdings, Inc. 4.625% 4/15/2030 <sup>(a)</sup> | 1815 | 1746 |
|  Post Holdings, Inc. 4.50% 9/15/2031 <sup>(a)</sup> | 1145 | 1064 |
|  Post Holdings, Inc. 6.25% 2/15/2032 <sup>(a)</sup> | 2570 | 2644 |
|  Post Holdings, Inc. 6.375% 3/1/2033 <sup>(a)</sup> | 415 | 420 |
|  Prestige Brands, Inc. 5.125% 1/15/2028 <sup>(a)</sup> | 138 | 137 |
|  Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(a)</sup> | 1275 | 1176 |
|  TreeHouse Foods, Inc. 4.00% 9/1/2028 | 2130 | 1944 |
|  United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(a)</sup> | 963 | 951 |
|  United Natural Foods, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.75%) 9.077% 5/1/2031 <sup>(b)(c)</sup> | 2738 | 2773 |
|  US Foods, Inc. 4.625% 6/1/2030 <sup>(a)</sup> | 510 | 497 |
|  US Foods, Inc. 5.75% 4/15/2033 <sup>(a)</sup> | 470 | 471 |
|  Walgreens Boots Alliance, Inc. 3.45% 6/1/2026 | 2030 | 1987 |
|  |  | 34853 |
|  **Utilities 1.94%** |  |  |
|  AmeriGas Partners, LP 5.75% 5/20/2027 | 302 | 300 |
|  Calpine Corp. 4.50% 2/15/2028 <sup>(a)</sup> | 150 | 149 |
|  Calpine Corp. 3.75% 3/1/2031 <sup>(a)</sup> | 500 | 475 |
|  CMS Energy Corp., junior subordinated, 6.50% 6/1/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.961% on 6/1/2035) <sup>(g)</sup> | 470 | 472 |
|  Edison International 6.25% 3/15/2030 | 50 | 51 |
|  Emera, Inc. 6.75% 6/15/2076 (3-month USD-LIBOR + 5.44% on 6/15/2026) <sup>(g)(k)</sup> | 1155 | 1165 |
|  Exelon Corp., junior subordinated, 6.50% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.975% on 3/15/2035) <sup>(g)</sup> | 350 | 356 |
|  FirstEnergy Corp. 2.25% 9/1/2030 | 980 | 871 |
|  Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(a)</sup> | 355 | 366 |
|  Lightning Power, LLC 7.25% 8/15/2032 <sup>(a)</sup> | 650 | 685 |
|  Long Ridge Energy, LLC, 8.75% 2/15/2032 <sup>(a)</sup> | 2755 | 2864 |
|  Long Ridge Energy, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.796% 2/19/2032 <sup>(b)(c)</sup> | 848 | 839 |
|  MI Windows and Doors, LLC, Term Loan B2, (3-month USD CME Term SOFR + 3.00%) 7.327% 3/28/2031 <sup>(b)(c)</sup> | 277 | 278 |
|  NRG Energy, Inc. 3.625% 2/15/2031 <sup>(a)</sup> | 110 | 101 |
|  Pacific Gas and Electric Co. 3.30% 8/1/2040 | 280 | 201 |
|  Pacific Gas and Electric Co. 4.95% 7/1/2050 | 745 | 601 |
|  Pacific Gas and Electric Co. 3.50% 8/1/2050 | 2020 | 1297 |
|  PacifiCorp, junior subordinated, 7.375% 9/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.319% on 9/15/2030) <sup>(g)</sup> | 75 | 78 |
|  PG&E Corp. 5.00% 7/1/2028 | 390 | 380 |
|  PG&E Corp. 5.25% 7/1/2030 | 2800 | 2669 |
|  PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.883% on 3/15/2030) <sup>(g)</sup> | 2050 | 1947 |
|  Saavi Energia SARL 8.875% 2/10/2035 <sup>(a)</sup> | 620 | 648 |
|  Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(a)</sup> | 1227 | 1316 |
|  Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.808% 5/17/2030 <sup>(b)(c)</sup> | 279 | 280 |
|  Trinidad Generation Unlimited 7.75% 6/16/2033 <sup>(a)</sup> | 440 | 456 |
|  XPLR Infrastructure Operating Partners, LP 8.375% 1/15/2031 <sup>(a)</sup> | 395 | 422 |
|  |  | 19267 |

---

**233** American Funds Insurance Series

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
|  **Municipals 0.05%** |  |  |
|  I-20 Lancaster Fund, LLC 12.00% 1/15/2035 <sup>(a)</sup> | USD546 | $529 |
|  **Total corporate bonds, notes & loans** |  | 877237 |
| **Mortgage-backed obligations 0.06%** |  |  |
|  **Collateralized mortgage-backed obligations 0.06%** |  |  |
|  Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(a)(f)</sup> | 603 | 603 |
| **Municipals 0.04%** |  |  |
|  **Puerto Rico 0.04%** |  |  |
|  GO Taxable Bonds, Series 2022, 0% 11/1/2043 <sup>(c)</sup> | 327 | 202 |
|  GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051 | 361 | 228 |
|  **Total municipals** |  | 430 |
|  **Total bonds, notes & other debt instruments** (cost: $880,995,000) |  | 878270 |
| Convertible bonds & notes 0.05% |  |  |
|  **Communication services 0.05%** |  |  |
|  EchoStar Corp., convertible notes, 3.875% PIK 11/30/2030 <sup>(d)</sup> | 379 | 447 |
|  **Total convertible bonds & notes** (cost: $403,000) |  | 447 |
| Common stocks 5.94% | Shares |  |
|  **Health care 1.78%** |  |  |
|  Rotech Healthcare, Inc. <sup>(f)(h)(j)</sup> | 201793 | 15193 |
|  Endo, Inc. <sup>(h)</sup> | 98388 | 2065 |
|  Endo GUC Trust, Class A1 <sup>(a)(h)</sup> | 192719 | 107 |
|  Endo, Inc., 1L 7.50% Escrow <sup>(f)(h)</sup> | 5505000 | – <sup>(i)</sup> |
|  Endo, Inc., 1L 6.875% Escrow <sup>(f)(h)</sup> | 520000 | – <sup>(i)</sup> |
|  Endo, Inc., 1L 6.125% Escrow <sup>(f)(h)</sup> | 525000 | – <sup>(i)</sup> |
|  Mallinckrodt PLC <sup>(h)</sup> | 3631 | 308 |
|  |  | 17673 |
|  **Information technology 1.57%** |  |  |
|  Diebold Nixdorf, Inc. <sup>(h)</sup> | 281243 | 15581 |
|  **Utilities 1.13%** |  |  |
|  Talen Energy Corp. <sup>(h)</sup> | 37868 | 11011 |
|  PG&E Corp. | 18786 | 262 |
|  |  | 11273 |
|  **Energy 1.04%** |  |  |
|  Constellation Oil Services Holding SA (NDR) <sup>(h)</sup> | 11240370 | 5018 |
|  Ascent Resources, LLC, Class A <sup>(f)(j)</sup> | 62978 | 3113 |
|  Expand Energy Corp. | 6708 | 784 |
|  Weatherford International | 10059 | 506 |
|  New Fortress Energy, Inc., Class A <sup>(h)</sup> | 109371 | 363 |
|  Altera Infrastructure, LP <sup>(f)</sup> | 9127 | 282 |
|  Mesquite Energy, Inc. <sup>(f)(h)</sup> | 3558 | 202 |
|  Exxon Mobil Corp. | 739 | 80 |
|  Bighorn Permian Resources, LLC <sup>(f)</sup> | 2894 | – <sup>(i)</sup> |
|  |  | 10348 |

---

American Funds Insurance Series **234**

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br>(000) |
|  **Consumer discretionary 0.35%** |  |  |
|  Aimbridge Topco, LLC <sup>(f)(h)</sup> | 46955 | $3535 |
|  Party City Holdco, Inc. <sup>(f)(h)</sup> | 126254 | – <sup>(i)</sup> |
|  Party City Holdco, Inc. <sup>(a)(f)(h)</sup> | 1260 | – <sup>(i)</sup> |
|  NMG Parent, LLC <sup>(f)(h)</sup> | 8350 | – <sup>(i)</sup> |
|  |  | 3535 |
|  **Communication services 0.04%** |  |  |
|  Intelsat SA | 8182 | 355 |
|  iHeartMedia, Inc., Class A <sup>(h)</sup> | 22639 | 40 |
|  DSG TopCo, Inc. <sup>(h)</sup> | 2108 | 32 |
|  |  | 427 |
|  **Financials 0.03%** |  |  |
|  Navient Corp. | 20000 | 282 |
|  **Materials 0.00%** |  |  |
|  Venator Materials PLC <sup>(f)(h)</sup> | 3232 | – <sup>(i)</sup> |
|  **Total common stocks** (cost: $41,230,000) |  | 59119 |
| Preferred securities 0.40% |  |  |
|  **Consumer discretionary 0.25%** |  |  |
|  MYT Holdings, LLC, Series A, 10.00% preferred shares <sup>(h)</sup> | 1915904 | 2515 |
|  **Industrials 0.15%** |  |  |
|  ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(f)(h)</sup> | 1022 | 1468 |
|  **Total preferred securities** (cost: $2,772,000) |  | 3983 |
| Rights & warrants 0.01% |  |  |
|  **Energy 0.01%** |  |  |
|  Expand Energy Corporation, Class C, warrants, expire 2/9/2026 <sup>(h)</sup> | 457 | 47 |
|  **Total rights & warrants** (cost: $275,000) |  | 47 |
| Short-term securities 4.54% |  |  |
| **Money market investments 4.54%** |  |  |
|  Capital Group Central Cash Fund 4.35% <sup>(l)(m)</sup> | 451694 | 45170 |
|  **Total short-term securities** (cost: $45,164,000) |  | 45170 |
|  **Total investment securities 99.21%** (cost: $970,839,000) |  | 987036 |
|  Other assets less liabilities 0.79% |  | 7903 |
|  **Net assets 100.00%** |  | $994939 |

---

**235** American Funds Insurance Series

------

American High-Income Trust (continued)

#### Futures contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br>contracts | Expiration<br>date | Notional<br>amount<br> (000) | Value and<br>unrealized<br>appreciation<br>(depreciation)<br>at 6/30/2025<br>(000) |
|  2 Year U.S. Treasury Note Futures | Long | 89 | 10/3/2025 | USD18,514 | $73 |
|  5 Year U.S. Treasury Note Futures | Long | 101 | 10/3/2025 | 11009 | 124 |
|  10 Year Ultra U.S. Treasury Note Futures | Short | 8 | 9/30/2025 | (914) | (23) |
|  10 Year U.S. Treasury Note Futures | Short | 13 | 9/30/2025 | (1458) | (31) |
|  30 Year Ultra U.S. Treasury Bond Futures | Short | 1 | 9/30/2025 | (119) | (5) |
|  |  |  |  |  | $138 |

---

#### Swap contracts

#### Credit default swaps

#### Centrally cleared credit default swaps on credit indices – buy protection

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference index | Financing<br>rate paid | Payment<br>frequency | Expiration<br>date | Notional<br>amount<br>(000) | Value at<br>6/30/2025<br>(000) | Upfront<br>premium<br>paid<br>(received)<br>(000) | Unrealized<br>appreciation<br>(depreciation)<br>at 6/30/2025<br>(000) |
|  CDX.NA.HY.44 | 5.00% | Quarterly | 6/20/2030 | USD26,570 | $(1994) | $(1513) | $(482) |

---

#### Swap contracts

#### Credit default swaps

#### Centrally cleared credit default swaps on credit indices – sell protection

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference index | Financing<br>rate received | Payment<br>frequency | Expiration<br>date | Notional<br> amount <br> (000) | <br> <sup>(n)</sup> <br>| Value at<br> 6/30/2025 <br> (000) | <br> <sup>(o)</sup> <br>| Upfront<br>premium<br>paid<br>(received)<br>(000) | Unrealized<br>appreciation<br>(depreciation)<br>at 6/30/2025<br>(000) |
|  CDX.NA.IG.44 | 1.00% | Quarterly | 6/20/2030 | USD37 |  | $1 |  | $1 | $– <sup>(i)</sup> |

---

#### Investments in affiliates <sup>(m)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br>1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain (loss)<br>(000) | Net<br>unrealized<br>appreciation<br>(depreciation)<br>(000) | Value at<br>6/30/2025<br>(000) | Dividend<br>or interest<br>income<br>(000) |
|  Short-term securities 4.54% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 4.54%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.35% <sup>(l)</sup> | $45641 | $122689 | $123157 | $(6) | $2 | $45169 | $863 |

---

American Funds Insurance Series **236**

------

American High-Income Trust (continued)

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Restricted securities <sup>(j)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Acquisition<br> date(s) | Cost<br> (000) | Value<br>(000) | Percent<br>of net<br>assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotech Healthcare, Inc. <sup>(f)(h)</sup> | 9/26/2013 | $4331 | $15193 | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030<br>(13.875% on 6/22/2026) <sup>(d)(g)</sup> | 6/23/2023-3/24/2025 | 3077 | 3174 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030<br>(13.875% on 6/23/2026) <sup>(d)(g)</sup> | 10/22/2024-3/24/2025 | 523 | 553 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR<br>+ 7.25%) 11.428% 9/13/2029 <sup>(b)(c)</sup> | 9/13/2023 | 3554 | 3638 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%)<br>11.428% 9/13/2029 <sup>(b)(c)</sup> | 9/13/2023-6/13/2025 | 75 | 76 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascent Resources, LLC, Class A <sup>(f)</sup> | 11/15/2016 | 302 | 3113 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $11862 | $25747 | 2.59% |

---

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $639,255,000, which represented 64.25% of the net assets of the fund. 

<sup>(b)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $39,300,000, which represented 3.95% of the net assets of the fund. 

<sup>(c)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(d)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>(e)</sup> Scheduled interest and/or principal payment was not received.

<sup>(f)</sup> Value determined using significant unobservable inputs.

<sup>(g)</sup> Step bond; coupon rate may change at a later date.

<sup>(h)</sup> Security did not produce income during the last 12 months.

<sup>(i)</sup> Amount less than one thousand. 

<sup>(j)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $25,747,000, which represented 2.59% of the net assets of the fund. 

<sup>(k)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(l)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(m)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(n)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur. 

<sup>(o)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

#### Key to abbreviation(s)
CAB = Capital Appreciation Bonds

CME = CME Group

CMS = Constant Maturity Swap

DAC = Designated Activity Company

EUR = Euros

GO = General Obligation

LIBOR = London Interbank Offered Rate

NDR = Norwegian Depositary Receipts

PIK = Payment In Kind

REIT = Real Estate Investment Trust

SOFR = Secured Overnight Financing Rate

USD = U.S. dollars

UST = U.S. Treasury

Refer to the notes to financial statements.

**237** American Funds Insurance Series

------

American Funds Mortgage Fund

---

| | |
|:---|:---|
| **Investment portfolio** June 30, 2025 | unaudited |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 94.97% | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations 89.32%** |  |  |
|  **Federal agency mortgage-backed obligations 88.12%** |  |  |
|  Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(a)</sup> | USD– <sup>(b)</sup> | $– <sup>(b)</sup> |
|  Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(a)</sup> | 1 | 1 |
|  Fannie Mae Pool #256583 5.00% 12/1/2036 <sup>(a)(c)</sup> | 28 | 28 |
|  Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup> | 97 | 91 |
|  Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(a)</sup> | 1 | 1 |
|  Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(a)</sup> | 4 | 5 |
|  Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(a)</sup> | 2 | 2 |
|  Fannie Mae Pool #MA4232 2.00% 1/1/2041 <sup>(a)</sup> | 126 | 109 |
|  Fannie Mae Pool #BQ7816 1.50% 4/1/2041 <sup>(a)</sup> | 221 | 183 |
|  Fannie Mae Pool #BR0986 1.50% 5/1/2041 <sup>(a)</sup> | 278 | 230 |
|  Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(a)</sup> | 7 | 7 |
|  Fannie Mae Pool #MA4387 2.00% 7/1/2041 <sup>(a)</sup> | 15 | 13 |
|  Fannie Mae Pool #MA4388 2.50% 7/1/2041 <sup>(a)</sup> | 71 | 63 |
|  Fannie Mae Pool #MA4447 2.50% 10/1/2041 <sup>(a)</sup> | 150 | 133 |
|  Fannie Mae Pool #FM9117 2.50% 10/1/2041 <sup>(a)</sup> | 82 | 73 |
|  Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(a)</sup> | 5 | 5 |
|  Fannie Mae Pool #AE1274 5.00% 10/1/2041 <sup>(a)</sup> | 4 | 4 |
|  Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(a)</sup> | 3 | 3 |
|  Fannie Mae Pool #MA4502 2.50% 12/1/2041 <sup>(a)</sup> | 170 | 151 |
|  Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(a)</sup> | 2 | 2 |
|  Fannie Mae Pool #MA4521 2.50% 1/1/2042 <sup>(a)</sup> | 213 | 190 |
|  Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(a)</sup> | 4 | 4 |
|  Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(a)</sup> | 1 | 1 |
|  Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(a)</sup> | 1 | 1 |
|  Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(a)</sup> | 2 | 2 |
|  Fannie Mae Pool #MA5696 7.00% 3/1/2045 <sup>(a)</sup> | 37 | 39 |
|  Fannie Mae Pool #FS3767 2.00% 4/1/2047 <sup>(a)</sup> | 26 | 21 |
|  Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(a)</sup> | 1 | 1 |
|  Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(a)</sup> | 26 | 25 |
|  Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(a)</sup> | 15 | 15 |
|  Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(a)</sup> | 22 | 21 |
|  Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(a)</sup> | 6 | 6 |
|  Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(a)</sup> | 3 | 3 |
|  Fannie Mae Pool #CA6409 2.50% 7/1/2050 <sup>(a)</sup> | 91 | 76 |
|  Fannie Mae Pool #FS3745 2.00% 8/1/2050 <sup>(a)</sup> | 17 | 14 |
|  Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup> | 4 | 4 |
|  Fannie Mae Pool #BN7466 2.00% 10/1/2050 <sup>(a)</sup> | 100 | 80 |
|  Fannie Mae Pool #BQ3005 2.50% 10/1/2050 <sup>(a)</sup> | 63 | 53 |
|  Fannie Mae Pool #BQ6356 2.00% 11/1/2050 <sup>(a)</sup> | 35 | 28 |
|  Fannie Mae Pool #CA8108 2.00% 12/1/2050 <sup>(a)</sup> | 129 | 104 |
|  Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup> | 11 | 9 |
|  Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(a)</sup> | 23 | 22 |
|  Fannie Mae Pool #FM6113 2.50% 1/1/2051 <sup>(a)</sup> | 1394 | 1165 |
|  Fannie Mae Pool #FM5940 2.00% 2/1/2051 <sup>(a)(c)</sup> | 1485 | 1195 |
|  Fannie Mae Pool #CA8820 2.00% 2/1/2051 <sup>(a)</sup> | 343 | 275 |
|  Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(a)</sup> | 166 | 132 |
|  Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup> | 1 | 1 |
|  Fannie Mae Pool #CB0041 3.00% 4/1/2051 <sup>(a)</sup> | 174 | 155 |
|  Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup> | 22 | 19 |
|  Fannie Mae Pool #FM8038 3.00% 7/1/2051 <sup>(a)</sup> | 31 | 27 |
|  Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup> | 371 | 311 |
|  Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup> | 23 | 19 |
|  Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup> | 2 | 2 |
|  Fannie Mae Pool #FM9492 2.50% 11/1/2051 <sup>(a)</sup> | 386 | 326 |
|  Fannie Mae Pool #FM9694 2.50% 11/1/2051 <sup>(a)</sup> | 181 | 153 |
|  Fannie Mae Pool #CB2095 3.00% 11/1/2051 <sup>(a)</sup> | 32 | 28 |
|  Fannie Mae Pool #FM9804 2.50% 12/1/2051 <sup>(a)</sup> | 199 | 168 |
|  Fannie Mae Pool #FM9976 3.00% 12/1/2051 <sup>(a)</sup> | 79 | 70 |
|  Fannie Mae Pool #CB2544 3.00% 1/1/2052 <sup>(a)</sup> | 232 | 203 |
|  Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(a)</sup> | 383 | 319 |

---

American Funds Insurance Series **238**

------

American Funds Mortgage Fund (continued)

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #BV9613 3.00% 4/1/2052 <sup>(a)</sup> | USD41 | $36 |
|  Fannie Mae Pool #CB3523 3.00% 5/1/2052 <sup>(a)</sup> | 916 | 795 |
|  Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(a)</sup> | 284 | 265 |
|  Fannie Mae Pool #FS5851 4.00% 7/1/2052 <sup>(a)</sup> | 951 | 887 |
|  Fannie Mae Pool #FS6362 3.50% 8/1/2052 <sup>(a)</sup> | 163 | 147 |
|  Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(a)</sup> | 978 | 967 |
|  Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup> | 690 | 547 |
|  Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(a)</sup> | 98 | 96 |
|  Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup> | 35 | 35 |
|  Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup> | 32 | 32 |
|  Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(a)</sup> | 149 | 143 |
|  Fannie Mae Pool #MA4840 4.50% 12/1/2052 <sup>(a)</sup> | 427 | 410 |
|  Fannie Mae Pool #BX5673 5.00% 12/1/2052 <sup>(a)</sup> | 97 | 95 |
|  Fannie Mae Pool #BY1411 4.00% 2/1/2053 <sup>(a)</sup> | 1113 | 1036 |
|  Fannie Mae Pool #MA4916 4.00% 2/1/2053 <sup>(a)</sup> | 9 | 8 |
|  Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(a)</sup> | 64 | 64 |
|  Fannie Mae Pool #FS3759 6.00% 2/1/2053 <sup>(a)</sup> | 94 | 97 |
|  Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup> | 77 | 79 |
|  Fannie Mae Pool #BY2249 4.00% 4/1/2053 <sup>(a)</sup> | 26 | 25 |
|  Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(a)</sup> | 1935 | 1903 |
|  Fannie Mae Pool #CB6131 6.50% 4/1/2053 <sup>(a)</sup> | 216 | 226 |
|  Fannie Mae Pool #CB6106 6.50% 4/1/2053 <sup>(a)</sup> | 60 | 63 |
|  Fannie Mae Pool #MA5008 4.50% 5/1/2053 <sup>(a)</sup> | 42 | 40 |
|  Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(a)</sup> | 1710 | 1682 |
|  Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(a)</sup> | 49 | 48 |
|  Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup> | 49 | 49 |
|  Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup> | 256 | 261 |
|  Fannie Mae Pool #MA5038 5.00% 6/1/2053 <sup>(a)</sup> | 259 | 255 |
|  Fannie Mae Pool #FS5192 5.50% 6/1/2053 <sup>(a)</sup> | 736 | 737 |
|  Fannie Mae Pool #MA5040 6.00% 6/1/2053 <sup>(a)</sup> | 344 | 350 |
|  Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(a)</sup> | 138 | 132 |
|  Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup> | 200 | 200 |
|  Fannie Mae Pool #FS5343 6.00% 7/1/2053 <sup>(a)</sup> | 415 | 423 |
|  Fannie Mae Pool #CB6853 4.50% 8/1/2053 <sup>(a)</sup> | 88 | 85 |
|  Fannie Mae Pool #MA5136 4.50% 9/1/2053 <sup>(a)</sup> | 254 | 244 |
|  Fannie Mae Pool #MA5138 5.50% 9/1/2053 <sup>(a)</sup> | 279 | 280 |
|  Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(a)</sup> | 841 | 842 |
|  Fannie Mae Pool #CB7242 6.50% 10/1/2053 <sup>(a)</sup> | 41 | 42 |
|  Fannie Mae Pool #MA5167 6.50% 10/1/2053 <sup>(a)</sup> | 13 | 13 |
|  Fannie Mae Pool #CB7510 6.50% 11/1/2053 <sup>(a)</sup> | 298 | 311 |
|  Fannie Mae Pool #MA5215 5.50% 12/1/2053 <sup>(a)</sup> | 78 | 78 |
|  Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup> | 447 | 463 |
|  Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(a)</sup> | 214 | 222 |
|  Fannie Mae Pool #FS9507 4.50% 2/1/2054 <sup>(a)</sup> | 206 | 197 |
|  Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(a)</sup> | 1472 | 1473 |
|  Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup> | 149 | 149 |
|  Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup> | 139 | 139 |
|  Fannie Mae Pool #FS7653 6.50% 3/1/2054 <sup>(a)</sup> | 38 | 40 |
|  Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup> | 129 | 132 |
|  Fannie Mae Pool #CB8387 6.50% 4/1/2054 <sup>(a)</sup> | 17 | 18 |
|  Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(a)</sup> | 271 | 275 |
|  Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(a)</sup> | 239 | 245 |
|  Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(a)</sup> | 44 | 45 |
|  Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(a)</sup> | 37 | 38 |
|  Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup> | 21 | 22 |
|  Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup> | 279 | 290 |
|  Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(a)</sup> | 554 | 565 |
|  Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup> | 169 | 172 |
|  Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(a)</sup> | 131 | 134 |
|  Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup> | 115 | 117 |

---

**239** American Funds Insurance Series

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(a)</sup> | USD60 | $61 |
|  Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(a)</sup> | 39 | 40 |
|  Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(a)</sup> | 8 | 8 |
|  Fannie Mae Pool #FS8619 6.50% 7/1/2054 <sup>(a)</sup> | 696 | 725 |
|  Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup> | 435 | 453 |
|  Fannie Mae Pool #MA5422 6.50% 7/1/2054 <sup>(a)</sup> | 304 | 315 |
|  Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup> | 131 | 136 |
|  Fannie Mae Pool #FS8607 6.50% 7/1/2054 <sup>(a)</sup> | 127 | 133 |
|  Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup> | 78 | 82 |
|  Fannie Mae Pool #FS9819 7.00% 7/1/2054 <sup>(a)</sup> | 479 | 506 |
|  Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup> | 226 | 230 |
|  Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(a)</sup> | 192 | 196 |
|  Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(a)</sup> | 140 | 142 |
|  Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup> | 75 | 76 |
|  Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup> | 55 | 56 |
|  Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup> | 29 | 29 |
|  Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup> | 29 | 29 |
|  Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup> | 25 | 26 |
|  Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(a)</sup> | 19 | 19 |
|  Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(a)</sup> | 19 | 19 |
|  Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(a)</sup> | 9 | 10 |
|  Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(a)</sup> | 160 | 167 |
|  Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(a)</sup> | 507 | 509 |
|  Fannie Mae Pool #FS9009 5.50% 9/1/2054 <sup>(a)</sup> | 274 | 276 |
|  Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(a)</sup> | 214 | 214 |
|  Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(a)</sup> | 462 | 472 |
|  Fannie Mae Pool #DC3477 6.50% 9/1/2054 <sup>(a)</sup> | 236 | 244 |
|  Fannie Mae Pool #MA5497 5.50% 10/1/2054 <sup>(a)</sup> | 109 | 109 |
|  Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(a)</sup> | 409 | 416 |
|  Fannie Mae Pool #BU5166 6.00% 10/1/2054 <sup>(a)</sup> | 26 | 26 |
|  Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(a)</sup> | 326 | 319 |
|  Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup> | 58 | 58 |
|  Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(a)</sup> | 50 | 50 |
|  Fannie Mae Pool #CB9432 6.00% 11/1/2054 <sup>(a)</sup> | 43 | 43 |
|  Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(a)</sup> | 186 | 179 |
|  Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup> | 431 | 423 |
|  Fannie Mae Pool #FA0287 6.00% 12/1/2054 <sup>(a)</sup> | 552 | 561 |
|  Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(a)</sup> | 43 | 43 |
|  Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(a)</sup> | 144 | 134 |
|  Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(a)</sup> | 231 | 235 |
|  Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(a)</sup> | 40 | 40 |
|  Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup> | 580 | 580 |
|  Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(a)</sup> | 442 | 450 |
|  Fannie Mae Pool #MA5631 6.50% 2/1/2055 <sup>(a)</sup> | 99 | 102 |
|  Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup> | 89 | 91 |
|  Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(a)</sup> | 485 | 451 |
|  Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup> | 285 | 290 |
|  Fannie Mae Pool #FA1163 6.50% 4/1/2055 <sup>(a)</sup> | 2075 | 2145 |
|  Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(a)</sup> | 298 | 292 |
|  Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup> | 409 | 416 |
|  Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(a)</sup> | 153 | 150 |
|  Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(a)</sup> | 183 | 183 |
|  Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup> | 27 | 28 |
|  Fannie Mae Pool #BF0379 3.50% 4/1/2059 <sup>(a)</sup> | 115 | 103 |
|  Fannie Mae Pool #BF0481 3.50% 6/1/2060 <sup>(a)</sup> | 124 | 111 |
|  Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup> | 43 | 37 |
|  Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup> | 42 | 40 |
|  Fannie Mae Pool #BF0765 3.50% 9/1/2063 <sup>(a)</sup> | 719 | 637 |
|  FARM Mortgage Trust, Series 2024-1, Class A, 4.702% 10/1/2053 <sup>(a)(d)(e)</sup> | 184 | 179 |
|  Freddie Mac Pool #ZA1922 5.00% 2/1/2026 <sup>(a)(c)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |

---

American Funds Insurance Series **240**

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #ZS8950 5.00% 10/1/2029 <sup>(a)</sup> | USD1 | $1 |
|  Freddie Mac Pool #A18781 5.00% 3/1/2034 <sup>(a)</sup> | 459 | 461 |
|  Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(a)</sup> | 143 | 133 |
|  Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(a)</sup> | 41 | 38 |
|  Freddie Mac Pool #RB5113 1.50% 6/1/2041 <sup>(a)</sup> | 1460 | 1210 |
|  Freddie Mac Pool #RB5115 2.50% 6/1/2041 <sup>(a)</sup> | 275 | 246 |
|  Freddie Mac Pool #RB5145 2.00% 2/1/2042 <sup>(a)</sup> | 77 | 66 |
|  Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(a)</sup> | 1 | 1 |
|  Freddie Mac Pool #760014 3.889% 8/1/2045 <sup>(a)(e)</sup> | 248 | 247 |
|  Freddie Mac Pool #Q47615 3.50% 4/1/2047 <sup>(a)</sup> | 15 | 14 |
|  Freddie Mac Pool #Q52069 3.50% 11/1/2047 <sup>(a)</sup> | 22 | 20 |
|  Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(a)</sup> | 15 | 14 |
|  Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(a)</sup> | 12 | 11 |
|  Freddie Mac Pool #Q55970 4.00% 5/1/2048 <sup>(a)</sup> | 7 | 7 |
|  Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(a)</sup> | 23 | 22 |
|  Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(a)</sup> | 41 | 40 |
|  Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(a)</sup> | 19 | 19 |
|  Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(a)</sup> | 14 | 13 |
|  Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(a)</sup> | 36 | 35 |
|  Freddie Mac Pool #QA2748 3.50% 9/1/2049 <sup>(a)</sup> | 14 | 13 |
|  Freddie Mac Pool #SD7512 3.00% 2/1/2050 <sup>(a)</sup> | 129 | 114 |
|  Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup> | 4 | 4 |
|  Freddie Mac Pool #RA3576 2.00% 9/1/2050 <sup>(a)</sup> | 681 | 540 |
|  Freddie Mac Pool #SI2062 2.00% 9/1/2050 <sup>(a)</sup> | 170 | 136 |
|  Freddie Mac Pool #RA3987 2.50% 11/1/2050 <sup>(a)</sup> | 179 | 150 |
|  Freddie Mac Pool #RA4352 2.00% 1/1/2051 <sup>(a)</sup> | 299 | 240 |
|  Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup> | 2 | 1 |
|  Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup> | 3 | 2 |
|  Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup> | 278 | 224 |
|  Freddie Mac Pool #QC7626 3.00% 9/1/2051 <sup>(a)</sup> | 206 | 180 |
|  Freddie Mac Pool #RA6406 2.00% 11/1/2051 <sup>(a)</sup> | 67 | 54 |
|  Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup> | 56 | 47 |
|  Freddie Mac Pool #RA6598 3.50% 1/1/2052 <sup>(a)</sup> | 143 | 130 |
|  Freddie Mac Pool #SD0873 3.50% 2/1/2052 <sup>(a)(c)</sup> | 940 | 862 |
|  Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup> | 6 | 6 |
|  Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(a)</sup> | 687 | 545 |
|  Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup> | 1360 | 1180 |
|  Freddie Mac Pool #QE4001 3.00% 5/1/2052 <sup>(a)</sup> | 42 | 37 |
|  Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(a)</sup> | 665 | 576 |
|  Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup> | 1254 | 1088 |
|  Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(a)</sup> | 124 | 98 |
|  Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(a)</sup> | 111 | 96 |
|  Freddie Mac Pool #SL0761 3.50% 9/1/2052 <sup>(a)</sup> | 870 | 787 |
|  Freddie Mac Pool #QF0213 4.50% 9/1/2052 <sup>(a)</sup> | 1057 | 1014 |
|  Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(a)</sup> | 569 | 560 |
|  Freddie Mac Pool #QF0924 5.50% 9/1/2052 <sup>(a)</sup> | 216 | 216 |
|  Freddie Mac Pool #SD8258 5.00% 10/1/2052 <sup>(a)</sup> | 226 | 223 |
|  Freddie Mac Pool #RA8059 5.50% 10/1/2052 <sup>(a)</sup> | 97 | 98 |
|  Freddie Mac Pool #SD1895 4.50% 11/1/2052 <sup>(a)</sup> | 320 | 313 |
|  Freddie Mac Pool #SD8280 6.50% 11/1/2052 <sup>(a)</sup> | 695 | 723 |
|  Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(a)</sup> | 30 | 26 |
|  Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(a)</sup> | 57 | 54 |
|  Freddie Mac Pool #SD8288 5.00% 1/1/2053 <sup>(a)</sup> | 39 | 39 |
|  Freddie Mac Pool #SD8315 5.00% 4/1/2053 <sup>(a)</sup> | 111 | 110 |
|  Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(a)</sup> | 77 | 76 |
|  Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(a)</sup> | 86 | 86 |
|  Freddie Mac Pool #SD8322 4.50% 5/1/2053 <sup>(a)</sup> | 124 | 119 |
|  Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(a)</sup> | 1080 | 1061 |
|  Freddie Mac Pool #SD2861 6.00% 5/1/2053 <sup>(a)</sup> | 50 | 51 |
|  Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup> | 275 | 276 |

---

**241** American Funds Insurance Series

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #RA9279 6.00% 6/1/2053 <sup>(a)</sup> | USD57 | $59 |
|  Freddie Mac Pool #RA9283 6.00% 6/1/2053 <sup>(a)</sup> | 50 | 51 |
|  Freddie Mac Pool #RA9281 6.00% 6/1/2053 <sup>(a)</sup> | 35 | 36 |
|  Freddie Mac Pool #RA9284 6.00% 6/1/2053 <sup>(a)</sup> | 28 | 28 |
|  Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(a)</sup> | 2 | 2 |
|  Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(a)</sup> | 802 | 804 |
|  Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup> | 50 | 50 |
|  Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(a)</sup> | 34 | 35 |
|  Freddie Mac Pool #SD8350 6.00% 8/1/2053 <sup>(a)(c)</sup> | 2560 | 2607 |
|  Freddie Mac Pool #RA9857 6.00% 9/1/2053 <sup>(a)</sup> | 926 | 943 |
|  Freddie Mac Pool #RA9854 6.00% 9/1/2053 <sup>(a)</sup> | 112 | 115 |
|  Freddie Mac Pool #SD8368 6.00% 10/1/2053 <sup>(a)</sup> | 422 | 429 |
|  Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(a)</sup> | 316 | 322 |
|  Freddie Mac Pool #SD8371 5.00% 11/1/2053 <sup>(a)</sup> | 1009 | 991 |
|  Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(a)</sup> | 242 | 238 |
|  Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(a)</sup> | 70 | 73 |
|  Freddie Mac Pool #SD8395 5.50% 1/1/2054 <sup>(a)</sup> | 431 | 432 |
|  Freddie Mac Pool #RJ0668 6.00% 1/1/2054 <sup>(a)</sup> | 1626 | 1659 |
|  Freddie Mac Pool #SD4795 6.00% 1/1/2054 <sup>(a)</sup> | 1283 | 1309 |
|  Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(a)</sup> | 51 | 53 |
|  Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(a)</sup> | 10 | 11 |
|  Freddie Mac Pool #QI0006 6.00% 2/1/2054 <sup>(a)</sup> | 50 | 51 |
|  Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup> | 64 | 64 |
|  Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup> | 13 | 13 |
|  Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup> | 101 | 103 |
|  Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(a)</sup> | 19 | 19 |
|  Freddie Mac Pool #SD5221 6.50% 4/1/2054 <sup>(a)</sup> | 55 | 58 |
|  Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(a)</sup> | 62 | 62 |
|  Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(a)</sup> | 25 | 26 |
|  Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup> | 8 | 8 |
|  Freddie Mac Pool #SD5404 6.50% 5/1/2054 <sup>(a)</sup> | 436 | 454 |
|  Freddie Mac Pool #RJ1447 6.50% 5/1/2054 <sup>(a)</sup> | 64 | 67 |
|  Freddie Mac Pool #SD5706 6.50% 6/1/2054 <sup>(a)</sup> | 664 | 692 |
|  Freddie Mac Pool #RJ1726 6.50% 6/1/2054 <sup>(a)</sup> | 216 | 225 |
|  Freddie Mac Pool #SD5701 6.50% 6/1/2054 <sup>(a)</sup> | 49 | 51 |
|  Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(a)</sup> | 16 | 17 |
|  Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(a)</sup> | 230 | 234 |
|  Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(a)</sup> | 200 | 204 |
|  Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(a)</sup> | 180 | 185 |
|  Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(a)</sup> | 72 | 74 |
|  Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup> | 64 | 65 |
|  Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(a)</sup> | 32 | 33 |
|  Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(a)</sup> | 198 | 205 |
|  Freddie Mac Pool #QI9547 6.50% 7/1/2054 <sup>(a)</sup> | 96 | 99 |
|  Freddie Mac Pool #SD5905 6.50% 7/1/2054 <sup>(a)</sup> | 72 | 75 |
|  Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(a)</sup> | 290 | 292 |
|  Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup> | 253 | 258 |
|  Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup> | 172 | 175 |
|  Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup> | 141 | 144 |
|  Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup> | 38 | 38 |
|  Freddie Mac Pool #SD6323 6.50% 8/1/2054 <sup>(a)</sup> | 1610 | 1668 |
|  Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup> | 245 | 255 |
|  Freddie Mac Pool #SD6034 6.50% 8/1/2054 <sup>(a)</sup> | 114 | 119 |
|  Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(a)</sup> | 99 | 103 |
|  Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(a)</sup> | 61 | 63 |
|  Freddie Mac Pool #SD6047 6.50% 8/1/2054 <sup>(a)</sup> | 43 | 44 |
|  Freddie Mac Pool #SD6035 6.50% 8/1/2054 <sup>(a)</sup> | 28 | 29 |
|  Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(a)</sup> | 212 | 212 |
|  Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup> | 124 | 126 |
|  Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup> | 66 | 67 |

---

American Funds Insurance Series **242**

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup> | USD64 | $66 |
|  Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup> | 57 | 59 |
|  Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup> | 36 | 36 |
|  Freddie Mac Pool #SD8463 6.00% 9/1/2054 <sup>(a)</sup> | 17 | 17 |
|  Freddie Mac Pool #RJ2320 6.50% 9/1/2054 <sup>(a)</sup> | 36 | 37 |
|  Freddie Mac Pool #RJ2325 6.50% 9/1/2054 <sup>(a)</sup> | 20 | 21 |
|  Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup> | 9 | 9 |
|  Freddie Mac Pool #SD8471 6.50% 10/1/2054 <sup>(a)</sup> | 164 | 169 |
|  Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup> | 469 | 469 |
|  Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(a)</sup> | 572 | 561 |
|  Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(a)</sup> | 521 | 511 |
|  Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(a)</sup> | 377 | 377 |
|  Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup> | 8 | 8 |
|  Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(a)</sup> | 27 | 27 |
|  Freddie Mac Pool #SD8503 4.00% 2/1/2055 <sup>(a)</sup> | 509 | 473 |
|  Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(a)</sup> | 274 | 262 |
|  Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup> | 134 | 136 |
|  Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(a)</sup> | 64 | 65 |
|  Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup> | 16 | 16 |
|  Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(a)</sup> | 129 | 126 |
|  Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(a)</sup> | 77 | 79 |
|  Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup> | 46 | 46 |
|  Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(a)</sup> | 274 | 269 |
|  Freddie Mac Pool #SL1138 6.00% 5/1/2055 <sup>(a)</sup> | 15 | 15 |
|  Freddie Mac Pool #SL1137 6.00% 5/1/2055 <sup>(a)</sup> | 15 | 15 |
|  Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup> | 13 | 13 |
|  Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup> | 1199 | 1176 |
|  Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(a)</sup> | 423 | 423 |
|  Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup> | 941 | 957 |
|  Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030 <sup>(a)</sup> | 300 | 303 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(a)(e)</sup> | 79 | 74 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056 <sup>(a)</sup> | 79 | 70 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(a)</sup> | 152 | 142 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(a)(e)</sup> | 106 | 100 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057 <sup>(a)</sup> | 21 | 18 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)</sup> | 81 | 78 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/2058 <sup>(a)</sup> | 26 | 23 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(a)</sup> | 15 | 14 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2024-2, Class MT, 3.50% 5/25/2064 <sup>(a)</sup> | 630 | 546 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/2028 <sup>(a)</sup> | 188 | 183 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(a)</sup> | 10 | 10 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-3, Class AC, 2.00% 11/25/2030 <sup>(a)</sup> | 289 | 260 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-1, Class AC, 2.25% 5/26/2031 <sup>(a)</sup> | 293 | 268 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-2, Class AD, 2.00% 7/25/2031 <sup>(a)</sup> | 251 | 225 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup> | 252 | 243 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-2, Class AC, 2.00% 9/27/2060 <sup>(a)</sup> | 301 | 272 |
|  Government National Mortgage Assn. 4.00% 7/1/2055 <sup>(a)(f)</sup> | 355 | 330 |
|  Government National Mortgage Assn. 5.00% 7/1/2055 <sup>(a)(f)</sup> | 80 | 79 |
|  Government National Mortgage Assn. 5.50% 7/1/2055 <sup>(a)(f)</sup> | 273 | 273 |
|  Government National Mortgage Assn. Pool #AH5894 3.75% 5/20/2034 <sup>(a)</sup> | 557 | 544 |
|  Government National Mortgage Assn. Pool #AD0028 3.75% 7/20/2038 <sup>(a)</sup> | 232 | 218 |
|  Government National Mortgage Assn. Pool #004410 4.00% 4/20/2039 <sup>(a)</sup> | 47 | 45 |
|  Government National Mortgage Assn. Pool #AH5897 3.75% 7/20/2039 <sup>(a)</sup> | 473 | 446 |
|  Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039 <sup>(a)</sup> | 63 | 66 |
|  Government National Mortgage Assn. Pool #004823 4.00% 10/20/2040 <sup>(a)</sup> | 73 | 69 |
|  Government National Mortgage Assn. Pool #005104 5.00% 6/20/2041 <sup>(a)</sup> | 154 | 154 |
|  Government National Mortgage Assn. Pool #005142 4.50% 8/20/2041 <sup>(a)</sup> | 11 | 10 |
|  Government National Mortgage Assn. Pool #005165 6.50% 8/20/2041 <sup>(a)</sup> | 77 | 78 |
|  Government National Mortgage Assn. Pool #AA5326 3.50% 5/20/2042 <sup>(a)</sup> | 77 | 69 |
|  Government National Mortgage Assn. Pool #MA0366 3.50% 6/20/2042 <sup>(a)</sup> | 180 | 166 |

---

**243** American Funds Insurance Series

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Government National Mortgage Assn. Pool #AD4360 3.50% 7/20/2043 <sup>(a)</sup> | USD38 | $35 |
|  Government National Mortgage Assn. Pool #AH5884 4.25% 7/20/2044 <sup>(a)(c)</sup> | 775 | 735 |
|  Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup> | 83 | 68 |
|  Government National Mortgage Assn. Pool #BZ3978 2.50% 11/20/2050 <sup>(a)</sup> | 34 | 29 |
|  Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup> | 74 | 60 |
|  Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup> | 317 | 265 |
|  Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup> | 76 | 63 |
|  Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051 <sup>(a)</sup> | 495 | 416 |
|  Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052 <sup>(a)</sup> | 311 | 263 |
|  Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(a)</sup> | 67 | 57 |
|  Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052 <sup>(a)</sup> | 162 | 137 |
|  Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052 <sup>(a)</sup> | 133 | 112 |
|  Government National Mortgage Assn. Pool #MA7936 2.50% 3/20/2052 <sup>(a)</sup> | 42 | 36 |
|  Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup> | 50 | 44 |
|  Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(a)</sup> | 218 | 185 |
|  Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup> | 59 | 52 |
|  Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup> | 4 | 4 |
|  Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup> | 153 | 144 |
|  Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup> | 239 | 230 |
|  Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(a)</sup> | 13 | 13 |
|  Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup> | 79 | 73 |
|  Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup> | 108 | 104 |
|  Government National Mortgage Assn. Pool #AN1825 4.517% 6/20/2065 <sup>(a)</sup> | 21 | 21 |
|  Government National Mortgage Assn. Pool #AO0461 4.559% 8/20/2065 <sup>(a)</sup> | 6 | 6 |
|  Government National Mortgage Assn. Pool #AO0409 4.572% 12/20/2065 <sup>(a)</sup> | 23 | 23 |
|  Government National Mortgage Assn. Pool #AO0385 4.328% 1/20/2066 <sup>(a)</sup> | 93 | 92 |
|  Government National Mortgage Assn. Pool #725897 5.20% 1/20/2066 <sup>(a)</sup> | 1 | 1 |
|  Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup> | 204 | 149 |
|  Uniform Mortgage-Backed Security 4.00% 7/1/2040 <sup>(a)(f)</sup> | 125 | 122 |
|  Uniform Mortgage-Backed Security 2.50% 7/1/2055 <sup>(a)(f)</sup> | 5044 | 4183 |
|  Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(a)(f)</sup> | 2635 | 2372 |
|  Uniform Mortgage-Backed Security 4.00% 7/1/2055 <sup>(a)(f)</sup> | 326 | 303 |
|  Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(a)(f)</sup> | 25 | 24 |
|  Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(a)(f)</sup> | 4621 | 4700 |
|  Uniform Mortgage-Backed Security 7.00% 7/1/2055 <sup>(a)(f)</sup> | 371 | 391 |
|  Uniform Mortgage-Backed Security 2.00% 8/1/2055 <sup>(a)(f)</sup> | 1180 | 935 |
|  Uniform Mortgage-Backed Security 3.00% 8/1/2055 <sup>(a)(f)</sup> | 1495 | 1293 |
|  Uniform Mortgage-Backed Security 4.00% 8/1/2055 <sup>(a)(f)</sup> | 690 | 641 |
|  Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(a)(f)</sup> | 2892 | 2982 |
|  |  | 104103 |
|  **Commercial mortgage-backed securities 0.74%** |  |  |
|  BX Trust, Series 2025-GW, Class A, (1-month USD CME Term SOFR + 1.60%) x.xx% 7/15/2042 <sup>(a)(d)(e)</sup> | 200 | 201 |
|  BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.427% 6/15/2027 <sup>(a)(d)(e)</sup> | 100 | 101 |
|  BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.803% 4/15/2037 <sup>(a)(d)(e)</sup> | 96 | 96 |
|  Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(a)(d)(e)</sup> | 379 | 391 |
|  Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD CME Term SOFR + 1.194%) 5.506%<br>7/15/2038 <sup>(a)(d)(e)</sup> | 86 | 86 |
|  |  | 875 |
|  **Collateralized mortgage-backed obligations (privately originated) 0.46%** |  |  |
|  CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(a)(d)(e)</sup> | 136 | 130 |
|  COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066 <sup>(a)(d)(e)</sup> | 56 | 50 |

---

American Funds Insurance Series **244**

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
|  Farmer Mac Agricultural Real Estate Trust, Series 2024-2, Class A1, 5.196% 8/1/2054 <sup>(a)(d)(e)</sup> | USD86 | $87 |
|  Morgan Stanley Residential Mortgage Loan Trust, Series 2024-INV2, Class A1, 6.50% 2/25/2054 <sup>(a)(d)(e)</sup> | 184 | 187 |
|  PMT Loan Trust, Series 2024-INV1, Class A2, 6.00% 10/25/2059 <sup>(a)(d)(e)</sup> | 94 | 95 |
|  |  | 549 |
|  **Total mortgage-backed obligations** |  | 105527 |
| **U.S. Treasury bonds & notes 4.29%** |  |  |
|  **U.S. Treasury 4.29%** |  |  |
|  U.S. Treasury 4.375% 7/31/2026 | 535 | 537 |
|  U.S. Treasury 3.50% 9/30/2026 | 465 | 463 |
|  U.S. Treasury 3.75% 6/30/2027 | 295 | 295 |
|  U.S. Treasury 4.25% 2/15/2028 | 460 | 466 |
|  U.S. Treasury 3.875% 3/15/2028 | 550 | 553 |
|  U.S. Treasury 4.125% 7/31/2028 | 450 | 455 |
|  U.S. Treasury 4.50% 5/31/2029 | 1025 | 1053 |
|  U.S. Treasury 4.00% 2/28/2030 | 330 | 333 |
|  U.S. Treasury 4.00% 3/31/2030 | 100 | 101 |
|  U.S. Treasury 1.875% 2/15/2041 <sup>(c)</sup> | 240 | 165 |
|  U.S. Treasury 3.25% 5/15/2042 | 106 | 88 |
|  U.S. Treasury 4.75% 2/15/2045 | 190 | 189 |
|  U.S. Treasury 1.875% 11/15/2051 | 65 | 36 |
|  U.S. Treasury 4.625% 2/15/2055 | 345 | 336 |
|  **Total U.S. Treasury bonds & notes** |  | 5070 |
| **Asset-backed obligations 1.36%** |  |  |
|  American Credit Acceptance Receivables Trust, Series 2024-3, Class A, 5.76% 11/12/2027 <sup>(a)(d)</sup> | 12 | 12 |
|  American Credit Acceptance Receivables Trust, Series 2024-4, Class A, 4.81% 3/13/2028 <sup>(a)(d)</sup> | 5 | 5 |
|  Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A2, 4.84% 9/15/2027 <sup>(a)</sup> | 6 | 6 |
|  CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(d)</sup> | 90 | 89 |
|  CPS Auto Receivables Trust, Series 2024-D, Class A, 4.91% 6/15/2028 <sup>(a)(d)</sup> | 54 | 54 |
|  Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(a)</sup> | 13 | 13 |
|  Drive Auto Receivables Trust, Series 2024-2, Class A3, 4.50% 9/15/2028 <sup>(a)</sup> | 21 | 21 |
|  Exeter Automobile Receivables Trust, Series 2024-4A, Class A2, 5.60% 5/17/2027 <sup>(a)</sup> | 3 | 3 |
|  Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(a)(d)</sup> | 257 | 265 |
|  GLS Auto Receivables Trust, Series 2024-3A, Class A2, 5.35% 8/16/2027 <sup>(a)(d)</sup> | 17 | 17 |
|  GLS Auto Receivables Trust, Series 2024-4A, Class A2, 4.76% 10/15/2027 <sup>(a)(d)</sup> | 12 | 12 |
|  GLS Auto Receivables Trust, Series 2024-3A, Class A3, 5.02% 4/17/2028 <sup>(a)(d)</sup> | 45 | 45 |
|  Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(a)(d)</sup> | 66 | 60 |
|  Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(d)</sup> | 85 | 77 |
|  Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(d)</sup> | 101 | 96 |
|  Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 5.172%<br>4/20/2062 <sup>(a)(d)(e)</sup> | 84 | 83 |
|  New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(d)</sup> | 100 | 94 |
|  Santander Drive Auto Receivables Trust, Series 2024-4, Class A2, 5.41% 7/15/2027 <sup>(a)</sup> | 27 | 27 |
|  Santander Drive Auto Receivables Trust, Series 2024-5, Class A2, 4.88% 9/15/2027 <sup>(a)</sup> | 13 | 13 |
|  Santander Drive Auto Receivables Trust, Series 2022-4, Class B, 4.42% 11/15/2027 <sup>(a)</sup> | 5 | 5 |
|  Santander Drive Auto Receivables Trust, Series 2023-1, Class B, 4.98% 2/15/2028 <sup>(a)</sup> | 2 | 2 |
|  Santander Drive Auto Receivables Trust, Series 2023-4, Class A3, 5.73% 4/17/2028 <sup>(a)</sup> | 3 | 3 |
|  Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(a)</sup> | 12 | 12 |
|  Toyota Auto Loan Extended Note Trust, Series 2023-1, Class A, 4.93% 6/25/2036 <sup>(a)(d)</sup> | 100 | 102 |
|  Wheels Fleet Lease Funding, LLC, Series 24-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(d)</sup> | 484 | 487 |
|  |  | 1603 |
|  Total bonds, notes & other debt instruments (cost: $112,487,000) |  | 112200 |

---

**245** American Funds Insurance Series

------

American Funds Mortgage Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 17.02% | Weighted<br>average yield<br>at acquisition | Principal amount<br>(000) | Value<br>(000) |
| **Commercial paper 11.82%** |  |  |  |
|  ADP Tax Services, Inc. 7/1/2025 <sup>(d)</sup> | 4.330% | USD1,400 | $1400 |
|  ADP Tax Services, Inc. 7/2/2025 <sup>(d)</sup> | 4.340 | 1500 | 1500 |
|  Apple, Inc. 8/13/2025 <sup>(d)</sup> | 4.300 | 2400 | 2387 |
|  CAFCO, LLC 8/19/2025 <sup>(d)</sup> | 4.350 | 1200 | 1193 |
|  Chevron Corp. 7/22/2025 <sup>(d)</sup> | 4.310 | 1000 | 997 |
|  Chevron Corp. 9/12/2025 <sup>(d)</sup> | 4.320 | 1500 | 1487 |
|  Johnson & Johnson 7/3/2025 <sup>(d)</sup> | 4.260 | 1000 | 1000 |
|  Novartis Finance Corp. 7/7/2025 <sup>(d)</sup> | 4.320 | 500 | 500 |
|  Paccar Financial Corp. 7/10/2025 | 4.360 | 1500 | 1498 |
|  Prudential Funding, LLC 7/2/2025 | 4.340 | 2000 | 1999 |
|  |  |  | 13961 |
| **Federal agency bills & notes 5.20%** |  |  |  |
|  Federal Farm Credit Banks 8/21/2025 | 4.220 | 1600 | 1590 |
|  Federal Farm Credit Banks 11/14/2025 | 4.140 | 900 | 886 |
|  Federal Home Loan Bank 9/3/2025 | 4.230 | 2200 | 2184 |
|  Federal Home Loan Bank 9/17/2025 | 4.230 | 1500 | 1486 |
|  **Total short-term securities** (cost: $20,108,000) |  |  | 20107 |
| Options purchased (equity style) 0.00% |  |  |  |
|  Options purchased (equity style)\* |  |  | 5 |
|  **Total options purchased (equity style)** (cost: $19,000) |  |  | 5 |
|  **Total investment securities 111.99%** (cost: $132,614,000) |  |  | 132312 |
|  Other assets less liabilities (11.99)% |  |  | (14171) |
|  **Net assets 100.00%** |  |  | $118141 |
| **<sup>\*</sup>Options purchased (equity style)** |  |  |  |
|  **Options on futures** |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise<br> price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> amount<br> (000) | Value at<br> 6/30/2025<br> (000) |
|  **Call** |  |  |  |  |  |
|  3 Month SOFR Futures Options | 18 | 9/12/2025 | USD97.00 | USD4,500 | $1 |
|  3 Month SOFR Futures Options | 47 | 9/12/2025 | 98.00 | 11750 | 1 |
|  |  |  |  |  | $2 |
|  **Put** |  |  |  |  |  |
|  3 Month SOFR Futures Options | 120 | 12/12/2025 | USD95.69 | 30000 | $3 |
|  |  |  |  |  | $5 |

---

American Funds Insurance Series **246**

------

American Funds Mortgage Fund (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts** | | | | | |
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of<br> contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 6/30/2025<br> (000) |
|  3 Month SOFR Futures | Long | 62 | 9/17/2025 | USD14,828 | $(2) |
|  2 Year U.S. Treasury Note Futures | Long | 212 | 10/3/2025 | 44101 | 169 |
|  5 Year U.S. Treasury Note Futures | Long | 191 | 10/3/2025 | 20819 | 229 |
|  10 Year U.S. Treasury Note Futures | Long | 45 | 9/30/2025 | 5046 | 98 |
|  10 Year Ultra U.S. Treasury Note Futures | Long | 17 | 9/30/2025 | 1943 | 44 |
|  20 Year U.S. Treasury Bond Futures | Long | 15 | 9/30/2025 | 1732 | 63 |
|  30 Year Ultra U.S. Treasury Bond Futures | Short | 5 | 9/30/2025 | (596) | (22) |
|  |  |  |  |  | $579 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap contracts** | **Swap contracts** | **Swap contracts** | | | | | | |
| **Interest rate swaps** | **Interest rate swaps** | **Interest rate swaps** | **Interest rate swaps** | | | | | |
| **Centrally cleared interest rate swaps** | **Centrally cleared interest rate swaps** | **Centrally cleared interest rate swaps** | **Centrally cleared interest rate swaps** | | | | | |
|  |  |  |  |  |  |  | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 6/30/2025<br> (000) |
|  |  |  |  |  |  |  | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 6/30/2025<br> (000) |
| Receive | Receive | Pay | Pay |  | Notional | Value at | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 6/30/2025<br> (000) |
| Rate | Payment<br> frequency | Rate | Payment<br>frequency | Expiration<br>date | amount<br> (000) | 6/30/2025<br>(000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 6/30/2025<br> (000) |
| SOFR | Annual | 3.6025% | Annual | 1/8/2034 | USD495 | $– <sup>(b)</sup> | $– | $– <sup>(b)</sup> |
| SOFR | Annual | 3.8215% | Annual | 4/23/2035 | USD100 | (1) |  | (1) |
| SOFR | Annual | 3.41% | Annual | 7/28/2045 | USD1,300 | 101 |  | 101 |
|  |  |  |  |  |  | $100 | $– | $100 |

---

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Amount less than one thousand. 

<sup>(c)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $841,000, which represented 0.71% of the net assets of the fund. 

<sup>(d)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $13,564,000, which represented 11.48% of the net assets of the fund. 

<sup>(e)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(f)</sup> Represents securities transacted on a TBA basis.

#### Key to abbreviation(s)
Assn. = Association

CME = CME Group

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

**247** American Funds Insurance Series

------

Ultra-Short Bond Fund

---

| | |
|:---|:---|
| **Investment portfolio** June 30, 2025 | unaudited |

---

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 101.39% | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) | Value<br> (000) |
| **Commercial paper 72.15%** |  |  |  |
|  ADP Tax Services, Inc. 7/02/2025 <sup>(a)</sup> | 0.027% | USD3,000 | $2999 |
|  Alphabet,Inc. 9/23/2025 <sup>(a)</sup> | 0.924 | 12000 | 11878 |
|  Apple, Inc. 8/04/2025 <sup>(a)</sup> | 0.495 | 5000 | 4979 |
|  Apple, Inc. 9/15/2025 <sup>(a)</sup> | 0.963 | 7000 | 6936 |
|  Chariot Funding, LLC 9/04/2025 <sup>(a)</sup> | 0.969 | 5000 | 4960 |
|  Chariot Funding, LLC 9/15/2025 <sup>(a)</sup> | 0.964 | 3500 | 3467 |
|  Chevron Corp. 7/22/2025 <sup>(a)</sup> | 1.025 | 3300 | 3291 |
|  Cisco Systems, Inc. 7/10/2025 <sup>(a)</sup> | 0.213 | 7000 | 6992 |
|  Cisco Systems, Inc. 8/01/2025 <sup>(a)</sup> | 1.001 | 5000 | 4981 |
|  DBS Bank, Ltd. 8/18/2025 <sup>(a)</sup> | 0.583 | 12000 | 11929 |
|  Honeywell International, Inc. 7/01/2025 <sup>(a)</sup> | 1.976 | 10000 | 9999 |
|  Johnson & Johnson 7/03/2025 <sup>(a)</sup> | 0.850 | 7000 | 6997 |
|  Johnson & Johnson 8/13/2025 <sup>(a)</sup> | 0.964 | 5000 | 4974 |
|  Komatsu Finance America, Inc. 9/11/2025 <sup>(a)</sup> | 0.802 | 1600 | 1586 |
|  Linde, Inc. 7/01/2025 | 0.576 | 5500 | 5499 |
|  Linde, Inc. 8/27/2025 | 0.678 | 7000 | 6952 |
|  LVMH Moet Hennessy Louis Vuitton, Inc. 10/01/2025 <sup>(a)</sup> | 0.961 | 8900 | 8800 |
|  Nestle Finance International, Ltd. 7/30/2025 <sup>(a)</sup> | 0.671 | 11600 | 11558 |
|  Novartis Finance Corp. 7/21/2025 <sup>(a)</sup> | 0.297 | 10000 | 9975 |
|  Novartis Finance Corp. 7/22/2025 <sup>(a)</sup> | 0.423 | 1400 | 1396 |
|  NRW.Bank 8/15/2025 <sup>(a)</sup> | 1.141 | 12000 | 11934 |
|  OMERS Finance Trust 7/22/2025 | 1.031 | 7000 | 6981 |
|  Procter & Gamble Co. 9/22/2025 <sup>(a)</sup> | 1.050 | 2200 | 2178 |
|  Procter & Gamble Co. 9/24/2025 <sup>(a)</sup> | 1.064 | 10000 | 9898 |
|  Prudential Funding, LLC 7/02/2025 | 0.385 | 12000 | 11997 |
|  Roche Holdings, Inc. 9/03/2025 <sup>(a)</sup> | 0.756 | 10000 | 9922 |
|  Sanofi 8/28/2025 <sup>(a)</sup> | 0.983 | 6000 | 5957 |
|  Sanofi 9/17/2025 <sup>(a)</sup> | 0.924 | 5000 | 4953 |
|  Siemens Capital Co., LLC 7/01/2025 <sup>(a)</sup> | 0.399 | 10000 | 9999 |
|  Sumitomo Mitsui Trust Bank, Ltd. 7/18/2025 <sup>(a)</sup> | 1.101 | 7000 | 6985 |
|  Victory Receivables Corp. 7/11/2025 <sup>(a)</sup> | 1.041 | 10000 | 9987 |
|  Wal-Mart Stores, Inc. 7/07/2025 <sup>(a)</sup> | 0.566 | 7000 | 6994 |
|  Wal-Mart Stores, Inc. 7/14/2025 <sup>(a)</sup> | 0.303 | 6000 | 5990 |
|  |  |  | 233923 |
| **Bonds & notes of governments & government agencies outside the U.S. 20.81%** |  |  |  |
|  Alberta (Province of) 7/02/2025 <sup>(a)</sup> | 0.319 | 4800 | 4799 |
|  Alberta (Province of) 7/21/2025 <sup>(a)</sup> | 0.455 | 3400 | 3391 |
|  Alberta (Province of) 8/20/2025 <sup>(a)</sup> | 0.620 | 3400 | 3379 |
|  European Investment Bank 7/17/2025 | 0.816 | 11500 | 11477 |
|  KfW 9/03/2025 <sup>(a)</sup> | 1.724 | 7000 | 6946 |
|  KfW 9/17/2025 <sup>(a)</sup> | 0.871 | 6000 | 5944 |
|  Ontario (Province of) 7/18/2025 | 0.269 | 4100 | 4091 |
|  Ontario (Province of) 7/21/2025 | 0.616 | 2500 | 2494 |
|  Ontario (Province of) 9/16/2025 | 0.906 | 5000 | 4953 |
|  Quebec (Province of) 7/09/2025 <sup>(a)</sup> | 0.341 | 6000 | 5993 |
|  Quebec (Province of) 7/31/2025 <sup>(a)</sup> | 0.499 | 4100 | 4085 |
|  Swedish Export Credit Corp. 9/10/2025 | 0.943 | 10000 | 9913 |
|  |  |  | 67465 |
| **Federal agency bills & notes 8.43%** |  |  |  |
|  Federal Farm Credit Banks 8/11/2025 | 0.563 | 3400 | 3384 |
|  Federal Farm Credit Banks 8/21/2025 | 0.662 | 2400 | 2386 |
|  Federal Home Loan Bank 7/09/2025 | 0.801 | 4600 | 4596 |
|  Federal Home Loan Bank 8/11/2025 | 0.512 | 1800 | 1791 |

---

American Funds Insurance Series **248**

------

Ultra-Short Bond Fund (continued)

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) | Value<br> (000) |
| **Federal agency bills & notes (continued)** |  |  |  |
|  Federal Home Loan Bank 8/22/2025 | 1.426% | USD6,400 | $6361 |
|  Federal Home Loan Bank 8/27/2025 | 0.913 | 3900 | 3874 |
|  Federal Home Loan Bank 9/17/2025 | 0.852 | 5000 | 4954 |
|  |  |  | 27346 |
|  **Total short-term securities** (cost: $328,764,000) |  |  | 328734 |
|  **Total investment securities 101.39%** (cost: $328,764,000) |  |  | 328734 |
|  Other assets less liabilities (1.39)% |  |  | (4504) |
|  **Net assets 100.00%** |  |  | $324230 |

---

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $237,031,000, which represented 73.11% of the net assets of the fund. 

#### Key to abbreviation(s)
USD = U.S. dollars

Refer to the notes to financial statements.

**249** American Funds Insurance Series

------

U.S. Government Securities Fund

---

| | |
|:---|:---|
| **Investment portfolio** June 30, 2025 | unaudited |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 87.01% | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations 46.44%** |  |  |
|  **Federal agency mortgage-backed obligations 46.44%** |  |  |
|  Fannie Mae Pool #745316 6.50% 2/1/2026 <sup>(a)</sup> | USD4 | $4 |
|  Fannie Mae Pool #AL9870 6.50% 2/1/2028 <sup>(a)</sup> | 8 | 8 |
|  Fannie Mae Pool #257431 6.50% 10/1/2028 <sup>(a)</sup> | 1 | 1 |
|  Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(a)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(a)</sup> | 3 | 3 |
|  Fannie Mae Pool #MA2588 4.00% 4/1/2036 <sup>(a)</sup> | 459 | 455 |
|  Fannie Mae Pool #MA2746 4.00% 9/1/2036 <sup>(a)</sup> | 1022 | 1011 |
|  Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup> | 775 | 724 |
|  Fannie Mae Pool #940890 6.50% 6/1/2037 <sup>(a)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Fannie Mae Pool #MA4665 2.50% 7/1/2037 <sup>(a)</sup> | 324 | 303 |
|  Fannie Mae Pool #256828 7.00% 7/1/2037 <sup>(a)</sup> | 2 | 3 |
|  Fannie Mae Pool #256860 6.50% 8/1/2037 <sup>(a)</sup> | 10 | 10 |
|  Fannie Mae Pool #888698 7.00% 10/1/2037 <sup>(a)</sup> | 12 | 12 |
|  Fannie Mae Pool #970343 6.00% 2/1/2038 <sup>(a)</sup> | 12 | 12 |
|  Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(a)</sup> | 4 | 4 |
|  Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(a)</sup> | 18 | 18 |
|  Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(a)</sup> | 6 | 6 |
|  Fannie Mae Pool #FM7365 2.00% 5/1/2041 <sup>(a)</sup> | 24153 | 20849 |
|  Fannie Mae Pool #AI1862 5.00% 5/1/2041 <sup>(a)</sup> | 257 | 261 |
|  Fannie Mae Pool #AI3510 5.00% 6/1/2041 <sup>(a)</sup> | 135 | 137 |
|  Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(a)</sup> | 28 | 28 |
|  Fannie Mae Pool #AJ0704 5.00% 9/1/2041 <sup>(a)</sup> | 121 | 123 |
|  Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(a)</sup> | 19 | 19 |
|  Fannie Mae Pool #AJ5391 5.00% 11/1/2041 <sup>(a)</sup> | 68 | 69 |
|  Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(a)</sup> | 12 | 12 |
|  Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(a)</sup> | 7 | 8 |
|  Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(a)</sup> | 16 | 16 |
|  Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(a)</sup> | 4 | 4 |
|  Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(a)</sup> | 6 | 5 |
|  Fannie Mae Pool #AT7161 3.50% 6/1/2043 <sup>(a)</sup> | 29 | 27 |
|  Fannie Mae Pool #MA5235 6.50% 12/1/2043 <sup>(a)</sup> | 1070 | 1107 |
|  Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(a)</sup> | 7 | 6 |
|  Fannie Mae Pool #BE5017 3.50% 2/1/2045 <sup>(a)</sup> | 52 | 49 |
|  Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(a)</sup> | 3526 | 3276 |
|  Fannie Mae Pool #BE8740 3.50% 5/1/2047 <sup>(a)</sup> | 45 | 41 |
|  Fannie Mae Pool #BE8742 3.50% 5/1/2047 <sup>(a)</sup> | 12 | 11 |
|  Fannie Mae Pool #BH2846 3.50% 5/1/2047 <sup>(a)</sup> | 6 | 6 |
|  Fannie Mae Pool #BH2848 3.50% 5/1/2047 <sup>(a)</sup> | 6 | 5 |
|  Fannie Mae Pool #BH2847 3.50% 5/1/2047 <sup>(a)</sup> | 2 | 1 |
|  Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(a)</sup> | 5 | 5 |
|  Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(a)</sup> | 105 | 100 |
|  Fannie Mae Pool #BM3788 3.50% 3/1/2048 <sup>(a)</sup> | 2531 | 2334 |
|  Fannie Mae Pool #BJ4901 3.50% 3/1/2048 <sup>(a)</sup> | 33 | 30 |
|  Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(a)</sup> | 62 | 58 |
|  Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(a)</sup> | 87 | 83 |
|  Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(a)</sup> | 24 | 23 |
|  Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(a)</sup> | 13 | 13 |
|  Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(a)</sup> | 909 | 846 |
|  Fannie Mae Pool #FM1062 3.50% 6/1/2049 <sup>(a)</sup> | 337 | 312 |
|  Fannie Mae Pool #BJ8411 3.50% 8/1/2049 <sup>(a)</sup> | 89 | 82 |
|  Fannie Mae Pool #CA4151 3.50% 9/1/2049 <sup>(a)</sup> | 458 | 424 |
|  Fannie Mae Pool #FM1443 3.50% 9/1/2049 <sup>(a)</sup> | 248 | 229 |
|  Fannie Mae Pool #FM2179 3.00% 1/1/2050 <sup>(a)</sup> | 2904 | 2577 |
|  Fannie Mae Pool #CA6593 2.50% 8/1/2050 <sup>(a)</sup> | 744 | 628 |
|  Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup> | 25 | 22 |
|  Fannie Mae Pool #BQ3005 2.50% 10/1/2050 <sup>(a)</sup> | 468 | 391 |
|  Fannie Mae Pool #CA7257 2.50% 10/1/2050 <sup>(a)</sup> | 159 | 134 |
|  Fannie Mae Pool #CA7739 2.50% 11/1/2050 <sup>(a)</sup> | 1592 | 1339 |
|  Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup> | 194 | 155 |
|  Fannie Mae Pool #BR0772 2.00% 1/1/2051 <sup>(a)</sup> | 1362 | 1080 |

---

American Funds Insurance Series **250**

------

U.S. Government Securities Fund (continued)

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(a)</sup> | USD68 | $54 |
|  Fannie Mae Pool #FM6548 2.00% 3/1/2051 <sup>(a)</sup> | 911 | 736 |
|  Fannie Mae Pool #CB0290 2.00% 4/1/2051 <sup>(a)</sup> | 580 | 460 |
|  Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup> | 9 | 7 |
|  Fannie Mae Pool #FM6856 2.50% 4/1/2051 <sup>(a)</sup> | 351 | 294 |
|  Fannie Mae Pool #BR1035 2.00% 5/1/2051 <sup>(a)</sup> | 6 | 4 |
|  Fannie Mae Pool #FM8114 2.00% 6/1/2051 <sup>(a)</sup> | 1374 | 1089 |
|  Fannie Mae Pool #FM7687 3.00% 6/1/2051 <sup>(a)</sup> | 4462 | 3942 |
|  Fannie Mae Pool #BR2095 2.50% 7/1/2051 <sup>(a)</sup> | 1325 | 1108 |
|  Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup> | 156 | 132 |
|  Fannie Mae Pool #FM8422 2.50% 8/1/2051 <sup>(a)</sup> | 502 | 416 |
|  Fannie Mae Pool #FM8745 2.50% 9/1/2051 <sup>(a)</sup> | 1259 | 1045 |
|  Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup> | 579 | 485 |
|  Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup> | 375 | 311 |
|  Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup> | 41 | 33 |
|  Fannie Mae Pool #CB2286 2.50% 12/1/2051 <sup>(a)</sup> | 1041 | 875 |
|  Fannie Mae Pool #FM9976 3.00% 12/1/2051 <sup>(a)</sup> | 666 | 589 |
|  Fannie Mae Pool #BV0894 2.00% 1/1/2052 <sup>(a)</sup> | 481 | 381 |
|  Fannie Mae Pool #CB2544 3.00% 1/1/2052 <sup>(a)</sup> | 1951 | 1709 |
|  Fannie Mae Pool #CB2666 3.00% 1/1/2052 <sup>(a)</sup> | 1000 | 866 |
|  Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(a)</sup> | 399 | 316 |
|  Fannie Mae Pool #FS5037 2.50% 2/1/2052 <sup>(a)</sup> | 381 | 317 |
|  Fannie Mae Pool #FS0523 2.50% 2/1/2052 <sup>(a)</sup> | 168 | 141 |
|  Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(a)</sup> | 3076 | 2710 |
|  Fannie Mae Pool #BV0162 2.00% 3/1/2052 <sup>(a)</sup> | 5245 | 4157 |
|  Fannie Mae Pool #CB3140 4.00% 3/1/2052 <sup>(a)</sup> | 414 | 386 |
|  Fannie Mae Pool #BV7703 2.00% 4/1/2052 <sup>(a)</sup> | 3271 | 2599 |
|  Fannie Mae Pool #CB3354 2.50% 4/1/2052 <sup>(a)</sup> | 7164 | 5947 |
|  Fannie Mae Pool #CB3523 3.00% 5/1/2052 <sup>(a)</sup> | 173 | 150 |
|  Fannie Mae Pool #CB3528 4.00% 5/1/2052 <sup>(a)</sup> | 573 | 534 |
|  Fannie Mae Pool #FS7329 2.00% 6/1/2052 <sup>(a)</sup> | 101 | 80 |
|  Fannie Mae Pool #CB3774 4.00% 6/1/2052 <sup>(a)</sup> | 2587 | 2412 |
|  Fannie Mae Pool #FS2159 5.00% 6/1/2052 <sup>(a)</sup> | 53 | 53 |
|  Fannie Mae Pool #BV2558 5.00% 6/1/2052 <sup>(a)</sup> | 47 | 47 |
|  Fannie Mae Pool #FS6986 2.00% 7/1/2052 <sup>(a)</sup> | 211 | 167 |
|  Fannie Mae Pool #FS6362 3.50% 8/1/2052 <sup>(a)</sup> | 2265 | 2045 |
|  Fannie Mae Pool #BW7327 4.50% 8/1/2052 <sup>(a)</sup> | 2765 | 2652 |
|  Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(a)</sup> | 311 | 308 |
|  Fannie Mae Pool #FS2489 5.00% 8/1/2052 <sup>(a)</sup> | 48 | 47 |
|  Fannie Mae Pool #MA4732 4.00% 9/1/2052 <sup>(a)</sup> | 1239 | 1155 |
|  Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(a)</sup> | 649 | 622 |
|  Fannie Mae Pool #FS4611 5.00% 9/1/2052 <sup>(a)</sup> | 8362 | 8240 |
|  Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup> | 3297 | 2616 |
|  Fannie Mae Pool #BW9458 4.50% 10/1/2052 <sup>(a)</sup> | 922 | 886 |
|  Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(a)</sup> | 839 | 806 |
|  Fannie Mae Pool #FS5994 5.00% 10/1/2052 <sup>(a)</sup> | 8256 | 8137 |
|  Fannie Mae Pool #BX1004 5.00% 10/1/2052 <sup>(a)</sup> | 4769 | 4693 |
|  Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup> | 596 | 598 |
|  Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup> | 542 | 544 |
|  Fannie Mae Pool #CB4917 5.50% 10/1/2052 <sup>(a)</sup> | 83 | 83 |
|  Fannie Mae Pool #MA4820 6.50% 10/1/2052 <sup>(a)</sup> | 209 | 218 |
|  Fannie Mae Pool #CB5118 4.00% 11/1/2052 <sup>(a)</sup> | 51 | 48 |
|  Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(a)</sup> | 8 | 8 |
|  Fannie Mae Pool #BX3198 4.00% 12/1/2052 <sup>(a)</sup> | 52 | 49 |
|  Fannie Mae Pool #MA4840 4.50% 12/1/2052 <sup>(a)</sup> | 2569 | 2464 |
|  Fannie Mae Pool #BX6121 6.00% 1/1/2053 <sup>(a)</sup> | 1867 | 1914 |
|  Fannie Mae Pool #BY1411 4.00% 2/1/2053 <sup>(a)</sup> | 1383 | 1287 |
|  Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(a)</sup> | 9 | 9 |
|  Fannie Mae Pool #FS3759 6.00% 2/1/2053 <sup>(a)</sup> | 710 | 732 |
|  Fannie Mae Pool #CB5919 6.00% 3/1/2053 <sup>(a)</sup> | 797 | 812 |

---

**251** American Funds Insurance Series

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup> | USD588 | $602 |
|  Fannie Mae Pool #BY2249 4.00% 4/1/2053 <sup>(a)</sup> | 225 | 210 |
|  Fannie Mae Pool #MA4979 5.50% 4/1/2053 <sup>(a)</sup> | 2105 | 2110 |
|  Fannie Mae Pool #CB6106 6.50% 4/1/2053 <sup>(a)</sup> | 354 | 369 |
|  Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(a)</sup> | 939 | 875 |
|  Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup> | 313 | 314 |
|  Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup> | 1798 | 1834 |
|  Fannie Mae Pool #BW9778 4.00% 6/1/2053 <sup>(a)</sup> | 1304 | 1215 |
|  Fannie Mae Pool #CB6590 4.00% 6/1/2053 <sup>(a)</sup> | 72 | 67 |
|  Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(a)</sup> | 2867 | 2872 |
|  Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(a)</sup> | 2855 | 2905 |
|  Fannie Mae Pool #FS4933 6.00% 6/1/2053 <sup>(a)</sup> | 1904 | 1940 |
|  Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(a)</sup> | 1771 | 1810 |
|  Fannie Mae Pool #MA5040 6.00% 6/1/2053 <sup>(a)</sup> | 1406 | 1433 |
|  Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(a)</sup> | 1338 | 1370 |
|  Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(a)</sup> | 800 | 745 |
|  Fannie Mae Pool #BW9646 4.00% 7/1/2053 <sup>(a)</sup> | 46 | 43 |
|  Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(a)</sup> | 1114 | 1068 |
|  Fannie Mae Pool #CB6719 4.50% 7/1/2053 <sup>(a)</sup> | 358 | 343 |
|  Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup> | 9764 | 9782 |
|  Fannie Mae Pool #MA5073 6.00% 7/1/2053 <sup>(a)</sup> | 1681 | 1713 |
|  Fannie Mae Pool #FS5343 6.00% 7/1/2053 <sup>(a)</sup> | 279 | 284 |
|  Fannie Mae Pool #MA5127 4.00% 8/1/2053 <sup>(a)</sup> | 62 | 57 |
|  Fannie Mae Pool #CB6853 4.50% 8/1/2053 <sup>(a)</sup> | 441 | 423 |
|  Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(a)</sup> | 201 | 201 |
|  Fannie Mae Pool #CB7216 4.00% 9/1/2053 <sup>(a)</sup> | 27 | 25 |
|  Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(a)</sup> | 2630 | 2450 |
|  Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(a)</sup> | 21627 | 21663 |
|  Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(a)</sup> | 512 | 521 |
|  Fannie Mae Pool #CB7242 6.50% 10/1/2053 <sup>(a)</sup> | 689 | 716 |
|  Fannie Mae Pool #MA5167 6.50% 10/1/2053 <sup>(a)</sup> | 223 | 230 |
|  Fannie Mae Pool #MA5207 4.00% 11/1/2053 <sup>(a)</sup> | 978 | 910 |
|  Fannie Mae Pool #MA5236 4.00% 12/1/2053 <sup>(a)</sup> | 24 | 22 |
|  Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(a)</sup> | 518 | 519 |
|  Fannie Mae Pool #MA5215 5.50% 12/1/2053 <sup>(a)</sup> | 145 | 146 |
|  Fannie Mae Pool #CB7624 6.50% 12/1/2053 <sup>(a)</sup> | 12089 | 12533 |
|  Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup> | 3439 | 3556 |
|  Fannie Mae Pool #FS7990 4.00% 2/1/2054 <sup>(a)</sup> | 1954 | 1819 |
|  Fannie Mae Pool #MA5283 4.00% 2/1/2054 <sup>(a)</sup> | 907 | 845 |
|  Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup> | 479 | 479 |
|  Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup> | 955 | 956 |
|  Fannie Mae Pool #DA7881 5.50% 3/1/2054 <sup>(a)</sup> | 401 | 401 |
|  Fannie Mae Pool #MA5341 4.00% 4/1/2054 <sup>(a)</sup> | 2758 | 2567 |
|  Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(a)</sup> | 1253 | 1262 |
|  Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup> | 634 | 650 |
|  Fannie Mae Pool #CB8387 6.50% 4/1/2054 <sup>(a)</sup> | 1272 | 1328 |
|  Fannie Mae Pool #MA5353 5.50% 5/1/2054 <sup>(a)</sup> | 5594 | 5598 |
|  Fannie Mae Pool #CB8507 6.50% 5/1/2054 <sup>(a)</sup> | 1910 | 1990 |
|  Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup> | 3074 | 3145 |
|  Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(a)</sup> | 817 | 831 |
|  Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup> | 4370 | 4541 |
|  Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(a)</sup> | 7511 | 7653 |
|  Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(a)</sup> | 3833 | 3934 |
|  Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup> | 1011 | 1029 |
|  Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup> | 177 | 180 |
|  Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup> | 6817 | 7099 |
|  Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup> | 2007 | 2087 |
|  Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup> | 1133 | 1180 |
|  Fannie Mae Pool #FS9819 7.00% 7/1/2054 <sup>(a)</sup> | 271 | 286 |
|  Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup> | 233 | 239 |

---

American Funds Insurance Series **252**

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup> | USD215 | $219 |
|  Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup> | 124 | 126 |
|  Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup> | 115 | 117 |
|  Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup> | 108 | 110 |
|  Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup> | 96 | 98 |
|  Fannie Mae Pool #FS9009 5.50% 9/1/2054 <sup>(a)</sup> | 1989 | 2004 |
|  Fannie Mae Pool #BU5166 6.00% 10/1/2054 <sup>(a)</sup> | 1464 | 1492 |
|  Fannie Mae Pool #DC5704 4.00% 11/1/2054 <sup>(a)</sup> | 133 | 124 |
|  Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(a)</sup> | 209 | 209 |
|  Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup> | 24 | 24 |
|  Fannie Mae Pool #CB9432 6.00% 11/1/2054 <sup>(a)</sup> | 398 | 406 |
|  Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup> | 815 | 800 |
|  Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(a)</sup> | 37 | 38 |
|  Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(a)</sup> | 1850 | 1882 |
|  Fannie Mae Pool #CB9821 6.00% 1/1/2055 <sup>(a)</sup> | 1073 | 1094 |
|  Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup> | 28 | 28 |
|  Fannie Mae Pool #MA5631 6.50% 2/1/2055 <sup>(a)</sup> | 4000 | 4134 |
|  Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(a)</sup> | 7938 | 7942 |
|  Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup> | 145 | 147 |
|  Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup> | 2158 | 2194 |
|  Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup> | 3226 | 3280 |
|  Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup> | 1149 | 991 |
|  Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup> | 349 | 334 |
|  Fannie Mae Pool #BF0765 3.50% 9/1/2063 <sup>(a)</sup> | 441 | 391 |
|  Fannie Mae Pool #DB0754 5.50% 3/1/2054 <sup>(a)</sup> | 51 | 51 |
|  Fannie Mae Pool #MA5528 4.00% 11/1/2054 <sup>(a)</sup> | 947 | 881 |
|  Fannie Mae Pool #MB0299 4.00% 2/1/2055 <sup>(a)</sup> | 899 | 836 |
|  FARM Mortgage Trust, Series 2024-1, Class A, 4.702% 10/1/2053 <sup>(a)(c)(d)</sup> | 990 | 963 |
|  Freddie Mac Pool #ZS8907 6.50% 10/1/2026 <sup>(a)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Freddie Mac Pool #ZA2024 6.50% 9/1/2027 <sup>(a)</sup> | 1 | 1 |
|  Freddie Mac Pool #1H1354 7.081% 11/1/2036 <sup>(a)(d)</sup> | 30 | 31 |
|  Freddie Mac Pool #QO0557 2.50% 7/1/2037 <sup>(a)</sup> | 1130 | 1056 |
|  Freddie Mac Pool #C03518 5.00% 9/1/2040 <sup>(a)</sup> | 234 | 237 |
|  Freddie Mac Pool #G06459 5.00% 5/1/2041 <sup>(a)</sup> | 482 | 489 |
|  Freddie Mac Pool #RB5145 2.00% 2/1/2042 <sup>(a)</sup> | 630 | 542 |
|  Freddie Mac Pool #RB5154 2.50% 4/1/2042 <sup>(a)</sup> | 9080 | 8052 |
|  Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(a)</sup> | 3 | 3 |
|  Freddie Mac Pool #Q17696 3.50% 4/1/2043 <sup>(a)</sup> | 22 | 20 |
|  Freddie Mac Pool #Q19133 3.50% 6/1/2043 <sup>(a)</sup> | 22 | 21 |
|  Freddie Mac Pool #Q23190 4.00% 11/1/2043 <sup>(a)</sup> | 112 | 108 |
|  Freddie Mac Pool #Q28558 3.50% 9/1/2044 <sup>(a)</sup> | 165 | 155 |
|  Freddie Mac Pool #760014 3.889% 8/1/2045 <sup>(a)(d)</sup> | 210 | 209 |
|  Freddie Mac Pool #Q47615 3.50% 4/1/2047 <sup>(a)</sup> | 42 | 38 |
|  Freddie Mac Pool #Q52069 3.50% 11/1/2047 <sup>(a)</sup> | 59 | 54 |
|  Freddie Mac Pool #SD0470 4.00% 11/1/2047 <sup>(a)</sup> | 5793 | 5472 |
|  Freddie Mac Pool #Q54709 3.50% 3/1/2048 <sup>(a)</sup> | 43 | 40 |
|  Freddie Mac Pool #Q54701 3.50% 3/1/2048 <sup>(a)</sup> | 41 | 37 |
|  Freddie Mac Pool #Q54700 3.50% 3/1/2048 <sup>(a)</sup> | 34 | 31 |
|  Freddie Mac Pool #Q54781 3.50% 3/1/2048 <sup>(a)</sup> | 28 | 25 |
|  Freddie Mac Pool #Q54782 3.50% 3/1/2048 <sup>(a)</sup> | 20 | 18 |
|  Freddie Mac Pool #Q54699 3.50% 3/1/2048 <sup>(a)</sup> | 19 | 17 |
|  Freddie Mac Pool #Q54831 3.50% 3/1/2048 <sup>(a)</sup> | 12 | 11 |
|  Freddie Mac Pool #Q54698 3.50% 3/1/2048 <sup>(a)</sup> | 11 | 10 |
|  Freddie Mac Pool #G67711 4.00% 3/1/2048 <sup>(a)</sup> | 1083 | 1028 |
|  Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(a)</sup> | 59 | 55 |
|  Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(a)</sup> | 47 | 45 |
|  Freddie Mac Pool #Q56590 3.50% 6/1/2048 <sup>(a)</sup> | 23 | 21 |
|  Freddie Mac Pool #Q56589 3.50% 6/1/2048 <sup>(a)</sup> | 13 | 12 |
|  Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(a)</sup> | 91 | 86 |
|  Freddie Mac Pool #ZT2265 4.00% 8/1/2048 <sup>(a)</sup> | 5429 | 5141 |

---

**253** American Funds Insurance Series

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(a)</sup> | USD165 | $161 |
|  Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(a)</sup> | 78 | 76 |
|  Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(a)</sup> | 56 | 54 |
|  Freddie Mac Pool #ZT0522 4.50% 9/1/2048 <sup>(a)</sup> | 17 | 16 |
|  Freddie Mac Pool #QA0284 3.50% 6/1/2049 <sup>(a)</sup> | 128 | 118 |
|  Freddie Mac Pool #QA2748 3.50% 9/1/2049 <sup>(a)</sup> | 38 | 35 |
|  Freddie Mac Pool #RA1463 3.50% 10/1/2049 <sup>(a)</sup> | 310 | 286 |
|  Freddie Mac Pool #RA1580 3.50% 10/1/2049 <sup>(a)</sup> | 159 | 147 |
|  Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup> | 26 | 22 |
|  Freddie Mac Pool #RA3576 2.00% 9/1/2050 <sup>(a)</sup> | 1374 | 1089 |
|  Freddie Mac Pool #SD8106 2.00% 11/1/2050 <sup>(a)</sup> | 1177 | 939 |
|  Freddie Mac Pool #RA3987 2.50% 11/1/2050 <sup>(a)</sup> | 1791 | 1500 |
|  Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup> | 32 | 25 |
|  Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup> | 53 | 42 |
|  Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup> | 2041 | 1641 |
|  Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(a)</sup> | 922 | 730 |
|  Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(a)</sup> | 134 | 119 |
|  Freddie Mac Pool #SD0726 2.50% 10/1/2051 <sup>(a)</sup> | 8362 | 7024 |
|  Freddie Mac Pool #QD0910 2.00% 11/1/2051 <sup>(a)</sup> | 536 | 425 |
|  Freddie Mac Pool #RA6406 2.00% 11/1/2051 <sup>(a)</sup> | 413 | 329 |
|  Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup> | 440 | 370 |
|  Freddie Mac Pool #QD5035 2.00% 1/1/2052 <sup>(a)</sup> | 1340 | 1062 |
|  Freddie Mac Pool #SD7552 2.50% 1/1/2052 <sup>(a)</sup> | 272 | 229 |
|  Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(a)</sup> | 128 | 113 |
|  Freddie Mac Pool #QD7087 2.00% 2/1/2052 <sup>(a)</sup> | 1286 | 1019 |
|  Freddie Mac Pool #QD7967 2.00% 2/1/2052 <sup>(a)</sup> | 298 | 236 |
|  Freddie Mac Pool #SD0873 3.50% 2/1/2052 <sup>(a)</sup> | 10995 | 10081 |
|  Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup> | 149 | 135 |
|  Freddie Mac Pool #SD5745 2.00% 3/1/2052 <sup>(a)</sup> | 338 | 268 |
|  Freddie Mac Pool #QD9477 4.00% 4/1/2052 <sup>(a)</sup> | 348 | 324 |
|  Freddie Mac Pool #8D0226 2.547% 5/1/2052 <sup>(a)(d)</sup> | 424 | 389 |
|  Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup> | 7787 | 6755 |
|  Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup> | 3221 | 2793 |
|  Freddie Mac Pool #SD4554 4.00% 8/1/2052 <sup>(a)</sup> | 139 | 129 |
|  Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(a)</sup> | 182 | 174 |
|  Freddie Mac Pool #QE8282 5.00% 8/1/2052 <sup>(a)</sup> | 787 | 776 |
|  Freddie Mac Pool #QE7647 5.00% 8/1/2052 <sup>(a)</sup> | 46 | 46 |
|  Freddie Mac Pool #SD1496 5.00% 8/1/2052 <sup>(a)</sup> | 39 | 38 |
|  Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(a)</sup> | 834 | 800 |
|  Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(a)</sup> | 210 | 201 |
|  Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(a)</sup> | 122 | 117 |
|  Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(a)</sup> | 9439 | 9298 |
|  Freddie Mac Pool #SD8256 4.00% 10/1/2052 <sup>(a)</sup> | 1376 | 1283 |
|  Freddie Mac Pool #SD3782 4.50% 10/1/2052 <sup>(a)</sup> | 3197 | 3066 |
|  Freddie Mac Pool #SD8257 4.50% 10/1/2052 <sup>(a)</sup> | 3089 | 2962 |
|  Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(a)</sup> | 82 | 78 |
|  Freddie Mac Pool #SD1895 4.50% 11/1/2052 <sup>(a)</sup> | 999 | 976 |
|  Freddie Mac Pool #QF2560 4.50% 11/1/2052 <sup>(a)</sup> | 957 | 920 |
|  Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(a)</sup> | 1908 | 1915 |
|  Freddie Mac Pool #SD8281 6.50% 12/1/2052 <sup>(a)</sup> | 4227 | 4396 |
|  Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(a)</sup> | 14 | 13 |
|  Freddie Mac Pool #QF8523 4.00% 2/1/2053 <sup>(a)</sup> | 760 | 708 |
|  Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(a)</sup> | 764 | 711 |
|  Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(a)</sup> | 861 | 863 |
|  Freddie Mac Pool #QG1653 6.00% 4/1/2053 <sup>(a)</sup> | 804 | 819 |
|  Freddie Mac Pool #QG0259 6.00% 4/1/2053 <sup>(a)</sup> | 434 | 443 |
|  Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(a)</sup> | 83 | 80 |
|  Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(a)</sup> | 768 | 769 |
|  Freddie Mac Pool #SD3369 5.50% 5/1/2053 <sup>(a)</sup> | 502 | 503 |
|  Freddie Mac Pool #SD8325 6.00% 5/1/2053 <sup>(a)</sup> | 3733 | 3803 |

---

American Funds Insurance Series **254**

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #QG3763 6.00% 5/1/2053 <sup>(a)</sup> | USD1,731 | $1765 |
|  Freddie Mac Pool #SD2979 6.50% 5/1/2053 <sup>(a)</sup> | 257 | 268 |
|  Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup> | 1455 | 1458 |
|  Freddie Mac Pool #SD8332 6.00% 6/1/2053 <sup>(a)</sup> | 14538 | 14809 |
|  Freddie Mac Pool #SD3175 6.00% 6/1/2053 <sup>(a)</sup> | 3775 | 3843 |
|  Freddie Mac Pool #SD3083 6.00% 6/1/2053 <sup>(a)</sup> | 1904 | 1938 |
|  Freddie Mac Pool #QG5227 6.00% 6/1/2053 <sup>(a)</sup> | 803 | 818 |
|  Freddie Mac Pool #RA9279 6.00% 6/1/2053 <sup>(a)</sup> | 403 | 413 |
|  Freddie Mac Pool #RA9283 6.00% 6/1/2053 <sup>(a)</sup> | 348 | 356 |
|  Freddie Mac Pool #RA9281 6.00% 6/1/2053 <sup>(a)</sup> | 247 | 253 |
|  Freddie Mac Pool #RA9284 6.00% 6/1/2053 <sup>(a)</sup> | 194 | 200 |
|  Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(a)</sup> | 1992 | 2073 |
|  Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(a)</sup> | 1727 | 1797 |
|  Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(a)</sup> | 1668 | 1743 |
|  Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(a)</sup> | 1623 | 1695 |
|  Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(a)</sup> | 1143 | 1196 |
|  Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(a)</sup> | 874 | 912 |
|  Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(a)</sup> | 550 | 570 |
|  Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(a)</sup> | 482 | 510 |
|  Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(a)</sup> | 16933 | 16977 |
|  Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup> | 617 | 618 |
|  Freddie Mac Pool #SD8343 6.00% 7/1/2053 <sup>(a)</sup> | 18216 | 18553 |
|  Freddie Mac Pool #SD8350 6.00% 8/1/2053 <sup>(a)</sup> | 19987 | 20355 |
|  Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(a)</sup> | 725 | 726 |
|  Freddie Mac Pool #SD3857 6.00% 9/1/2053 <sup>(a)</sup> | 39176 | 39944 |
|  Freddie Mac Pool #RA9857 6.00% 9/1/2053 <sup>(a)</sup> | 2110 | 2150 |
|  Freddie Mac Pool #SD3825 6.50% 9/1/2053 <sup>(a)</sup> | 87 | 90 |
|  Freddie Mac Pool #SD8366 5.00% 10/1/2053 <sup>(a)</sup> | 3281 | 3228 |
|  Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(a)</sup> | 4713 | 4800 |
|  Freddie Mac Pool #SD8370 4.50% 11/1/2053 <sup>(a)</sup> | 711 | 681 |
|  Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(a)</sup> | 3169 | 3177 |
|  Freddie Mac Pool #SD4318 6.50% 11/1/2053 <sup>(a)</sup> | 10396 | 10814 |
|  Freddie Mac Pool #SD8386 7.00% 12/1/2053 <sup>(a)</sup> | 576 | 608 |
|  Freddie Mac Pool #SD8395 5.50% 1/1/2054 <sup>(a)</sup> | 1962 | 1964 |
|  Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(a)</sup> | 381 | 395 |
|  Freddie Mac Pool #QI0100 4.00% 2/1/2054 <sup>(a)</sup> | 159 | 148 |
|  Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(a)</sup> | 944 | 945 |
|  Freddie Mac Pool #SD4894 6.00% 2/1/2054 <sup>(a)</sup> | 4108 | 4205 |
|  Freddie Mac Pool #SD4975 6.00% 2/1/2054 <sup>(a)</sup> | 209 | 213 |
|  Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(a)</sup> | 502 | 503 |
|  Freddie Mac Pool #SD8425 4.00% 4/1/2054 <sup>(a)</sup> | 515 | 480 |
|  Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup> | 576 | 580 |
|  Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup> | 100 | 101 |
|  Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup> | 494 | 506 |
|  Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(a)</sup> | 481 | 482 |
|  Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup> | 77 | 79 |
|  Freddie Mac Pool #SD5404 6.50% 5/1/2054 <sup>(a)</sup> | 2443 | 2544 |
|  Freddie Mac Pool #RJ1535 6.50% 5/1/2054 <sup>(a)</sup> | 1230 | 1282 |
|  Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(a)</sup> | 11851 | 12146 |
|  Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(a)</sup> | 1 | 1 |
|  Freddie Mac Pool #RJ1792 6.50% 6/1/2054 <sup>(a)</sup> | 2802 | 2926 |
|  Freddie Mac Pool #RJ1726 6.50% 6/1/2054 <sup>(a)</sup> | 1068 | 1112 |
|  Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(a)</sup> | 651 | 680 |
|  Freddie Mac Pool #SD5949 6.00% 7/1/2054 <sup>(a)</sup> | 8348 | 8505 |
|  Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(a)</sup> | 3103 | 3161 |
|  Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup> | 246 | 252 |
|  Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(a)</sup> | 6989 | 7236 |
|  Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(a)</sup> | 4177 | 4207 |
|  Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(a)</sup> | 1001 | 1002 |
|  Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup> | 3261 | 3323 |

---

**255** American Funds Insurance Series

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup> | USD1,501 | $1530 |
|  Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup> | 150 | 154 |
|  Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup> | 91 | 92 |
|  Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup> | 3944 | 4108 |
|  Freddie Mac Pool #QJ4811 5.50% 9/1/2054 <sup>(a)</sup> | 679 | 679 |
|  Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup> | 504 | 513 |
|  Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup> | 272 | 279 |
|  Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup> | 257 | 264 |
|  Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup> | 238 | 244 |
|  Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup> | 152 | 155 |
|  Freddie Mac Pool #SD6288 6.50% 9/1/2054 <sup>(a)</sup> | 5032 | 5240 |
|  Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup> | 1840 | 1902 |
|  Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup> | 4 | 4 |
|  Freddie Mac Pool #SD8471 6.50% 10/1/2054 <sup>(a)</sup> | 46 | 48 |
|  Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup> | 408 | 408 |
|  Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup> | 3 | 3 |
|  Freddie Mac Pool #RJ3240 6.00% 1/1/2055 <sup>(a)</sup> | 3846 | 3917 |
|  Freddie Mac Pool #RJ3301 6.00% 1/1/2055 <sup>(a)</sup> | 1569 | 1610 |
|  Freddie Mac Pool #RJ3305 6.00% 1/1/2055 <sup>(a)</sup> | 1098 | 1124 |
|  Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup> | 484 | 492 |
|  Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(a)</sup> | 6 | 6 |
|  Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup> | 82 | 83 |
|  Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup> | 12305 | 12716 |
|  Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup> | 450 | 458 |
|  Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup> | 118 | 120 |
|  Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup> | 667 | 654 |
|  Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030 <sup>(a)</sup> | 3875 | 3916 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(a)(d)</sup> | 3500 | 3289 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 7/25/2056 <sup>(a)</sup> | 721 | 618 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056 <sup>(a)</sup> | 291 | 257 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(a)</sup> | 3587 | 3351 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(a)(d)</sup> | 3203 | 3004 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057 <sup>(a)</sup> | 786 | 672 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(a)(d)</sup> | 1102 | 994 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)</sup> | 347 | 334 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057 <sup>(a)</sup> | 3476 | 3118 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058 <sup>(a)</sup> | 416 | 400 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058 <sup>(a)</sup> | 1558 | 1490 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/2058 <sup>(a)</sup> | 612 | 546 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(a)</sup> | 328 | 294 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059 <sup>(a)</sup> | 1346 | 1248 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(a)</sup> | 13783 | 13404 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029 <sup>(a)</sup> | 3488 | 3313 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 7/25/2030 <sup>(a)</sup> | 997 | 918 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 7/25/2030 <sup>(a)</sup> | 435 | 383 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup> | 3393 | 3264 |
|  Government National Mortgage Assn. 3.50% 7/1/2055 <sup>(a)(e)</sup> | 30 | 27 |
|  Government National Mortgage Assn. 5.00% 7/1/2055 <sup>(a)(e)</sup> | 5 | 5 |
|  Government National Mortgage Assn. 5.50% 7/1/2055 <sup>(a)(e)</sup> | 1905 | 1908 |
|  Government National Mortgage Assn. Pool #782365 6.00% 7/15/2038 <sup>(a)</sup> | 59 | 62 |
|  Government National Mortgage Assn. Pool #700778 5.50% 10/15/2038 <sup>(a)</sup> | 11 | 11 |
|  Government National Mortgage Assn. Pool #004269 6.50% 10/20/2038 <sup>(a)</sup> | 121 | 128 |
|  Government National Mortgage Assn. Pool #698668 5.50% 11/15/2038 <sup>(a)</sup> | 26 | 26 |
|  Government National Mortgage Assn. Pool #698406 5.00% 7/15/2039 <sup>(a)</sup> | 133 | 135 |
|  Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039 <sup>(a)</sup> | 63 | 67 |
|  Government National Mortgage Assn. Pool #783689 5.50% 2/20/2040 <sup>(a)</sup> | 1745 | 1792 |
|  Government National Mortgage Assn. Pool #783688 5.00% 6/20/2041 <sup>(a)</sup> | 625 | 629 |
|  Government National Mortgage Assn. Pool #783687 4.50% 12/20/2041 <sup>(a)</sup> | 427 | 415 |
|  Government National Mortgage Assn. Pool #MA0533 3.00% 11/20/2042 <sup>(a)</sup> | 15 | 13 |
|  Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup> | 768 | 626 |

---

American Funds Insurance Series **256**

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup> | USD673 | $548 |
|  Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup> | 4506 | 3773 |
|  Government National Mortgage Assn. Pool #MA7534 2.50% 8/20/2051 <sup>(a)</sup> | 1955 | 1663 |
|  Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup> | 622 | 520 |
|  Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051 <sup>(a)</sup> | 3517 | 2957 |
|  Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/2052 <sup>(a)</sup> | 82 | 69 |
|  Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052 <sup>(a)</sup> | 3014 | 2549 |
|  Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052 <sup>(a)</sup> | 1549 | 1312 |
|  Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052 <sup>(a)</sup> | 943 | 797 |
|  Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052 <sup>(a)</sup> | 739 | 619 |
|  Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup> | 236 | 209 |
|  Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(a)</sup> | 871 | 741 |
|  Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup> | 185 | 164 |
|  Government National Mortgage Assn. Pool #MA8044 3.50% 5/20/2052 <sup>(a)</sup> | 2113 | 1929 |
|  Government National Mortgage Assn. Pool #MA8199 3.50% 8/20/2052 <sup>(a)</sup> | 655 | 598 |
|  Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup> | 3991 | 3641 |
|  Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup> | 307 | 288 |
|  Government National Mortgage Assn. Pool #MA8567 4.00% 1/20/2053 <sup>(a)</sup> | 419 | 392 |
|  Government National Mortgage Assn. Pool #MA8723 4.00% 3/20/2053 <sup>(a)</sup> | 208 | 194 |
|  Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/2053 <sup>(a)</sup> | 53 | 52 |
|  Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup> | 4289 | 4126 |
|  Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(a)</sup> | 2759 | 2651 |
|  Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/2053 <sup>(a)</sup> | 1153 | 1108 |
|  Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup> | 4418 | 4114 |
|  Government National Mortgage Assn. Pool #MB0023 4.00% 11/20/2054 <sup>(a)</sup> | 5868 | 5460 |
|  Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup> | 1402 | 1343 |
|  Government National Mortgage Assn. Pool #MB0089 4.00% 12/20/2054 <sup>(a)</sup> | 4240 | 3946 |
|  Government National Mortgage Assn. Pool #MB0144 4.00% 1/20/2055 <sup>(a)</sup> | 436 | 405 |
|  Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup> | 424 | 310 |
|  Uniform Mortgage-Backed Security 2.00% 7/1/2040 <sup>(a)(e)</sup> | 1115 | 1019 |
|  Uniform Mortgage-Backed Security 4.00% 7/1/2040 <sup>(a)(e)</sup> | 920 | 900 |
|  Uniform Mortgage-Backed Security 5.00% 7/1/2040 <sup>(a)(e)</sup> | 780 | 786 |
|  Uniform Mortgage-Backed Security 2.50% 7/1/2055 <sup>(a)(e)</sup> | 8642 | 7167 |
|  Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(a)(e)</sup> | 25486 | 22949 |
|  Uniform Mortgage-Backed Security 4.00% 7/1/2055 <sup>(a)(e)</sup> | 1272 | 1183 |
|  Uniform Mortgage-Backed Security 4.50% 7/1/2055 <sup>(a)(e)</sup> | 432 | 413 |
|  Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(a)(e)</sup> | 437 | 429 |
|  Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(a)(e)</sup> | 3295 | 3349 |
|  Uniform Mortgage-Backed Security 7.00% 7/1/2055 <sup>(a)(e)</sup> | 12685 | 13356 |
|  Uniform Mortgage-Backed Security 2.00% 8/1/2055 <sup>(a)(e)</sup> | 6583 | 5215 |
|  Uniform Mortgage-Backed Security 3.00% 8/1/2055 <sup>(a)(e)</sup> | 10488 | 9074 |
|  Uniform Mortgage-Backed Security 4.00% 8/1/2055 <sup>(a)(e)</sup> | 2690 | 2501 |
|  Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(a)(e)</sup> | 50461 | 52030 |
|  **Total mortgage-backed obligations** |  | 844043 |
| **U.S. Treasury bonds & notes 37.75%** |  |  |
|  **U.S. Treasury 33.19%** |  |  |
|  U.S. Treasury 3.125% 8/15/2025 | 390 | 389 |
|  U.S. Treasury 3.00% 10/31/2025 | 1395 | 1390 |
|  U.S. Treasury 4.25% 12/31/2025 | 17685 | 17687 |
|  U.S. Treasury 4.25% 1/31/2026 | 5535 | 5536 |
|  U.S. Treasury 4.625% 2/28/2026 | 9375 | 9402 |
|  U.S. Treasury 4.625% 3/15/2026 | 11050 | 11090 |
|  U.S. Treasury 4.50% 3/31/2026 | 1435 | 1439 |
|  U.S. Treasury 4.875% 4/30/2026 | 35525 | 35754 |
|  U.S. Treasury 0.875% 6/30/2026 | 2065 | 2002 |
|  U.S. Treasury 4.50% 7/15/2026 | 10366 | 10422 |
|  U.S. Treasury 4.375% 7/31/2026 | 25795 | 25902 |
|  U.S. Treasury 4.625% 9/15/2026 | 10209 | 10293 |

---

**257** American Funds Insurance Series

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |
|  **U.S. Treasury (continued)** |  |  |
|  U.S. Treasury 3.50% 9/30/2026 | USD11,100 | $11044 |
|  U.S. Treasury 3.875% 3/31/2027 | 23000 | 23039 |
|  U.S. Treasury 4.50% 4/15/2027 | 30000 | 30375 |
|  U.S. Treasury 0.50% 4/30/2027 | 1250 | 1179 |
|  U.S. Treasury 2.625% 5/31/2027 | 2290 | 2243 |
|  U.S. Treasury 3.75% 6/30/2027 | 33220 | 33242 |
|  U.S. Treasury 3.75% 8/15/2027 | 5043 | 5046 |
|  U.S. Treasury 4.25% 2/15/2028 | 48655 | 49313 |
|  U.S. Treasury 3.625% 5/31/2028 | 14850 | 14819 |
|  U.S. Treasury 1.25% 6/30/2028 | 3325 | 3096 |
|  U.S. Treasury 4.00% 6/30/2028 | 6907 | 6966 |
|  U.S. Treasury 1.00% 7/31/2028 | 970 | 894 |
|  U.S. Treasury 4.125% 7/31/2028 | 17685 | 17898 |
|  U.S. Treasury 2.625% 2/15/2029 | 3270 | 3149 |
|  U.S. Treasury 4.50% 5/31/2029 | 825 | 848 |
|  U.S. Treasury 2.625% 7/31/2029 | 9309 | 8917 |
|  U.S. Treasury 4.00% 7/31/2029 | 15070 | 15212 |
|  U.S. Treasury 4.125% 10/31/2029 | 4800 | 4869 |
|  U.S. Treasury 4.125% 11/30/2029 | 10200 | 10350 |
|  U.S. Treasury 4.375% 12/31/2029 | 23475 | 24057 |
|  U.S. Treasury 4.00% 2/28/2030 | 11270 | 11380 |
|  U.S. Treasury 4.00% 3/31/2030 | 15000 | 15140 |
|  U.S. Treasury 3.75% 6/30/2030 | 17030 | 16986 |
|  U.S. Treasury 4.625% 9/30/2030 | 1290 | 1338 |
|  U.S. Treasury 4.875% 10/31/2030 | 625 | 656 |
|  U.S. Treasury 4.25% 6/30/2031 | 9625 | 9801 |
|  U.S. Treasury 4.125% 11/30/2031 | 3240 | 3272 |
|  U.S. Treasury 4.125% 2/29/2032 | 9305 | 9390 |
|  U.S. Treasury 4.125% 3/31/2032 | 3000 | 3026 |
|  U.S. Treasury 2.75% 8/15/2032 | 8095 | 7467 |
|  U.S. Treasury 3.875% 8/15/2033 | 3180 | 3133 |
|  U.S. Treasury 4.375% 5/15/2034 | 1687 | 1714 |
|  U.S. Treasury 3.875% 8/15/2034 | 1970 | 1924 |
|  U.S. Treasury 4.25% 11/15/2034 | 1790 | 1796 |
|  U.S. Treasury 4.625% 2/15/2035 | 5000 | 5159 |
|  U.S. Treasury 4.50% 8/15/2039 <sup>(f)</sup> | 13655 | 13601 |
|  U.S. Treasury 4.625% 2/15/2040 | 90 | 90 |
|  U.S. Treasury 1.375% 11/15/2040 | 1945 | 1239 |
|  U.S. Treasury 3.875% 5/15/2043 | 820 | 732 |
|  U.S. Treasury 4.375% 8/15/2043 | 40 | 38 |
|  U.S. Treasury 4.50% 2/15/2044 | 3780 | 3654 |
|  U.S. Treasury 4.125% 8/15/2044 <sup>(f)</sup> | 11760 | 10773 |
|  U.S. Treasury 2.50% 2/15/2045 | 4850 | 3415 |
|  U.S. Treasury 5.00% 5/15/2045 | 7855 | 8068 |
|  U.S. Treasury 2.50% 2/15/2046 | 3900 | 2703 |
|  U.S. Treasury 2.50% 5/15/2046 | 1585 | 1095 |
|  U.S. Treasury 2.875% 11/15/2046 | 2700 | 1988 |
|  U.S. Treasury 3.00% 8/15/2048 | 750 | 554 |
|  U.S. Treasury 2.375% 11/15/2049 | 1435 | 923 |
|  U.S. Treasury 1.25% 5/15/2050 | 14825 | 7122 |
|  U.S. Treasury 1.375% 8/15/2050 | 4330 | 2135 |
|  U.S. Treasury 1.625% 11/15/2050 <sup>(f)</sup> | 26165 | 13785 |
|  U.S. Treasury 1.875% 2/15/2051 | 5892 | 3310 |
|  U.S. Treasury 2.375% 5/15/2051 | 6280 | 3985 |
|  U.S. Treasury 2.00% 8/15/2051 | 5226 | 3012 |
|  U.S. Treasury 1.875% 11/15/2051 | 3164 | 1760 |
|  U.S. Treasury 3.00% 8/15/2052 | 895 | 646 |
|  U.S. Treasury 4.00% 11/15/2052 | 1849 | 1618 |
|  U.S. Treasury 4.75% 11/15/2053 | 205 | 203 |
|  U.S. Treasury 4.25% 2/15/2054 <sup>(f)</sup> | 11130 | 10157 |

---

American Funds Insurance Series **258**

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |
|  **U.S. Treasury (continued)** |  |  |
|  U.S. Treasury 4.625% 5/15/2054 | USD5,610 | $5448 |
|  U.S. Treasury 4.25% 8/15/2054 | 3825 | 3493 |
|  U.S. Treasury 4.625% 2/15/2055 | 7370 | 7174 |
|  U.S. Treasury, interest only, 0% 11/15/2040 <sup>(f)</sup> | 1110 | 526 |
|  |  | 603291 |
|  **U.S. Treasury inflation-protected securities 4.56%** |  |  |
|  U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025 <sup>(g)</sup> | 2398 | 2398 |
|  U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(g)</sup> | 9477 | 9371 |
|  U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027 <sup>(g)</sup> | 2916 | 2856 |
|  U.S. Treasury Inflation-Protected Security 1.625% 10/15/2029 <sup>(g)</sup> | 36770 | 37226 |
|  U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031 <sup>(g)</sup> | 1077 | 991 |
|  U.S. Treasury Inflation-Protected Security 0.125% 1/15/2032 <sup>(g)</sup> | 3349 | 3036 |
|  U.S. Treasury Inflation-Protected Security 1.875% 7/15/2034 <sup>(g)</sup> | 7268 | 7277 |
|  U.S. Treasury Inflation-Protected Security 2.125% 2/15/2041 <sup>(g)</sup> | 139 | 136 |
|  U.S. Treasury Inflation-Protected Security 0.75% 2/15/2042 <sup>(f)(g)</sup> | 1483 | 1152 |
|  U.S. Treasury Inflation-Protected Security 0.625% 2/15/2043 <sup>(g)</sup> | 1730 | 1286 |
|  U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(g)</sup> | 319 | 231 |
|  U.S. Treasury Inflation-Protected Security 0.25% 2/15/2050 <sup>(g)</sup> | 363 | 211 |
|  U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(g)</sup> | 142 | 77 |
|  U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(g)</sup> | 802 | 636 |
|  U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(g)</sup> | 3736 | 3421 |
|  U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(g)</sup> | 12921 | 12496 |
|  |  | 82801 |
|  **Total U.S. Treasury bonds & notes** |  | 686092 |
| **Federal agency bonds & notes 2.82%** |  |  |
|  Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC 2.646% 5/12/2026 | 91 | 90 |
|  Fannie Mae 7.125% 1/15/2030 | 2000 | 2273 |
|  Federal Home Loan Bank 3.25% 11/16/2028 | 6500 | 6416 |
|  Federal Home Loan Bank 5.50% 7/15/2036 | 300 | 327 |
|  Private Export Funding Corp. 1.40% 7/15/2028 | 3000 | 2794 |
|  Tennessee Valley Authority 2.875% 2/1/2027 | 5000 | 4930 |
|  Tennessee Valley Authority 4.875% 5/15/2035 | 2445 | 2502 |
|  Tennessee Valley Authority 4.65% 6/15/2035 | 1780 | 1809 |
|  Tennessee Valley Authority 5.88% 4/1/2036 | 875 | 969 |
|  Tennessee Valley Authority, Series A, 4.625% 9/15/2060 | 250 | 218 |
|  Tennessee Valley Authority, Southaven Combined Cycle Generation, LLC, 3.846% 8/15/2033 | 695 | 666 |
|  U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 7/15/2026 | 897 | 911 |
|  U.S. Department of Housing and Urban Development, Series 2015-A-11, 2.95% 8/1/2025 | 2220 | 2217 |
|  U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 8/1/2026 | 2226 | 2198 |
|  U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 8/1/2027 | 10250 | 10060 |
|  U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 8/1/2028 | 3064 | 3006 |
|  U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 8/1/2029 | 2020 | 1971 |
|  U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 8/1/2030 | 1793 | 1733 |
|  U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 8/1/2031 | 2194 | 2097 |
|  U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 8/1/2032 | 2327 | 2187 |
|  U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 8/1/2033 | 1639 | 1528 |
|  U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 8/1/2034 | 330 | 304 |
|  |  | 51206 |
|  **Total bonds, notes & other debt instruments** (cost: $1,613,297,000) |  | 1581341 |

---

**259** American Funds Insurance Series

------

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 16.90% | Weighted<br>average yield<br>at acquisition | Principal amount<br>(000) | Value<br>(000) |
| **Commercial paper 13.73%** |  |  |  |
|  ADP Tax Services, Inc. 7/1/2025 <sup>(c)</sup> | 4.330% | USD1,757 | $1757 |
|  ADP Tax Services, Inc. 7/2/2025 <sup>(c)</sup> | 4.340 | 5500 | 5499 |
|  Alphabet,Inc. 9/23/2025 <sup>(c)</sup> | 4.340 | 20000 | 19796 |
|  Apple, Inc. 8/4/2025 <sup>(c)</sup> | 4.300 | 11900 | 11850 |
|  Apple, Inc. 8/13/2025 <sup>(c)</sup> | 4.300 | 22500 | 22382 |
|  CAFCO, LLC 8/19/2025 <sup>(c)</sup> | 4.350 | 15300 | 15207 |
|  Chariot Funding, LLC 8/25/2025 <sup>(c)</sup> | 4.370 | 10000 | 9931 |
|  Chariot Funding, LLC 9/4/2025 <sup>(c)</sup> | 4.370 | 7000 | 6943 |
|  Chariot Funding, LLC 9/15/2025 <sup>(c)</sup> | 4.370 | 500 | 495 |
|  Cisco Systems, Inc. 8/1/2025 <sup>(c)</sup> | 4.270 | 10000 | 9962 |
|  Cisco Systems, Inc. 8/5/2025 <sup>(c)</sup> | 4.270 | 10000 | 9957 |
|  Coca-Cola Co. 7/17/2025 <sup>(c)</sup> | 4.310 | 5000 | 4990 |
|  Eli Lilly and Co. 7/25/2025 <sup>(c)</sup> | 4.330 | 8700 | 8674 |
|  Johnson & Johnson 7/3/2025 <sup>(c)</sup> | 4.260 | 22000 | 21992 |
|  Komatsu Finance America, Inc. 9/11/2025 <sup>(c)</sup> | 4.330 | 17400 | 17247 |
|  Linde, Inc. 8/27/2025 | 4.300 | 5000 | 4966 |
|  LVMH Moet Hennessy Louis Vuitton, Inc. 10/1/2025 <sup>(c)</sup> | 4.310 | 5000 | 4944 |
|  Novartis Finance Corp. 7/7/2025 <sup>(c)</sup> | 4.320 | 3600 | 3597 |
|  Paccar Financial Corp. 7/10/2025 | 4.360 | 8400 | 8390 |
|  Paccar Financial Corp. 7/24/2025 | 4.340 | 8150 | 8126 |
|  Prudential Funding, LLC 7/2/2025 | 4.340 | 16000 | 15996 |
|  Wal-Mart Stores, Inc. 7/7/2025 <sup>(c)</sup> | 4.323 | 16800 | 16786 |
|  Wal-Mart Stores, Inc. 7/14/2025 <sup>(c)</sup> | 4.310 | 10000 | 9983 |
|  Wal-Mart Stores, Inc. 7/21/2025 <sup>(c)</sup> | 4.310 | 10000 | 9975 |
|  |  |  | 249445 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.27%** |  |  |  |
|  Ontario (Province of) 7/18/2025 | 4.360 | 5000 | 4989 |
| **U.S. Treasury bills 0.15%** |  |  |  |
|  U.S. Treasury 7/1/2025 | 4.100 | 2700 | 2700 |
|  Federal agency bills & notes 2.75% |  |  |  |
|  Federal Farm Credit Banks 8/7/2025 | 4.230 | 7100 | 7069 |
|  Federal Farm Credit Banks 8/27/2025 | 4.220 | 5000 | 4967 |
|  Federal Home Loan Bank 7/9/2025 | 4.210 | 8900 | 8892 |
|  Federal Home Loan Bank 7/11/2025 | 4.218 | 6000 | 5993 |
|  Federal Home Loan Bank 7/25/2025 | 4.204 | 7500 | 7480 |
|  Federal Home Loan Bank 8/27/2025 | 4.225 | 10600 | 10529 |
|  Federal Home Loan Bank 9/17/2025 | 4.230 | 5000 | 4955 |
|  **Total short-term securities** (cost: $307,049,000) |  |  | 307019 |

---

American Funds Insurance Series **260**

------

U.S. Government Securities Fund (continued)

---

| | |
|:---|:---|
| Options purchased (equity style) 0.01% | Value<br> (000) |
|  Options purchased (equity style)\* | $206 |
|  **Total options purchased (equity style)** (cost: $626,000) | 206 |
|  **Total investment securities 103.92%** (cost: $1,920,972,000) | 1888566 |
|  Other assets less liabilities (3.92)% | (71188) |
|  **Net assets 100.00%** | $1817378 |
| **\*Options purchased (equity style)** |  |
|  **Options on futures** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise<br> price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> amount<br> (000) | Value at<br> 6/30/2025<br> (000) |
|  **Call** |  |  |  |  |  |
|  3 Month SOFR Futures Options | 607 | 9/12/2025 | USD97.00 | USD151,750 | $23 |
|  3 Month SOFR Futures Options | 1551 | 9/12/2025 | 98.00 | 387750 | 29 |
|  3 Month SOFR Futures Options | 106 | 12/12/2025 | 96.50 | 26500 | 42 |
|  3 Month SOFR Futures Options | 106 | 12/12/2025 | 97.00 | 26500 | 19 |
|  3 Month SOFR Futures Options | 105 | 12/12/2025 | 97.50 | 26250 | 11 |
|  3 Month SOFR Futures Options | 20 | 12/12/2025 | 98.00 | 5000 | 1 |
|  |  |  |  |  | $125 |
|  **Put** |  |  |  |  |  |
|  10 Year U.S. Treasury Note Futures Options | 70 | 7/3/2025 | USD111.25 | 7000 | $3 |
|  3 Month SOFR Futures Options | 3128 | 12/12/2025 | 95.69 | 782000 | 78 |
|  |  |  |  |  | $81 |
|  |  |  |  |  | $206 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts** | | | | | |
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of<br> contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 6/30/2025<br> (000) |
|  30 Day Federal Funds Futures | Long | 111 | 9/2/2025 | USD44,274 | $(2) |
|  3 Month SOFR Futures | Long | 2584 | 9/17/2025 | 617996 | (302) |
|  3 Month SOFR Futures | Long | 139 | 3/18/2026 | 33475 | 56 |
|  3 Month SOFR Futures | Long | 3 | 6/17/2026 | 724 | (3) |
|  2 Year U.S. Treasury Note Futures | Long | 3136 | 10/3/2025 | 652362 | 2220 |
|  5 Year U.S. Treasury Note Futures | Long | 4330 | 10/3/2025 | 471970 | 5219 |
|  10 Year U.S. Treasury Note Futures | Long | 866 | 9/30/2025 | 97100 | 1787 |
|  10 Year Ultra U.S. Treasury Note Futures | Short | 99 | 9/30/2025 | (11312) | (97) |
|  20 Year U.S. Treasury Bond Futures | Long | 146 | 9/30/2025 | 16858 | 591 |
|  30 Year Ultra U.S. Treasury Bond Futures | Long | 10 | 9/30/2025 | 1191 | 10 |
|  |  |  |  |  | $9479 |

---

**261** American Funds Insurance Series

------

U.S. Government Securities Fund (continued)

#### Swap contracts

#### Interest rate swaps

#### Centrally cleared interest rate swaps

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | | | | Upfront<br> premium | Unrealized<br>appreciation |
| Receive | Receive | Pay | Pay |  | Notional | Value at | paid | (depreciation) |
|  | Payment |  | Payment | Expiration | amount | 6/30/2025 | (received) | at 6/30/2025 |
| Rate | frequency | Rate | frequency | date | (000) | (000) | (000) | (000) |
| SOFR | Annual | 3.916% | Annual | 7/11/2025 | USD46,800 | $7 | $– | $7 |
| 4.225% | Annual | SOFR | Annual | 9/30/2025 | USD27,550 | (11) |  | (11) |
| SOFR | Annual | 4.63358% | Annual | 10/31/2025 | USD1,381 | (1) |  | (1) |
| 4.2035% | Annual | SOFR | Annual | 1/10/2026 | USD11,197 | – <sup>(b)</sup> |  | – <sup>(b)</sup> |
| 4.2045% | Annual | SOFR | Annual | 1/10/2026 | USD1,020 | – <sup>(b)</sup> |  | – <sup>(b)</sup> |
| 4.184% | Annual | SOFR | Annual | 1/10/2026 | USD11,198 | (2) |  | (2) |
| 4.27% | Annual | SOFR | Annual | 2/16/2026 | USD9,621 | 8 |  | 8 |
| 4.265% | Annual | SOFR | Annual | 2/16/2026 | USD4,777 | 4 |  | 4 |
| 4.3035% | Annual | SOFR | Annual | 2/17/2026 | USD2,874 | 3 |  | 3 |
| 4.2515% | Annual | SOFR | Annual | 2/17/2026 | USD2,847 | 2 |  | 2 |
| 4.2675% | Annual | SOFR | Annual | 2/17/2026 | USD2,771 | 2 |  | 2 |
| 4.3005% | Annual | SOFR | Annual | 2/17/2026 | USD1,989 | 2 |  | 2 |
| 4.288% | Annual | SOFR | Annual | 2/17/2026 | USD2,021 | 2 |  | 2 |
| 4.568% | Annual | SOFR | Annual | 3/1/2026 | USD27,000 | 82 |  | 82 |
| 4.56% | Annual | SOFR | Annual | 3/1/2026 | USD27,400 | 82 |  | 82 |
| 4.6275% | Annual | SOFR | Annual | 3/20/2026 | USD49,370 | 195 |  | 195 |
| 4.9005% | Annual | SOFR | Annual | 4/17/2026 | USD14,100 | 97 |  | 97 |
| 4.815% | Annual | SOFR | Annual | 5/6/2026 | USD31,500 | 220 |  | 220 |
| 4.723% | Annual | SOFR | Annual | 5/7/2026 | USD30,490 | 191 |  | 191 |
| 4.659% | Annual | SOFR | Annual | 5/17/2026 | USD45,400 | 278 |  | 278 |
| SOFR | Annual | 4.528% | Annual | 6/18/2026 | USD2,700 | (16) |  | (16) |
| 3.53% | Annual | SOFR | Annual | 1/23/2027 | USD7,300 | (9) |  | (9) |
| 3.5405% | Annual | SOFR | Annual | 1/23/2027 | USD12,100 | (13) |  | (13) |
| 3.535% | Annual | SOFR | Annual | 1/23/2027 | USD13,000 | (15) |  | (15) |
| SOFR | Annual | 4.186% | Annual | 2/18/2027 | USD54,150 | (509) |  | (509) |
| 3.7645% | Annual | SOFR | Annual | 2/20/2027 | USD23,600 | 67 |  | 67 |
| 3.761% | Annual | SOFR | Annual | 2/20/2027 | USD11,800 | 33 |  | 33 |
| 4.5895% | Annual | SOFR | Annual | 5/6/2027 | USD22,710 | 429 |  | 429 |
| SOFR | Annual | 3.62% | Annual | 6/30/2027 | USD7,849 | (31) |  | (31) |
| 3.45% | Annual | SOFR | Annual | 2/1/2028 | USD12,500 | 8 |  | 8 |
| 3.47% | Annual | SOFR | Annual | 2/2/2028 | USD11,600 | 13 |  | 13 |
| 3.6475% | Annual | SOFR | Annual | 2/27/2028 | USD19,700 | 172 |  | 172 |
| SOFR | Annual | 3.528% | Annual | 1/29/2030 | USD4,000 | (19) |  | (19) |
| SOFR | Annual | 3.529% | Annual | 1/29/2030 | USD4,800 | (23) |  | (23) |
| SOFR | Annual | 3.5485% | Annual | 1/29/2030 | USD5,200 | (29) |  | (29) |
| U.S. EFFR | Annual | 0.5385% | Annual | 3/26/2030 | USD49,000 | 6039 |  | 6039 |
| 3.18% | Annual | SOFR | Annual | 4/17/2030 | USD2,600 | (28) |  | (28) |
| 3.275% | Annual | SOFR | Annual | 4/18/2030 | USD2,600 | (17) |  | (17) |
| 3.353% | Annual | SOFR | Annual | 4/19/2030 | USD2,600 | (8) |  | (8) |
| 3.342% | Annual | SOFR | Annual | 4/19/2030 | USD2,600 | (9) |  | (9) |
| 3.344% | Annual | SOFR | Annual | 4/20/2030 | USD2,600 | (9) |  | (9) |
| 3.128% | Annual | SOFR | Annual | 4/28/2030 | USD2,600 | (34) |  | (34) |
| 3.285% | Annual | SOFR | Annual | 5/1/2030 | USD2,500 | (15) |  | (15) |
| 3.259% | Annual | SOFR | Annual | 5/1/2030 | USD2,600 | (19) |  | (19) |
| 3.186% | Annual | SOFR | Annual | 5/9/2030 | USD2,600 | (28) |  | (28) |
| 3.215% | Annual | SOFR | Annual | 5/10/2030 | USD2,500 | (23) |  | (23) |
| 3.29% | Annual | SOFR | Annual | 5/19/2030 | USD3,100 | (19) |  | (19) |
| 3.31% | Annual | SOFR | Annual | 6/9/2030 | USD26,800 | (141) |  | (141) |
| U.S. EFFR | Annual | 0.666% | Annual | 11/19/2030 | USD15,500 | 2074 |  | 2074 |
| SOFR | Annual | 4.1615% | Annual | 5/15/2033 | USD330 | (13) |  | (13) |
| SOFR | Annual | 4.15% | Annual | 5/15/2033 | USD880 | (34) |  | (34) |
| 4.0135% | Annual | SOFR | Annual | 8/21/2033 | USD1,185 | 35 |  | 35 |

---

American Funds Insurance Series **262**

------

U.S. Government Securities Fund (continued)

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
**Swap contracts** (continued)

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | Upfront<br> premium | Unrealized<br>appreciation |
| Receive | Receive | Pay | Pay |  | Notional | Value at | paid | (depreciation) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment | Expiration | amount | 6/30/2025 | (received) | at 6/30/2025 |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | date | (000) | (000) | (000) | (000) |
| SOFR | Annual | 3.6025% | Annual | 1/8/2034 | USD4,655 | $5 | $— | $5 |
| SOFR | Annual | 3.175% | Annual | 2/1/2038 | USD16,000 | 925 |  | 925 |
| 3.065% | Annual | SOFR | Annual | 4/7/2040 | USD12,300 | (1141) |  | (1141) |
| 3.616% | Annual | SOFR | Annual | 8/5/2044 | USD5,600 | (261) |  | (261) |
| 3.561% | Annual | SOFR | Annual | 8/9/2044 | USD4,800 | (260) |  | (260) |
| SOFR | Annual | 3.9815% | Annual | 11/6/2044 | USD10,330 | (25) |  | (25) |
| SOFR | Annual | 3.045% | Annual | 7/27/2050 | USD3,600 | 524 |  | 524 |
| SOFR | Annual | 2.85282% | Annual | 12/6/2052 | USD540 | 98 |  | 98 |
| SOFR | Annual | 2.93542% | Annual | 12/6/2052 | USD550 | 93 |  | 93 |
| SOFR | Annual | 3.01413% | Annual | 1/12/2053 | USD1,402 | 218 |  | 218 |
| SOFR | Annual | 3.02% | Annual | 1/12/2053 | USD1,400 | 216 |  | 216 |
| SOFR | Annual | 2.974% | Annual | 4/17/2053 | USD800 | 130 |  | 130 |
| SOFR | Annual | 3.044% | Annual | 4/18/2053 | USD800 | 121 |  | 121 |
| SOFR | Annual | 3.0875% | Annual | 4/19/2053 | USD800 | 115 |  | 115 |
| SOFR | Annual | 3.1035% | Annual | 4/19/2053 | USD800 | 112 |  | 112 |
| SOFR | Annual | 3.0895% | Annual | 4/20/2053 | USD800 | 114 |  | 114 |
| SOFR | Annual | 2.9405% | Annual | 4/28/2053 | USD800 | 135 |  | 135 |
| SOFR | Annual | 3.0535% | Annual | 5/1/2053 | USD1,600 | 239 |  | 239 |
| SOFR | Annual | 3.085% | Annual | 5/9/2053 | USD900 | 129 |  | 129 |
| SOFR | Annual | 3.1135% | Annual | 5/10/2053 | USD800 | 111 |  | 111 |
| SOFR | Annual | 3.1605% | Annual | 5/19/2053 | USD1,000 | 131 |  | 131 |
| SOFR | Annual | 3.6765% | Annual | 2/20/2054 | USD2,019 | 87 |  | 87 |
| SOFR | Annual | 3.6815% | Annual | 2/20/2054 | USD1,510 | 64 |  | 64 |
| SOFR | Annual | 3.7205% | Annual | 2/21/2054 | USD520 | 18 |  | 18 |
| SOFR | Annual | 3.47875% | Annual | 8/5/2054 | USD4,200 | 323 |  | 323 |
| SOFR | Annual | 3.415% | Annual | 8/9/2054 | USD3,700 | 325 |  | 325 |
|  |  |  |  |  |  | $11516 | $— | $11516 |

---

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Amount less than one thousand. 

<sup>(c)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $212,930,000, which represented 11.72% of the net assets of the fund. 

<sup>(d)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(e)</sup> Represents securities transacted on a TBA basis.

<sup>(f)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $14,617,000, which represented 0.80% of the net assets of the fund. 

<sup>(g)</sup> Index-linked bond whose principal amount moves with a government price index. 

#### Key to abbreviation(s)
Assn. = Association

EFFR = Effective Federal Funds Rate

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

**263** American Funds Insurance Series

------

Managed Risk Growth Fund

---

| | |
|:---|:---|
| **Investment portfolio** June 30, 2025 | unaudited |

---

---

| | | |
|:---|:---|:---|
| Growth funds 84.99% | Shares | Value<br>(000) |
|  American Funds Insurance Series – Growth Fund, Class 1 | 3422976 | $441872 |
|  **Total growth funds** (cost: $324,437,000) |  | 441872 |
| Fixed income funds 10.00% |  |  |
|  American Funds Insurance Series – The Bond Fund of America, Class 1 | 5428526 | 52005 |
|  **Total fixed income funds** (cost: $51,791,000) |  | 52005 |
| Short-term securities 4.58% |  |  |
|  State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | 23813652 | 23814 |
|  **Total short-term securities** (cost: $23,814,000) |  | 23814 |
| Options purchased (equity style) 0.63% |  |  |
|  Options purchased (equity style)\* |  | 3271 |
|  **Total options purchased** (cost: $3,943,000) |  | 3271 |
|  **Total investment securities 100.20%** (cost: $403,985,000) |  | 520962 |
|  Other assets less liabilities (0.20)% |  | (1017) |
|  **Net assets 100.00%** |  | $519945 |

---

---

| |
|:---|
| **<sup>\*</sup>Options purchased (equity style)** |
|  **Equity index options** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> amount<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise<br> price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br>date | Value at<br> 6/30/2025<br> (000) |
|  **Put** |  |  |  |  |  |
|  S&P 500 Index | 10 | USD6,205 | USD4,225.00 | 12/19/2025 | $21 |
|  S&P 500 Index | 450 | 279223 | 4250.00 | 12/19/2025 | 958 |
|  S&P 500 Index | 30 | 18615 | 4300.00 | 12/19/2025 | 67 |
|  S&P 500 Index | 45 | 27922 | 4325.00 | 12/19/2025 | 103 |
|  S&P 500 Index | 50 | 31025 | 4350.00 | 12/19/2025 | 117 |
|  S&P 500 Index | 20 | 12410 | 4375.00 | 12/19/2025 | 48 |
|  S&P 500 Index | 90 | 55844 | 4250.00 | 3/20/2026 | 334 |
|  S&P 500 Index | 415 | 257505 | 4275.00 | 3/20/2026 | 1623 |
|  |  |  |  |  | $3271 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts** | | | | | |
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of<br> contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 6/30/2025<br> (000) |
|  British Pound Currency Futures | Short | 1 | 9/15/2025 | USD(86) | $(2) |
|  Euro Currency Futures | Short | 1 | 9/15/2025 | (148) | (4) |
|  S&P 500 E-mini Index Futures | Long | 92 | 9/19/2025 | 28767 | 66 |
|  |  |  |  |  | $60 |

---

American Funds Insurance Series **264**

------

Managed Risk Growth Fund (continued)

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in affiliates <sup>(b)</sup>** | | | | | | | | |
|  | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br>(depreciation)<br> (000) | Value at<br> 6/30/2025<br> (000) | Dividend<br> income<br> (000) | Capital gain<br> distributions<br> received<br> (000) |
|  Growth funds 84.99% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series –<br>Growth Fund, Class 1 | $445562 | $110570 | $123574 | $45855 | $(36541) | $441872 | $852 | $34295 |
|  Fixed income funds 10.00% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series –<br>The Bond Fund of America, Class 1 | 52786 | 30401 | 32858 | 4 | 1672 | 52005 | 457 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 94.99%** |  |  |  | $45859 | $(34869) | $493877 | $1309 | $34295 |

---

<sup>(a)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(b)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

#### Key to abbreviation(s)
USD = U.S. dollars

Refer to the notes to financial statements.

**265** American Funds Insurance Series

------

Managed Risk International Fund

---

| | |
|:---|:---|
| **Investment portfolio** June 30, 2025 | unaudited |

---

---

| | | |
|:---|:---|:---|
| Growth funds 84.91% | Shares | Value<br>(000) |
|  American Funds Insurance Series – International Fund, Class 1 | 4843208 | $96864 |
|  **Total growth funds** (cost: $76,504,000) |  | 96864 |
| Fixed income funds 9.99% |  |  |
|  American Funds Insurance Series – The Bond Fund of America, Class 1 | 1190005 | 11400 |
|  **Total fixed income funds** (cost: $11,262,000) |  | 11400 |
| Short-term securities 4.13% |  |  |
|  State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | 4707948 | 4708 |
|  **Total short-term securities** (cost: $4,708,000) |  | 4708 |
| Options purchased (equity style) 0.42% |  |  |
|  Options purchased (equity style)\* |  | 481 |
|  **Total options purchased** (cost: $718,000) |  | 481 |
|  **Total investment securities 99.45**% (cost: $93,192,000) |  | 113453 |
|  Other assets less liabilities 0.55% |  | 628 |
|  **Net assets 100.00%** |  | $114081 |

---

---

| |
|:---|
| **<sup>\*</sup>Options purchased (equity style)** |
|  **Equity index options** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> amount<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise<br> price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br> date | Value at<br> 6/30/2025<br> (000) |
|  **Put** |  |  |  |  |  |
|  iShares MSCI EAFE ETF | 3900 | USD34,862 | USD64.00 | 9/19/2025 | $45 |
|  iShares MSCI EAFE ETF | 120 | 1073 | 65.00 | 9/19/2025 | 3 |
|  iShares MSCI EAFE ETF | 150 | 1341 | 69.00 | 9/19/2025 | 6 |
|  iShares MSCI EAFE ETF | 1500 | 13408 | 65.00 | 12/19/2025 | 46 |
|  iShares MSCI EAFE ETF | 750 | 6704 | 75.00 | 12/19/2025 | 62 |
|  iShares MSCI EAFE ETF | 350 | 3128 | 76.00 | 12/19/2025 | 35 |
|  iShares MSCI EAFE ETF | 250 | 2235 | 65.00 | 3/20/2026 | 13 |
|  iShares MSCI EAFE ETF | 3300 | 29499 | 70.00 | 3/20/2026 | 271 |
|  |  |  |  |  | $481 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts** | | | | | |
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of<br> contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br> date | Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 6/30/2025<br> (000) |
|  MSCI EAFE Index Futures | Short | 8 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD(1073) | $(24) |
|  S&P 500 E-mini Index Futures | Short | 5 | 9/19/2025 | (1563) | (55) |
|  Mini MSCI Emerging Market Index Futures | Short | 45 | 9/19/2025 | (2775) | (47) |
|  |  |  |  |  | $(126) |

---

American Funds Insurance Series **266**

------

Managed Risk International Fund (continued)

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in affiliates <sup>(b)</sup>** | | | | | | | | |
|  | Value at<br>1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain (loss)<br> (000) | Net<br>unrealized<br>appreciation<br>(depreciation)<br> (000) | Value at<br>6/30/2025<br>(000) | Dividend<br>income<br>(000) | Capital gain<br>distributions<br>received<br> (000) |
|  Growth funds 84.91% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series –<br>International Fund, Class 1 | $96701 | $9227 | $20142 | $2798 | $8280 | $96864 | $62 | $– |
|  Fixed income funds 9.99% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series –<br>The Bond Fund of America, Class 1 | 11472 | 3743 | 4220 | (30) | 435 | 11400 | 101 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 94.90%** |  |  |  | $2768 | $8715 | $108264 | $163 | $– |

---

<sup>(a)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(b)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

#### Key to abbreviation(s)
USD = U.S. dollars

Refer to the notes to financial statements.

**267** American Funds Insurance Series

------

Managed Risk Washington Mutual Investors Fund

---

| | |
|:---|:---|
| **Investment portfolio** June 30, 2025 | unaudited |

---

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 85.02% | Shares | Value<br>(000) |
|  American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | 15813911 | $270418 |
|  Total growth-and-income funds (cost: $211,011,000) |  | 270418 |
| Fixed income funds 9.98% |  |  |
|  American Funds Insurance Series – U.S. Government Securities Fund, Class 1 | 3179864 | 31735 |
|  Total fixed income funds (cost: $31,329,000) |  | 31735 |
| Short-term securities 4.61% |  |  |
|  State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | 14661495 | 14661 |
|  Total short-term securities (cost: $14,661,000) |  | 14661 |
| Options purchased (equity style) 0.38% |  |  |
|  Options purchased (equity style)\* |  | 1203 |
|  Total options purchased (cost: $1,977,000) |  | 1203 |
|  Total investment securities 99.99% (cost: $258,978,000) |  | 318017 |
|  Other assets less liabilities 0.01% |  | 47 |
|  **Net assets 100.00%** |  | $318064 |

---

---

| |
|:---|
| **<sup>\*</sup>Options purchased (equity style)** |
|  **Equity index options** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> amount<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise<br> price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br> date | Value at<br> 6/30/2025<br> (000) |
|  **Put** |  |  |  |  |  |
|  S&P 500 Index | 250 | USD155,124 | USD4,500.00 | 9/19/2025 | $215 |
|  S&P 500 Index | 25 | 15512 | 4225.00 | 12/19/2025 | 52 |
|  S&P 500 Index | 50 | 31025 | 4250.00 | 12/19/2025 | 107 |
|  S&P 500 Index | 40 | 24820 | 4300.00 | 12/19/2025 | 89 |
|  S&P 500 Index | 40 | 24820 | 4325.00 | 12/19/2025 | 91 |
|  S&P 500 Index | 10 | 6205 | 4350.00 | 12/19/2025 | 23 |
|  S&P 500 Index | 35 | 21717 | 4375.00 | 12/19/2025 | 84 |
|  S&P 500 Index | 15 | 9307 | 4175.00 | 3/20/2026 | 53 |
|  S&P 500 Index | 125 | 77562 | 4275.00 | 3/20/2026 | 489 |
|  |  |  |  |  | $1203 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts** | | | | | |
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of<br> contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br> date | Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 6/30/2025<br> (000) |
|  S&P 500 E-mini Index Futures | Long | 38 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD11,882 | $298 |

---

American Funds Insurance Series **268**

------

Managed Risk Washington Mutual Investors Fund (continued)

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in affiliates <sup>(b)</sup>** | | | | | | | | |
|  | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 6/30/2025<br> (000) | Dividend<br> income<br> (000) | Capital gain<br> distributions<br> received<br> (000) |
|  Growth-and-income funds 85.02% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series –<br>Washington Mutual Investors Fund, Class 1 | $273106 | $42783 | $50322 | $10456 | $(5605) | $270418 | $933 | $17905 |
|  Fixed income funds 9.98% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series –<br>U.S. Government Securities Fund, Class 1 | 32524 | 9695 | 11805 | (345) | 1666 | 31735 | 257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 95.00%** |  |  |  | $10111 | $(3939) | $302153 | $1190 | $17905 |

---

<sup>(a)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(b)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

#### Key to abbreviation(s)
USD = U.S. dollars

Refer to the notes to financial statements.

**269** American Funds Insurance Series

------

Managed Risk Growth-Income Fund

---

| | |
|:---|:---|
| **Investment portfolio** June 30, 2025 | unaudited |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 79.76% | Shares | Value<br> (000) |
|  American Funds Insurance Series – Growth-Income Fund, Class 1 | 27136375 | $1693310 |
|  **Total growth-and-income funds** (cost: $1,467,670,000) |  | 1693310 |
| Fixed income funds 14.96% |  |  |
|  American Funds Insurance Series – The Bond Fund of America, Class 1 | 33142813 | 317508 |
|  **Total fixed income funds** (cost: $314,557,000) |  | 317508 |
| Short-term securities 4.69% |  |  |
|  State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | 99642239 | 99642 |
|  **Total short-term securities** (cost: $99,642,000) |  | 99642 |
| Options purchased (equity style) 0.69% |  |  |
|  Options purchased (equity style)\* |  | 14515 |
|  **Total options purchased** (cost: $22,680,000) |  | 14515 |
|  **Total investment securities 100.10**% (cost: $1,904,549,000) |  | 2124975 |
|  Other assets less liabilities (0.10)% |  | (2020) |
|  **Net assets 100.00%** |  | $2122955 |

---

#### \*Options purchased (equity style)

#### Equity index options

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts | Notional<br>amount<br> (000) | Exercise<br> price | Expiration<br> date | Value at<br> 6/30/2025<br> (000) |
|  **Put** |  |  |  |  |  |
|  S&P 500 Index | 40 | USD24,820 | USD4,225.00 | 9/19/2025 | $26 |
|  S&P 500 Index | 80 | 49640 | 4300.00 | 9/19/2025 | 56 |
|  S&P 500 Index | 70 | 43435 | 4450.00 | 9/19/2025 | 58 |
|  S&P 500 Index | 2200 | 1365089 | 4500.00 | 9/19/2025 | 1888 |
|  S&P 500 Index | 120 | 74459 | 4125.00 | 12/19/2025 | 226 |
|  S&P 500 Index | 150 | 93074 | 4225.00 | 12/19/2025 | 311 |
|  S&P 500 Index | 1285 | 797336 | 4250.00 | 12/19/2025 | 2737 |
|  S&P 500 Index | 500 | 310247 | 4300.00 | 12/19/2025 | 1118 |
|  S&P 500 Index | 120 | 74459 | 4325.00 | 12/19/2025 | 274 |
|  S&P 500 Index | 160 | 99279 | 4375.00 | 12/19/2025 | 386 |
|  S&P 500 Index | 80 | 49640 | 4175.00 | 3/20/2026 | 280 |
|  S&P 500 Index | 1830 | 1135506 | 4275.00 | 3/20/2026 | 7155 |
|  |  |  |  |  | $14515 |

---

American Funds Insurance Series **270**

------

Managed Risk Growth-Income Fund (continued)

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts |  |  |  |  |  |
| Contracts | Type | Number of<br>contracts | Expiration<br>date | Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation)<br>at 6/30/2025<br>(000) |
|  S&P 500 E-mini Index Futures | Long | 460 | 9/19/2025 | USD143,836 | $3205 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments in affiliates <sup>(b)</sup> |  |  |  |  |  |  |  |  |
|  | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br>unrealized<br>appreciation<br>(depreciation)<br> (000) | Value at<br> 6/30/2025<br> (000) | Dividend<br>income<br>(000) | Capital gain<br>distributions<br>received<br> (000) |
|  Growth-and-income funds 79.76% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series –<br>Growth-Income Fund, Class 1 | $1736906 | $409049 | $302039 | $54771 | $(205377) | $1693310 | $4029 | $278792 |
|  Fixed income funds 14.96% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series –<br>The Bond Fund of America, Class 1 | 325683 | 82741 | 102164 | (557) | 11805 | 317508 | 2800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 94.72%** |  |  |  | $54214 | $(193572) | $2010818 | $6829 | $278792 |

---

<sup>(a)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(b)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

#### Key to abbreviation(s)
USD = U.S. dollars

Refer to the notes to financial statements.

**271** American Funds Insurance Series

------

Managed Risk Asset Allocation Fund

---

| | |
|:---|:---|
| **Investment portfolio** June 30, 2025 | unaudited |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Asset allocation funds 95.10% | Shares | Value<br> (000) |
|  American Funds Insurance Series – Asset Allocation Fund, Class 1 | 71278050 | $1858219 |
|  Total asset allocation funds (cost: $1,681,795,000) |  | 1858219 |
| Short-term securities 4.82% |  |  |
|  State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup> | 94150915 | 94151 |
|  Total short-term securities (cost: $94,151,000) |  | 94151 |
| Options purchased (equity style) 0.15% |  |  |
|  Options purchased (equity style)\* |  | 2833 |
|  Total options purchased (cost: $3,627,000) |  | 2833 |
|  Total investment securities 100.07% (cost: $1,779,573,000) |  | 1955203 |
|  Other assets less liabilities (0.07)% |  | (1334) |
|  **Net assets 100.00%** |  | $1953869 |

---

#### \*Options purchased (equity style)

#### Equity index options

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>contracts | Notional<br>amount<br> (000) | Exercise<br> price | Expiration<br> date | Value at<br>6/30/2025<br> (000) |
|  **Put** |  |  |  |  |  |
|  S&P 500 Index | 20 | USD12,410 | USD4,300.00 | 9/19/2025 | $14 |
|  S&P 500 Index | 20 | 12410 | 4500.00 | 9/19/2025 | 17 |
|  S&P 500 Index | 30 | 18615 | 4125.00 | 12/19/2025 | 57 |
|  S&P 500 Index | 35 | 21717 | 4225.00 | 12/19/2025 | 72 |
|  S&P 500 Index | 405 | 251300 | 4250.00 | 12/19/2025 | 863 |
|  S&P 500 Index | 105 | 65152 | 4300.00 | 12/19/2025 | 235 |
|  S&P 500 Index | 30 | 18615 | 4350.00 | 12/19/2025 | 70 |
|  S&P 500 Index | 385 | 238891 | 4275.00 | 3/20/2026 | 1505 |
|  |  |  |  |  | $2833 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts |  |  |  |  |  |
| Contracts | Type | Number of<br>contracts | Expiration<br> date | Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation)<br>at 6/30/2025<br>(000) |
|  S&P 500 E-mini Index Futures | Long | 81 | 9/19/2025 | USD25,328 | $638 |

---

American Funds Insurance Series **272**

------

Managed Risk Asset Allocation Fund (continued)

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments in affiliates <sup>(b)</sup> |  |  |  |  |  |  |  |  |  |
|  | Value at<br>1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain (loss)<br> (000) |  | Net<br>unrealized<br>appreciation<br>(depreciation)<br> (000) | Value at<br>6/30/2025<br>(000) | Dividend<br>income<br> (000) | Capital gain<br>distributions<br>received<br> (000) |
|  Asset allocation funds 95.10% |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series –<br>Asset Allocation Fund, Class 1 | $1923478 | $243681 | $317008 |  | $(5123) | $13191 | $1858219 | $8184 | $127660 |

---

<sup>(a)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(b)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

#### Key to abbreviation(s)
USD = U.S. dollars

Refer to the notes to financial statements.

**273** American Funds Insurance Series

------

---

| | |
|:---|:---|
| Financial statements<br>**Statements of assets and liabilities** at June 30, 2025 | unaudited<br>(dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Global**<br> **Growth**<br> **Fund** | **Global**<br> **Small**<br> **Capitalization**<br> **Fund** | **Growth**<br> **Fund** | **International**<br> **Fund** | **New**<br> **World**<br> **Fund** |
|  **Assets:** |  |  |  |  |  |
|  Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $8417403 | $2956588 | $50144089 | $6929119 | $3605243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 237566 | 156122 | 1443384 | 330868 | 147681 |
|  Cash | 177 | 303 | 335 | 608 | 293 |
|  Cash collateral received for securities on loan |  | 2182 | 14037 |  | 478 |
|  Cash collateral pledged for futures contracts |  |  |  |  | 150 |
|  Cash collateral pledged for swap contracts |  |  |  |  |  |
|  Cash denominated in currencies other than U.S. dollars | 510 | 608 | 1254 | 5444 | 1308 |
|  Unrealized appreciation on open forward currency contracts |  |  |  |  | 90 |
|  Bilateral swaps, at value |  |  |  |  |  |
|  Unrealized appreciation on unfunded commitments\* |  |  |  |  |  |
|  Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of investments |  | 2449 |  | 23471 | 4758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares | 4270 | 814 | 35214 | 2867 | 4264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 11835 | 4669 | 17251 | 16811 | 9797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  |  |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on options (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 3 | 33 | 36 | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 424 | 197 | 97 | 810 | 300 |
|  | 8672188 | 3123965 | 51655697 | 7310003 | 3774387 |
|  **Liabilities:** |  |  |  |  |  |
|  Collateral for securities on loan |  | 21824 | 140364 |  | 4784 |
|  Unrealized depreciation on open forward currency contracts |  |  |  |  | 168 |
|  Bilateral swaps, at value |  |  |  |  |  |
|  Options written, at value |  |  |  |  |  |
|  Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | 31663 | 5973 | 14198 | 47280 | 10534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchases of fund's shares | 38493 | 10483 | 187437 | 20823 | 6332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 2580 | 1465 | 12329 | 2765 | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative fees | 619 | 196 | 3597 | 296 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services provided by related parties | 1145 | 504 | 6608 | 959 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' deferred compensation | 124 | 68 | 683 | 195 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on options (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes | 6022 | 16925 |  | 28851 | 22200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 90 | 50 | 713 | 130 | 174 |
|  | 80736 | 57488 | 365929 | 101299 | 46727 |
|  Commitments and contingencies\* |  |  |  |  |  |
|  **Net assets at June 30, 2025** | $8591452 | $3066477 | $51289768 | $7208704 | $3727660 |
|  **Net assets consist of:** |  |  |  |  |  |
|  Capital paid in on shares of beneficial interest | $4832286 | $2197996 | $19661442 | $5060920 | $2275998 |
|  Total distributable earnings (accumulated loss) | 3759166 | 868481 | 31628326 | 2147784 | 1451662 |
|  **Net assets at June 30, 2025** | $8591452 | $3066477 | $51289768 | $7208704 | $3727660 |
|  Investment securities on loan, at value | $11 | $21033 | $137026 | $– | $7151 |
|  Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 4879530 | 2155395 | 20971807 | 5063863 | 2264412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 237553 | 156110 | 1443194 | 330857 | 147673 |
|  Cash denominated in currencies other than U.S. dollars, at cost | 510 | 608 | 1254 | 5444 | 1307 |
|  Premiums received on options written |  |  |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

American Funds Insurance Series **274**

------

---

| | |
|:---|:---|
| Financial statements (continued)<br>**Statements of assets and liabilities** at June 30, 2025 (continued) | unaudited<br>(dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Washington<br>Mutual<br>Investors<br>Fund** | **U.S. Small and**<br> **Mid**<br> **Cap Equity<br>Fund** | | **Capital<br>World Growth<br>and Income<br>Fund** | **Growth-**<br> **Income**<br> **Fund** | **International<br>Growth**<br> **and Income<br>Fund** |
|  **Assets:** |  |  |  |  |  |  |
|  Investment securities, at value: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $11287736 | $15216 |  | $1931702 | $40992508 | $380489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 366782 | 510 |  | 76286 | 1643318 | 15675 |
|  Cash | 336 | 50 |  | 121 | 201 | 36 |
|  Cash collateral received for securities on loan | 1 |  |  | 899 |  | 94 |
|  Cash collateral pledged for futures contracts |  |  |  |  |  |  |
|  Cash collateral pledged for swap contracts |  |  |  |  |  |  |
|  Cash denominated in currencies other than U.S. dollars | 4 |  |  | 627 | 2042 | 256 |
|  Unrealized appreciation on open forward currency contracts |  |  |  |  |  |  |
|  Bilateral swaps, at value |  |  |  |  |  |  |
|  Unrealized appreciation on unfunded commitments\* |  |  |  |  |  |  |
|  Receivables for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | 19690 |  |  | 3968 |  | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares | 6995 | 16 |  | 2215 | 6034 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 14672 | 12 |  | 4292 | 42203 | 1442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on options (futures style) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 11 |  | <sup>†</sup> | 1 | 10 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1 |  |  | 272 | 440 | 56 |
|  | 11696228 | 15804 |  | 2020383 | 42686756 | 399298 |
|  **Liabilities:** |  |  |  |  |  |  |
|  Collateral for securities on loan | 5 | 7 |  | 8988 |  | 937 |
|  Unrealized depreciation on open forward currency contracts |  |  |  |  |  |  |
|  Bilateral swaps, at value |  |  |  |  |  |  |
|  Options written, at value |  |  |  |  |  |  |
|  Payables for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | 9997 | 36 |  | 5744 | 25347 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchases of fund's shares | 9657 |  | <sup>†</sup> | 5926 | 82681 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 2096 | 6 |  | 601 | 8480 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative fees | 1177 |  | <sup>†</sup> | 182 | 1699 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services provided by related parties | 1296 |  |  | 324 | 4431 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' deferred compensation | 153 |  | <sup>†</sup> | 33 | 704 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on options (futures style) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes | 154 |  |  | 863 | 1045 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 4 |  | <sup>†</sup> | 18 | 52 | 51 |
|  | 24539 | 49 |  | 22679 | 124439 | 3233 |
|  Commitments and contingencies\* |  |  |  |  |  |  |
|  **Net assets at June 30, 2025** | $11671689 | $15755 |  | $1997704 | $42562317 | $396065 |
|  **Net assets consist of:** |  |  |  |  |  |  |
|  Capital paid in on shares of beneficial interest | $6758521 | $15085 |  | $1120609 | $22041672 | $309180 |
|  Total distributable earnings (accumulated loss) | 4913168 | 670 |  | 877095 | 20520645 | 86885 |
|  **Net assets at June 30, 2025** | $11671689 | $15755 |  | $1997704 | $42562317 | $396065 |
|  Investment securities on loan, at value | $4 | $7 |  | $8902 | $– | $891 |
|  Investment securities, at cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 6918368 | 14602 |  | 1157926 | 22366500 | 275220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 366732 | 510 |  | 76280 | 1557595 | 15673 |
|  Cash denominated in currencies other than U.S. dollars, at cost | 4 |  |  | 627 | 2042 | 256 |
|  Premiums received on options written |  |  |  |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

**275** American Funds Insurance Series

------

---

| | |
|:---|:---|
| Financial statements (continued)<br>**Statements of assets and liabilities** at June 30, 2025 (continued) | unaudited<br>(dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Capital<br>Income<br>Builder** | **Asset**<br> **Allocation**<br> **Fund** | **American<br>Funds<br>Global<br>Balanced<br>Fund** | | **The Bond**<br> **Fund**<br> **of America** | **Capital<br>World Bond<br>Fund** |
|  **Assets:** |  |  |  |  |  |  |
|  Investment securities, at value: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $1415891 | $26082288 | $394091 |  | $10443773 | $1419926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 147304 | 2096328 | 25703 |  | 745797 | 56565 |
|  Cash | 837 | 733 | 46 |  | 144 | 88 |
|  Cash collateral received for securities on loan | 1754 | 235 | 154 |  |  |  |
|  Cash collateral pledged for futures contracts |  |  |  |  |  |  |
|  Cash collateral pledged for swap contracts |  |  |  |  |  |  |
|  Cash denominated in currencies other than U.S. dollars | 207 | 404 | 342 |  | 242 | 1005 |
|  Unrealized appreciation on open forward currency contracts |  |  | 280 |  | 637 | 3338 |
|  Bilateral swaps, at value |  |  | 60 |  | 2806 | 522 |
|  Unrealized appreciation on unfunded commitments\* |  | 2 |  |  |  |  |
|  Receivables for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | 32413 | 1054925 | 3625 |  | 580724 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares | 18606 | 6351 | 436 |  | 39402 | 2634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 5662 | 81500 | 2051 |  | 84545 | 14704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 248 | 3148 | 102 |  | 8173 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | 6 |  | 23 |  | 223 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on options (futures style) |  |  | 9 |  |  | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 3 | 22 |  | <sup>†</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 179 | 719 | 61 |  | 61 | 465 |
|  | 1623110 | 29326655 | 426983 |  | 11906527 | 1501195 |
|  **Liabilities:** |  |  |  |  |  |  |
|  Collateral for securities on loan | 17540 | 2353 | 1545 |  |  |  |
|  Unrealized depreciation on open forward currency contracts |  |  | 601 |  | 2964 | 3277 |
|  Bilateral swaps, at value |  |  | 284 |  | 1761 | 3690 |
|  Options written, at value |  |  |  |  |  | 12 |
|  Payables for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | 36269 | 1593478 | 4947 |  | 924089 | 18908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchases of fund's shares | 1300 | 39578 | 418 |  | 6595 | 1783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 284 | 5882 | 143 |  | 1795 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative fees | 431 | 4051 | 99 |  | 913 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services provided by related parties | 184 | 2924 | 73 |  | 1074 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' deferred compensation | 15 | 431 | 6 |  | 178 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 17 | 1321 | 33 |  | 463 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | 18 | 234 | 14 |  | 1126 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on options (futures style) |  |  | 7 |  |  | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes | 717 | 800 | 182 |  |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 12 | 22 | 42 |  | 6 | 103 |
|  | 56787 | 1651074 | 8394 |  | 940964 | 29241 |
|  Commitments and contingencies\* |  |  |  |  |  |  |
|  **Net assets at June 30, 2025** | $1566323 | $27675581 | $418589 |  | $10965563 | $1471954 |
|  **Net assets consist of:** |  |  |  |  |  |  |
|  Capital paid in on shares of beneficial interest | $1157379 | $18236532 | $331978 |  | $12407733 | $1667643 |
|  Total distributable earnings (accumulated loss) | 408944 | 9439049 | 86611 |  | (1442170) | (195689) |
|  **Net assets at June 30, 2025** | $1566323 | $27675581 | $418589 |  | $10965563 | $1471954 |
|  Investment securities on loan, at value | $16714 | $2306 | $1472 |  | $– | $– |
|  Investment securities, at cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 1052673 | 18416741 | 317156 |  | 10550966 | 1430793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 150264 | 2120361 | 25449 |  | 745710 | 54976 |
|  Cash denominated in currencies other than U.S. dollars, at cost | 210 | 427 | 341 |  | 238 | 1005 |
|  Premiums received on options written |  |  | 13 |  |  | 121 |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

American Funds Insurance Series **276**

------

---

| | |
|:---|:---|
| Financial statements (continued)<br>**Statements of assets and liabilities** at June 30, 2025 (continued) | unaudited<br>(dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **American**<br> **High-Income<br>Trust** | **American<br>Funds<br>Mortgage<br>Fund** | **Ultra-Short<br>Bond Fund** | **U.S.<br>Government<br>Securities<br>Fund** | **Managed<br>Risk**<br> **Growth<br>Fund** |
|  **Assets:** |  |  |  |  |  |
|  Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $941867 | $132312 | $328734 | $1888566 | $27085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 45169 |  |  |  | 493877 |
|  Cash | 493 | 148 | 106 | 2239 |  |
|  Cash collateral received for securities on loan |  |  |  |  |  |
|  Cash collateral pledged for futures contracts | 257 |  |  |  | 967 |
|  Cash collateral pledged for swap contracts | 1348 |  |  |  |  |
|  Cash denominated in currencies other than U.S. dollars | 2 |  |  |  |  |
|  Unrealized appreciation on open forward currency contracts |  |  |  |  |  |
|  Bilateral swaps, at value |  |  |  |  |  |
|  Unrealized appreciation on unfunded commitments\* | 2 |  |  |  |  |
|  Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | 897 | 19309 |  | 198469 | 1981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares | 1131 | 536 | 71 | 8809 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 14530 | 455 |  | 10099 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 18 | 74 |  | 1211 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts |  | 1 |  | 546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on options (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 5 | 1 |  |  |  |
|  | 1005719 | 152836 | 328911 | 2109939 | 524121 |
|  **Liabilities:** |  |  |  |  |  |
|  Collateral for securities on loan |  |  |  |  |  |
|  Unrealized depreciation on open forward currency contracts |  |  |  |  |  |
|  Bilateral swaps, at value |  |  |  |  |  |
|  Options written, at value |  |  |  |  |  |
|  Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | 8748 | 34514 |  | 287995 | 2850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchases of fund's shares | 1378 | 80 | 4484 | 2734 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 229 | 21 | 70 | 315 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative fees | 117 | 36 | 46 | 320 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services provided by related parties | 175 | 22 | 69 | 302 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' deferred compensation | 33 | 4 | 12 | 48 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 9 | 8 |  | 104 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | 91 | 10 |  | 742 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on options (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  | 1 |  |
|  | 10780 | 34695 | 4681 | 292561 | 4176 |
|  Commitments and contingencies\* |  |  |  |  |  |
|  **Net assets at June 30, 2025** | $994939 | $118141 | $324230 | $1817378 | $519945 |
|  **Net assets consist of:** |  |  |  |  |  |
|  Capital paid in on shares of beneficial interest | $1276070 | $128755 | $317685 | $2060022 | $436834 |
|  Total distributable earnings (accumulated loss) | (281131) | (10614) | 6545 | (242644) | 83111 |
|  **Net assets at June 30, 2025** | $994939 | $118141 | $324230 | $1817378 | $519945 |
|  Investment securities on loan, at value | $– | $– | $– | $– | $– |
|  Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 925675 | 132614 | 328764 | 1920972 | 27757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 45164 |  |  |  | 376228 |
|  Cash denominated in currencies other than U.S. dollars, at cost | 2 |  |  |  |  |
|  Premiums received on options written |  |  |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

**277** American Funds Insurance Series

------

---

| | |
|:---|:---|
| Financial statements (continued)<br>**Statements of assets and liabilities** at June 30, 2025 (continued) | unaudited<br>(dollars in thousands) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Managed<br>Risk<br>International<br>Fund** | **Managed Risk<br>Washington<br>Mutual<br>Investors<br>Fund** | **Managed<br>Risk**<br> **Growth-<br>Income**<br> **Fund** | **Managed**<br> **Risk**<br> **Asset<br>Allocation<br>Fund** |
|  **Assets:** |  |  |  |  |
|  Investment securities, at value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $5189 | $15864 | $114157 | $96984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 108264 | 302153 | 2010818 | 1858219 |
|  Cash |  |  |  |  |
|  Cash collateral received for securities on loan |  |  |  |  |
|  Cash collateral pledged for futures contracts | 673 | 722 | 6046 | 1606 |
|  Cash collateral pledged for swap contracts |  |  |  |  |
|  Cash denominated in currencies other than U.S. dollars |  |  |  |  |
|  Unrealized appreciation on open forward currency contracts |  |  |  |  |
|  Bilateral swaps, at value |  |  |  |  |
|  Unrealized appreciation on unfunded commitments\* |  |  |  |  |
|  Receivables for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | 593 | 585 | 13194 | 2675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares | 7 | 6 | 22 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 18 | 53 | 357 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  | 112 | 1112 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on options (futures style) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |  |
|  | 114744 | 319495 | 2145706 | 1960227 |
|  **Liabilities:** |  |  |  |  |
|  Collateral for securities on loan |  |  |  |  |
|  Unrealized depreciation on open forward currency contracts |  |  |  |  |
|  Bilateral swaps, at value |  |  |  |  |
|  Options written, at value |  |  |  |  |
|  Payables for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | 502 | 800 | 13902 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchases of fund's shares | 60 | 292 | 6786 | 2977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 9 | 26 | 171 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative fees | 68 | 190 | 1257 | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services provided by related parties | 22 | 62 | 53 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' deferred compensation | 2 | 5 | 26 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  | 56 | 556 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on options (futures style) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |  |
|  | 663 | 1431 | 22751 | 6358 |
|  Commitments and contingencies\* |  |  |  |  |
|  **Net assets at June 30, 2025** | $114081 | $318064 | $2122955 | $1953869 |
|  **Net assets consist of:** |  |  |  |  |
|  Capital paid in on shares of beneficial interest | $139237 | $288277 | $1694131 | $1732385 |
|  Total distributable earnings (accumulated loss) | (25156) | 29787 | 428824 | 221484 |
|  **Net assets at June 30, 2025** | $114081 | $318064 | $2122955 | $1953869 |
|  Investment securities on loan, at value | $– | $– | $– | $– |
|  Investment securities, at cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 5426 | 16638 | 122322 | 97778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 87766 | 242340 | 1782227 | 1681795 |
|  Cash denominated in currencies other than U.S. dollars, at cost |  |  |  |  |
|  Premiums received on options written |  |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

American Funds Insurance Series **278**

------

---

| | |
|:---|:---|
| Financial statements (continued)<br>**Statements of assets and liabilities** at June 30, 2025 (continued) | unaudited<br>(dollars and shares in thousands, except per-share amounts) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Global<br>Growth**<br> **Fund** | **Global**<br> **Small<br>Capitalization<br>Fund** | **Growth**<br> **Fund** | **International<br>Fund** | **New**<br> **World**<br> **Fund** |
|  Shares of beneficial interest issued and outstanding<br>(no stated par value) – unlimited shares authorized | Shares of beneficial interest issued and outstanding<br>(no stated par value) – unlimited shares authorized |  |  |  |  |  |
|  **Class 1:**  | Net assets | $3826307 | $885004 | $23219776 | $3273585 | $1963422 |
|  | Shares outstanding | 106790 | 46087 | 179874 | 163697 | 66495 |
|  | Net asset value per share | $35.83 | $19.20 | $129.09 | $20.00 | $29.53 |
|  **Class 1A:** | Net assets | $23541 | $6080 | $394214 | $14290 | $12395 |
|  | Shares outstanding | 662 | 322 | 3092 | 719 | 423 |
|  | Net asset value per share | $35.56 | $18.89 | $127.48 | $19.87 | $29.34 |
|  **Class 2:** | Net assets | $3658494 | $1785308 | $21211228 | $3398928 | $851450 |
|  | Shares outstanding | 103962 | 99231 | 166854 | 170971 | 29249 |
|  | Net asset value per share | $35.19 | $17.99 | $127.12 | $19.88 | $29.11 |
|  **Class 3:** | Net assets |  |  | $286572 | $15420 |  |
|  | Shares outstanding | Not applicable | Not applicable | 2195 | 769 | Not applicable |
|  | Net asset value per share |  |  | $130.57 | $20.06 |  |
|  **Class 4:** | Net assets | $1083110 | $390085 | $6177978 | $506481 | $900393 |
|  | Shares outstanding | 31244 | 21761 | 50128 | 25929 | 31253 |
|  | Net asset value per share | $34.67 | $17.93 | $123.24 | $19.53 | $28.81 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Washington<br>Mutual<br>Investors<br>Fund** | **U.S. Small and<br>Mid**<br> **Cap Equity<br>Fund** | **Capital<br>World Growth<br>and Income<br>Fund** | **Growth-<br>Income<br>Fund** | **International<br>Growth**<br> **and Income<br>Fund** |
|  Shares of beneficial interest issued and outstanding<br>(no stated par value) – unlimited shares authorized | Shares of beneficial interest issued and outstanding<br>(no stated par value) – unlimited shares authorized |  |  |  |  |  |
|  **Class 1:**  | Net assets | $6487868 | $10 | $611606 | $25261729 | $31530 |
|  | Shares outstanding | 379415 | 1 | 36247 | 404854 | 2559 |
|  | Net asset value per share | $17.10 | $10.45 | $16.87 | $62.40 | $12.32 |
|  **Class 1A:** | Net assets | $34514 | $10 | $10701 | $47962 | $7639 |
|  | Shares outstanding | 2030 | 1 | 639 | 776 | 639 |
|  | Net asset value per share | $17.00 | $10.45 | $16.75 | $61.80 | $11.96 |
|  **Class 2:** | Net assets | $3097649 | $11 | $1060266 | $14111614 | $164143 |
|  | Shares outstanding | 185220 | 1 | 63087 | 231203 | 13720 |
|  | Net asset value per share | $16.72 | $10.45 | $16.81 | $61.04 | $11.96 |
|  **Class 3:** | Net assets |  |  |  | $154690 |  |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | 2474 | Not applicable |
|  | Net asset value per share |  |  |  | $62.54 |  |
|  **Class 4:** | Net assets | $2051658 | $15724 | $315131 | $2986322 | $192753 |
|  | Shares outstanding | 124370 | 1505 | 19301 | 50082 | 16407 |
|  | Net asset value per share | $16.50 | $10.45 | $16.33 | $59.63 | $11.75 |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

**279** American Funds Insurance Series

------

---

| | |
|:---|:---|
| Financial statements (continued)<br>**Statements of assets and liabilities** at June 30, 2025 (continued) | unaudited<br>(dollars and shares in thousands, except per-share amounts) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Capital**<br> **Income**<br> **Builder** | **Asset**<br> **Allocation**<br> **Fund** | **American**<br> **Funds**<br> **Global**<br> **Balanced**<br> **Fund** | **The Bond**<br> **Fund**<br> **of America** | **Capital**<br> **World Bond**<br> **Fund** |
|  Shares of beneficial interest issued and outstanding<br>(no stated par value) – unlimited shares authorized | Shares of beneficial interest issued and outstanding<br>(no stated par value) – unlimited shares authorized |  |  |  |  |  |
|  **Class 1:**  | Net assets | $793538 | $16240337 | $96777 | $6713270 | $619493 |
|  | Shares outstanding | 57708 | 622968 | 7093 | 700832 | 59346 |
|  | Net asset value per share | $13.75 | $26.07 | $13.64 | $9.58 | $10.44 |
|  **Class 1A:** | Net assets | $13755 | $44955 | $4073 | $259363 | $26030 |
|  | Shares outstanding | 1002 | 1737 | 301 | 27296 | 2519 |
|  | Net asset value per share | $13.73 | $25.87 | $13.54 | $9.50 | $10.33 |
|  **Class 2:** | Net assets | $20266 | $4400629 | $149204 | $2710252 | $754851 |
|  | Shares outstanding | 1475 | 171759 | 11005 | 287705 | 73192 |
|  | Net asset value per share | $13.74 | $25.62 | $13.56 | $9.42 | $10.31 |
|  **Class 3:** | Net assets |  | $33494 |  |  |  |
|  | Shares outstanding | Not applicable | 1284 | Not applicable | Not applicable | Not applicable |
|  | Net asset value per share |  | $26.09 |  |  |  |
|  **Class 4:** | Net assets | $738764 | $6956166 | $168535 | $1282678 | $71580 |
|  | Shares outstanding | 53861 | 274415 | 12672 | 137094 | 7060 |
|  | Net asset value per share | $13.72 | $25.35 | $13.30 | $9.36 | $10.14 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **American**<br> **High-Income**<br> **Trust** | **American**<br> **Funds**<br> **Mortgage**<br> **Fund** | **Ultra-Short**<br> **Bond Fund** | **U.S.**<br> **Government**<br> **Securities**<br> **Fund** | **Managed**<br> **Risk**<br> **Growth**<br> **Fund** |
|  Shares of beneficial interest issued and outstanding<br>(no stated par value) – unlimited shares authorized | Shares of beneficial interest issued and outstanding<br>(no stated par value) – unlimited shares authorized |  |  |  |  |  |
|  **Class 1:**  | Net assets | $248752 | $17791 | $34289 | $269845 |  |
|  | Shares outstanding | 26289 | 1879 | 2993 | 27050 | Not applicable |
|  | Net asset value per share | $9.46 | $9.47 | $11.46 | $9.98 |  |
|  **Class 1A:** | Net assets | $3290 | $3037 | $127 | $276893 |  |
|  | Shares outstanding | 350 | 325 | 11 | 27940 | Not applicable |
|  | Net asset value per share | $9.41 | $9.33 | $11.44 | $9.91 |  |
|  **Class 2:** | Net assets | $534801 | $41346 | $227700 | $1029394 |  |
|  | Shares outstanding | 58049 | 4418 | 20602 | 104700 | Not applicable |
|  | Net asset value per share | $9.21 | $9.36 | $11.05 | $9.83 |  |
|  **Class 3:** | Net assets | $8031 |  | $3782 | $5264 |  |
|  | Shares outstanding | 844 | Not applicable | 338 | 526 | Not applicable |
|  | Net asset value per share | $9.51 |  | $11.21 | $10.00 |  |
|  **Class 4:** | Net assets | $200065 | $55967 | $58332 | $235982 |  |
|  | Shares outstanding | 19314 | 6068 | 5249 | 24059 | Not applicable |
|  | Net asset value per share | $10.36 | $9.22 | $11.11 | $9.81 |  |
|  **Class P1:** | Net assets |  |  |  |  | $13806 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | Not applicable | 1031 |
|  | Net asset value per share |  |  |  |  | $13.39 |
|  **Class P2:** | Net assets |  |  |  |  | $506139 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | Not applicable | 38220 |
|  | Net asset value per share |  |  |  |  | $13.24 |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

American Funds Insurance Series **280**

------

---

| | |
|:---|:---|
| Financial statements (continued)<br>**Statements of assets and liabilities** at June 30, 2025 (continued) | unaudited<br>(dollars and shares in thousands, except per-share amounts) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Managed**<br> **Risk**<br> **International**<br> **Fund** | **Managed Risk**<br> **Washington**<br> **Mutual**<br> **Investors**<br> **Fund** | **Managed**<br> **Risk**<br> **Growth-**<br> **Income**<br> **Fund** | **Managed**<br> **Risk**<br> **Asset**<br> **Allocation**<br> **Fund** |
|  Shares of beneficial interest issued and outstanding<br>(no stated par value) – unlimited shares authorized | Shares of beneficial interest issued and outstanding<br>(no stated par value) – unlimited shares authorized |  |  |  |  |
|  **Class P1:**  | Net assets | $1954 | $2740 | $1855636 | $12050 |
|  | Shares outstanding | 233 | 226 | 131460 | 946 |
|  | Net asset value per share | $8.40 | $12.11 | $14.12 | $12.74 |
|  **Class P2:** | Net assets | $112127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$315324 | $267319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1941819 |
|  | Shares outstanding | 13401 | 26237 | 19091 | 157980 |
|  | Net asset value per share | $8.37 | $12.02 | $14.00 | $12.29 |

---

\*Refer to Note 5 for further information on unfunded commitments and refer to Note 7 for further information on expense recoupment.

<sup>†</sup>Amount less than one thousand.

Refer to the notes to financial statements.

**281** American Funds Insurance Series

------

---

| | |
|:---|:---|
| Financial statements (continued)<br>**Statements of operations** for the six months ended June 30, 2025 | unaudited<br>(dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Global**<br> **Growth**<br> **Fund** | **Global**<br> **Small**<br> **Capitalization**<br> **Fund** | **Growth**<br> **Fund** | **International**<br> **Fund** | **New**<br> **World**<br> **Fund** |
|  **Investment income:** |  |  |  |  |  |
|  Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $78930 | $22148 | $127325 | $103236 | $40021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers |  | 2399 | 28944 | 6773 | 2879 |
|  | 78930 | 24547 | 156269 | 110009 | 42900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from unaffiliated issuers | 322 | 544 | 47 | 326 | 5531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of fees) | 24 | 170 | 101 | 30 | 33 |
|  | 79276 | 25261 | 156417 | 110365 | 48464 |
|  Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 18949 | 9266 | 71060 | 16287 | 9926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution services | 5501 | 2468 | 31424 | 4641 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative services | 1233 | 392 | 7157 | 592 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent services | 1 |  | 5 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative services | 1197 | 430 | 7012 | 1022 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 32 | 15 | 216 | 27 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration statement and prospectus | 10 | 4 | 74 | 11 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' compensation | 14 | 5 | 81 | 12 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and legal | 18 | 38 | 45 | 23 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | 340 | 210 | 358 | 480 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 5 | 22 | 24 | 4 | 25 |
|  Total fees and expenses before waivers and/or reimbursements | 27300 | 12850 | 117456 | 23100 | 14136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services waivers | 4251 | 622 |  |  | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fee reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total waivers and/or reimbursements of fees and expenses | 4251 | 622 |  |  | 1204 |
|  Total fees and expenses after waivers and/or reimbursements | 23049 | 12228 | 117456 | 23100 | 12932 |
|  Net investment income | 56227 | 13033 | 38961 | 87265 | 35532 |
|  **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |  |
|  Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 212755 | 98985 | 2508111 | 442791 | 117197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | (41) | 2156 | (73) | (59) | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |  | (253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  | (88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency transactions | (1087) | 51 | 454 | 2634 | (175) |
|  Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 211627 | 101192 | 2508492 | 445366 | 116716 |
|  Net unrealized appreciation (depreciation)\* on: Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 616756 | 126975 | 2234698 | 259557 | 355998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | (39) | (12779) | (7) | (34) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |  | (158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency translations | 501 | 219 | 142 | 1164 | 458 |
|  | 617218 | 114415 | 2234833 | 260687 | 356444 |
|  Net realized gain (loss) and unrealized appreciation (depreciation) | 828845 | 215607 | 4743325 | 706053 | 473160 |
|  **Net increase (decrease) in net assets resulting from operations** | $885072 | $228640 | $4782286 | $793318 | $508692 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

American Funds Insurance Series **282**

------

---

| | |
|:---|:---|
| Financial statements (continued)<br>**Statements of operations** for the six months ended June 30, 2025 (continued) | unaudited<br>(dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Washington**<br> **Mutual**<br> **Investors**<br> **Fund** | **U.S. Small**<br> **and Mid**<br> **Cap Equity**<br> **Fund** | **U.S. Small**<br> **and Mid**<br> **Cap Equity**<br> **Fund** | **Capital**<br> **World Growth**<br> **and Income**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund**  | **Growth-**<br> **Income**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund**  | **International**<br> **Growth**<br> **and Income**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund**  |
|  **Investment income:** |  |  |  |  |  |  |
|  Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $105376 | $85 |  | $22810 | $272732 | $7423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 7099 | 7 |  | 1606 | 37275 | 272 |
|  | 112475 | 92 |  | 24416 | 310007 | 7695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from unaffiliated issuers | 14 | 1 |  | 80 | 83 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of fees) | 66 | 1 |  | 8 | 29 | 5 |
|  | 112555 | 94 |  | 24504 | 310119 | 7702 |
|  Fees and expenses\*: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 20532 | 33 |  | 4458 | 49976 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution services | 5985 |  | <sup>†</sup> | 1600 | 20214 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative services | 2337 |  | <sup>†</sup> | 361 | 3435 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent services | 1 |  |  |  | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative services | 1647 | 2 |  | 282 | 6001 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and administrative services |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 11 | 2 |  | 5 | 186 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration statement and prospectus | 6 | 2 |  | 1 | 64 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' compensation | 19 |  | <sup>†</sup> | 4 | 69 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and legal | 24 | 21 |  | 15 | 41 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | 111 |  | <sup>†</sup> | 69 | 150 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 6 |  | <sup>†</sup> | 1 | 22 |  |
|  Total fees and expenses before waivers and/or reimbursements | 30679 | 60 |  | 6796 | 80163 | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services waivers | 7873 |  |  | 939 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fee reimbursement |  | 21 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total waivers and/or reimbursements of fees and expenses | 7873 | 21 |  | 939 |  |  |
|  Total fees and expenses after waivers and/or reimbursements | 22806 | 39 |  | 5857 | 80163 | 1569 |
|  Net investment income | 89749 | 55 |  | 18647 | 229956 | 6133 |
|  **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |  |  |
|  Net realized gain (loss)\* on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 466620 | 1 |  | 94134 | 1545351 | 3484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | (31) |  | <sup>†</sup> | (8) | 6213 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |  |  | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency transactions | (10) |  |  | 146 | (671) | 26 |
|  Capital gain distributions received from affiliated issuers |  |  |  |  |  |  |
|  | 466579 | 1 |  | 94272 | 1550893 | 3491 |
|  Net unrealized appreciation (depreciation)\* on: Investments in: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 422904 | 1052 |  | 120534 | 1519959 | 58509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | (37) |  | <sup>†</sup> | (2) | (101573) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |  |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency translations | 8 |  |  | 261 | 696 | 100 |
|  | 422875 | 1052 |  | 120793 | 1419082 | 58598 |
|  Net realized gain (loss) and unrealized appreciation (depreciation) | 889454 | 1053 |  | 215065 | 2969975 | 62089 |
|  **Net increase (decrease) in net assets resulting from operations** | $979203 | $1108 |  | $233712 | $3199931 | $68222 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

**283** American Funds Insurance Series

------

---

| | |
|:---|:---|
| Financial statements (continued)<br>**Statements of operations** for the six months ended June 30, 2025 (continued) | unaudited<br>(dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Capital**<br> **Income**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Builder**  | **Asset**<br> **Allocation**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund**  | **American**<br> **Funds**<br> **Global**<br> **Balanced**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund**  | **The Bond**<br> **Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of America**  | **Capital**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;World Bond** <br> **Fund** |
|  **Investment income:** |  |  |  |  |  |
|  Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $22301 | $115625 | $3666 | $– | $87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 2604 | 57784 | 637 | 16350 | 1371 |
|  | 24905 | 173409 | 4303 | 16350 | 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from unaffiliated issuers | 4788 | 173336 | 2702 | 250561 | 32199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of fees) | 19 | 67 | 1 |  |  |
|  | 29712 | 346812 | 7006 | 266911 | 33657 |
|  Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 2550 | 35056 | 884 | 19253 | 3116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution services | 854 | 13524 | 374 | 4906 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative services | 847 | 8266 | 196 | 1815 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent services |  | 3 |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative services | 214 | 3972 | 60 | 1641 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 6 | 58 | 5 | 48 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration statement and prospectus | 7 | 35 | 1 | 42 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' compensation | 3 | 45 | 1 | 18 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and legal | 29 | 39 | 20 | 8 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | 50 | 102 | 51 | 79 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1 | 17 |  | 6 | 1 |
|  Total fees and expenses before waivers and/or reimbursements | 4561 | 61117 | 1592 | 27817 | 4608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services waivers | 929 |  | 27 | 8204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fee reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total waivers and/or reimbursements of fees and expenses | 929 |  | 27 | 8204 |  |
|  Total fees and expenses after waivers and/or reimbursements | 3632 | 61117 | 1565 | 19613 | 4608 |
|  Net investment income | 26080 | 285695 | 5441 | 247298 | 29049 |
|  **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |  |
|  Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 32418 | 1657001 | 10337 | (28295) | (17007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers |  | (136762) | (3) | 94 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) |  |  | (44) |  | (399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  |  | 27 |  | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (329) | 5194 | (227) | (29364) | (425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  | (4788) | (8500) | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 60 | (455) | 6 | 5186 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency transactions | 4 | (536) | (66) | 22 | (406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 32153 | 1524442 | 5242 | (60857) | (16425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 106144 | 112140 | 25483 | 205102 | 97958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 561 | 148001 | 70 | (208) | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) |  |  | 7 |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  |  | (5) |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2387 | 21662 | 519 | 71589 | 5267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  | (140) | (4153) | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (216) | (884) | 204 | 3548 | 3041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency translations | 179 | 646 | 96 | 133 | 753 |
|  | 109055 | 281565 | 26234 | 276011 | 107601 |
|  Net realized gain (loss) and unrealized appreciation (depreciation) | 141208 | 1806007 | 31476 | 215154 | 91176 |
|  **Net increase (decrease) in net assets resulting from operations** | $167288 | $2091702 | $36917 | $462452 | $120225 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

American Funds Insurance Series **284**

------

---

| | |
|:---|:---|
| Financial statements (continued)<br>**Statements of operations** for the six months ended June 30, 2025 (continued) | unaudited<br>(dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **American<br>High-Income<br>Trust** | **American<br>Funds<br>Mortgage<br>Fund** | **Ultra-Short<br>Bond Fund** | **U.S.<br>Government<br>Securities<br>Fund** | **Managed<br>Risk**<br> **Growth<br>Fund** |
|  **Investment income:** |  |  |  |  |  |
|  Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $789 | $– | $– | $– | $421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 863 |  |  |  | 1309 |
|  | 1652 |  |  |  | 1730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from unaffiliated issuers | 33248 | 3012 | 7558 | 42463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of fees) |  |  |  |  |  |
|  | 34900 | 3012 | 7558 | 42463 | 1730 |
|  Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 1918 | 168 | 439 | 2661 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution services | 888 | 117 | 382 | 1571 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative services | 225 | 69 | 88 | 638 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative services | 143 | 17 | 51 | 271 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and administrative services |  |  |  |  | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 7 | 5 | 6 | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration statement and prospectus | 2 | 1 | 1 | 3 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' compensation | 1 |  |  | 3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and legal | 9 |  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | 12 | 8 |  | 17 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 10 |  |  | 1 |  |
|  Total fees and expenses before waivers and/or reimbursements | 3215 | 385 | 967 | 5174 | 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services waivers | 570 | 44 |  | 661 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fee reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total waivers and/or reimbursements of fees and expenses | 570 | 44 |  | 661 | 83 |
|  Total fees and expenses after waivers and/or reimbursements | 2645 | 341 | 967 | 4513 | 1523 |
|  Net investment income | 32255 | 2671 | 6591 | 37950 | 207 |
|  **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |  |
|  Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 730 | (49) |  | 454 | (2283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | (6) |  |  |  | 45859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 160 | 243 |  | 6752 | (15006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (1) | 9 |  | 2638 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency transactions | 9 |  |  |  | 123 |
|  Capital gain distributions received from affiliated issuers |  |  |  |  | 34295 |
|  | 892 | 203 |  | 9844 | 62988 |
|  Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 5595 | 1749 | (53) | 23033 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 2 |  |  |  | (34869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 214 | 920 |  | 16396 | (403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (525) | (41) |  | (2276) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency translations | 3 |  |  |  |  |
|  | 5289 | 2628 | (53) | 37153 | (35257) |
|  Net realized gain (loss) and unrealized appreciation (depreciation) | 6181 | 2831 | (53) | 46997 | 27731 |
|  **Net increase (decrease) in net assets resulting from operations** | $38436 | $5502 | $6538 | $84947 | $27938 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

**285** American Funds Insurance Series

------

---

| | |
|:---|:---|
| Financial statements (continued)<br>**Statements of operations** for the six months ended June 30, 2025 (continued) | unaudited<br>(dollars in thousands) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Managed<br>Risk<br>International<br>Fund** | **Managed Risk<br>Washington<br>Mutual<br>Investors<br>Fund** | **Managed**<br> **Risk**<br> **Growth-**<br> **Income**<br> **Fund** | **Managed<br>Risk**<br> **Asset<br>Allocation<br>Fund** |
|  **Investment income:** |  |  |  |  |
|  Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $100 | $280 | $1932 | $1845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 163 | 1190 | 6829 | 8184 |
|  | 263 | 1470 | 8761 | 10029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from unaffiliated issuers |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of fees) |  |  |  |  |
|  | 263 | 1470 | 8761 | 10029 |
|  Fees and expenses\*: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 75 | 208 | 1390 | 1290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution services | 138 | 388 | 327 | 2402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative services | 141 | 391 | 2602 | 2416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and administrative services | 26 | 28 | 45 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration statement and prospectus | 5 | 5 | 4 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' compensation |  | 1 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and legal |  |  | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | 4 | 3 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  | 1 | 1 |
|  Total fees and expenses before waivers and/or reimbursements | 389 | 1024 | 4378 | 6166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services waivers | 19 | 52 | 349 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fee reimbursement |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total waivers and/or reimbursements of fees and expenses | 19 | 52 | 349 | 324 |
|  Total fees and expenses after waivers and/or reimbursements | 370 | 972 | 4029 | 5842 |
|  Net investment income | (107) | 498 | 4732 | 4187 |
|  **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |
|  Net realized gain (loss)\* on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | (561) | (1416) | (14007) | (1782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 2768 | 10111 | 54214 | (5123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (6387) | (9931) | (54893) | (49874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency transactions | 33 | 47 | 205 | 177 |
|  Capital gain distributions received from affiliated issuers |  | 17905 | 278792 | 127660 |
|  | (4147) | 16716 | 264311 | 71058 |
|  Net unrealized appreciation (depreciation)\* on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | (152) | (135) | (1473) | (299) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 8715 | (3939) | (193572) | 13191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (227) | 372 | 4222 | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency translations |  |  |  |  |
|  | 8336 | (3702) | (190823) | 14253 |
|  Net realized gain (loss) and unrealized appreciation (depreciation) | 4189 | 13014 | 73488 | 85311 |
|  **Net increase (decrease) in net assets resulting from operations** | $4082 | $13512 | $78220 | $89498 |

---

\*Additional information related to non-U.S. taxes and class-specific fees and expenses is included in the notes to financial statements.

<sup>†</sup>Amount less than one thousand.

Refer to the notes to financial statements.

American Funds Insurance Series **286**

------

---

| | |
|:---|:---|
| Financial statements (continued)<br>**Statements of changes in net assets** | <br> (dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Global Small** | **Global Small** | | |
| | **Global Growth Fund** | **Global Growth Fund** | **Capitalization Fund** | **Capitalization Fund** | **Growth Fund** | **Growth Fund** |
|  | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $56227 | $83934 | $13033 | $14439 | $38961 | $123765 |
|  Net realized gain (loss) | 211627 | 1058571 | 101192 | 67213 | 2508492 | 3989653 |
|  Net unrealized appreciation (depreciation) | 617218 | (106961) | 114415 | (6037) | 2234833 | 7880200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 885072 | 1035544 | 228640 | 75615 | 4782286 | 11993618 |
|  **Distributions paid to shareholders** | (1069091) | (362247) | (65735) | (145595) | (4035332) | (1183768) |
|  **Net capital share transactions** | 717148 | (305156) | (86887) | (124117) | 2839871 | (2405717) |
|  **Total increase (decrease) in net assets** | 533129 | 368141 | 76018 | (194097) | 3586825 | 8404133 |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of period | 8058323 | 7690182 | 2990459 | 3184556 | 47702943 | 39298810 |
|  End of period | $8591452 | $8058323 | $3066477 | $2990459 | $51289768 | $47702943 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Washington Mutual** | **Washington Mutual** |
| | **International Fund** | **International Fund** | **New World Fund** | **New World Fund** | **Investors Fund** | **Investors Fund** |
|  | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $87265 | $80016 | $35532 | $49823 | $89749 | $178541 |
|  Net realized gain (loss) | 445366 | 335500 | 116716 | 148263 | 466579 | 784826 |
|  Net unrealized appreciation (depreciation) | 260687 | (158907) | 356444 | 26354 | 422875 | 937617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 793318 | 256609 | 508692 | 224440 | 979203 | 1900984 |
|  **Distributions paid to shareholders** | (2865) | (91320) | (152884) | (66666) | (812730) | (270276) |
|  **Net capital share transactions** | (368267) | (557783) | (39747) | (124462) | 439202 | (851035) |
|  **Total increase (decrease) in net assets** | 422186 | (392494) | 316061 | 33312 | 605675 | 779673 |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of period | 6786518 | 7179012 | 3411599 | 3378287 | 11066014 | 10286341 |
|  End of period | $7208704 | $6786518 | $3727660 | $3411599 | $11671689 | $11066014 |

---

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

**287** American Funds Insurance Series

------

---

| | |
|:---|:---|
| Financial statements (continued)<br>**Statements of changes in net assets** (continued) | <br> (dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Capital** | **Capital** | | |
|  | **U.S. Small and Mid** | **U.S. Small and Mid** | **World Growth** | **World Growth** | | |
| | **Cap Equity Fund** | **Cap Equity Fund** | **and Income Fund** | **and Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |
|  | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> | Period<br>ended<br>December 31,<br>2024<sup>2</sup> | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $55 | $13 | $18647 | $29625 | $229956 | $464425 |
|  Net realized gain (loss) | 1 | 4 | 94272 | 142599 | 1550893 | 6999624 |
|  Net unrealized appreciation (depreciation) | 1052 | (438) | 120793 | 78887 | 1419082 | 1206283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1108 | (421) | 233712 | 251111 | 3199931 | 8670332 |
|  **Distributions paid to shareholders** | (5) | (13) | (75167) | (32476) | (7076713) | (2264497) |
|  **Net capital share transactions** | 73 | 15013 | (49160) | (191651) | 5184105 | (2602817) |
|  **Total increase (decrease) in net assets** | 1176 | 14579 | 109385 | 26984 | 1307323 | 3803018 |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of period | 14579 |  | 1888319 | 1861335 | 41254994 | 37451976 |
|  End of period | $15755 | $14579 | $1997704 | $1888319 | $42562317 | $41254994 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Growth** | **International Growth** | | | | |
| | **and Income Fund** | **and Income Fund** | **Capital Income Builder** | **Capital Income Builder** | **Asset Allocation Fund** | **Asset Allocation Fund** |
|  | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $6133 | $7648 | $&nbsp;&nbsp;&nbsp;&nbsp;26080 | $42544 | $285695 | $590761 |
|  Net realized gain (loss) | 3491 | (1592) | 32153 | 24024 | 1524442 | 1925378 |
|  Net unrealized appreciation (depreciation) | 58598 | 5162 | 109055 | 61325 | 281565 | 1576776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 68222 | 11218 | 167288 | 127893 | 2091702 | 4092915 |
|  **Distributions paid to shareholders** | (1423) | (8098) | (16131) | (45676) | (2025651) | (1743267) |
|  **Net capital share transactions** | 6613 | (9047) | 46498 | 35182 | 523850 | (949298) |
|  **Total increase (decrease) in net assets** | 73412 | (5927) | 197655 | 117399 | 589901 | 1400350 |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of period | 322653 | 328580 | 1368668 | 1251269 | 27085680 | 25685330 |
|  End of period | $396065 | $322653 | $1566323 | $1368668 | $27675581 | $27085680 |

---

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

American Funds Insurance Series **288**

------

---

| | |
|:---|:---|
| Financial statements (continued)<br>**Statements of changes in net assets** (continued) | <br> (dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds** | **American Funds** | **The Bond Fund** | **The Bond Fund** | | |
| | **Global Balanced Fund** | **Global Balanced Fund** | **of America** | **of America** | **Capital World Bond Fund** | **Capital World Bond Fund** |
|  | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $5441 | $9318 | $247298 | $501464 | $29049 | $61225 |
|  Net realized gain (loss) | 5242 | 16800 | (60857) | (134500) | (16425) | (22949) |
|  Net unrealized appreciation (depreciation) | 26234 | (1065) | 276011 | (207188) | 107601 | (80072) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 36917 | 25053 | 462452 | 159776 | 120225 | (41796) |
|  **Distributions paid to shareholders** | (16555) | (7048) | (96658) | (475626) | (3588) | (33915) |
|  **Net capital share transactions** | 5945 | (14487) | (567129) | 474834 | (92920) | (16393) |
|  **Total increase (decrease) in net assets** | 26307 | 3518 | (201335) | 158984 | 23717 | (92104) |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of period | 392282 | 388764 | 11166898 | 11007914 | 1448237 | 1540341 |
|  End of period | $418589 | $392282 | $10965563 | $11166898 | $1471954 | $1448237 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** | **American** | **American Funds** | **American Funds** | | |
| | **High-Income Trust** | **High-Income Trust** | **Mortgage Fund** | **Mortgage Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** |
|  | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $32255 | $60672 | $2671 | $5237 | $6591 | $16889 |
|  Net realized gain (loss) | 892 | 3094 | 203 | (1054) |  | –<sup>3</sup> |
|  Net unrealized appreciation (depreciation) | 5289 | 19028 | 2628 | (3372) | (53) | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 38436 | 82794 | 5502 | 811 | 6538 | 17019 |
|  **Distributions paid to shareholders** | (10773) | (59402) | (896) | (5001) | (2557) | (17633) |
|  **Net capital share transactions** | 35313 | 34726 | 2704 | 7230 | (18429) | (33462) |
|  **Total increase (decrease) in net assets** | 62976 | 58118 | 7310 | 3040 | (14448) | (34076) |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of period | 931963 | 873845 | 110831 | 107791 | 338678 | 372754 |
|  End of period | $994939 | $931963 | $118141 | $110831 | $324230 | $338678 |

---

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

**289** American Funds Insurance Series

------

---

| | |
|:---|:---|
| Financial statements (continued)<br>**Statements of changes in net assets** (continued) | <br> (dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Government** | **U.S. Government** | **Managed Risk** | **Managed Risk** | **Managed Risk** | **Managed Risk** |
| | **Securities Fund** | **Securities Fund** | **Growth Fund** | **Growth Fund** | **International Fund** | **International Fund** |
|  | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $37950 | $72049 | $207 | $2764 | $(107) | $1470 |
|  Net realized gain (loss) | 9844 | (1294) | 62988 | 37612 | (4147) | (2539) |
|  Net unrealized appreciation (depreciation) | 37153 | (55237) | (35257) | 69526 | 8336 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 84947 | 15518 | 27938 | 109902 | 4082 | 86 |
|  **Distributions paid to shareholders** | (14197) | (73267) | (24752) | (2419) | (1480) | (1561) |
|  **Net capital share transactions** | (73399) | 353747 | (9503) | (88856) | (2829) | (8399) |
|  **Total increase (decrease) in net assets** | (2649) | 295998 | (6317) | 18627 | (227) | (9874) |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of period | 1820027 | 1524029 | 526262 | 507635 | 114308 | 124182 |
|  End of period | $1817378 | $1820027 | $519945 | $526262 | $114081 | $114308 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Managed Risk** | **Managed Risk** | | | | |
|  | **Washington Mutual** | **Washington Mutual** | **Managed Risk** | **Managed Risk** | **Managed Risk** | **Managed Risk** |
| | **Investors Fund** | **Investors Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** |
|  | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 | Six months<br>ended<br>June 30,<br>2025<sup>1</sup> |<br>Year ended<br>December 31,<br>2024 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $498 | $4979 | $4732 | $33950 | $4187 | $37923 |
|  Net realized gain (loss) | 16716 | (4225) | 264311 | 73326 | 71058 | 123915 |
|  Net unrealized appreciation (depreciation) | (3702) | 42170 | (190823) | 261435 | 14253 | 124394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 13512 | 42924 | 78220 | 368711 | 89498 | 286232 |
|  **Distributions paid to shareholders** | (4680) | (5475) | (109558) | (65908) | (156085) | (69126) |
|  **Net capital share transactions** | (12974) | (39434) | (22573) | (313193) | (5394) | (294452) |
|  **Total increase (decrease) in net assets** | (4142) | (1985) | (53911) | (10390) | (71981) | (77346) |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of period | 322206 | 324191 | 2176866 | 2187256 | 2025850 | 2103196 |
|  End of period | $318064 | $322206 | $2122955 | $2176866 | $1953869 | $2025850 |

---

<sup>1</sup>Unaudited.

<sup>2</sup>For the period November 15, 2024, commencement of operations, to December 31, 2024.

<sup>3</sup>Amount less than one thousand.

Refer to the notes to financial statements.

American Funds Insurance Series **290**

------

Notes to financial statements unaudited

1. Organization

American Funds Insurance Series (the "series") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company with 42 different funds ("the funds"), including 24 funds in the series covered in this report. The series consists of 41 diversified funds and one nondiversified fund: U.S. Small and Mid Cap Equity Fund. The other 18 funds in the series are covered in separate reports. Thirteen funds in the series are covered in the American Funds Insurance Series - Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company ("CRMC") is the series' investment adviser. Milliman Financial Risk Management LLC ("Milliman FRM") is the subadviser for the risk management strategy for eight of the funds (the "managed risk funds"), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the "underlying funds") and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments – primarily exchange-traded options and futures contracts – to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund covered in this report are as follows:

**Global Growth Fund** – To provide long-term growth of capital.

**Global Small Capitalization Fund** – To provide long-term growth of capital.

**Growth Fund** – To provide growth of capital.

**International Fund** – To provide long-term growth of capital.

**NewWorld Fund** – To provide long-term capital appreciation.

**Washington Mutual Investors Fund** – To produce income and to provide an opportunity for growth of principal consistent with sound common stock investing.

**U.S. Small and Mid Cap Equity Fund** – To provide capital appreciation.

**CapitalWorld Growth and Income Fund** – To provide long-term growth of capital while providing current income.

**Growth-Income Fund** – To achieve long-term growth of capital and income.

**International Growth and Income Fund** – To provide long-term growth of capital while providing current income.

**Capital Income Builder** – The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.

**Asset Allocation Fund** – To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

**American Funds Global Balanced Fund** – Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.

**The Bond Fund of America** – To provide as high a level of current income as is consistent with the preservation of capital.

**CapitalWorld Bond Fund** – To provide, over the long term, a high level of total return consistent with prudent investment management.

**291** American Funds Insurance Series

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**American High-Income Trust** – The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.

**American Funds Mortgage Fund** – To provide current income and preservation of capital.

**Ultra-Short Bond Fund** – To provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.

**U.S. Government Securities Fund**– To provide a high level of current income consistent with prudent investment risk and preservation of capital.

**Managed Risk Growth Fund** – To provide growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk International Fund** – To provide long-term growth of capital while seeking to manage volatility and provide downside protection.

**Managed RiskWashington Mutual Investors Fund** – To produce income and to provide an opportunity for growth of principal consistent with sound common stock investing while seeking to manage volatility and provide downside protection.

**Managed Risk Growth-Income Fund** – To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

**Managed Risk Asset Allocation Fund** – To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

2. Significant accounting policies

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB"). Each fund's financial statements have been prepared to comply with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles require the series' investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

**Operating segments** – Each fund represents a single operating segment as the operating results of each fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that are executed by the fund's portfolio management team. A senior executive team comprised of the funds' Principal Executive Officer and Principal Financial Officer, serves as the funds' chief operating decision maker ("CODM"), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess each fund's profits and losses and to make resource allocation decisions. Segment assets are reflected in the statement of assets and liabilities as net assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

American Funds Insurance Series **292**

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**Security transactions and related investment income** – Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

**Fees and expenses** – The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

**Class allocations** – Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

**Distributions paid to shareholders** – Income dividends and capital gain distributions are recorded on each fund's ex-dividend date.

**Currency translation** – Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds' statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

**New accounting pronouncements** – In December 2023, the FASB issued Accounting Standards Update 2023-09 ("the ASU"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the ASU and its impact to the financial statements.

3. Valuation

CRMC, the series' investment adviser, values the funds' investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

**Methods and inputs** – The series' investment adviser uses the following methods and inputs to establish the fair value of each fund's assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.

**293** American Funds Insurance Series

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Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.

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| | |
|:---|:---|
| **Fixed-income class** | **Examples of standard inputs** |
| &nbsp;&nbsp;&nbsp;&nbsp; All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as "standard inputs") |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed; asset-backed obligations | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal securities | Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts |

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Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series' investment adviser. The Capital Group Central Corporate Bond Fund ("CCBF"), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund ("CCF"), a fund within the Capital Group Central Fund Series (collectively the "Central Funds"), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund's portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds' statements of additional information. The State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures on the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor. Swaps and over-the-counter (OTC) options are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, exchange rates, implied option volatilites, and terms of the contract.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series' investment adviser are fair valued as determined in good faith under fair value guidelines adopted by the series' investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

American Funds Insurance Series **294**

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**Processes and structure** – The series' board of trustees has designated the series' investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "Committee") to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser's valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser's global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The series' board and audit committee also regularly review reports that describe fair value determinations and methods.

**Classifications** – The series' investment adviser classifies the funds' assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities.

The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The funds' valuation levels as of June 30, 2025, were as follows (dollars in thousands):

Global Growth Fund

As of June 30, 2025, all of the fund's investment securities were classified as Level 1.

Global Small Capitalization Fund

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities**  | **Investment securities**  | **Investment securities**  | **Investment securities**  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | $689754 | $– | $– | $689754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 473223 |  |  | 473223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 403781 |  | 428 | 404209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 382656 |  |  | 382656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 353674 |  |  | 353674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 181377 |  |  | 181377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 134493 |  |  | 134493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 79192 |  |  | 79192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 76756 |  |  | 76756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 76013 |  |  | 76013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 58664 |  |  | 58664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | 9138 |  | 14522 | 23660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks | 13046 |  |  | 13046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible bonds & notes |  | 4039 |  | 4039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 161954 |  |  | 161954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $3093721 | $4039 | $14950 | $3112710 |

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**295** American Funds Insurance Series

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Growth Fund

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities**  | **Investment securities**  | **Investment securities**  | **Investment securities**  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $13898317 | $– | $5985 | $13904302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 10248832 |  |  | 10248832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 7058073 |  |  | 7058073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 5661824 |  | 9825 | 5671649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 5401182 |  | 2633 | 5403815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 4094384 |  |  | 4094384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 1049326 |  | 2671 | 1051997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 1016036 |  |  | 1016036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 726868 |  |  | 726868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 358047 |  |  | 358047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 309468 |  |  | 309468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities |  |  | 146802 | 146802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants |  |  | 22672 | 22672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks | 4131 |  | 686 | 4817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 1569711 |  |  | 1569711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $51396199 | $– | $191274 | $51587473 |

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International Fund

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities**  | **Investment securities**  | **Investment securities**  | **Investment securities**  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | $1316771 | $– | $– | $1316771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 1183785 |  |  | 1183785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 951942 |  | 6168 | 958110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 655458 |  |  | 655458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 650213 |  |  | 650213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 621389 |  |  | 621389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 567220 |  |  | 567220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 430268 |  |  | 430268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 396129 |  |  | 396129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 116308 |  |  | 116308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | 32903 |  | 565 | 33468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants |  |  | – \* | – \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 330868 |  |  | 330868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $7253254 | $– | $6733 | $7259987 |

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\*Amount less than one thousand.

American Funds Insurance Series **296**

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New World Fund

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities**  | **Investment securities**  | **Investment securities**  | **Investment securities**  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | $704693 | $2554 | $– \* | $707247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 676770 |  | 493 | 677263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 450359 |  |  | 450359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 412982 |  |  | 412982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 363276 |  |  | 363276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 228078 |  |  | 228078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 224042 |  |  | 224042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 183568 |  | – \* | 183568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 83019 |  | – \* | 83019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 63806 |  |  | 63806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 51736 |  |  | 51736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | 18723 |  | 8801 | 27524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants |  | 26 |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks | 183 |  |  | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments |  | 127378 |  | 127378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 151987 | 450 |  | 152437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $3613222 | $130408 | $9294 | $3752924 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments<sup>†</sup>**  | **Other investments<sup>†</sup>**  | **Other investments<sup>†</sup>**  | **Other investments<sup>†</sup>**  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $65 | $– | $– | $65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on open forward currency contracts |  | 90 |  | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (4) |  |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward currency contracts |  | (168) |  | (168) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $61 | $(78) | $– | $(17) |

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\*Amount less than one thousand.

<sup>†</sup>Futures contracts and forward currency contracts are not included in the fund's investment portfolio.

Washington Mutual Investors Fund

As of June 30, 2025, all of the fund's investment securities were classified as Level 1.

U.S. Small and Mid Cap Equity Fund

As of June 30, 2025, all of the fund's investment securities were classified as Level 1.

**297** American Funds Insurance Series

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Capital World Growth and Income Fund

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities**  | **Investment securities**  | **Investment securities**  | **Investment securities**  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $427048 | $– | $– | $427048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 316727 |  | – \* | 316727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 302352 |  |  | 302352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 181256 |  |  | 181256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 168013 |  |  | 168013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 165844 |  |  | 165844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 120918 |  |  | 120918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 104031 | 1918 |  | 105949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 79674 |  |  | 79674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 32792 | 976 |  | 33768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 15467 |  |  | 15467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | 5091 |  |  | 5091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments |  | 1506 |  | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 84375 |  |  | 84375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $2003588 | $4400 | $– \* | $2007988 |

---

\*Amount less than one thousand.

Growth-Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities**  | **Investment securities**  | **Investment securities**  | **Investment securities**  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $11838678 | $– | $– | $11838678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 6589703 |  |  | 6589703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 5204392 |  |  | 5204392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 4605290 |  |  | 4605290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 3953251 |  |  | 3953251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 3823894 |  |  | 3823894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 1335169 |  |  | 1335169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 1274412 |  |  | 1274412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 1159101 |  |  | 1159101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 838420 |  |  | 838420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 751153 |  |  | 751153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments |  | 988 |  | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 1261375 |  |  | 1261375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $42634838 | $988 | $– | $42635826 |

---

American Funds Insurance Series **298**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

International Growth and Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities**  | **Investment securities**  | **Investment securities**  | **Investment securities**  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | $95865 | $– | $– \* | $95865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 63371 |  |  | 63371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 44238 |  |  | 44238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 34875 |  |  | 34875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 32588 |  |  | 32588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 28978 |  |  | 28978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 25844 |  |  | 25844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 20585 |  | – \* | 20585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 18005 |  | – \* | 18005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 10944 |  |  | 10944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 4179 |  |  | 4179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | 174 |  |  | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 16518 |  |  | 16518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $396164 | $– | $– \* | $396164 |

---

\*Amount less than one thousand.

Capital Income Builder

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities**  | **Investment securities**  | **Investment securities**  | **Investment securities**  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | $233645 | $– | $– \* | $233645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 152382 |  |  | 152382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 135755 |  |  | 135755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 134741 |  |  | 134741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 126930 |  |  | 126930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 82013 | 866 |  | 82879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 76037 |  |  | 76037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 72713 |  |  | 72713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 55015 |  |  | 55015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 53644 |  |  | 53644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 50592 |  |  | 50592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks | 6728 |  |  | 6728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations |  | 87131 | 100 | 87231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 77098 |  | 77098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds, notes & loans |  | 38408 | 262 | 38670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed obligations |  | 14904 |  | 14904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds & notes of governments & government agencies outside the U.S. |  | 805 |  | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipals |  | 336 |  | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment funds | 32235 |  |  | 32235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 130855 |  |  | 130855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1343285 | $219548 | $362 | $1563195 |

---

Refer to the next page for footnote(s).

**299** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $1481 | $– | $– | $1481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 243 |  | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared credit default swaps |  | 12 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (72) |  |  | (72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | – \* |  | – \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1409 | $255 | $– | $1664 |

---

\*Amount less than one thousand.

<sup>†</sup>Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

Asset Allocation Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $4662762 | $– | $– | $4662762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 3370748 |  | – \* | 3370748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2515815 |  |  | 2515815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 1937291 |  | 807 | 1938098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 1864589 |  | 13914 | 1878503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 1333988 |  | – \* | 1333988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 1196955 |  |  | 1196955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 1045984 |  |  | 1045984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 355595 |  | 498 | 356093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 147440 |  |  | 147440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 133008 |  |  | 133008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities |  |  | 647 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants | 54 |  | – \* | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks | 38180 |  |  | 38180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations |  | 2908850 |  | 2908850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds, notes & loans |  | 2009713 | 9271 | 2018984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 1906954 |  | 1906954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed obligations |  | 567592 |  | 567592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds & notes of governments & government agencies outside the U.S. |  | 37148 |  | 37148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipals |  | 22367 |  | 22367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment funds | 772826 |  |  | 772826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 1325620 |  |  | 1325620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $20700855 | $7452624 | $25137 | $28178616 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $24259 | $– | $– | $24259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (5521) |  |  | (5521) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared credit default swaps |  | (860) |  | (860) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $18738 | $(860) | $– | $17878 |

---

\*Amount less than one thousand.

<sup>†</sup>Futures contracts and credit default swaps are not included in the fund's investment portfolio.

American Funds Insurance Series **300**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Global Balanced Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $44529 | $– | $– | $44529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 42226 |  |  | 42226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 35996 |  |  | 35996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 34097 |  |  | 34097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 21542 |  |  | 21542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 19611 |  |  | 19611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 18188 |  |  | 18188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 17133 | 371 |  | 17504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 13084 |  |  | 13084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 9643 |  |  | 9643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 2881 |  |  | 2881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks | 2596 |  |  | 2596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds & notes of governments & government agencies outside the U.S. |  | 58518 |  | 58518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds, notes & loans |  | 25698 |  | 25698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations |  | 23721 |  | 23721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 19996 |  | 19996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed obligations |  | 2436 |  | 2436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipals |  | 127 |  | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal agency bonds & notes |  | 116 |  | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment funds | 4121 |  |  | 4121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 22973 | 191 |  | 23164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $288620 | $131174 | $– | $419794 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on options purchased (futures style) | $7 | $– | $– | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | 338 |  |  | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on open forward currency contracts |  | 280 |  | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 126 |  | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on bilateral interest rate swaps |  | 60 |  | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared credit default swaps |  | 8 |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on options written (futures style) | (5) |  |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (57) |  |  | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward currency contracts |  | (601) |  | (601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared interest rate swaps |  | (5) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on bilateral interest rate swaps |  | (284) |  | (284) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared credit default swaps |  | (32) |  | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $283 | $(448) | $– | $(165) |

---

\*Options purchased (futures style), options written, future contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment

portfolio.

**301** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Bond Fund of America

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations | $– | $3790654 | $1423 | $3792077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds, notes & loans |  | 3612824 | 7595 | 3620419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 2148907 |  | 2148907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed obligations |  | 594080 |  | 594080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipals |  | 160265 |  | 160265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds & notes of governments & government agencies outside the U.S. |  | 116286 |  | 116286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal agency bonds & notes |  | 11725 |  | 11725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks |  | 14 |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 745797 |  |  | 745797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $745797 | $10434755 | $9018 | $11189570 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments<sup>\*</sup>** | **Other investments<sup>\*</sup>** | **Other investments<sup>\*</sup>** | **Other investments<sup>\*</sup>** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $44636 | $– | $– | $44636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on open forward currency contracts |  | 637 |  | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 1464 |  | 1464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on bilateral interest rate swaps |  | 2806 |  | 2806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared credit default swaps |  | 461 |  | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (3297) |  |  | (3297) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward currency contracts |  | (2964) |  | (2964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared interest rate swaps |  | (3389) |  | (3389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on bilateral interest rate swaps |  | (1761) |  | (1761) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared credit default swaps |  | (2599) |  | (2599) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $41339 | $(5345) | $– | $35994 |

---

\*Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

American Funds Insurance Series **302**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CapitalWorld Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euros | $– | $330337 | $– | $330337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese yen |  | 129364 |  | 129364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British pounds |  | 67533 |  | 67533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazilian reais |  | 38886 |  | 38886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian dollars |  | 30396 |  | 30396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australian dollars |  | 30298 |  | 30298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korean won |  | 25218 |  | 25218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chinese yuan renminbi |  | 23928 |  | 23928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysian ringgits |  | 22767 |  | 22767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexican pesos |  | 16479 |  | 16479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indian rupees |  | 15703 |  | 15703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesian rupiah |  | 9657 |  | 9657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norwegian kroner |  | 6698 |  | 6698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South African rand |  | 6637 |  | 6637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danish kroner |  | 6546 |  | 6546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polish zloty |  | 3940 |  | 3940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chilean pesos |  | 2739 |  | 2739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkish lira |  | 1942 |  | 1942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombian pesos |  | 1052 |  | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Czech korunas |  | 851 |  | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. dollars |  | 643452 | 690 | 644142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities |  |  | 68 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks | 1781 | 6 | 45 | 1832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment funds | 22047 |  |  | 22047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 34518 | 2878 |  | 37396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased on foreign currencies (equity style) |  | 35 |  | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $58346 | $1417342 | $803 | $1476491 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on options purchased (futures style) | $64 | $– | $– | $64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | 3955 |  |  | 3955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on open forward currency contracts |  | 3338 |  | 3338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 1002 |  | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on bilateral interest rate swaps |  | 522 |  | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared credit default swaps |  | 15 |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value of options written (equity style) |  | (12) |  | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on options written (futures style) | (39) |  |  | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (616) |  |  | (616) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward currency contracts |  | (3277) |  | (3277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared interest rate swaps |  | (494) |  | (494) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on bilateral interest rate swaps |  | (3690) |  | (3690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared credit default swaps |  | (424) |  | (424) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $3364 | $(3020) | $– | $344 |

---

\* Options purchased (futures style), options written, futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

**303** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American High-Income Trust

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds, notes & loans | $– | $873946 | $3291 | $877237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | 430 | 603 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible bonds & notes |  | 447 |  | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks | 35992 | 802 | 22325 | 59119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities |  | 2515 | 1468 | 3983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants | 47 |  |  | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 45170 |  |  | 45170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $81209 | $878140 | $27687 | $987036 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments<sup>1</sup>** | **Other investments<sup>1</sup>** | **Other investments<sup>1</sup>** | **Other investments<sup>1</sup>** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $197 | $– | $– | $197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared credit default swaps |  | –<sup>2</sup> |  | –<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (59) |  |  | (59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared credit default swaps |  | (482) |  | (482) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $138 | $(482) | $– | $(344) |

---

<sup>1</sup>Futures contracts and credit default swaps are not included in the fund's investment portfolio.

<sup>2</sup>Amount less than one thousand.

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the year ended June 30, 2025 (dollars in thousands):

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Beginning**<br> **value at**<br> **1/1/2025** | **Transfers**<br> **into**<br> **Level 3** | <br>**<sup>3</sup>**  | **Purchases** | **Sales** | **Net**<br> **realized**<br> **gain (loss)** | <br>**<sup>4</sup>**  | **Unrealized**<br> **appreciation**<br> (depreciation) | <br>**<sup>4</sup>**  | **Transfers**<br> **out of**<br> **Level 3** | **Ending** <br> **value at** <br> **6/30/2025**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities | $36440 | $1869 |  | $6147 | $(4347) | $390 |  | $(9061) |  | $(3751) | $27687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | $(6171) |

---

<sup>3</sup>Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

<sup>4</sup>Net realized gain and unrealized depreciation are included in the related amounts on investments in the fund's statement of operations.

American Funds Insurance Series **304**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Unobservable inputs** – Valuation of the fund's Level 3 securities is based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund's investment adviser to fair value the fund's Level 3 securities (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Value at**<br> **6/30/2025** | **Valuation**<br> **techniques** | **Unobservable**<br> **inputs** | **Range**<br> **(if applicable)** | **Weighted**<br> **average\*** | **Impact to**<br> **valuation from**<br> **an increase in**<br> **input<sup>†</sup>**  |
|  Bonds, notes & other<br> debt instruments |  | Estimated<br> recovery value | Expected proceeds | Not applicable | Not applicable | Not applicable |
|  Bonds, notes & other<br> debt instruments |  | Estimated<br> recovery value | <br> De minimis | Not applicable | Not applicable | Not applicable |
|  Bonds, notes & other<br> debt instruments | $3894 | Transaction | <br> Transaction price | Not applicable | Not applicable | Not applicable |
|  Bonds, notes & other<br> debt instruments |  | Indicative market<br>quotation | <br> Broker quote | Not applicable | Not applicable | Not applicable |
|  |  | Estimated<br>recovery value | Expected proceeds | Not applicable | Not applicable | Not applicable |
|  |  | Estimated<br>recovery value | <br> Discount for uncertainty | 20% | 20% | Decrease |
|  |  | Estimated<br>recovery value | <br> De minimis | Not applicable | Not applicable | Not applicable |
|  Common stocks | $22325 | Market<br>comparables | EV/EBITDA multiple | 5.9x - 10.0x | 8.1x | Increase |
|  Common stocks | $22325 | Market<br>comparables | <br> EV/EBITDA-CAPEX multiple | 9.9x | 9.9x | Increase |
|  |  | Market<br>comparables | <br> Premium to EV/EBITDA-CAPEX multiple | 5% | 5% | Increase |
|  |  | Market<br>comparables | <br> P/BV multiple | 0.7x | 0.7x | Increase |
|  |  | Market<br>comparables | <br> Premium to P/BV multiple | 40% | 40% | Increase |
|  |  |  | <br> DLOM | 9% - 15% | 9% | Decrease |
|  Preferred securities | $1468 | Market<br> comparables | EV/EBITDA multiple | 4.4x | 4.4x | Increase |
|  Preferred securities | $1468 | Market<br> comparables | <br> DLOM | 15% | 15% | Decrease |
|  | $27687 |  |  |  |  |  |

---

\* Weighted average is by relative fair value.

<sup>†</sup> This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

#### Key to abbreviations
CAPEX = Capital expenditures

DLOM = Discount for lack of marketability

EBITDA = Earnings before interest, taxes, depreciation and amortization

EV = Enterprise value

P/BV = Price to book value

American Funds Mortgage Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations | $– | $105527 | $– | $105527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 5070 |  | 5070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed obligations |  | 1603 |  | 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities |  | 20107 |  | 20107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased on futures (equity style) | 5 |  |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $5 | $132307 | $– | $132312 |

---

**305** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $603 | $– | $– | $603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 101 |  | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (24) |  |  | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared interest rate swaps |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $579 | $100 | $– | $679 |

---

\*Futures contracts and interest rate swaps are not included in the fund's investment portfolio.

Ultra-Short Bond Fund

As of June 30, 2025, all of the fund's investment securities were classified as Level 2.

U.S. Government Securities Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations | $– | $844043 | $– | $844043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 686092 |  | 686092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal agency bonds & notes |  | 51206 |  | 51206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities |  | 307019 |  | 307019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased on futures (equity style) | 206 |  |  | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $206 | $1888360 | $– | $1888566 |
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $9883 | $– | $– | $9883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 14278 |  | 14278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (404) |  |  | (404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared interest rate swaps |  | (2762) |  | (2762) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $9479 | $11516 | $– | $20995 |

---

\*Futures contracts and interest rate swaps are not included in the fund's investment portfolio.

Managed Risk Growth Fund

As of June 30, 2025, all of the fund's investments were classified as Level 1.

Managed Risk International Fund

As of June 30, 2025, all of the fund's investments were classified as Level 1.

Managed Risk Washington Mutual Investors Fund

As of June 30, 2025, all of the fund's investments were classified as Level 1.

Managed Risk Growth-Income Fund

As of June 30, 2025, all of the fund's investments were classified as Level 1.

Managed Risk Asset Allocation Fund

As of June 30, 2025, all of the fund's investments were classified as Level 1.

American Funds Insurance Series **306**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. Risk factors

Investing in the funds may involve certain risks including, but not limited to, those described below.

**Market conditions** – The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; levels of public debt and deficits; changes in inflation rates; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease), bank failures and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund's investments may be negatively affected by developments in other countries and regions.

**Issuer risks** – The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

**Investing in income-oriented stocks** – The value of a fund's securities and income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.

**Investing in growth-oriented stocks** – Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

**Investing in small companies** – Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

**Investing in small and mid-capitalization companies** – Investing in small and mid-capitalization companies may pose additional risks. For example, it is often more difficult to value or dispose of smaller company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

**Investing outside the U.S.** – Securities of issuers domiciled outside the U.S. or with significant operations or revenues outside the U.S., and securities tied economically to countries outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled, operate or generate revenue or to which the securities are tied economically. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on

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interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund's portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

**Investing in developing countries** – Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in developing countries may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in developed countries are subject. A fund's rights with respect to its investments in developing countries, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, developing countries are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in emerging markets** – Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. A fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in debt instruments** – The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage-or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from a fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of a fund's securities could cause the value of a fund's shares to decrease. Lower quality debt securities generally have

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higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

**Investing in lower rated debt instruments** – Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer's creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

**Investing in derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause a fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund's use of derivatives may result in losses to the fund, and investing in derivatives may reduce a fund's returns and increase a fund's price volatility. A fund's counterparty to a derivative transaction (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

**Currency** – The prices of, and the income generated by, many debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund's securities denominated in such currencies would generally fall and vice versa.

**Investing in mortgage-related and other asset-backed securities** – Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans or receivables and equipment leases. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund's net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund's cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

**Investing in future delivery contracts** – A fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve a fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase a fund's market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While a fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of a fund.

**Investing in inflation-linked bonds** – The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates – i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security's inflation measure.

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Investing in inflation-linked bonds may also reduce a fund's distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to a fund.

**Investing in securities backed by the U.S. government** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause the fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets.

Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

**Investing in repurchase agreements** – Upon entering into a repurchase agreement, a fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund's cost with interest. The security purchased by the fund constitutes collateral for the seller's repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.

**Interest rate risk** – The values and liquidity of the securities held by a fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. A fund may invest in variable and floating rate securities. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of a fund's shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield or total return and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

**Credit and liquidity support** – Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.

**Asset allocation** – A fund's percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

**Liquidity risk** – Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.

**Nondiversification** – The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund's investment results.

**Management** – The investment adviser to the funds actively manages the funds' investments. Consequently, the funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

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Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.

**Fund structure** – The managed risk funds invest in underlying funds and incur expenses related to those underlying funds. In addition, investors in the managed risk funds will incur fees to pay for certain expenses related to the operations of the managed risk funds. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund's investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of the fund or choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.

**Management –** The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. This could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

**Underlying fund risks** – Because the managed risk funds' investments consist of investments in underlying funds, the managed risk funds' risks are directly related to the risks of the respective underlying fund in which each managed risk fund invests. For this reason, it is important to understand the risks associated with investing both in the managed risk fund and in each of the underlying funds.

**Investing in options and futures contracts –** In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund's investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

**Hedging –** There may be imperfect or even negative correlation between the prices of the options and futures contracts in which a fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund's investment in exchange-traded options and futures and their resulting costs could limit the fund's gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general.

**Short positions** – The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

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5. Certain investment techniques

**Securities lending** – Some of the funds have entered into securities lending transactions in which the funds earn income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund's investment portfolio. The same amount is recorded as a liability in the fund's statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Collateral received** | **Collateral received** | |
| <br> **Funds** |<br>**Value of**<br> **investment**<br> **securities**<br> **on loan** | **Cash** | **U.S. government**<br> **securities** |<br>**Value of**<br> **investment**<br> **securities**<br> **purchased** |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Fund | $11 | $– | $12 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | 21033 | 21824 | 154 | 19642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Fund | 137026 | 140364 |  | 126327 |
| &nbsp;&nbsp;&nbsp;&nbsp; NewWorld Fund | 7151 | 4784 | 2898 | 4306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual Investors Fund | 4 | 5 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Small and Mid Cap Equity Fund | 7 | 7 |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitalWorld Growth and Income Fund | 8902 | 8988 | 484 | 8089 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | 891 | 937 | 2 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | 16714 | 17540 |  | 15786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation Fund | 2306 | 2353 |  | 2118 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Global Balanced Fund | 1472 | 1545 |  | 1391 |

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Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.

**Index-linked bonds** – Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund's statement of operations.

**Mortgage dollar rolls** – Some of the funds have entered into mortgage dollar roll transactions of TBA securities in which the fund sells a TBA mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar TBA security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions and may result in an increase to the fund's portfolio turnover rate. Portfolio turnover rates excluding and including mortgage dollar rolls are presented at the end of the financial highlights tables.

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**Loan transactions** – Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder's portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan's interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

**Short-term securities** – The managed risk funds hold shares of State Street Institutional U.S. Government Money Market Fund, a cash management vehicle offered and managed by State Street Bank and Trust Company.

**Unfunded commitments** – Global Small Capitalization Fund, Asset Allocation Fund, CapitalWorld Bond Fund and American High-Income Trust have participated in transactions that involve unfunded commitments, which may obligate each fund to purchase new or additional bonds and/or purchase additional shares of the applicable issuer if certain contingencies are met. As of June 30, 2025, the maximum exposure from these unfunded commitments for Global Small Capitalization Fund, Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust was $490,000, $3,151,000, $8,000 and $1,158,000, respectively, which would represents 0.02% for Global Small Capitalization Fund, 0.01% for Asset Allocation Fund, less than 0.01% for CapitalWorld Bond Fund and 0.05% for American High-Income Trust, respectively, of the net assets of each fund should such commitments become due. Unrealized appreciation on these unfunded commitments was less than $1,000 for CapitalWorld Bond Fund, $2,000 for Asset Allocation Fund and $1,000 for American High-Income Trust, and is disclosed as unrealized appreciation on unfunded commitments in each fund's statement of assets and liabilities. Unrealized appreciation is included in net unrealized appreciation (depreciation) on investments in unaffiliated issuers in each fund's statement of operations.

**Option contracts** – Some of the funds have entered into option contracts, which give the purchaser of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the instrument or index underlying the option) at a specified exercise price. The writer of an option has the obligation, upon exercise of the option, to cash settle or deliver the underlying instrument or index upon payment of the exercise price (in the case of a call) or to cash settle or take delivery of the underlying instrument or index and pay the exercise price (in the case of a put).

By purchasing a put option, the fund obtains the right (but not the obligation) to sell the instrument underlying the option (or to deliver the cash value of the instrument or index underlying the option) at a specified exercise price. In return for this right, the fund pays the current market price, or the option premium, for the option. The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire amount of the premium paid. If the option is exercised, the fund completes the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right (but not the obligation) to purchase, rather than sell, the underlying instrument (or the cash value of the index underlying the option) at the specified exercise price. The buyer of a call option typically attempts to participate in potential price increases of the underlying instrument or index with risk limited to the cost of the option if the price of the underlying instrument or index falls. At the same time, the call option buyer can expect to suffer a loss if the price of the underlying instrument or index does not rise sufficiently to offset the cost of the option.

The writer of a put or call option takes the opposite side of the transaction from the option purchaser. In return for receipt of the option premium, the writer assumes the obligation to pay or receive the exercise price for the option's underlying instrument or index if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by entering into opposing close-out transactions in advance of the option expiration date. If the market for the relevant put option is not liquid, however, the writer must be prepared to pay the exercise price while the option is outstanding, regardless of price changes. Writing a call option obligates the writer to, upon exercise of the option, deliver the option's underlying instrument in return for the exercise price or to make a net cash settlement payment, as applicable. The characteristics of writing call options are similar to those of writing put options, except that writing call options is generally a profitable strategy if prices remain the same or fall. The potential gain for the option seller in such a transaction would be capped at the premium received.

Option contracts can be either equity style (premium is paid in full when the option is opened) or futures style (premium moves as part of variation margin over the life of the option, and is paid in full when the option is closed). For equity style options, premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in each

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fund's statement of asset and liabilities, and premiums received on options written, as well as the daily fluctuation in market value, are included in options written at value in each fund's statement of assets and liabilities. The net realized gains or losses and net unrealized appreciation or depreciation from equity style options are recorded in investments for purchased options and in options written for written options in the fund's statement of operations and statement of changes in net assets.

For futures style options, on a daily basis for both purchased and written options, the fund pays or receives variation margin based on the premium paid and the daily fluctuation in market value, and records variation margin in the statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. The net realized gains or losses and net unrealized appreciation or depreciation from futures style options are recorded in options purchased (futures style) in the fund's statement of operations and statement of changes in net assets.

Option contracts can take different forms. Some of the funds have entered into the following types of options contracts:

**Options on equity indexes** – As part of their managed risk strategy, the managed risk funds will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities.

**Options on futures** – Some of the funds have entered into options on future contracts to seek to manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. An option on a futures contract gives the purchaser of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price on or before the specified expiration date.

**Options on foreign currencies** – One of the funds has entered into options on foreign currencies to seek to protect against changes in currency exchange rates, to increase exposure to a particular foreign currency, to shift exposure to currency fluctuations from one currency to another or to seek to increase returns. An option on a foreign currency gives the holder of the option the right to buy or sell a foreign currency from or to the writer of the option, at a specified price on or before the specified expiration date.

**Futures contracts** – Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. For the managed risk funds, futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund's open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant ("FCM"), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund's statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund's statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund's statement of operations.

**Forward currency contracts** – Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series' investment adviser uses forward currency contracts to manage the fund's exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the series' investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in each fund's statement of assets and liabilities. Realized gains or losses are recorded at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund's statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund's statement of operations.

American Funds Insurance Series **314** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Swap contracts** – Some of the funds have entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant's swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the funds enter into bilaterally negotiated swap transactions, the funds will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the funds are required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the funds' statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the funds' statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The funds record realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the funds' statement of operations.

Swap agreements can take different forms. Some of the funds have entered into the following types of swap agreements:

**Interest rate swaps** – Some of the funds have entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the funds or a portion of the funds' portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark. In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the funds' current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.

**Credit default swap indices** – Some of the funds have entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as "CDSIs"), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

The funds may enter into a CDSI transaction as either protection buyer or protection seller. If the funds are protection buyers, they would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the funds, as protection buyers, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As protection sellers, the funds would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the funds, coupled with the periodic payments previously received by the funds, may be less than the full notional value that the funds, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the funds. Furthermore, as protection sellers, the funds would effectively add leverage to their portfolio because it would have investment exposure to the notional amount of the swap transaction.

**315** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following table presents the average month-end notional amounts of options on futures, options on foreign currencies, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Options**<br>**on**<br>**futures** | **Options**<br>**on**<br>**foreign currencies** | **Futures**<br>**contracts** | **Forward**<br>**currency**<br>**contracts** | **Interest**<br>**rate**<br>**swaps** | **Credit** <br>**default** <br>**swaps**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NewWorld Fund | Not applicable | Not applicable | $15751 | $19587 | $1702 \* | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | Not applicable | Not applicable | Not applicable | 645 \* | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | Not applicable | Not applicable | 165704 | Not applicable | 7379 | 5160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation Fund | Not applicable | Not applicable | 2375438 | Not applicable | 585466 \* | 58451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Balanced Fund | $13706 | Not applicable | 49536 | 67771 | 17473 | 7108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America | Not applicable | Not applicable | 5974302 | 234959 | 627191 | 145756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitalWorld Bond Fund | 72254 | $20561 | 669768 | 490321 | 255025 | 92993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American High-Income Trust | Not applicable | Not applicable | 40053 | Not applicable | Not applicable | 14703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Mortgage Fund | 25546 | Not applicable | 101434 | Not applicable | 1820 | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Securities Fund | 900592 | Not applicable | 2057761 | Not applicable | 1084428 | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth Fund | 429063 | Not applicable | 1746 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed Risk International Fund | 84769 | Not applicable | 573 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed RiskWashington Mutual Investors Fund | 265317 | Not applicable | 3801 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth-Income Fund | 2964611 | Not applicable | 59458 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Asset Allocation | 353919 | Not applicable | 35924 | Not applicable | Not applicable | Not applicable |

---

\*No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.

American Funds Insurance Series **316**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following tables identify the location and fair value amounts on each fund's statement of assets and liabilities and/or the effect on each fund's statement of operations resulting from each fund's use of options, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the six months ended, June 30, 2025 (dollars in thousands):

New World Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br> **Contracts** | <br> **Risk type** | **Location on statement of**<br> **assets and liabilities**  | **Value** | **Location on statement of**<br> **assets and liabilities**  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Unrealized appreciation<sup>1</sup> | $65 | Unrealized depreciation<sup>1</sup> | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency | Unrealized appreciation on open forward currency contracts | 90 | Unrealized depreciation on open forward currency contracts | 168 |
|  |  |  | <u>$155</u> |  | <u>$172</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **operations** | **Value** | **Location on statement of**<br> **operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Net realized gain (loss) on futures contracts | $50 | Net unrealized appreciation (depreciation) on futures contracts | $50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency | Net realized gain (loss) on forward currency contracts | (253) | Net unrealized appreciation (depreciation) on forward currency contracts | (158) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Net realized gain (loss) on swap contracts | (88) | Net unrealized appreciation (depreciation) on swap contracts | 104 |
|  |  |  | <u>$(291)</u> |  | <u>$(4)</u> |
| Capital Income Builder | Capital Income Builder |  |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities**  | **Value** | **Location on statement of**<br> **assets and liabilities**  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Unrealized appreciation<sup>1</sup> | $1481 | Unrealized depreciation<sup>1</sup> | $72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Unrealized appreciation<sup>1</sup> | 243 | Unrealized depreciation<sup>1</sup> | –<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit | Unrealized appreciation<sup>1</sup> | 12 | Unrealized depreciation<sup>1</sup> |  |
|  |  |  | <u>$1736</u> |  | <u>$72</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of operations** | **Value** | **Location on statement of operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Net realized gain (loss) on futures contracts | $(329) | Net unrealized appreciation (depreciation) on futures contracts | $2387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Net realized gain (loss) on swap contracts | 51 | Net unrealized appreciation (depreciation) on swap contracts | (228) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit | Net realized gain (loss) on swap contracts | 9 | Net unrealized appreciation (depreciation) on swap contracts | 12 |
|  |  |  | <u>$(269)</u> |  | <u>$2171</u> |

---

Refer to the end of the table(s) for footnote(s).

**317** American Funds Insurance Series

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Asset Allocation Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br> **Contracts** | <br> **Risk type** | **Location on statement of**<br> **assets and liabilities**  | **Value** | **Location on statement of**<br> **assets and liabilities**  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Unrealized appreciation<sup>1</sup> | $24259 | Unrealized depreciation<sup>1</sup> | $5521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 860 |
|  |  |  | <u>$24259</u> |  | <u>$6381</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **operations** | **Value** | **Location on statement of**<br> **operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Net realized gain (loss) on futures contracts | $5194 | Net unrealized appreciation (depreciation) on futures contracts | $21662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Net realized gain (loss) on swap contracts | (439) | Net unrealized appreciation (depreciation) on swap contracts | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit | Net realized gain (loss) on swap contracts | (16) | Net unrealized appreciation (depreciation) on swap contracts | (1003) |
|  |  |  | <u>$4739</u> |  | <u>$20778</u> |
| American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities**  | **Value** | **Location on statement of**<br> **assets and liabilities**  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Unrealized appreciation<sup>1</sup> | $7 | Unrealized depreciation<sup>1</sup> | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written (futures style) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Unrealized appreciation<sup>1</sup> | 338 | Unrealized depreciation<sup>1</sup> | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency | Unrealized appreciation on open forward currency contracts | 280 | Unrealized depreciation on open forward currency contracts | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Unrealized appreciation<sup>1</sup> | 126 | Unrealized depreciation<sup>1</sup> | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (bilateral) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Bilateral swaps, at value | 60 | Bilateral swaps, at value | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit | Unrealized appreciation<sup>1</sup> | 8 | Unrealized depreciation<sup>1</sup> | 32 |
|  |  |  | <u>$819</u> |  | <u>$984</u> |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **318**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br> **Contracts** | <br> **Risk type** | **Location on statement of**<br> **operations** | **Value** | **Location on statement of**<br> **operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Net realized gain (loss) on options purchased (futures style) | $(44) | Net unrealized appreciation (depreciation) on options purchased (futures style) | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written (futures style) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Net realized gain (loss) on options written | 27 | Net unrealized appreciation (depreciation) on options written | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Net realized gain (loss) on futures contracts | (227) | Net unrealized appreciation (depreciation) on futures contracts | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency | Net realized gain (loss) on<br> forward currency contracts | (4788) | Net unrealized appreciation (depreciation) on forward currency contracts | (140) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Net realized gain (loss) on swap contracts | 24 | Net unrealized appreciation (depreciation) on swap contracts | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit | Net realized gain (loss) on swap contracts | (18) | Net unrealized appreciation (depreciation) on swap contracts | (19) |
|  |  |  | <u>$(5026)</u> |  | <u>$585</u> |
| The Bond Fund of America | The Bond Fund of America | The Bond Fund of America | The Bond Fund of America | The Bond Fund of America |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities**  | **Value** | **Location on statement of**<br> **assets and liabilities**  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Unrealized appreciation<sup>1</sup> | $44636 | Unrealized depreciation<sup>1</sup> | $3297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency | Unrealized appreciation on open<br> forward currency contracts | 637 | Unrealized depreciation on open forward currency contracts | 2964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Unrealized appreciation<sup>1</sup> | 1464 | Unrealized depreciation<sup>1</sup> | 3389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (bilateral) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Bilateral swaps, at value | 2806 | Bilateral swaps, at value | 1761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit | Unrealized appreciation<sup>1</sup> | 461 | Unrealized depreciation<sup>1</sup> | 2599 |
|  |  |  | <u>$50004</u> |  | <u>$14010</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **operations** | **Value** | **Location on statement of**<br> **operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Net realized gain (loss) on futures contracts | $(29364) | Net unrealized appreciation (depreciation) on futures contracts | $71589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency | Net realized gain (loss) on forward currency contracts | (8500) | Net unrealized appreciation (depreciation) on forward currency contracts | (4153) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | Net realized gain (loss) on swap contracts | 4209 | Net unrealized appreciation (depreciation) on swap contracts | 5700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit | Net realized gain (loss) on swap contracts | 977 | Net unrealized appreciation (depreciation) on swap contracts | (2152) |
|  |  |  | <u>$(32678)</u> |  | <u>$70984</u> |

---

Refer to the end of the table(s) for footnote(s).

**319** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Capital World Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br> **Contracts** | <br>**Risk type** | **Location on statement of**<br> **assets and liabilities**  | **Value** | **Location on statement of<br>assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style) | Currency | Investment securities | $35 | Investment securities | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written<br> (equity style) | Currency | Options written, at value |  | Options written, at value | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<br> (futures style) | Interest | Unrealized appreciation<sup>1</sup> | 64 | Unrealized depreciation<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written (futures style) | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | 3955 | Unrealized depreciation<sup>1</sup> | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 3338 | Unrealized depreciation on open forward currency contracts | 3277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally<br> cleared) | Interest | Unrealized appreciation<sup>1</sup> | 1002 | Unrealized depreciation<sup>1</sup> | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (bilateral) | Interest | Bilateral swaps, at value | 522 | Bilateral swaps, at value | 3690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally<br> cleared) | Credit | Unrealized appreciation<sup>1</sup> | 15 | Unrealized depreciation<sup>1</sup> | 424 |
|  |  |  | <u>$8931</u> |  | <u>$8552</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **operations**  | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<br> (equity style) | Interest | Net realized gain (loss) on investments | $(2) | Net unrealized appreciation (depreciation) on investments | $18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style) | Currency | Net realized gain (loss) on investments | 180 | Net unrealized appreciation (depreciation) on investments | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written<br> (equity style) | Currency | Net realized gain (loss) on options written | 52 | Net unrealized appreciation (depreciation) on options written | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<br> (futures style) | Interest | Net realized gain (loss) on options purchased (futures style) | (399) | Net unrealized appreciation (depreciation) on options purchased (futures style) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written<br> (futures style) | Interest | Net realized gain (loss) on options written | 245 | Net unrealized appreciation (depreciation) on options written | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain (loss) on futures contracts | (425) | Net unrealized appreciation (depreciation) on futures contracts | 5267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Net realized gain (loss) on forward currency contracts | 1112 | Net unrealized appreciation (depreciation) on forward currency contracts | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | Net realized gain (loss) on swap contracts | (205) | Net unrealized appreciation (depreciation) on swap contracts | 3337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Credit | Net realized gain (loss) on swap contracts | 609 | Net unrealized appreciation (depreciation) on swap contracts | (296) |
|  |  |  | <u>$1167</u> |  | <u>$8554</u> |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **320**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American High-Income Trust

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br> **Contracts** | <br>**Risk type** | **Location on statement of**<br> **assets and liabilities**  | **Value** | **Location on statement of assets<br>and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | $59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally<br> cleared) | Credit | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 482 |
|  |  |  |  |  | <u>$541</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **operations**  | **Value** | **Location on statement of**<br> **operations**  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | Interest | Net realized gain (loss) on futures contracts |  | Net unrealized appreciation (depreciation) on futures contracts | $214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Credit | Net realized gain (loss) on swap contracts |  | Net unrealized appreciation (depreciation) on swap contracts | (525) |
|  |  |  |  |  | <u>$(311)</u> |
| American Funds Mortgage Fund | American Funds Mortgage Fund | American Funds Mortgage Fund | American Funds Mortgage Fund | American Funds Mortgage Fund | American Funds Mortgage Fund |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities**  | **Value** | **Location on statement of assets<br>and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style) | Interest | Investment securities |  | Investment securities | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally<br> cleared) | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 1 |
|  |  |  |  |  | <u>$25</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **operations**  | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style) | Interest | Net realized gain (loss) on investments |  | Net unrealized appreciation (depreciation) on investments | $(7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain (loss) on futures contracts |  | Net unrealized appreciation (depreciation) on futures contracts | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | Net realized gain (loss) on swap contracts |  | Net unrealized appreciation (depreciation) on swap contracts | (41) |
|  |  |  |  |  | <u>$872</u> |

---

Refer to the end of the table(s) for footnote(s).

**321** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Government Securities Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br> **Contracts** | <br>**Risk type** | **Location on statement of**<br> **assets and liabilities**  | **Value** | **Location on statement of<br>assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style) | Interest | Investment securities | $206 | Investment securities | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | 9883 | Unrealized depreciation<sup>1</sup> | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 14278 | Unrealized depreciation<sup>1</sup> | 2762 |
|  |  |  | <u>$24367</u> |  | <u>$3166</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **operations**  | **Value** | **Location on statement of**<br> **operations**  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style) | Interest | Net realized gain (loss) on investments | $(336) | Net unrealized appreciation (depreciation) on investments | $(296) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain (loss) on futures contracts | 6752 | Net unrealized appreciation (depreciation) on futures contracts | 16396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | Net realized gain (loss) on swap contracts | 2638 | Net unrealized appreciation (depreciation) on swap contracts | (2276) |
|  |  |  | <u>$9054</u> |  | <u>$13824</u> |
| Managed Risk Growth Fund | Managed Risk Growth Fund | Managed Risk Growth Fund | Managed Risk Growth Fund | Managed Risk Growth Fund | Managed Risk Growth Fund |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities**  | **Value** | **Location on statement of<br>assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style) | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $3271 | Investment securities from unaffiliated issuers<sup>3</sup> | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Unrealized appreciation<sup>1</sup> | 66 | Unrealized depreciation<sup>1</sup> |  |
|  |  |  | <u>$3337</u> |  | <u>$6</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **operations**  | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style) | Equity | Net realized gain (loss) on investments in unaffiliated issuers | $(2283) | Net unrealized appreciation (depreciation) on investments in unaffiliated issuers | $15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | Net realized gain (loss) on futures contracts | (350) | Net unrealized appreciation (depreciation) on futures contracts | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Net realized gain (loss) on futures contracts | (14664) | Net unrealized appreciation (depreciation) on futures contracts | (397) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain (loss) on futures contracts | 8 | Net unrealized appreciation (depreciation) on futures contracts | 4 |
|  |  |  | <u>$(17289)</u> |  | <u>$(388)</u> |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **322**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Managed Risk International Fund

---

| | | | |
|:---|:---|:---|:---|
| | | **Assets** | **Liabilities** |
| <br> **Contracts** | <br>**Risk type** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style) | Equity Investment securities from unaffiliated issuers<sup>3</sup> | $481 Investment securities from unaffiliated issuers<sup>3</sup> | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity Unrealized appreciation<sup>1</sup> | – Unrealized depreciation<sup>1</sup> | 126 |
|  |  | $481 | $126 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br> **Contracts** | <br>**Risk type** | **Location on statement of**<br> **operations**  | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style) | Equity | Net realized gain (loss) on investments in unaffiliated issuers | $(561) | Net unrealized appreciation (depreciation) on investments in unaffiliated issuers | $(152) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | Net realized gain (loss) on futures contracts |  | Net unrealized appreciation (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Net realized gain (loss) on futures contracts | (6393) | Net unrealized appreciation (depreciation) on futures contracts | (230) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain (loss) on futures contracts | 6 | Net unrealized appreciation (depreciation) on futures contracts | 3 |
|  |  |  | <u>$(6948</u>) |  | <u>$(379)</u> |

---

Managed Risk Washington Mutual Investors Fund

---

| | | | |
|:---|:---|:---|:---|
| | | **Assets** | **Liabilities** |
| <br> **Contracts** | <br>**Risk type** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style) | Equity Investment securities from unaffiliated issuers<sup>3</sup> | $1203 Investment securities from unaffiliated issuers<sup>3</sup> | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity Unrealized appreciation<sup>1</sup> | 298 Unrealized depreciation<sup>1</sup> |  |
|  |  | $1501 | $– |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br> **Contracts** | <br>**Risk type** | **Location on statement of**<br> **operations**  | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style) | Equity | Net realized gain (loss) on investments in unaffiliated issuers | $(1416) | Net unrealized appreciation (depreciation) on investments in unaffiliated issuers | $(135) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | Net realized gain (loss) on futures contracts | (183) | Net unrealized appreciation (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Net realized gain (loss) on futures contracts | (9762) | Net unrealized appreciation (depreciation) on futures contracts | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain (loss) on futures contracts | 14 | Net unrealized appreciation (depreciation) on futures contracts | 8 |
|  |  |  | <u>$(11347</u>) |  | <u>$237</u> |

---

Refer to the end of the table(s) for footnote(s).

**323** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Managed Risk Growth-Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br> **Contracts** | <br>**Risk type** | **Location on statement of**<br> **assets and liabilities**  | **Value** | **Location on statement of<br>assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style) | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $14515 | Investment securities from unaffiliated issuers<sup>3</sup> | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Unrealized appreciation<sup>1</sup> | 3205 | Unrealized depreciation<sup>1</sup> |  |
|  |  |  | <u>$17720</u> |  | <u>$–</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **operations**  | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style) | Equity | Net realized gain (loss) on investments in unaffiliated issuers | $(14007) | Net unrealized appreciation (depreciation) on investments in unaffiliated issuers | $(1473) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | Net realized gain (loss) on futures contracts | (1347) | Net unrealized appreciation (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Net realized gain (loss) on futures contracts | (53591) | Net unrealized appreciation (depreciation) on futures contracts | 4197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain (loss) on futures contracts | 45 | Net unrealized appreciation (depreciation) on futures contracts | 25 |
|  |  |  | <u>$(68900)</u> |  | <u>$2749</u> |
|  Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk Type** | **Location on statement of**<br> **assets and liabilities**  | **Value** | **Location on statement of<br>assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style) | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $2833 | Investment securities from unaffiliated issuers<sup>3</sup> | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Unrealized appreciation<sup>1</sup> | 638 | Unrealized depreciation<sup>1</sup> |  |
|  |  |  | <u>$3471</u> |  | <u>$–</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **operations**  | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style) | Equity | Net realized gain (loss) on investments in unaffiliated issuers | $(1782) | Net unrealized appreciation (depreciation) on investments in unaffiliated issuers | $(299) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | Net realized gain (loss) on futures contracts | (513) | Net unrealized appreciation (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Net realized gain (loss) on futures contracts | (50070) | Net unrealized appreciation (depreciation) on futures contracts | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain (loss) on futures contracts | 709 | Net unrealized appreciation (depreciation) on futures contracts | 314 |
|  |  |  | <u>$(51656)</u> |  | <u>$1062</u> |

---

<sup>1</sup> Includes cumulative appreciation/depreciation on futures style options, futures contracts, centrally cleared interest rate swaps and/or centrally cleared credit default swaps as reported in the applicable table following each fund's investment portfolio. Only current day's variation margin is reported within each fund's statement of assets and liabilities. 

<sup>2</sup> Amount less than one thousand. 

<sup>3</sup> Includes options purchased as reported in each fund's investment portfolio.

American Funds Insurance Series **324**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Collateral** – Some funds either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of option contracts, futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For options on equity indexes, options on futures, futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For options on foreign currencies, forward currency contracts and bilateral swaps, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by counterparty. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund's investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund's custodian, which is reflected as pledged cash collateral in each fund's statement of assets and liabilities.

**Rights of offset** – Funds that hold forward currency contracts, options on foreign currencies and bilateral swaps have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counterparty) are settled net of each party's payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency ("close-out netting"). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.

The following tables present each fund's forward currency contracts, options on foreign currencies and bilateral swaps by counterparty that are subject to master netting agreements but that are not offset in the funds' statements of assets and liabilities. The net amount column shows the impact of offsetting on the funds' statement of assets and liabilities as of June 30, 2025, if close-out netting was exercised (dollars in thousands):

New World Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Gross amounts**<br> **recognized in the<br>statement of assets<br>and liabilities** | | **Gross amounts not offset in the**<br>**statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the**<br>**statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the**<br>**statement of assets and liabilities and<br> subject to a master netting agreement** | |
| <br> **Counterparty** | **Gross amounts**<br> **recognized in the<br>statement of assets<br>and liabilities** | | **Available<br>to offset** | **Non-cash<br> collateral\*** | **Cash<br> collateral\*** |<br>**Net<br> amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | $18 |  | $(2 | $– | $– | $16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 62 |  | (26) |  |  | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 8 |  |  |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 2 |  | (2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank |  | <sup>†</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $90 |  | $(30) | $– | $– | $60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $61 |  | $– | $– | $– | $61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon | 1 |  |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 2 |  | (2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 26 |  | (26) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 18 |  |  |  |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 9 |  |  |  |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 23 |  | (2) |  |  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank | 28 |  |  |  |  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $168 |  | $(30) | $– | $– | $138 |

---

Refer to the end of the table(s) for footnote(s).

**325** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Global Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Gross amounts**<br> **recognized in the<br>statement of assets<br>and liabilities** | **Gross amounts not offset in the**<br>**statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the**<br>**statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the**<br>**statement of assets and liabilities and<br> subject to a master netting agreement** | |
| <br> **Counterparty** | **Gross amounts**<br> **recognized in the<br>statement of assets<br>and liabilities** | **Available<br>to offset** | **Non-cash<br> collateral\*** | **Cash<br> collateral\*** |<br>**Net<br> amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $15 | $(15) | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | 44 | (28) |  |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 64 | (64) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 10 | (10) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 116 | (116) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 46 | (46) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 11 | (11) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 7 | (7) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank | 19 | (19) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 8 | (8) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $340 | $(324) | $– | $– | $16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $45 | $(15) | $(30) | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon | 5 |  |  |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | 28 | (28) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 70 | (64) |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 78 | (10) |  |  | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 223 | (116) | (107) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 48 | (46) |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 20 | (11) | (9) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 207 | (7) |  |  | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank | 48 | (19) |  |  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 113 | (8) |  |  | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $885 | $(324) | $(146) | $– | $415 |

---

The Bond Fund of America

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Gross amounts**<br> **recognized in the<br>statement of assets<br>and liabilities** | **Gross amounts not offset in the**<br>**statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the**<br>**statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the**<br>**statement of assets and liabilities and<br> subject to a master netting agreement** | |
| <br> **Counterparty** | **Gross amounts**<br> **recognized in the<br>statement of assets<br>and liabilities** | **Available<br>to offset** | **Non-cash<br> collateral\*** | **Cash<br> collateral\*** |<br>**Net<br> amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $191 | $(190) | $– | $– | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | 864 | (533) |  |  | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 126 | (126) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 412 |  |  |  | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 1701 | (494) |  |  | 1207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 78 | (78) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 71 | (71) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $3443 | $(1492) | $– | $– | $1951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $190 | $(190) | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | 533 | (533) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 2672 | (126) | (2475) |  | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 494 | (494) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 81 | (78) |  |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 620 | (71) |  |  | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 135 |  |  |  | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $4725 | $(1492) | $(2475) | $– | $758 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **326**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Capital World Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Gross amounts**<br> **recognized in the<br>statement of assets<br>and liabilities** | **Gross amounts not offset in the**<br>**statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the**<br>**statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the**<br>**statement of assets and liabilities and<br> subject to a master netting agreement** | |
| <br> **Counterparty** | **Gross amounts**<br> **recognized in the<br>statement of assets<br>and liabilities** | **Available<br>to offset** | **Non-cash<br> collateral\*** | **Cash<br> collateral\*** |<br>**Net<br> amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $995 | $(809) | $– | $– | $186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon | 119 |  |  |  | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | 446 | (446) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 319 | (319) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 675 | (675) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 215 | (215) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 845 | (358) |  | (310) | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 5 | (5) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 80 | (80) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank | 162 | (162) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 34 | (34) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $3895 | $(3103) | $– | $(310) | $482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $809 | $(809) | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | 558 | (446) | (112) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 670 | (319) | (288) |  | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 683 | (675) |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 2520 | (215) | (2298) |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 358 | (358) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 26 | (5) | (15) |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 145 | (80) |  |  | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank | 449 | (162) | (287) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 761 | (34) | (340) |  | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $6979 | $(3103) | $(3340) | $– | $536 |

---

\*Collateral is shown on a settlement basis.

<sup>†</sup>Amount less than one thousand.

**327** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6. Taxation and distributions

**Federal income taxation** – Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended June 30, 2025, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

Each fund's tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction's statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

**Non-U.S. taxation** – Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds may file for additional reclaims related to prior years ("EU reclaims"). These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the six months ended June 30, 2025, some of the funds recognized EU reclaims (net of fees and the effect of realized gain or loss from currency translations) and interest related to European court rulings as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Reclaims** | **Fees** | **Interest** |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Fund | $587 | $51 | $285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | 45 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Fund | 2072 | 111 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | 196 | 5 |  |

---

The reclaims and interest are included in dividend income and interest income, respectively, in each fund's statements of operations. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The funds generally record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

**Distributions** – Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; non-U.S. taxes on capital gains; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

American Funds Insurance Series **328**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Additional tax basis disclosures for each fund are as follows (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Global<br> Growth <br>Fund** | **Global**<br> **Small<br>Capitalization<br>Fund** | **Growth**<br> **Fund** | **International<br>Fund** | **New**<br> **World**<br> **Fund** | **Washington<br>Mutual<br>Investors<br>Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; **As of December 31, 2024:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $36695 | $– | $592960 | $2838 | $15572 | $91745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Late year ordinary loss deferral<sup>2</sup> |  | (5889) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains | 1032377 | 65722 | 3442300 |  | 137294 | 720853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward<sup>1</sup> |  |  |  | (206867) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward utilized |  |  |  | 333805 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **As of June 30, 2025:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized appreciation on investments | 3672153 | 874249 | 29669987 | 1970140 | 1386903 | 4493198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized depreciation on investments | (175826) | (96526) | (588478) | (120463) | (66083) | (136080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) on investments | 3496327 | 777723 | 29081509 | 1849677 | 1320820 | 4357118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | 5158642 | 2334987 | 22505964 | 5410310 | 2432087 | 7297400 |
|  | **U.S. Small<br>and Mid Cap<br>Equity Fund** | **Capital World<br>Growth and<br>Income Fund** | **Growth-<br>Income<br>Fund** | **International<br>Growth**<br> **and Income<br>Fund** | **Capital<br>Income<br>Builder** | **Asset<br>Allocation<br>Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; **As of December 31, 2024:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $5 | $4026 | $485763 | $1421 | $14631 | $274951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains |  | 71132 | 6590885 |  |  | 1750583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward<sup>1</sup> |  |  |  | (25671) | (6862) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward utilized |  | 69742 |  |  | 18956 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **As of June 30, 2025:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized appreciation on investments | 1508 | 812185 | 18907142 | 114299 | 385128 | 8199326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized depreciation on investments | (894) | (47504) | (167029) | (11155) | (26553) | (567859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) on investments | 614 | 764681 | 18740113 | 103144 | 358575 | 7631467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | 15112 | 1243307 | 23895713 | 293020 | 1206185 | 20569509 |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American <br>Funds**<br> **Global<br>Balanced<br>Fund** | **The Bond<br>Fund of<br>America** | **Capital<br>World<br>Bond**<br> **Fund** | **American<br>High-Income<br>Trust** | **American <br>Funds<br>Mortgage<br>Fund** | **Ultra-Short<br>Bond**<br> **Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; **As of December 31, 2024:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $919 | $96579 | $3576 | $10769 | $895 | $2554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains | 15632 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward<sup>1</sup> |  | (1584772) | (199982) | (329227) | (14210) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward utilized | 3502 |  |  | 2670 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **As of June 30, 2025:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized appreciation on investments | 86169 | 200273 | 58927 | 54453 | 2127 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized depreciation on investments | (9941) | (244004) | (64856) | (38953) | (1403) | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation<br>(depreciation) on investments | 76228 | (43731) | (5929) | 15500 | 724 | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | 343260 | 11273203 | 1483160 | 972704 | 132267 | 328764 |

---

Refer to the end of the table(s) for footnote(s).

**329** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **U.S.<br>Government<br>Securities<br>Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managed <br>Risk**<br> **Growth**<br> **Fund** | **Managed<br>Risk<br>International<br>Fund** | **Managed<br>Risk<br>Washington<br>Mutual<br>Investors<br>Fund** | **Managed <br>Risk**<br> **Growth-<br>Income**<br> **Fund** | **Managed<br>Risk**<br> **Asset<br>Allocation<br>Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; **As of December 31, 2024:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;14192 | $&nbsp;&nbsp;&nbsp;&nbsp;3030 | $&nbsp;&nbsp;&nbsp;&nbsp;1479 | $&nbsp;&nbsp;&nbsp;&nbsp;4678 | $&nbsp;&nbsp;&nbsp;&nbsp;29096 | $&nbsp;&nbsp;&nbsp;&nbsp;34222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains |  | 21721 |  |  | 80444 | 121846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward<sup>1</sup> | (285585) |  | (17954) | (22352) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward utilized |  | 12281 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **As of June 30, 2025:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized appreciation on investments | 45694 | 117719 | 20510 | 60113 | 231817 | 177065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized depreciation on investments | (50484) | (64383) | (22277) | (25719) | (76928) | (47264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) on investments | (4790) | 53336 | (1767) | 34394 | 154889 | 129801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | 1914351 | 467686 | 115094 | 283921 | 1973291 | 1826040 |

---

<sup>1</sup> Each fund's capital loss carryforward will be used to offset any capital gains realized by the fund in the current year or in subsequent years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

<sup>2</sup> This deferral is considered incurred in the subsequent year.

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

Global Growth Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $17222 | $455982 | $473204 | $65173 | $99126 | $164299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 96 | 2766 | 2862 | 319 | 536 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 15237 | 443236 | 458473 | 57169 | 103301 | 160470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 4149 | 130403 | 134552 | 12745 | 23878 | 36623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $36704 | $1032387 | $1069091 | $135406 | $226841 | $362247 |

---

Global Small Capitalization Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary**<br> **income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $– | $19199 | $19199 | $24044 | $21820 | $45864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A |  | 126 | 126 | 120 | 119 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 |  | 39094 | 39094 | 42943 | 43051 | 85994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 |  | 7316 | 7316 | 6428 | 7070 | 13498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $– | $65735 | $65735 | $73535 | $72060 | $145595 |

---

American Funds Insurance Series **330**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Growth Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $271740 | $1543000 | $1814740 | $121696 | $433019 | $554715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 4439 | 26100 | 30539 | 1328 | 7268 | 8596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 243730 | 1433339 | 1677069 | 72492 | 433759 | 506251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 3240 | 18878 | 22118 | 1123 | 5725 | 6848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 69855 | 421011 | 490866 | 9370 | 97988 | 107358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $593004 | $3442328 | $4035332 | $206009 | $977759 | $1183768 |

---

International Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $2080 | $– | $2080 | $46267 | $– | $46267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 4 |  | 4 | 157 |  | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 776 |  | 776 | 40220 |  | 40220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 5 |  | 5 | 191 |  | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 |  |  |  | 4485 |  | 4485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $2865 | $– | $2865 | $91320 | $– | $91320 |

---

New World Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $8656 | $71532 | $80188 | $29713 | $8227 | $37940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 49 | 453 | 502 | 167 | 49 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 3487 | 31619 | 35106 | 11293 | 3828 | 15121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 3394 | 33694 | 37088 | 9604 | 3785 | 13389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $15586 | $137298 | $152884 | $50777 | $15889 | $66666 |

---

Washington Mutual Investors Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $52115 | $397175 | $449290 | $111395 | $50394 | $161789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 264 | 2103 | 2367 | 426 | 202 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 24149 | 193815 | 217964 | 46990 | 24567 | 71557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 15307 | 127802 | 143109 | 23694 | 12608 | 36302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $91835 | $720895 | $812730 | $182505 | $87771 | $270276 |

---

**331** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Small and Mid Cap Equity Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **For the period November 15, 2024<sup>3</sup> to**<br> **December 31, 2024** | **For the period November 15, 2024<sup>3</sup> to**<br> **December 31, 2024** | **For the period November 15, 2024<sup>3</sup> to**<br> **December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $–<sup>4</sup> | $–<sup>4</sup> | $–<sup>4</sup> | $–<sup>4</sup> | $– | $–<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | –<sup>4</sup> | –<sup>4</sup> | –<sup>4</sup> | –<sup>4</sup> |  | –<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | –<sup>4</sup> | –<sup>4</sup> | –<sup>4</sup> | –<sup>4</sup> |  | –<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 5 | –<sup>4</sup> | 5 | 13 |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $5 | $–<sup>4</sup> | $5 | $13 | $– | $13 |

---

Capital World Growth and Income Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $1434 | $21740 | $23174 | $11350 | $– | $11350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 21 | 363 | 384 | 144 |  | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 2061 | 37773 | 39834 | 17039 |  | 17039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 519 | 11256 | 11775 | 3943 |  | 3943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $4035 | $71132 | $75167 | $32476 | $– | $32476 |

---

Growth-Income Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $290697 | $3878399 | $4169096 | $338365 | $1023186 | $1361551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 526 | 7252 | 7778 | 495 | 1702 | 2197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 159838 | 2211126 | 2370964 | 163135 | 597677 | 760812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 1732 | 23742 | 25474 | 1879 | 6513 | 8392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 33021 | 470380 | 503401 | 26050 | 105495 | 131545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $485814 | $6590899 | $7076713 | $529924 | $1734573 | $2264497 |

---

International Growth and Income Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $112 | $– | $112 | $461 | $– | $461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 28 |  | 28 | 156 |  | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 614 |  | 614 | 3897 |  | 3897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 669 |  | 669 | 3584 |  | 3584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1423 | $– | $1423 | $8098 | $– | $8098 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **332**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Capital Income Builder

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $9077 | $– | $9077 | $25390 | $– | $25390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 143 |  | 143 | 397 |  | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 212 |  | 212 | 575 |  | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 6699 |  | 6699 | 19314 |  | 19314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $16131 | $– | $16131 | $45676 | $– | $45676 |

---

Asset Allocation Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $164502 | $1019238 | $1183740 | $374078 | $678739 | $1052817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 434 | 2795 | 3229 | 848 | 1422 | 2270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 43502 | 280960 | 324462 | 92429 | 187595 | 280024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 326 | 2081 | 2407 | 693 | 1326 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 66287 | 445526 | 511813 | 127247 | 278890 | 406137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $275051 | $1750600 | $2025651 | $595295 | $1147972 | $1743267 |

---

American Funds Global Balanced Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $254 | $3585 | $3839 | $1963 | $– | $1963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 9 | 152 | 161 | 64 |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 335 | 5617 | 5952 | 2714 |  | 2714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 324 | 6279 | 6603 | 2307 |  | 2307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $922 | $15633 | $16555 | $7048 | $– | $7048 |

---

The Bond Fund of America

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $60306 | $– | $60306 | $305561 | $– | $305561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 2233 |  | 2233 | 8909 |  | 8909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 23485 |  | 23485 | 115243 |  | 115243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 10634 |  | 10634 | 45913 |  | 45913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $96658 | $– | $96658 | $475626 | $– | $475626 |

---

Capital World Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $1662 | $– | $1662 | $15387 | $– | $15387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 53 |  | 53 | 983 |  | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 1727 |  | 1727 | 16410 |  | 16410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 146 |  | 146 | 1135 |  | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $3588 | $– | $3588 | $33915 | $– | $33915 |

---

**333** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American High-Income Trust

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $2793 | $– | $2793 | $15191 | $– | $15191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 37 |  | 37 | 199 |  | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 5937 |  | 5937 | 35147 |  | 35147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 87 |  | 87 | 529 |  | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 1919 |  | 1919 | 8336 |  | 8336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $10773 | $– | $10773 | $59402 | $– | $59402 |

---

American Funds Mortgage Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $143 | $– | $143 | $804 | $– | $804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 23 |  | 23 | 121 |  | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 316 |  | 316 | 1928 |  | 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 414 |  | 414 | 2148 |  | 2148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $896 | $– | $896 | $5001 | $– | $5001 |

---

Ultra-Short Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $267 | $– | $267 | $1996 | $– | $1996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 1 |  | 1 | 6 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 1787 |  | 1787 | 12857 |  | 12857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 29 |  | 29 | 205 |  | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 473 |  | 473 | 2569 |  | 2569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $2557 | $– | $2557 | $17633 | $– | $17633 |

---

U.S. Government Securities Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $2151 | $– | $2151 | $11248 | $– | $11248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 2157 |  | 2157 | 11344 |  | 11344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 8060 |  | 8060 | 42551 |  | 42551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 41 |  | 41 | 204 |  | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 1788 |  | 1788 | 7920 |  | 7920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $14197 | $– | $14197 | $73267 | $– | $73267 |

---

Managed Risk Growth Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | $111 | $558 | $669 | $93 | $– | $93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | 2919 | 21164 | 24083 | 2326 |  | 2326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $3030 | $21722 | $24752 | $2419 | $– | $2419 |

---

American Funds Insurance Series 334

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Managed Risk International Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | $30 | $– | $30 | $29 | $– | $29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | 1450 |  | 1450 | 1532 |  | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1480 | $– | $1480 | $1561 | $– | $1561 |

---

Managed Risk Washington Mutual Investors Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | $40 | $– | $40 | $53 | $– | $53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | 4640 |  | 4640 | 5422 |  | 5422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $4680 | $– | $4680 | $5475 | $– | $5475 |

---

Managed Risk Growth-Income Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | $25511 | $70237 | $95748 | $33022 | $25142 | $58164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | 3596 | 10214 | 13810 | 4085 | 3659 | 7744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $29107 | $80451 | $109558 | $37107 | $28801 | $65908 |

---

Managed Risk Asset Allocation Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br> distributions<br>paid** | **Ordinary<br>income** | **Long-term<br> capital gains** | **Total<br> distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | $208 | $722 | $930 | $226 | $138 | $364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | 34023 | 121132 | 155155 | 39976 | 28786 | 68762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $34231 | $121854 | $156085 | $40202 | $28924 | $69126 |

---

<sup>3</sup> Commencement of operations.

<sup>4</sup> Amount less than one thousand.

7. Fees and transactions

CRMC, the series' investment adviser, is the parent company of Capital Client Group, Inc. ("CCG"), the distributor of the series' shares, and American Funds Service Company<sup>®</sup> ("AFS"), the series' transfer agent. CRMC, CCG and AFS are considered related parties to the series.

**Investment advisory services** – The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds, which are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

**Investment advisory services waivers** – CRMC is waiving a portion of its investment advisory services fees for some of the funds. For the six months ended June 30, 2025, total investment advisory services fees waived by CRMC were $26,151,000. CRMC does not intend to recoup these waivers. Investment advisory fees in each fund's statement of operations are presented gross of any waivers from CRMC.

**335** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers, if applicable, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Rates**  | **Rates**  | **Net asset level**<br>**(in billions)**  | **Net asset level**<br>**(in billions)**  | **For the<br>six months<br>ended**<br> **June 30,**<br> **2025,<br> before waiver** | **For the<br>six months<br>ended<br>June 30,**<br> **2025,<br> after waiver** |
| <br> **Fund** | **Beginning<br>with** | **Ending<br>with** | **Up to** | **In excess<br>of** | **For the<br>six months<br>ended**<br> **June 30,**<br> **2025,<br> before waiver** | **For the<br>six months<br>ended<br>June 30,**<br> **2025,<br> after waiver** |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Fund | .475% | .435% | $15.0 | $15.0 | .475% | .368% |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | .647 | .615 | 15.0 | 15.0 | .647 | .604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Fund | .500 | .275 | .6 | 44.0 | .304 | .304 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Fund | .478 | .430 | 15.0 | 21.0 | .478 | .478 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | .577 | .510 | 15.0 | 15.0 | .577 | .507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual Investors Fund | .374 | .350 | 15.0 | 15.0 | .374 | .231 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Small and Mid Cap Equity Fund | .450 |  | all |  | .450 | .450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Growth and Income Fund | .475 | .435 | 15.0 | 15.0 | .475 | .375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth-Income Fund | .500 | .217 | .6 | 44.0 | .250 | .250 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | .478 | .450 | 15.0 | 15.0 | .478 | .478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | .357 | .330 | 15.0 | 15.0 | .357 | .227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation Fund | .500 | .236 | .6 | 34.0 | .265 | .265 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Global Balanced Fund | .446 | .420 | 15.0 | 15.0 | .446 | .433 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America | .352 | .320 | 15.0 | 15.0 | .352 | .202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Bond Fund | .431 | .360 | 15.0 | 15.0 | .431 | .431 |
| &nbsp;&nbsp;&nbsp;&nbsp; American High-Income Trust | .404 | .386 | 15.0 | 15.0 | .404 | .284 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Mortgage Fund | .295 | .280 | 15.0 | 15.0 | .295 | .218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra-Short Bond Fund | .257 | .242 | 15.0 | 15.0 | .257 | .257 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Securities Fund | .295 | .280 | 15.0 | 15.0 | .295 | .222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth Fund\* | .100 |  | all |  | .150 | .100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk International Fund\* | .100 |  | all |  | .150 | .100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Washington Mutual Investors Fund\* | .100 |  | all |  | .150 | .100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth-Income Fund\* | .100 |  | all |  | .150 | .100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Asset Allocation Fund\* | .100 |  | all |  | .150 | .100 |

---

\* For a portion of the period CRMC waived a portion of the investment advisory and services fee, such that the fee was reduced from 0.150% to 0.100%. Effective May 1, 2025, the series' board of trustees approved a revised investment advisory and services agreement for the Managed Risk Funds, removing the 0.050% fee waiver and concurrently reducing the fee for each share class from 0.150% to 0.100%. 

**Class-specific fees and expenses** — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

**Distribution services** — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

---

| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 0.00% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 0.25 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 0.18 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 0.25 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | 0.00 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | 0.25 | 0.50 |

---

**Insurance administrative services** – The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company's respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders' annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

American Funds Insurance Series **336**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Transfer agent services** – The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds' share classes. These services include recordkeeping, shareholder communications and transaction processing. Under this agreement, the managed risk funds also pays sub-transfer agency fees to AFS. These fees are paid by AFS to third parties for performing transfer agent services on behalf of fund shareholders.

**Administrative services** – The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds' share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of average daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of average daily net assets of each share class for CRMC's provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

**Accounting and administrative services** — The managed risk funds have a subadministration agreement with Bank of New York Mellon ("BNY Mellon") under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds' share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

Global Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
|  Class 1 | Not applicable | Not applicable | $534 |
|  Class 1A | $– | $26 | 3 |
|  Class 2 | 4295 | Not applicable | 515 |
|  Class 4 | 1206 | 1207 | 145 |
|  Total class-specific expenses | $5501 | $1233 | $1197 |

---

Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
|  Class 1 | Not applicable | Not applicable | $3171 |
|  Class 1A | $– | $489 | 59 |
|  Class 2 | 24517 | Not applicable | 2942 |
|  Class 3 | 239 | Not applicable | 40 |
|  Class 4 | 6668 | 6668 | 800 |
|  Total class-specific expenses | $31424 | $7157 | $7012 |

---

Global Small Capitalization Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
|  Class 1 | Not applicable | Not applicable | $133 |
|  Class 1A | $– | $7 | 1 |
|  Class 2 | 2083 | Not applicable | 250 |
|  Class 4 | 385 | 385 | 46 |
|  Total class-specific expenses | $2468 | $392 | $430 |

---

International Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
|  Class 1 | Not applicable | Not applicable | $463 |
|  Class 1A | $– | $16 | 2 |
|  Class 2 | 4053 | Not applicable | 486 |
|  Class 3 | 13 | Not applicable | 2 |
|  Class 4 | 575 | 576 | 69 |
|  Total class-specific expenses | $4641 | $592 | $1022 |

---

**337** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

New World Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution<br>services** | **Insurance**<br> **administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $271 |
|  Class 1A | $– | $15 | 2 |
|  Class 2 | 992 | Not applicable | 119 |
|  Class 4 | 1031 | 1031 | 124 |
|  Total class-specific expenses | $2023 | $1046 | $516 |

---

U.S. Small and Mid Cap Equity Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $–\* |
|  Class 1A | $– | $–\* | –\* |
|  Class 2 |  | Not applicable | –\* |
|  Class 4 | –\* | –\* | 2 |
|  Total class-specific expenses | $–\* | $–\* | $2 |

---

Growth-Income Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $3562 |
|  Class 1A | $– | $54 | 7 |
|  Class 2 | 16700 | Not applicable | 2004 |
|  Class 3 | 133 | Not applicable | 22 |
|  Class 4 | 3381 | 3381 | 406 |
|  Total class-specific expenses | $20214 | $3435 | $6001 |

---

Capital Income Builder

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $110 |
|  Class 1A | $– | $16 | 2 |
|  Class 2 | 23 | Not applicable | 3 |
|  Class 4 | 831 | 831 | 99 |
|  Total class-specific expenses | $854 | $847 | $214 |

---

Washington Mutual Investors Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $924 |
|  Class 1A | $– | $38 | 5 |
|  Class 2 | 3686 | Not applicable | 442 |
|  Class 4 | 2299 | 2299 | 276 |
|  Total class-specific expenses | $5985 | $2337 | $1647 |

---

Capital World Growth and Income Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $88 |
|  Class 1A | $– | $12 | 2 |
|  Class 2 | 1251 | Not applicable | 150 |
|  Class 4 | 349 | 349 | 42 |
|  Total class-specific expenses | $1600 | $361 | $282 |

---

International Growth and Income Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $4 |
|  Class 1A | $– | $9 | 1 |
|  Class 2 | 194 | Not applicable | 23 |
|  Class 4 | 209 | 209 | 25 |
|  Total class-specific expenses | $403 | $218 | $53 |

---

Asset Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $2341 |
|  Class 1A | $– | $52 | 6 |
|  Class 2 | 5281 | Not applicable | 634 |
|  Class 3 | 28 | Not applicable | 5 |
|  Class 4 | 8215 | 8214 | 986 |
|  Total class-specific expenses | $13524 | $8266 | $3972 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **338**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund |
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $14 |
|  Class 1A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | 1 |
|  Class 2 | 183 | Not applicable | 22 |
|  Class 4 | 191 | 191 | 23 |
|  Total class-specific expenses | $374 | $196 | $60 |

---

Capital World Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $89 |
|  Class 1A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | 6 |
|  Class 2 | 937 | Not applicable | 112 |
|  Class 4 | 81 | 80 | 10 |
|  Total class-specific expenses | $1018 | $126 | $217 |

---

American Funds Mortgage Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $3 |
|  Class 1A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | – \* |
|  Class 2 | 51 | Not applicable | 6 |
|  Class 4 | 66 | 66 | 8 |
|  Total class-specific expenses | $117 | $69 | $17 |

---

U.S. Government Securities Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $39 |
|  Class 1A | $– | $358 | 43 |
|  Class 2 | 1287 | Not applicable | 154 |
|  Class 3 | 4 | Not applicable | 1 |
|  Class 4 | 280 | 280 | 34 |
|  Total class-specific expenses | $1571 | $638 | $271 |

---

The Bond Fund of America

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $1017 |
|  Class 1A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $290 | 35 |
|  Class 2 | 3381 | Not applicable | 406 |
|  Class 4 | 1525 | 1525 | 183 |
|  Total class-specific expenses | $4906 | $1815 | $1641 |

---

American High-Income Trust

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $35 |
|  Class 1A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $4 | 1 |
|  Class 2 | 660 | Not applicable | 79 |
|  Class 3 | 7 | Not applicable | 1 |
|  Class 4 | 221 | 221 | 27 |
|  Total class-specific expenses | $888 | $225 | $143 |

---

Ultra-Short Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $5 |
|  Class 1A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $– \* | – \* |
|  Class 2 | 291 | Not applicable | 35 |
|  Class 3 | 3 | Not applicable | 1 |
|  Class 4 | 88 | 88 | 10 |
|  Total class-specific expenses | $382 | $88 | $51 |

---

Managed Risk Growth Fund

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** |
|  Class P1 | Not applicable | $&nbsp;&nbsp;&nbsp;&nbsp;16 |
|  Class P2 | $608 | 609 |
|  Total class-specific expenses | $608 | $625 |

---

Refer to the end of the table(s) for footnote(s).

**339** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Managed Risk International Fund

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** |
|  Class P1 | Not applicable | $2 |
|  Class P2 | $138 | 139 |
|  Total class-specific<br>expenses | $138 | $141 |

---

Managed Risk Growth-Income Fund

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** |
|  Class P1 | Not applicable | $2275 |
|  Class P2 | $327 | 327 |
|  Total class-specific<br>expenses | $327 | $2602 |

---

---

| | |
|:---|:---|
| \*Amount | less than one thousand.  |

---

Managed Risk Washington Mutual Investors Fund

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** |
|  Class P1 | Not applicable | $3 |
|  Class P2 | $388 | 388 |
|  Total class-specific<br>expenses | $388 | $391 |

---

Managed Risk Asset Allocation Fund

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** |
|  Class P1 | Not applicable | $15 |
|  Class P2 | $2402 | 2401 |
|  Total class-specific<br>expenses | $2402 | $2416 |

---

**Miscellaneous fee reimbursements** – CRMC reimbursed a portion of miscellaneous fees and expenses for U.S. Small and Mid Cap Equity Fund and Managed Risk International Fund. This reimbursement may be adjusted or discontinued by CRMC, subject to any restrictions in the series' prospectus. For the six months ended June 30, 2025, total fees and expenses reimbursed by CRMC were $21,000. CRMC may recoup all or a portion of these reimbursements during the current fiscal year. Fees and expenses in each fund's statement of operations are presented gross of any reimbursements from CRMC.

**Trustees' deferred compensation** – Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees' compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net increase in the value of the deferred amounts as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Current fees** | **Increase (decrease)** | **Total trustees'<br>compensation** |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Fund | $10 | $4 | $14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | 4 | 1 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Fund | 60 | 21 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Fund | 9 | 3 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | 4 | 2 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual Investors Fund | 14 | 5 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Small and Mid Cap Equity Fund | – \* | – \* | – \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Growth and Income Fund | 3 | 1 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth-Income Fund | 52 | 17 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | – \* | – \* | – \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | 2 | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation Fund | 34 | 11 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Global Balanced Fund | 1 | – \* | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America | 14 | 4 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Bond Fund | 2 | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; American High-Income Trust | 1 | – \* | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Mortgage Fund | – \* | – \* | – \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra-Short Bond Fund | – \* | – \* | – \* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Securities Fund | 2 | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth Fund | 1 | – \* | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk International Fund | – \* | – \* | – \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Washington Mutual Investors Fund | 1 | – \* | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth-Income Fund | 2 | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Asset Allocation Fund | 2 | 1 | 3 |

---

---

| | |
|:---|:---|
| \*Amount | less than one thousand.  |

---

American Funds Insurance Series **340**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Affiliated officers and trustees** – Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, CCG and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

**Investments in CCBF and CCF** – Some of the funds hold shares of CCBF, a corporate bond fund, and/or CCF, an institutional prime money market fund ,which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for some of the funds' corporate bond investments. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for some of the funds' short-term investments. Both CCBF and CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from either CCBF or CCF.

**Security transactions with related funds** – The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund's board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

The following table presents purchase and sale transactions between each fund and related funds, and net realized gain or loss from such sales, if any, as of June 30, 2025 (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Net**<br> **realized**<br> **gain (loss)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Fund | $88976 | $14964 | $2923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | 17787 | 7499 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Fund | 262208 | 192926 | 65081 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Fund | 95968 | 38929 | 6168 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | 9610 | 29959 | 5791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual Investors Fund | 73880 | 101813 | 14322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Growth and Income Fund | 21390 | 27562 | 6719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth-Income Fund | 332042 | 383247 | 101737 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | 1199 | 2747 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | 14710 | 14805 | 4080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation Fund | 199278 | 71009 | 43548 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Global Balanced Fund | 2269 | 3535 | 909 |

---

8. Indemnifications

The series' organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund's maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series' board members and officers.

9. Committed line of credit

Global Small Capitalization Fund, New World Fund and American High-Income Trust participate with other funds managed by CRMC in a $1.5 billion credit facility (the "line of credit") to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund's statement of operations. None of the funds borrowed on this line of credit at any time during the six months ended June 30, 2025.

**341** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10. Capital share transactions

Capital share transactions in each fund were as follows (dollars and shares in thousands):

Global Growth Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class 1 | $132465 | 3800 | $473203 | 13844 | $(297705) | (8075) | $307963 | 9569 |
|  Class 1A | 1877 | 52 | 2862 | 84 | (1125) | (31) | 3614 | 105 |
|  Class 2 | 18094 | 501 | 458474 | 13654 | (244822) | (6757) | 231746 | 7398 |
|  Class 4 | 88558 | 2477 | 134552 | 4068 | (49285) | (1386) | 173825 | 5159 |
|  Total net increase (decrease) | $240994 | 6830 | $1069091 | 31650 | $(592937) | (16249) | $717148 | 22231 |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class 1 | $182743 | 4922 | $164299 | 4426 | $(478156) | (12907) | $(131114) | (3559) |
|  Class 1A | 3593 | 97 | 855 | 23 | (3164) | (85) | 1284 | 35 |
|  Class 2 | 64877 | 1789 | 160470 | 4397 | (544385) | (14948) | (319038) | (8762) |
|  Class 4 | 187863 | 5186 | 36623 | 1016 | (80774) | (2235) | 143712 | 3967 |
|  Total net increase (decrease) | $439076 | 11994 | $362247 | 9862 | $(1106479) | (30175) | $(305156) | (8319) |

---

Global Small Capitalization Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** |  |  |  |  |  |  |  |  |
|  Class 1 | $41857 | 2403 | $19028 | 1042 | $(166307) | (9259) | $(105422) | (5814) |
|  Class 1A | 339 | 19 | 126 | 7 | (191) | (11) | 274 | 15 |
|  Class 2 | 21045 | 1286 | 39095 | 2285 | (102502) | (6007) | (42362) | (2436) |
|  Class 4 | 72171 | 4238 | 7315 | 429 | (18863) | (1119) | 60623 | 3548 |
|  Total net increase (decrease) | $135412 | 7946 | $65564 | 3763 | $(287863) | (16396) | $(86887) | (4687) |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class 1 | $82737 | 4519 | $45699 | 2557 | $(168033) | (9099) | $(39597) | (2023) |
|  Class 1A | 766 | 43 | 239 | 14 | (637) | (35) | 368 | 22 |
|  Class 2 | 58585 | 3367 | 85994 | 5139 | (246897) | (14207) | (102318) | (5701) |
|  Class 4 | 41322 | 2398 | 13498 | 810 | (37390) | (2159) | 17430 | 1049 |
|  Total net increase (decrease) | $183410 | 10327 | $145430 | 8520 | $(452957) | (25500) | $(124117) | (6653) |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **342**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Growth Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class 1 | $1154878 | 9350 | $1813129 | 14793 | $(1579414) | (12694) | $1388593 | 11449 |
|  Class 1A | 73719 | 595 | 30539 | 252 | (97203) | (749) | 7055 | 98 |
|  Class 2 | 248965 | 2034 | 1677068 | 13892 | (1393936) | (11137) | 532097 | 4789 |
|  Class 3 | 553 | 5 | 22118 | 178 | (16524) | (130) | 6147 | 53 |
|  Class 4 | 589030 | 4934 | 490866 | 4194 | (173917) | (1448) | 905979 | 7680 |
|  Total net increase (decrease) | $2067145 | 16918 | $4033720 | 33309 | $(3260994) | (26158) | $2839871 | 24069 |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class 1 | $1283657 | 11196 | $554066 | 4995 | $(2581742) | (22564) | $(744019) | (6373) |
|  Class 1A | 43180 | 381 | 8596 | 79 | (33697) | (304) | 18079 | 156 |
|  Class 2 | 414661 | 3673 | 506251 | 4690 | (3189792) | (28372) | (2268880) | (20009) |
|  Class 3 | 1071 | 10 | 6848 | 62 | (32036) | (278) | (24117) | (206) |
|  Class 4 | 874214 | 7971 | 107359 | 1032 | (368353) | (3358) | 613220 | 5645 |
|  Total net increase (decrease) | $2616783 | 23231 | $1183120 | 10858 | $(6205620) | (54876) | $(2405717) | (20787) |

---

International Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class 1 | $63294 | 3490 | $2080 | 108 | $(231772) | (12501) | $(166398) | (8903) |
|  Class 1A | 530 | 29 | 4 | –<sup>2</sup> | (639) | (35) | (105) | (6) |
|  Class 2 | 94000 | 5226 | 776 | 41 | (307337) | (16707) | (212561) | (11440) |
|  Class 3 | 100 | 5 | 5 | –<sup>2</sup> | (956) | (50) | (851) | (45) |
|  Class 4 | 34797 | 1938 |  |  | (23149) | (1275) | 11648 | 663 |
|  Total net increase (decrease) | $192721 | 10688 | $2865 | 149 | $(563853) | (30568) | $(368267) | (19731) |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class 1 | $103818 | 5617 | $46267 | 2445 | $(505047) | (27104) | $(354962) | (19042) |
|  Class 1A | 2421 | 132 | 158 | 9 | (2072) | (114) | 507 | 27 |
|  Class 2 | 294279 | 16201 | 40220 | 2136 | (554239) | (30168) | (219740) | (11831) |
|  Class 3 | 2 | –<sup>2</sup> | 191 | 10 | (2572) | (137) | (2379) | (127) |
|  Class 4 | 64019 | 3511 | 4485 | 242 | (49713) | (2726) | 18791 | 1027 |
|  Total net increase (decrease) | $464539 | 25461 | $91321 | 4842 | $(1113643) | (60249) | $(557783) | (29946) |

---

Refer to the end of the table(s) for footnote(s).

**343** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

New World Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class 1 | $71378 | 2538 | $80187 | 2838 | $(176169) | (6345) | $(24604) | (969) |
|  Class 1A | 408 | 15 | 502 | 18 | (1825) | (67) | (915) | (34) |
|  Class 2 | 30481 | 1122 | 35106 | 1260 | (87236) | (3178) | (21649) | (796) |
|  Class 4 | 41929 | 1547 | 37088 | 1345 | (71596) | (2638) | 7421 | 254 |
|  Total net increase (decrease) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144196 | 5222 | $152883 | 5461 | $(336826) | (12228) | $(39747) | (1545) |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class 1 | $211139 | 7770 | $37940 | 1389 | $(310526) | (11467) | $(61447) | (2308) |
|  Class 1A | 2546 | 92 | 216 | 8 | (1406) | (52) | 1356 | 48 |
|  Class 2 | 97709 | 3717 | 15121 | 562 | (163082) | (6131) | (50252) | (1852) |
|  Class 4 | 79272 | 3006 | 13389 | 502 | (106780) | (4055) | (14119) | (547) |
|  Total net increase (decrease) | $390666 | 14585 | $66666 | 2461 | $(581794) | (21705) | $(124462) | (4659) |

---

Washington Mutual Investors Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class 1 | $101514 | 6077 | $447861 | 27045 | $(433964) | (25486) | $115411 | 7636 |
|  Class 1A | 3863 | 226 | 2368 | 144 | (1054) | (61) | 5177 | 309 |
|  Class 2 | 41877 | 2492 | 217964 | 13455 | (205682) | (12318) | 54159 | 3629 |
|  Class 4 | 179899 | 10924 | 143109 | 8955 | (58553) | (3594) | 264455 | 16285 |
|  Total net increase (decrease) | $327153 | 19719 | $811302 | 49599 | $(699253) | (41459) | $439202 | 27859 |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class 1 | $87079 | 5408 | $161220 | 9874 | $(948618) | (58997) | $(700319) | (43715) |
|  Class 1A | 4491 | 279 | 628 | 38 | (3232) | (205) | 1887 | 112 |
|  Class 2 | 56060 | 3529 | 71557 | 4484 | (477590) | (30368) | (349973) | (22355) |
|  Class 4 | 260219 | 16589 | 36302 | 2301 | (99151) | (6416) | 197370 | 12474 |
|  Total net increase (decrease) | $407849 | 25805 | $269707 | 16697 | $(1528591) | (95986) | $(851035) | (53484) |

---

U.S. Small and Mid Cap Equity Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class 1 | $– |  | $–<sup>2</sup> | –<sup>2</sup> | $– |  | $–<sup>2</sup> | –<sup>2</sup> |
|  Class 1A |  |  | –<sup>2</sup> | –<sup>2</sup> |  |  | –<sup>2</sup> | –<sup>2</sup> |
|  Class 2 |  |  | –<sup>2</sup> | –<sup>2</sup> |  |  | –<sup>2</sup> | –<sup>2</sup> |
|  Class 4 | 68 | 6 | 5 | 1 |  |  | 73 | 7 |
|  Total net increase (decrease) | $68 | 6 | $5 | 1 | $– |  | $73 | 7 |
|  **For the period November 15, 2024<sup>3</sup> to December 31, 2024** | **For the period November 15, 2024<sup>3</sup> to December 31, 2024** | **For the period November 15, 2024<sup>3</sup> to December 31, 2024** | **For the period November 15, 2024<sup>3</sup> to December 31, 2024** | **For the period November 15, 2024<sup>3</sup> to December 31, 2024** | **For the period November 15, 2024<sup>3</sup> to December 31, 2024** | **For the period November 15, 2024<sup>3</sup> to December 31, 2024** | **For the period November 15, 2024<sup>3</sup> to December 31, 2024** | **For the period November 15, 2024<sup>3</sup> to December 31, 2024** |
|  Class 1 | $10 | 1 | $–<sup>2</sup> | –<sup>2</sup> | $– |  | $10 | 1 |
|  Class 1A | 10 | 1 | –<sup>2</sup> | –<sup>2</sup> |  |  | 10 | 1 |
|  Class 2 | 10 | 1 | –<sup>2</sup> | –<sup>2</sup> |  |  | 10 | 1 |
|  Class 4 | 14970 | 1497 | 13 | 1 |  |  | 14983 | 1498 |
|  Total net increase (decrease) | $15000 | 1500 | $13 | 1 | $– |  | $15013 | 1501 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **344**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Capital World Growth and Income Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class 1 | $40119 | 2660 | $22861 | 1414 | $(98762) | (6251) | $(35782) | (2177) |
|  Class 1A | 1184 | 74 | 383 | 23 | (280) | (17) | 1287 | 80 |
|  Class 2 | 9776 | 617 | 39834 | 2473 | (88441) | (5547) | (38831) | (2457) |
|  Class 4 | 26679 | 1720 | 11775 | 752 | (14288) | (925) | 24166 | 1547 |
|  Total net increase (decrease) | $77758 | 5071 | $74853 | 4662 | $(201771) | (12740) | $(49160) | (3007) |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class 1 | $61832 | 4046 | $11187 | 709 | $(124340) | (8176) | $(51321) | (3421) |
|  Class 1A | 1263 | 86 | 144 | 9 | (793) | (51) | 614 | 44 |
|  Class 2 | 14751 | 970 | 17039 | 1085 | (177803) | (11812) | (146013) | (9757) |
|  Class 4 | 31604 | 2138 | 3943 | 258 | (30478) | (2080) | 5069 | 316 |
|  Total net increase (decrease) | $109450 | 7240 | $32313 | 2061 | $(333414) | (22119) | $(191651) | (12818) |
| Growth-Income Fund<br>|  |  |  |  |  |  |  |  |
|  | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class 1 | $511559 | 7825 | $4165917 | 69688 | $(1641284) | (24371) | $3036192 | 53142 |
|  Class 1A | 2245 | 35 | 7777 | 131 | (1976) | (29) | 8046 | 137 |
|  Class 2 | 63453 | 961 | 2370964 | 40536 | (883298) | (13297) | 1551119 | 28200 |
|  Class 3 | 270 | 4 | 25474 | 426 | (12167) | (178) | 13577 | 252 |
|  Class 4 | 194913 | 2988 | 503401 | 8808 | (123143) | (1891) | 575171 | 9905 |
|  Total net increase (decrease) | $772440 | 11813 | $7073533 | 119589 | $(2661868) | (39766) | $5184105 | 91636 |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class 1 | $332044 | 5020 | $1360424 | 21268 | $(3357393) | (51220) | $(1664925) | (24932) |
|  Class 1A | 5383 | 81 | 2198 | 35 | (5242) | (81) | 2339 | 35 |
|  Class 2 | 113447 | 1761 | 760811 | 12154 | (2068284) | (32090) | (1194026) | (18175) |
|  Class 3 | 313 | 5 | 8392 | 131 | (19777) | (301) | (11072) | (165) |
|  Class 4 | 332452 | 5218 | 131545 | 2144 | (199130) | (3142) | 264867 | 4220 |
|  Total net increase (decrease) | $783639 | 12085 | $2263370 | 35732 | $(5649826) | (86834) | $(2602817) | (39017) |

---

Refer to the end of the table(s) for footnote(s).

**345** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

International Growth and Income Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class 1 | $15811 | 1385 | $112 | 9 | $(5330) | (497) | $10593 | 897 |
|  Class 1A | 556 | 53 | 28 | 3 | (350) | (33) | 234 | 23 |
|  Class 2 | 2119 | 196 | 614 | 53 | (17536) | (1614) | (14803) | (1365) |
|  Class 4 | 21208 | 1980 | 669 | 59 | (11288) | (1056) | 10589 | 983 |
|  Total net increase (decrease) | $39694 | 3614 | $1423 | 124 | $(34504) | (3200) | $6613 | 538 |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class 1 | $3051 | 287 | $461 | 43 | $(1958) | (184) | $1554 | 146 |
|  Class 1A | 950 | 92 | 156 | 15 | (1296) | (129) | (190) | (22) |
|  Class 2 | 5039 | 489 | 3897 | 378 | (25957) | (2509) | (17021) | (1642) |
|  Class 4 | 22262 | 2198 | 3583 | 353 | (19235) | (1887) | 6610 | 664 |
|  Total net increase (decrease) | $31302 | 3066 | $8097 | 789 | $(48446) | (4709) | $(9047) | (854) |
| Capital Income Builder<br>|  |  |  |  |  |  |  |  |
|  | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class 1 | $53250 | 4104 | $9077 | 689 | $(55753) | (4314) | $6574 | 479 |
|  Class 1A | 723 | 57 | 143 | 11 | (879) | (68) | (13) | –<sup>2</sup> |
|  Class 2 | 874 | 66 | 212 | 16 | (1115) | (85) | (29) | (3) |
|  Class 4 | 72342 | 5524 | 6699 | 509 | (39075) | (3019) | 39966 | 3014 |
|  Total net increase (decrease) | $127189 | 9751 | $16131 | 1225 | $(96822) | (7486) | $46498 | 3490 |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class 1 | $55004 | 4532 | $25389 | 2057 | $(74884) | (6100) | $5509 | 489 |
|  Class 1A | 1738 | 141 | 397 | 32 | (825) | (68) | 1310 | 105 |
|  Class 2 | 3421 | 272 | 575 | 47 | (1546) | (126) | 2450 | 193 |
|  Class 4 | 82282 | 6662 | 19315 | 1565 | (75684) | (6165) | 25913 | 2062 |
|  Total net increase (decrease) | $142445 | 11607 | $45676 | 3701 | $(152939) | (12459) | $35182 | 2849 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **346**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Asset Allocation Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class 1 | $214618 | 8406 | $1183741 | 46955 | $(1239167) | (47739) | $159192 | 7622 |
|  Class 1A | 3528 | 137 | 3229 | 129 | (3619) | (139) | 3138 | 127 |
|  Class 2 | 41143 | 1602 | 324461 | 13093 | (312360) | (12180) | 53244 | 2515 |
|  Class 3 | 313 | 12 | 2407 | 96 | (1415) | (54) | 1305 | 54 |
|  Class 4 | 189713 | 7467 | 511813 | 20873 | (394555) | (15526) | 306971 | 12814 |
|  Total net increase (decrease) | $449315 | 17624 | $2025651 | 81146 | $(1951116) | (75638) | $523850 | 23132 |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class 1 | $189766 | 7473 | $1052819 | 42339 | $(2193455) | (86366) | $(950870) | (36554) |
|  Class 1A | 9384 | 373 | 2270 | 91 | (5272) | (211) | 6382 | 253 |
|  Class 2 | 63147 | 2538 | 280024 | 11458 | (646053) | (25867) | (302882) | (11871) |
|  Class 3 | 546 | 22 | 2019 | 81 | (3219) | (128) | (654) | (25) |
|  Class 4 | 595855 | 24315 | 406136 | 16791 | (703265) | (28339) | 298726 | 12767 |
|  Total net increase (decrease) | $858698 | 34721 | $1743268 | 70760 | $(3551264) | (140911) | $(949298) | (35430) |

---

American Funds Global Balanced Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class 1 | $4237 | 324 | $3840 | 290 | $(11565) | (878) | $(3488) | (264) |
|  Class 1A | 256 | 19 | 161 | 12 | (215) | (16) | 202 | 15 |
|  Class 2 | 1215 | 91 | 5951 | 452 | (14274) | (1080) | (7108) | (537) |
|  Class 4 | 20102 | 1545 | 6604 | 511 | (10367) | (799) | 16339 | 1257 |
|  Total net increase (decrease) | $25810 | 1979 | $16556 | 1265 | $(36421) | (2773) | $5945 | 471 |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class 1 | $5008 | 386 | $1963 | 149 | $(13832) | (1065) | $(6861) | (530) |
|  Class 1A | 1071 | 82 | 64 | 5 | (316) | (25) | 819 | 62 |
|  Class 2 | 5061 | 388 | 2714 | 208 | (26779) | (2070) | (19004) | (1474) |
|  Class 4 | 23792 | 1863 | 2307 | 180 | (15540) | (1226) | 10559 | 817 |
|  Total net increase (decrease) | $34932 | 2719 | $7048 | 542 | $(56467) | (4386) | $(14487) | (1125) |

---

Refer to the end of the table(s) for footnote(s).

**347** American Funds Insurance Series

------

The Bond Fund of America

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class 1 | $413053 | 43891 | $59979 | 6381 | $(982200) | (103891) | $(509168) | (53619) |
|  Class 1A | 44943 | 4815 | 2233 | 240 | (16662) | (1774) | 30514 | 3281 |
|  Class 2 | 38712 | 4164 | 23485 | 2542 | (206373) | (22197) | (144176) | (15491) |
|  Class 4 | 111809 | 12133 | 10633 | 1158 | (66741) | (7230) | 55701 | 6061 |
|  Total net increase (decrease) | $608517 | 65003 | $96330 | 10321 | $(1271976) | (135092) | $(567129) | (59768) |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class 1 | $997057 | 104811 | $303806 | 32314 | $(1023095) | (106864) | $277768 | 30261 |
|  Class 1A | 30267 | 3210 | 8908 | 955 | (69212) | (7414) | (30037) | (3249) |
|  Class 2 | 118960 | 12741 | 115243 | 12454 | (268162) | (28438) | (33959) | (3243) |
|  Class 4 | 297378 | 31907 | 45913 | 4990 | (82229) | (8801) | 261062 | 28096 |
|  Total net increase (decrease) | $1443662 | 152669 | $473870 | 50713 | $(1442698) | (151517) | $474834 | 51865 |

---

Capital World Bond Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class 1 | $53252 | 5284 | $1662 | 163 | $(71979) | (7167) | $(17065) | (1720) |
|  Class 1A | 2275 | 236 | 53 | 5 | (18255) | (1837) | (15927) | (1596) |
|  Class 2 | 34568 | 3519 | 1728 | 172 | (102579) | (10384) | (66283) | (6693) |
|  Class 4 | 11296 | 1158 | 146 | 15 | (5087) | (523) | 6355 | 650 |
|  Total net increase (decrease) | $101391 | 10197 | $3589 | 355 | $(197900) | (19911) | $(92920) | (9359) |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class 1 | $50423 | 5049 | $15387 | 1561 | $(110677) | (11006) | $(44867) | (4396) |
|  Class 1A | 39370 | 4030 | 983 | 100 | (1586) | (160) | 38767 | 3970 |
|  Class 2 | 107727 | 10975 | 16410 | 1683 | (141037) | (14229) | (16900) | (1571) |
|  Class 4 | 13021 | 1348 | 1135 | 119 | (7549) | (775) | 6607 | 692 |
|  Total net increase (decrease) | $210541 | 21402 | $33915 | 3463 | $(260849) | (26170) | $(16393) | (1305) |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **348**

------

American High-Income Trust

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class 1 | $24975 | 2760 | $2778 | 300 | $(15383) | (1664) | $12370 | 1396 |
|  Class 1A | 537 | 58 | 37 | 4 | (528) | (57) | 46 | 5 |
|  Class 2 | 24001 | 2639 | 5936 | 658 | (45605) | (5041) | (15668) | (1744) |
|  Class 3 | 172 | 18 | 87 | 9 | (497) | (53) | (238) | (26) |
|  Class 4 | 70614 | 6928 | 1920 | 189 | (33731) | (3336) | 38803 | 3781 |
|  Total net increase (decrease) | $120299 | 12403 | $10758 | 1160 | $(95744) | (10151) | $35313 | 3412 |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class 1 | $9340 | 1009 | $15096 | 1627 | $(25253) | (2709) | $(817) | (73) |
|  Class 1A | 996 | 107 | 199 | 21 | (720) | (77) | 475 | 51 |
|  Class 2 | 18069 | 1979 | 35146 | 3885 | (64581) | (7119) | (11366) | (1255) |
|  Class 3 | 151 | 16 | 529 | 57 | (1201) | (130) | (521) | (57) |
|  Class 4 | 93982 | 9271 | 8335 | 821 | (55362) | (5531) | 46955 | 4561 |
|  Total net increase (decrease) | $122538 | 12382 | $59305 | 6411 | $(147117) | (15566) | $34726 | 3227 |

---

American Funds Mortgage Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class 1 | $172 | 19 | $143 | 16 | $(98) | (11) | $217 | 24 |
|  Class 1A | 432 | 47 | 23 | 2 | (205) | (22) | 250 | 27 |
|  Class 2 | 1345 | 146 | 316 | 34 | (3788) | (412) | (2127) | (232) |
|  Class 4 | 7786 | 856 | 414 | 46 | (3836) | (422) | 4364 | 480 |
|  Total net increase (decrease) | $9735 | 1068 | $896 | 98 | $(7927) | (867) | $2704 | 299 |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class 1 | $170 | 18 | $804 | 87 | $(279) | (30) | $695 | 75 |
|  Class 1A | 976 | 105 | 121 | 13 | (195) | (21) | 902 | 97 |
|  Class 2 | 3228 | 349 | 1928 | 211 | (5636) | (603) | (480) | (43) |
|  Class 4 | 18316 | 1981 | 2148 | 239 | (14351) | (1539) | 6113 | 681 |
|  Total net increase (decrease) | $22690 | 2453 | $5001 | 550 | $(20461) | (2193) | $7230 | 810 |

---

Refer to the end of the table(s) for footnote(s).

**349** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Ultra-Short Bond Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class 1 | $6176 | 542 | $266 | 23 | $(11314) | (993) | $(4872) | (428) |
|  Class 1A |  |  | 1 | –<sup>2</sup> |  |  | 1 | –<sup>2</sup> |
|  Class 2 | 32949 | 2991 | 1788 | 162 | (54467) | (4948) | (19730) | (1795) |
|  Class 3 | 112 | 10 | 29 | 3 | (392) | (35) | (251) | (22) |
|  Class 4 | 43286 | 3915 | 473 | 43 | (37336) | (3358) | 6423 | 600 |
|  Total net increase (decrease) | $82523 | 7458 | $2557 | 231 | $(103509) | (9334) | $(18429) | (1645) |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class 1 | $16477 | 1429 | $1996 | 176 | $(20160) | (1740) | $(1687) | (135) |
|  Class 1A |  |  | 6 | 1 |  |  | 6 | 1 |
|  Class 2 | 57235 | 5128 | 12858 | 1175 | (97431) | (8724) | (27338) | (2421) |
|  Class 3 | 370 | 32 | 204 | 19 | (841) | (74) | (267) | (23) |
|  Class 4 | 19303 | 1714 | 2569 | 233 | (26048) | (2325) | (4176) | (378) |
|  Total net increase (decrease) | $93385 | 8303 | $17633 | 1604 | $(144480) | (12863) | $(33462) | (2956) |

---

U.S. Government Securities Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class 1 | $44977 | 4581 | $2087 | 213 | $(56128) | (5713) | $(9064) | (919) |
|  Class 1A | 15985 | 1654 | 2157 | 222 | (37901) | (3880) | (19759) | (2004) |
|  Class 2 | 45477 | 4677 | 8060 | 834 | (115722) | (11932) | (62185) | (6421) |
|  Class 3 | 241 | 24 | 41 | 4 | (241) | (24) | 41 | 4 |
|  Class 4 | 64712 | 6659 | 1788 | 185 | (48932) | (5051) | 17568 | 1793 |
|  Total net increase (decrease) | $171392 | 17595 | $14133 | 1458 | $(258924) | (26600) | $(73399) | (7547) |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class 1 | $68973 | 6957 | $10757 | 1108 | $(60235) | (6083) | $19495 | 1982 |
|  Class 1A | 283124 | 28940 | 11344 | 1174 | (6503) | (659) | 287965 | 29455 |
|  Class 2 | 101793 | 10487 | 42550 | 4440 | (132491) | (13544) | 11852 | 1383 |
|  Class 3 | 881 | 89 | 204 | 21 | (1780) | (181) | (695) | (71) |
|  Class 4 | 72367 | 7407 | 7920 | 827 | (45157) | (4667) | 35130 | 3567 |
|  Total net increase (decrease) | $527138 | 53880 | $72775 | 7570 | $(246166) | (25134) | $353747 | 36316 |

---

Managed Risk Growth Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases** | **Repurchases** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class P1 | $492 | 38 | $669 | 52 | $(1087) | (82) | $74 | 8 |
|  Class P2 | 7709 | 598 | 24083 | 1898 | (41369) | (3152) | (9577) | (656) |
|  Total net increase (decrease) | $8201 | 636 | $24752 | 1950 | $(42456) | (3234) | $(9503) | (648) |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class P1 | $974 | 79 | $93 | 8 | $(2663) | (220) | $(1596) | (133) |
|  Class P2 | 10767 | 875 | 2326 | 197 | (100353) | (8347) | (87260) | (7275) |
|  Total net increase (decrease) | $11741 | 954 | $2419 | 205 | $(103016) | (8567) | $(88856) | (7408) |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **350**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Managed Risk International Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases** | **Repurchases** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class P1 | $113 | 14 | $30 | 3 | $(79) | (9) | $64 | 8 |
|  Class P2 | 2379 | 291 | 1450 | 178 | (6722) | (818) | (2893) | (349) |
|  Total net increase (decrease) | $2492 | 305 | $1480 | 181 | $(6801) | (827) | $(2829) | (341) |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class P1 | $146 | 17 | $29 | 3 | $(232) | (27) | $(57) | (7) |
|  Class P2 | 5087 | 599 | 1532 | 174 | (14961) | (1722) | (8342) | (949) |
|  Total net increase (decrease) | $5233 | 616 | $1561 | 177 | $(15193) | (1749) | $(8399) | (956) |

---

Managed Risk Washington Mutual Investors Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases** | **Repurchases** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class P1 | $73 | 6 | $40 | 3 | $(184) | (15) | $(71) | (6) |
|  Class P2 | 2835 | 241 | 4640 | 398 | (20378) | (1735) | (12903) | (1096) |
|  Total net increase (decrease) | $2908 | 247 | $4680 | 401 | $(20562) | (1750) | $(12974) | (1102) |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class P1 | $290 | 26 | $53 | 5 | $(607) | (54) | $(264) | (23) |
|  Class P2 | 6900 | 617 | 5422 | 490 | (51492) | (4594) | (39170) | (3487) |
|  Total net increase (decrease) | $7190 | 643 | $5475 | 495 | $(52099) | (4648) | $(39434) | (3510) |

---

Managed Risk Growth-Income Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases** | **Repurchases** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class P1 | $22938 | 1634 | $95748 | 7025 | $(138781) | (9811) | $(20095) | (1152) |
|  Class P2 | 2032 | 146 | 13810 | 1021 | (18320) | (1305) | (2478) | (138) |
|  Total net increase (decrease) | $24970 | 1780 | $109558 | 8046 | $(157101) | (11116) | $(22573) | (1290) |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class P1 | $16125 | 1168 | $58164 | 4309 | $(346171) | (25246) | $(271882) | (19769) |
|  Class P2 | 4069 | 297 | 7744 | 582 | (53124) | (3920) | (41311) | (3041) |
|  Total net increase (decrease) | $20194 | 1465 | $65908 | 4891 | $(399295) | (29166) | $(313193) | (22810) |

---

Refer to the end of the table(s) for footnote(s).

**351** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Managed Risk Asset Allocation Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases** | **Repurchases** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  Class P1 | $12 | 1 | $930 | 75 | $(185) | (14) | $757 | 62 |
|  Class P2 | 9933 | 798 | 155155 | 13016 | (171239) | (13497) | (6151) | 317 |
|  Total net increase (decrease) | $9945 | 799 | $156085 | 13091 | $(171424) | (13511) | $(5394) | 379 |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  Class P1 | $1509 | 116 | $365 | 29 | $(1325) | (108) | $549 | 37 |
|  Class P2 | 32478 | 2619 | 68762 | 5709 | (396241) | (32260) | (295001) | (23932) |
|  Total net increase (decrease) | $33987 | 2735 | $69127 | 5738 | $(397566) | (32368) | $(294452) | (23895) |

---

<sup>1</sup>Includes exchanges between share classes of the fund.

<sup>2</sup>Amount less than one thousand.

<sup>3</sup>Commencement of operations.

11. Investment transactions and other disclosures

The following tables present additional information for each fund for the six months ended June 30, 2025 (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Global**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth** <br> **Fund** | **Global**<br> **Small<br>Capitalization<br>Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Growth** <br> **Fund** | **International<br>Fund** | **New**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World** <br> **Fund** | **Washington<br>Mutual<br>Investors<br>Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investment securities\* | $1179396 | $757557 | $6385618 | $2780244 | $785414 | $1990904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investment securities\* | 1347163 | 939607 | 7875256 | 2957157 | 998449 | 2405834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes paid on dividend income | 3677 | 1787 | 3183 | 8711 | 3916 | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes (refunded) paid on interest income | 13 | (4) |  |  | 36 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes refunded (paid) on realized gains | (829) | 2490 |  | 10524 | 2970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes provided on unrealized appreciation | 5299 | 17693 |  | 28246 | 21733 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income from affiliated issuers | 5913 |  |  |  |  |  |
|  | **U.S. Small<br>and Mid<br>Cap Equity<br>Fund** | **Capital**<br> **World<br>Growth<br>and Income<br>Fund** | **Growth-<br>Income<br>Fund** | **International<br>Growth<br>and Income<br>Fund** | **Capital<br>Income<br>Builder** | **Asset<br>Allocation<br>Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investment securities\* | $3209 | $479965 | $7133302 | $99185 | $393384 | $11283114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investment securities\* | 3287 | 609901 | 8577738 | 91723 | 425205 | 12909245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes paid on dividend income |  | 1359 | 3376 | 576 | 1461 | 2655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes paid on realized gains |  | 170 |  | 11 | 26 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes provided on unrealized appreciation |  | 735 |  | 253 | 590 |  |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **352**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **American<br>Funds<br>Global<br>Balanced<br>Fund** | | **The Bond<br>Fund**<br> **of America** | **Capital<br>World Bond<br>Fund** | **American<br>High-Income<br>Trust** | **American<br>Funds<br>Mortgage<br>Fund** | **Ultra-Short<br>Bond<br>Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investment securities\* | $172059 |  | $7186261 | $824354 | $216134 | $240611 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investment securities\* | 186597 |  | 7700521 | 863783 | 157435 | 230976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes paid on dividend income | 241 |  |  |  | (9) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes paid on interest income |  | <sup>†</sup> | 8 | 42 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes paid on realized gains | 42 |  |  | 427 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes provided on unrealized appreciation | 181 |  |  | 133 |  |  |  |
|  | **U.S.<br>Government<br>Securities<br>Fund** |  | **Managed<br>Risk<br>Growth<br>Fund** | **Managed<br>Risk<br>International<br>Fund** | **Managed<br>Risk<br>Washington<br>Mutual<br>Investors<br>Fund** | **Managed<br>Risk<br>Growth-<br>Income<br>Fund** | **Managed<br>Risk**<br> **Asset<br>Allocation<br>Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investment securities\* | $2190673 |  | $140971 | $12970 | $52478 | $491790 | $243681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investment securities\* | 2371368 |  | 156432 | 24362 | 62127 | 404203 | 317008 |

---

\*Excludes short-term securities and U.S. government obligations, if any.

<sup>†</sup>Amount less than one thousand.

12. Ownership concentration

At June 30, 2025, American Funds Insurance Series - Portfolio Series - Managed Risk Growth and Income Portfolio held 17% and 13% of the outstanding shares of American Funds Insurance Series - Capital World Growth and Income Fund and American Funds Insurance Series - Capital Income Builder, respectively. Furthermore, American Funds Insurance Series - Portfolio Series - Managed Risk Global Allocation Portfolio held 17% of the outstanding shares of American Funds Insurance Series - American Funds Global Balanced Fund.

In addition, CRMC held aggregate ownership of 99% of the outstanding shares of American Funds Insurance Series - U.S. Small and Mid Cap Equity Fund. The ownership percentage represents the seed money invested in the fund when it began operations. American Funds Insurance Series - U.S. Small and Mid Cap Equity Fund began operations on November 15, 2024.

**353** American Funds Insurance Series

------

Financial highlights

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Dividends and distributions**  | **Dividends and distributions**  | **Dividends and distributions**  | | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total<br>return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/<br>reimbursements<sup>3</sup>** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimbursements<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
| Global Growth Fund | Global Growth Fund | Global Growth Fund | Global Growth Fund |  |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $36.91 | $.29 | $3.65 | $3.94 | $(.14) | $(4.88) | $(5.02) | $35.83 | 11.33%<sup>6</sup> | $3826 | .52%<sup>7</sup> | .41%<sup>7</sup> | 1.58%<sup>7</sup> |
|  12/31/2024 | 33.92 | .44 | 4.29 | 4.73 | (.67) | (1.07) | (1.74) | 36.91 | 13.94 | 3589 | .52 | .41 | 1.20 |
|  12/31/2023 | 30.18 | .36 | 6.30 | 6.66 | (.37) | (2.55) | (2.92) | 33.92 | 22.91 | 3418 | .52 | .41 | 1.13 |
|  12/31/2022 | 45.46 | .34 | (11.34) | (11.00) | (.31) | (3.97) | (4.28) | 30.18 | (24.54) | 3104 | .53 | .46 | 1.01 |
|  12/31/2021 | 41.16 | .25 | 6.48 | 6.73 | (.26) | (2.17) | (2.43) | 45.46 | 16.72 | 4270 | .55 | .54 | .56 |
|  12/31/2020 | 32.57 | .20 | 9.56 | 9.76 | (.21) | (.96) | (1.17) | 41.16 | 30.79 | 3309 | .56 | .56 | .59 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 36.70 | .24 | 3.62 | 3.86 | (.12) | (4.88) | (5.00) | 35.56 | 11.19<sup>6</sup> | 24 | .77<sup>7</sup> | .66<sup>7</sup> | 1.34<sup>7</sup> |
|  12/31/2024 | 33.74 | .35 | 4.26 | 4.61 | (.58) | (1.07) | (1.65) | 36.70 | 13.67 | 20 | .77 | .66 | .95 |
|  12/31/2023 | 30.04 | .28 | 6.26 | 6.54 | (.29) | (2.55) | (2.84) | 33.74 | 22.60 | 18 | .77 | .66 | .88 |
|  12/31/2022 | 45.28 | .26 | (11.31) | (11.05) | (.22) | (3.97) | (4.19) | 30.04 | (24.73) | 14 | .78 | .71 | .78 |
|  12/31/2021 | 41.02 | .14 | 6.46 | 6.60 | (.17) | (2.17) | (2.34) | 45.28 | 16.45 | 18 | .80 | .79 | .33 |
|  12/31/2020 | 32.47 | .12 | 9.52 | 9.64 | (.13) | (.96) | (1.09) | 41.02 | 30.49 | 12 | .81 | .81 | .34 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 36.37 | .24 | 3.58 | 3.82 | (.12) | (4.88) | (5.00) | 35.19 | 11.17<sup>6</sup> | 3658 | .77<sup>7</sup> | .66<sup>7</sup> | 1.32<sup>7</sup> |
|  12/31/2024 | 33.44 | .35 | 4.22 | 4.57 | (.57) | (1.07) | (1.64) | 36.37 | 13.68 | 3512 | .77 | .66 | .95 |
|  12/31/2023 | 29.79 | .28 | 6.21 | 6.49 | (.29) | (2.55) | (2.84) | 33.44 | 22.60 | 3522 | .77 | .66 | .88 |
|  12/31/2022 | 44.94 | .25 | (11.21) | (10.96) | (.22) | (3.97) | (4.19) | 29.79 | (24.74) | 3234 | .78 | .71 | .76 |
|  12/31/2021 | 40.72 | .13 | 6.41 | 6.54 | (.15) | (2.17) | (2.32) | 44.94 | 16.42 | 4559 | .80 | .80 | .30 |
|  12/31/2020 | 32.24 | .12 | 9.44 | 9.56 | (.12) | (.96) | (1.08) | 40.72 | 30.47 | 4387 | .81 | .81 | .34 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 35.93 | .19 | 3.54 | 3.73 | (.11) | (4.88) | (4.99) | 34.67 | 11.05<sup>6</sup> | 1083 | 1.02<sup>7</sup> | .91<sup>7</sup> | 1.10<sup>7</sup> |
|  12/31/2024 | 33.08 | .25 | 4.18 | 4.43 | (.51) | (1.07) | (1.58) | 35.93 | 13.39 | 937 | 1.02 | .91 | .69 |
|  12/31/2023 | 29.51 | .20 | 6.14 | 6.34 | (.22) | (2.55) | (2.77) | 33.08 | 22.29 | 732 | 1.02 | .91 | .63 |
|  12/31/2022 | 44.57 | .17 | (11.12) | (10.95) | (.14) | (3.97) | (4.11) | 29.51 | (24.92) | 584 | 1.03 | .96 | .52 |
|  12/31/2021 | 40.45 | .03 | 6.35 | 6.38 | (.09) | (2.17) | (2.26) | 44.57 | 16.14 | 744 | 1.05 | 1.04 | .07 |
|  12/31/2020 | 32.05 | .03 | 9.38 | 9.41 | (.05) | (.96) | (1.01) | 40.45 | 30.17 | 533 | 1.06 | 1.06 | .09 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **354**

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Dividends and distributions**  | **Dividends and distributions**  | **Dividends and distributions**  | | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total<br>return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/<br>reimbursements<sup>3</sup>** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/<br>reimbursements<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
| Global Small Capitalization Fund | Global Small Capitalization Fund | Global Small Capitalization Fund | Global Small Capitalization Fund |  |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $18.15 | $.10 | $1.35 | $1.45 | $– | $(.40) | $(.40) | $19.20 | 8.08%<sup>6</sup> | $885 | .70%<sup>7</sup> | .65%<sup>7</sup> | 1.11%<sup>7</sup> |
|  12/31/2024 | 18.57 | .12 | .34 | .46 | (.23) | (.65) | (.88) | 18.15 | 2.59 | 942 | .70 | .67 | .66 |
|  12/31/2023 | 16.22 | .11 | 2.53 | 2.64 | (.08) | (.21) | (.29) | 18.57 | 16.45 | 1001 | .70 | .65 | .63 |
|  12/31/2022 | 34.17 | .05 | (9.50) | (9.45) |  | (8.50) | (8.50) | 16.22 | (29.37) | 916 | .72 | .69 | .24 |
|  12/31/2021 | 32.64 | (.02) | 2.32 | 2.30 |  | (.77) | (.77) | 34.17 | 6.98 | 1707 | .74 | .74 | (.07) |
|  12/31/2020 | 26.80 | (.01) | 7.49 | 7.48 | (.05) | (1.59) | (1.64) | 32.64 | 30.04 | 2391 | .75 | .75 | (.06) |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 17.88 | .08 | 1.33 | 1.41 |  | (.40) | (.40) | 18.89 | 7.98<sup>6</sup> | 6.95<sup>7</sup> |  | .90<sup>7</sup> | .87<sup>7</sup> |
|  12/31/2024 | 18.31 | .07 | .34 | .41 | (.19) | (.65) | (.84) | 17.88 | 2.34 | 5 | .95 | .92 | .40 |
|  12/31/2023 | 16.00 | .06 | 2.50 | 2.56 | (.04) | (.21) | (.25) | 18.31 | 16.15 | 5 | .95 | .90 | .38 |
|  12/31/2022 | 33.93 | –<sup>8</sup> | (9.43) | (9.43) |  | (8.50) | (8.50) | 16.00 | (29.54) | 4 | .97 | .94 | –<sup>9</sup> |
|  12/31/2021 | 32.49 | (.07) | 2.28 | 2.21 |  | (.77) | (.77) | 33.93 | 6.73 | 5 | .99 | .99 | (.21) |
|  12/31/2020 | 26.74 | (.09) | 7.48 | 7.39 | (.05) | (1.59) | (1.64) | 32.49 | 29.72 | 1 | .99 | .99 | (.33) |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 17.05 | .07 | 1.27 | 1.34 |  | (.40) | (.40) | 17.99 | 7.96<sup>6</sup> | 1785 | .95<sup>7</sup> | .90<sup>7</sup> | .86<sup>7</sup> |
|  12/31/2024 | 17.50 | .07 | .32 | .39 | (.19) | (.65) | (.84) | 17.05 | 2.33 | 1733 | .95 | .92 | .41 |
|  12/31/2023 | 15.30 | .06 | 2.39 | 2.45 | (.04) | (.21) | (.25) | 17.50 | 16.17 | 1879 | .95 | .90 | .38 |
|  12/31/2022 | 32.94 | –<sup>8</sup> | (9.14) | (9.14) |  | (8.50) | (8.50) | 15.30 | (29.55) | 1762 | .97 | .94 | –<sup>9</sup> |
|  12/31/2021 | 31.56 | (.10) | 2.25 | 2.15 |  | (.77) | (.77) | 32.94 | 6.74 | 2521 | .99 | .99 | (.30) |
|  12/31/2020 | 26.02 | (.08) | 7.25 | 7.17 | (.04) | (1.59) | (1.63) | 31.56 | 29.72 | 2653 | 1.00 | 1.00 | (.31) |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 17.01 | .05 | 1.27 | 1.32 |  | (.40) | (.40) | 17.93 | 7.86<sup>6</sup> | 390 | 1.20<sup>7</sup> | 1.15<sup>7</sup> | .61<sup>7</sup> |
|  12/31/2024 | 17.46 | .03 | .32 | .35 | (.15) | (.65) | (.80) | 17.01 | 2.12 | 310 | 1.20 | 1.17 | .15 |
|  12/31/2023 | 15.28 | .02 | 2.37 | 2.39 | –<sup>8</sup> | (.21) | (.21) | 17.46 | 15.79 | 300 | 1.20 | 1.15 | .13 |
|  12/31/2022 | 32.96 | (.05) | (9.13) | (9.18) |  | (8.50) | (8.50) | 15.28 | (29.69) | 261 | 1.22 | 1.19 | (.25) |
|  12/31/2021 | 31.67 | (.18) | 2.24 | 2.06 |  | (.77) | (.77) | 32.96 | 6.43 | 344 | 1.24 | 1.24 | (.53) |
|  12/31/2020 | 26.16 | (.14) | 7.27 | 7.13 | (.03) | (1.59) | (1.62) | 31.67 | 29.39 | 268 | 1.25 | 1.25 | (.56) |

---

Refer to the end of the table(s) for footnote(s).

**355** American Funds Insurance Series

------

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Dividends and distributions**  | **Dividends and distributions**  | **Dividends and distributions**  | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total<br>return** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses**<br> **to average**<br> **net assets<sup>3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets** |
| Growth Fund | Growth Fund | Growth Fund | Growth Fund |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $127.47 | $.21 | $12.28 | $12.49 | $(.26) | $(10.61) | $(10.87) | $129.09 | 10.26%<sup>6</sup> | $23220 | .34%<sup>7</sup> | .33%<sup>7</sup> |
|  12/31/2024 | 99.44 | .51 | 30.78 | 31.29 | (.67) | (2.59) | (3.26) | 127.47 | 31.96 | 21469 | .34 | .45 |
|  12/31/2023 | 76.29 | .57 | 28.16 | 28.73 | (.54) | (5.04) | (5.58) | 99.44 | 38.81 | 17382 | .35 | .65 |
|  12/31/2022 | 127.58 | .58 | (37.03) | (36.45) | (.53) | (14.31) | (14.84) | 76.29 | (29.75) | 13660 | .35 | .64 |
|  12/31/2021 | 120.22 | .46 | 24.29 | 24.75 | (.58) | (16.81) | (17.39) | 127.58 | 22.30 | 19783 | .34 | .37 |
|  12/31/2020 | 81.22 | .43 | 41.28 | 41.71 | (.53) | (2.18) | (2.71) | 120.22 | 52.45 | 15644 | .35 | .46 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 126.11 | .05 | 12.14 | 12.19 | (.21) | (10.61) | (10.82) | 127.48 | 10.13<sup>6</sup> | 394 | .59<sup>7</sup> | .08<sup>7</sup> |
|  12/31/2024 | 98.46 | .22 | 30.43 | 30.65 | (.41) | (2.59) | (3.00) | 126.11 | 31.61 | 377 | .59 | .20 |
|  12/31/2023 | 75.61 | .35 | 27.88 | 28.23 | (.34) | (5.04) | (5.38) | 98.46 | 38.47 | 280 | .60 | .40 |
|  12/31/2022 | 126.70 | .39 | (36.79) | (36.40) | (.38) | (14.31) | (14.69) | 75.61 | (29.93) | 187 | .60 | .45 |
|  12/31/2021 | 119.59 | .16 | 24.11 | 24.27 | (.35) | (16.81) | (17.16) | 126.70 | 21.97 | 121 | .59 | .13 |
|  12/31/2020 | 80.92 | .20 | 41.05 | 41.25 | (.40) | (2.18) | (2.58) | 119.59 | 52.07 | 60 | .60 | .21 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 125.79 | .05 | 12.10 | 12.15 | (.21) | (10.61) | (10.82) | 127.12 | 10.12<sup>6</sup> | 21211 | .59<sup>7</sup> | .08<sup>7</sup> |
|  12/31/2024 | 98.20 | .22 | 30.34 | 30.56 | (.38) | (2.59) | (2.97) | 125.79 | 31.61 | 20386 | .59 | .20 |
|  12/31/2023 | 75.41 | .35 | 27.80 | 28.15 | (.32) | (5.04) | (5.36) | 98.20 | 38.49 | 17879 | .60 | .40 |
|  12/31/2022 | 126.28 | .35 | (36.62) | (36.27) | (.29) | (14.31) | (14.60) | 75.41 | (29.94) | 14452 | .60 | .38 |
|  12/31/2021 | 119.18 | .15 | 24.03 | 24.18 | (.27) | (16.81) | (17.08) | 126.28 | 21.97 | 21986 | .59 | .12 |
|  12/31/2020 | 80.57 | .19 | 40.89 | 41.08 | (.29) | (2.18) | (2.47) | 119.18 | 52.10 | 20594 | .60 | .21 |
|  **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 128.88 | .09 | 12.43 | 12.52 | (.22) | (10.61) | (10.83) | 130.57 | 10.16<sup>6</sup> | 287 | .52<sup>7</sup> | .15<sup>7</sup> |
|  12/31/2024 | 100.54 | .30 | 31.09 | 31.39 | (.46) | (2.59) | (3.05) | 128.88 | 31.70 | 276 | .52 | .27 |
|  12/31/2023 | 77.09 | .42 | 28.45 | 28.87 | (.38) | (5.04) | (5.42) | 100.54 | 38.56 | 236 | .53 | .47 |
|  12/31/2022 | 128.68 | .42 | (37.35) | (36.93) | (.35) | (14.31) | (14.66) | 77.09 | (29.89) | 188 | .53 | .45 |
|  12/31/2021 | 121.13 | .24 | 24.47 | 24.71 | (.35) | (16.81) | (17.16) | 128.68 | 22.07 | 302 | .52 | .19 |
|  12/31/2020 | 81.84 | .26 | 41.56 | 41.82 | (.35) | (2.18) | (2.53) | 121.13 | 52.20 | 279 | .53 | .28 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 122.38 | (.10) | 11.74 | 11.64 | (.17) | (10.61) | (10.78) | 123.24 | 9.99<sup>6</sup> | 6178 | .84<sup>7</sup> | (.17)<sup>7</sup> |
|  12/31/2024 | 95.70 | (.06) | 29.52 | 29.46 | (.19) | (2.59) | (2.78) | 122.38 | 31.29 | 5195 | .84 | (.06) |
|  12/31/2023 | 73.64 | .13 | 27.12 | 27.25 | (.15) | (5.04) | (5.19) | 95.70 | 38.13 | 3522 | .85 | .15 |
|  12/31/2022 | 123.79 | .12 | (35.87) | (35.75) | (.09) | (14.31) | (14.40) | 73.64 | (30.11) | 2409 | .85 | .14 |
|  12/31/2021 | 117.24 | (.15) | 23.59 | 23.44 | (.08) | (16.81) | (16.89) | 123.79 | 21.69 | 3214 | .84 | (.13) |
|  12/31/2020 | 79.41 | (.04) | 40.24 | 40.20 | (.19) | (2.18) | (2.37) | 117.24 | 51.71 | 2347 | .85 | (.04) |

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Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **356**

------

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Dividends and distributions**  | **Dividends and distributions**  | **Dividends and distributions**  | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total<br>return** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses**<br> **to average**<br> **net assets<sup>3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets** |
| International Fund | International Fund | International Fund | International Fund |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $17.84 | $.25 | $1.92 | $2.17 | $(.01) | $– | $(.01) | $20.00 | 12.18%<sup>6</sup> | $3274 | .52%<sup>7</sup> | 2.71%<sup>7</sup> |
|  12/31/2024 | 17.50 | .23 | .38 | .61 | (.27) |  | (.27) | 17.84 | 3.40 | 3080 | .52 | 1.26 |
|  12/31/2023 | 15.31 | .25 | 2.20 | 2.45 | (.26) |  | (.26) | 17.50 | 16.12 | 3353 | .53 | 1.50 |
|  12/31/2022 | 22.70 | .34 | (4.79) | (4.45) | (.34) | (2.60) | (2.94) | 15.31 | (20.57) | 3157 | .54 | 1.95 |
|  12/31/2021 | 23.64 | .38 | (.67) | (.29) | (.65) |  | (.65) | 22.70 | (1.23) | 4747 | .55 | 1.57 |
|  12/31/2020 | 20.86 | .14 | 2.82 | 2.96 | (.18) |  | (.18) | 23.64 | 14.28 | 5652 | .55 | .71 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 17.75 | .22 | 1.91 | 2.13 | (.01) |  | (.01) | 19.87 | 11.97<sup>6</sup> | 14 | .77<sup>7</sup> | 2.47<sup>7</sup> |
|  12/31/2024 | 17.41 | .18 | .38 | .56 | (.22) |  | (.22) | 17.75 | 3.17 | 13 | .77 | .99 |
|  12/31/2023 | 15.23 | .21 | 2.19 | 2.40 | (.22) |  | (.22) | 17.41 | 15.85 | 12 | .78 | 1.24 |
|  12/31/2022 | 22.61 | .30 | (4.78) | (4.48) | (.30) | (2.60) | (2.90) | 15.23 | (20.80) | 10 | .79 | 1.73 |
|  12/31/2021 | 23.55 | .33 | (.67) | (.34) | (.60) |  | (.60) | 22.61 | (1.47) | 12 | .80 | 1.39 |
|  12/31/2020 | 20.80 | .08 | 2.81 | 2.89 | (.14) |  | (.14) | 23.55 | 13.96 | 10 | .80 | .43 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 17.75 | .22 | 1.91 | 2.13 | –<sup>8</sup> | –<sup>8</sup> |  | 19.88 | 12.03<sup>6</sup> | 3399 | .77<sup>7</sup> | 2.46<sup>7</sup> |
|  12/31/2024 | 17.41 | .19 | .37 | .56 | (.22) |  | (.22) | 17.75 | 3.16 | 3238 | .77 | 1.00 |
|  12/31/2023 | 15.23 | .21 | 2.19 | 2.40 | (.22) |  | (.22) | 17.41 | 15.84 | 3382 | .78 | 1.24 |
|  12/31/2022 | 22.60 | .29 | (4.76) | (4.47) | (.30) | (2.60) | (2.90) | 15.23 | (20.79) | 3164 | .79 | 1.71 |
|  12/31/2021 | 23.54 | .33 | (.68) | (.35) | (.59) |  | (.59) | 22.60 | (1.49) | 4190 | .80 | 1.35 |
|  12/31/2020 | 20.78 | .09 | 2.80 | 2.89 | (.13) |  | (.13) | 23.54 | 13.97 | 4481 | .80 | .46 |
|  **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 17.90 | .23 | 1.94 | 2.17 | (.01) |  | (.01) | 20.06 | 12.11<sup>6</sup> | 15 | .70<sup>7</sup> | 2.54<sup>7</sup> |
|  12/31/2024 | 17.56 | .20 | .37 | .57 | (.23) |  | (.23) | 17.90 | 3.19 | 15 | .70 | 1.08 |
|  12/31/2023 | 15.35 | .22 | 2.22 | 2.44 | (.23) |  | (.23) | 17.56 | 15.99 | 17 | .71 | 1.32 |
|  12/31/2022 | 22.76 | .31 | (4.81) | (4.50) | (.31) | (2.60) | (2.91) | 15.35 | (20.76) | 16 | .72 | 1.78 |
|  12/31/2021 | 23.69 | .34 | (.67) | (.33) | (.60) |  | (.60) | 22.76 | (1.39) | 21 | .73 | 1.41 |
|  12/31/2020 | 20.92 | .10 | 2.81 | 2.91 | (.14) |  | (.14) | 23.69 | 14.00 | 25 | .73 | .53 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 17.46 | .20 | 1.87 | 2.07 |  |  |  | 19.53 | 11.86<sup>6</sup> | 507 | 1.02<sup>7</sup> | 2.24<sup>7</sup> |
|  12/31/2024 | 17.13 | .14 | .37 | .51 | (.18) |  | (.18) | 17.46 | 2.93 | 441 | 1.02 | .74 |
|  12/31/2023 | 14.99 | .16 | 2.16 | 2.32 | (.18) |  | (.18) | 17.13 | 15.56 | 415 | 1.03 | .99 |
|  12/31/2022 | 22.31 | .25 | (4.71) | (4.46) | (.26) | (2.60) | (2.86) | 14.99 | (21.02) | 373 | 1.04 | 1.47 |
|  12/31/2021 | 23.25 | .27 | (.67) | (.40) | (.54) |  | (.54) | 22.31 | (1.71) | 459 | 1.05 | 1.13 |
|  12/31/2020 | 20.54 | .04 | 2.76 | 2.80 | (.09) |  | (.09) | 23.25 | 13.66 | 423 | 1.05 | .21 |

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Refer to the end of the table(s) for footnote(s).

**357** American Funds Insurance Series

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Dividends and distributions**  | **Dividends and distributions**  | **Dividends and distributions**  | | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total<br>return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/<br>reimbursements<sup>3</sup>** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/<br>reimbursements<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
| New World Fund | New World Fund | New World Fund | New World Fund |  |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $26.67 | $.31 | $3.80 | $4.11 | $(.04) | $(1.21) | $(1.25) | $29.53 | 15.63%<sup>6</sup> | $1964 | .64%<sup>7</sup> | .57%<sup>7</sup> | 2.24%<sup>7</sup> |
|  12/31/2024 | 25.48 | .43 | 1.32 | 1.75 | (.44) | (.12) | (.56) | 26.67 | 6.86 | 1800 | .64 | .57 | 1.60 |
|  12/31/2023 | 22.30 | .40 | 3.19 | 3.59 | (.41) |  | (.41) | 25.48 | 16.22 | 1778 | .64 | .57 | 1.64 |
|  12/31/2022 | 31.83 | .37 | (7.17) | (6.80) | (.39) | (2.34) | (2.73) | 22.30 | (21.86) | 1610 | .68 | .57 | 1.48 |
|  12/31/2021 | 31.59 | .29 | 1.38 | 1.67 | (.36) | (1.07) | (1.43) | 31.83 | 5.16 | 2443 | .74 | .56 | .88 |
|  12/31/2020 | 25.84 | .15 | 5.93 | 6.08 | (.06) | (.27) | (.33) | 31.59 | 23.89 | 2309 | .76 | .64 | .58 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 26.53 | .27 | 3.78 | 4.05 | (.03) | (1.21) | (1.24) | 29.34 | 15.48<sup>6</sup> | 12 | .89<sup>7</sup> | .82<sup>7</sup> | 1.95<sup>7</sup> |
|  12/31/2024 | 25.36 | .36 | 1.31 | 1.67 | (.38) | (.12) | (.50) | 26.53 | 6.58 | 12 | .89 | .82 | 1.33 |
|  12/31/2023 | 22.19 | .33 | 3.20 | 3.53 | (.36) |  | (.36) | 25.36 | 15.98 | 10 | .89 | .82 | 1.38 |
|  12/31/2022 | 31.70 | .30 | (7.15) | (6.85) | (.32) | (2.34) | (2.66) | 22.19 | (22.09) | 9 | .93 | .82 | 1.24 |
|  12/31/2021 | 31.43 | .17 | 1.41 | 1.58 | (.24) | (1.07) | (1.31) | 31.70 | 4.90 | 12 | .99 | .81 | .54 |
|  12/31/2020 | 25.74 | .07 | 5.92 | 5.99 | (.03) | (.27) | (.30) | 31.43 | 23.63 | 18 | 1.01 | .87 | .26 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 26.33 | .27 | 3.75 | 4.02 | (.03) | (1.21) | (1.24) | 29.11 | 15.48<sup>6</sup> | 852 | .89<sup>7</sup> | .82<sup>7</sup> | 1.99<sup>7</sup> |
|  12/31/2024 | 25.17 | .36 | 1.30 | 1.66 | (.38) | (.12) | (.50) | 26.33 | 6.55 | 791 | .89 | .82 | 1.36 |
|  12/31/2023 | 22.02 | .33 | 3.17 | 3.50 | (.35) |  | (.35) | 25.17 | 15.99 | 803 | .89 | .82 | 1.39 |
|  12/31/2022 | 31.48 | .30 | (7.10) | (6.80) | (.32) | (2.34) | (2.66) | 22.02 | (22.10) | 764 | .93 | .82 | 1.24 |
|  12/31/2021 | 31.25 | .20 | 1.38 | 1.58 | (.28) | (1.07) | (1.35) | 31.48 | 4.92 | 1086 | .99 | .81 | .63 |
|  12/31/2020 | 25.59 | .08 | 5.87 | 5.95 | (.02) | (.27) | (.29) | 31.25 | 23.58 | 1109 | 1.01 | .89 | .34 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 26.09 | .23 | 3.72 | 3.95 | (.02) | (1.21) | (1.23) | 28.81 | 15.31<sup>6</sup> | 900 | 1.14<sup>7</sup> | 1.07<sup>7</sup> | 1.75<sup>7</sup> |
|  12/31/2024 | 24.95 | .29 | 1.28 | 1.57 | (.31) | (.12) | (.43) | 26.09 | 6.33 | 809 | 1.14 | 1.07 | 1.10 |
|  12/31/2023 | 21.84 | .27 | 3.14 | 3.41 | (.30) |  | (.30) | 24.95 | 15.67 | 787 | 1.14 | 1.07 | 1.14 |
|  12/31/2022 | 31.24 | .24 | (7.03) | (6.79) | (.27) | (2.34) | (2.61) | 21.84 | (22.25) | 701 | 1.18 | 1.07 | .99 |
|  12/31/2021 | 31.04 | .12 | 1.36 | 1.48 | (.21) | (1.07) | (1.28) | 31.24 | 4.63 | 906 | 1.24 | 1.06 | .38 |
|  12/31/2020 | 25.47 | .02 | 5.83 | 5.85 | (.01) | (.27) | (.28) | 31.04 | 23.29 | 807 | 1.26 | 1.14 | .08 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **358**

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Dividends and distributions**  | **Dividends and distributions**  | **Dividends and distributions**  | | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total<br>return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/<br>reimbursements<sup>3</sup>** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/<br>reimbursements<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
| Washington Mutual Investors Fund | Washington Mutual Investors Fund | Washington Mutual Investors Fund | Washington Mutual Investors Fund |  |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $16.86 | $.15 | $1.35 | $1.50 | $(.06) | $(1.20) | $(1.26) | $17.10 | 9.17%<sup>6</sup> | $6488 | .41%<sup>7</sup> | .26%<sup>7</sup> | 1.79%<sup>7</sup> |
|  12/31/2024 | 14.49 | .29 | 2.51 | 2.80 | (.30) | (.13) | (.43) | 16.86 | 19.40 | 6269 | .41 | .26 | 1.78 |
|  12/31/2023 | 12.69 | .28 | 1.92 | 2.20 | (.28) | (.12) | (.40) | 14.49 | 17.66 | 6020 | .41 | .27 | 2.07 |
|  12/31/2022 | 18.09 | .31 | (1.69) | (1.38) | (.30) | (3.72) | (4.02) | 12.69 | (8.28) | 5507 | .41 | .26 | 2.13 |
|  12/31/2021 | 14.35 | .29 | 3.73 | 4.02 | (.28) |  | (.28) | 18.09 | 28.12 | 6766 | .42 | .31 | 1.79 |
|  12/31/2020 | 13.56 | .25 | .95 | 1.20 | (.26) | (.15) | (.41) | 14.35 | 9.04 | 5684 | .43 | .43 | 2.00 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 16.79 | .13 | 1.34 | 1.47 | (.06) | (1.20) | (1.26) | 17.00 | 8.99<sup>6</sup> | 34 | .66<sup>7</sup> | .51<sup>7</sup> | 1.54<sup>7</sup> |
|  12/31/2024 | 14.43 | .25 | 2.50 | 2.75 | (.26) | (.13) | (.39) | 16.79 | 19.15 | 29 | .66 | .51 | 1.53 |
|  12/31/2023 | 12.61 | .23 | 1.92 | 2.15 | (.21) | (.12) | (.33) | 14.43 | 17.29 | 23 | .66 | .52 | 1.77 |
|  12/31/2022 | 17.96 | .27 | (1.67) | (1.40) | (.23) | (3.72) | (3.95) | 12.61 | (8.45) | 64 | .66 | .51 | 1.76 |
|  12/31/2021 | 14.28 | .27 | 3.67 | 3.94 | (.26) |  | (.26) | 17.96 | 27.70 | 169 | .67 | .53 | 1.62 |
|  12/31/2020 | 13.51 | .23 | .93 | 1.16 | (.24) | (.15) | (.39) | 14.28 | 8.79 | 25 | .67 | .67 | 1.78 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 16.53 | .13 | 1.32 | 1.45 | (.06) | (1.20) | (1.26) | 16.72 | 9.01<sup>6</sup> | 3098 | .66<sup>7</sup> | .51<sup>7</sup> | 1.54<sup>7</sup> |
|  12/31/2024 | 14.21 | .24 | 2.47 | 2.71 | (.26) | (.13) | (.39) | 16.53 | 19.14 | 3002 | .66 | .51 | 1.53 |
|  12/31/2023 | 12.46 | .24 | 1.88 | 2.12 | (.25) | (.12) | (.37) | 14.21 | 17.29 | 2899 | .66 | .52 | 1.82 |
|  12/31/2022 | 17.83 | .26 | (1.65) | (1.39) | (.26) | (3.72) | (3.98) | 12.46 | (8.45) | 2775 | .66 | .51 | 1.88 |
|  12/31/2021 | 14.15 | .25 | 3.67 | 3.92 | (.24) |  | (.24) | 17.83 | 27.78 | 3426 | .67 | .56 | 1.54 |
|  12/31/2020 | 13.39 | .22 | .91 | 1.13 | (.22) | (.15) | (.37) | 14.15 | 8.68 | 3082 | .68 | .68 | 1.75 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 16.34 | .11 | 1.30 | 1.41 | (.05) | (1.20) | (1.25) | 16.50 | 8.90<sup>6</sup> | 2052 | .91<sup>7</sup> | .76<sup>7</sup> | 1.29<sup>7</sup> |
|  12/31/2024 | 14.06 | .20 | 2.44 | 2.64 | (.23) | (.13) | (.36) | 16.34 | 18.85 | 1766 | .91 | .76 | 1.28 |
|  12/31/2023 | 12.34 | .20 | 1.86 | 2.06 | (.22) | (.12) | (.34) | 14.06 | 16.97 | 1344 | .91 | .77 | 1.58 |
|  12/31/2022 | 17.71 | .23 | (1.64) | (1.41) | (.24) | (3.72) | (3.96) | 12.34 | (8.69) | 1098 | .91 | .77 | 1.64 |
|  12/31/2021 | 14.06 | .21 | 3.65 | 3.86 | (.21) |  | (.21) | 17.71 | 27.51 | 1104 | .92 | .81 | 1.30 |
|  12/31/2020 | 13.31 | .19 | .91 | 1.10 | (.20) | (.15) | (.35) | 14.06 | 8.47 | 788 | .93 | .93 | 1.51 |

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**359** American Funds Insurance Series

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Financial highlights (continued)

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Dividends and distributions**  | **Dividends and distributions**  | **Dividends and distributions**  | | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total<br>return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimbursements<sup>3</sup>** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimbursements<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
| U.S. Small and Mid Cap Equity Fund | U.S. Small and Mid Cap Equity Fund | U.S. Small and Mid Cap Equity Fund | U.S. Small and Mid Cap Equity Fund |  |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $9.71 | $.04 | $.70 | $.74 | $–<sup>8</sup> | $–<sup>8</sup> | $–<sup>8</sup> | $10.45 | 7.56%<sup>6</sup> | $–<sup>10</sup> | .82%<sup>7</sup> | .54%<sup>7</sup> | .76%<sup>7</sup> |
|  12/31/2024<sup>4,11</sup> | 10.00 | .01 | (.29) | (.28) | (.01) |  | (.01) | 9.71 | (2.81)<sup>6</sup> | –<sup>10</sup> | .59<sup>7</sup> | .54<sup>7</sup> | .72<sup>7</sup> |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 9.71 | .04 | .70 | .74 | –<sup>8</sup> | –<sup>8</sup> | –<sup>8</sup> | 10.45 | 7.56<sup>6,12</sup> | –<sup>10</sup> | .83<sup>7,12</sup> | .54<sup>7,12</sup> | .76<sup>7,12</sup> |
|  12/31/2024<sup>4,11</sup> | 10.00 | .01 | (.29) | (.28) | (.01) |  | (.01) | 9.71 | (2.81)<sup>6,12</sup> | –<sup>10</sup> | .59<sup>7,12</sup> | .54<sup>7,12</sup> | .72<sup>7,12</sup> |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 9.71 | .04 | .70 | .74 | –<sup>8</sup> | –<sup>8</sup> | –<sup>8</sup> | 10.45 | 7.56<sup>6,12</sup> | –<sup>10</sup> | .82<sup>7,12</sup> | .54<sup>7,12</sup> | .76<sup>7,12</sup> |
|  12/31/2024<sup>4,11</sup> | 10.00 | .01 | (.29) | (.28) | (.01) |  | (.01) | 9.71 | (2.81)<sup>6,12</sup> | –<sup>10</sup> | .59<sup>7,12</sup> | .54<sup>7,12</sup> | .72<sup>7,12</sup> |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 9.71 | .04 | .70 | .74 | –<sup>8</sup> | –<sup>8</sup> | –<sup>8</sup> | 10.45 | 7.56<sup>6,12</sup> | 16 | .83<sup>7,12</sup> | .54<sup>7,12</sup> | .76<sup>7,12</sup> |
|  12/31/2024<sup>4,11</sup> | 10.00 | .01 | (.29) | (.28) | (.01) |  | (.01) | 9.71 | (2.82)<sup>6,12</sup> | 15 | .59<sup>7,12</sup> | .55<sup>7,12</sup> | .71<sup>7,12</sup> |

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Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **360**

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Financial highlights (continued)

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Dividends and distributions**  | **Dividends and distributions**  | **Dividends and distributions**  | | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total<br>return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimbursements<sup>3</sup>** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimbursements<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
| Capital World Growth and Income Fund | Capital World Growth and Income Fund | Capital World Growth and Income Fund | Capital World Growth and Income Fund | Capital World Growth and Income Fund |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $15.53 | $.17 | $1.82 | $1.99 | $(.04) | $(.61) | $(.65) | $16.87 | 13.03%<sup>6</sup> | $612 | .52%<sup>7</sup> | .42%<sup>7</sup> | 2.19%<sup>7</sup> |
|  12/31/2024 | 13.85 | .27 | 1.71 | 1.98 | (.30) |  | (.30) | 15.53 | 14.24 | 597 | .52 | .42 | 1.75 |
|  12/31/2023 | 11.67 | .27 | 2.19 | 2.46 | (.28) |  | (.28) | 13.85 | 21.22 | 579 | .52 | .41 | 2.08 |
|  12/31/2022 | 18.42 | .32 | (3.28) | (2.96) | (.34) | (3.45) | (3.79) | 11.67 | (17.13) | 548 | .57 | .41 | 2.36 |
|  12/31/2021 | 16.67 | .38 | 2.10 | 2.48 | (.33) | (.40) | (.73) | 18.42 | 15.03 | 812 | .63 | .47 | 2.14 |
|  12/31/2020 | 15.92 | .22 | 1.14 | 1.36 | (.23) | (.38) | (.61) | 16.67 | 9.03 | 657 | .66 | .66 | 1.49 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 15.44 | .16 | 1.79 | 1.95 | (.03) | (.61) | (.64) | 16.75 | 12.86<sup>6</sup> | 11 | .77<sup>7</sup> | .67<sup>7</sup> | 1.97<sup>7</sup> |
|  12/31/2024 | 13.77 | .23 | 1.70 | 1.93 | (.26) |  | (.26) | 15.44 | 14.00 | 8 | .77 | .67 | 1.50 |
|  12/31/2023 | 11.61 | .23 | 2.18 | 2.41 | (.25) |  | (.25) | 13.77 | 20.87 | 7 | .77 | .66 | 1.83 |
|  12/31/2022 | 18.34 | .28 | (3.25) | (2.97) | (.31) | (3.45) | (3.76) | 11.61 | (17.29) | 6 | .82 | .66 | 2.13 |
|  12/31/2021 | 16.62 | .37 | 2.06 | 2.43 | (.31) | (.40) | (.71) | 18.34 | 14.71 | 7 | .88 | .70 | 2.08 |
|  12/31/2020 | 15.88 | .18 | 1.13 | 1.31 | (.19) | (.38) | (.57) | 16.62 | 8.78 | 2 | .90 | .90 | 1.23 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 15.49 | .15 | 1.81 | 1.96 | (.03) | (.61) | (.64) | 16.81 | 12.88<sup>6</sup> | 1060 | .77<sup>7</sup> | .67<sup>7</sup> | 1.94<sup>7</sup> |
|  12/31/2024 | 13.81 | .23 | 1.71 | 1.94 | (.26) |  | (.26) | 15.49 | 14.00 | 1015 | .77 | .67 | 1.51 |
|  12/31/2023 | 11.64 | .23 | 2.18 | 2.41 | (.24) |  | (.24) | 13.81 | 20.88 | 1040 | .77 | .66 | 1.83 |
|  12/31/2022 | 18.38 | .28 | (3.26) | (2.98) | (.31) | (3.45) | (3.76) | 11.64 | (17.33) | 983 | .82 | .66 | 2.11 |
|  12/31/2021 | 16.63 | .33 | 2.11 | 2.44 | (.29) | (.40) | (.69) | 18.38 | 14.78 | 1340 | .88 | .73 | 1.85 |
|  12/31/2020 | 15.89 | .18 | 1.13 | 1.31 | (.19) | (.38) | (.57) | 16.63 | 8.73 | 1349 | .91 | .91 | 1.23 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 15.08 | .13 | 1.76 | 1.89 | (.03) | (.61) | (.64) | 16.33 | 12.73<sup>6</sup> | 315 | 1.02<sup>7</sup> | .92<sup>7</sup> | 1.72<sup>7</sup> |
|  12/31/2024 | 13.46 | .18 | 1.67 | 1.85 | (.23) |  | (.23) | 15.08 | 13.70 | 268 | 1.02 | .92 | 1.25 |
|  12/31/2023 | 11.35 | .19 | 2.14 | 2.33 | (.22) |  | (.22) | 13.46 | 20.65 | 235 | 1.02 | .91 | 1.57 |
|  12/31/2022 | 18.04 | .24 | (3.20) | (2.96) | (.28) | (3.45) | (3.73) | 11.35 | (17.57) | 188 | 1.07 | .91 | 1.86 |
|  12/31/2021 | 16.35 | .29 | 2.06 | 2.35 | (.26) | (.40) | (.66) | 18.04 | 14.46 | 225 | 1.13 | .97 | 1.65 |
|  12/31/2020 | 15.63 | .14 | 1.12 | 1.26 | (.16) | (.38) | (.54) | 16.35 | 8.55 | 166 | 1.16 | 1.16 | .97 |

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Refer to the end of the table(s) for footnote(s).

**361** American Funds Insurance Series

------

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Dividends and distributions**  | **Dividends and distributions**  | **Dividends and distributions**  | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total<br>return** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses<br>to average<br>net assets<sup>3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets** |
| Growth-Income Fund | Growth-Income Fund | Growth-Income Fund | Growth-Income Fund |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $69.59 | $.43 | $4.69 | $5.12 | $(.18) | $(12.13) | $(12.31) | $62.40 | 8.13%<sup>6</sup> | $25262 | .28%<sup>7</sup> | 1.27%<sup>7</sup> |
|  12/31/2024 | 59.26 | .84 | 13.33 | 14.17 | (.89) | (2.95) | (3.84) | 69.59 | 24.55 | 24476 | .28 | 1.28 |
|  12/31/2023 | 50.21 | .86 | 11.96 | 12.82 | (.88) | (2.89) | (3.77) | 59.26 | 26.47 | 22319 | .29 | 1.60 |
|  12/31/2022 | 67.35 | .85 | (11.50) | (10.65) | (.83) | (5.66) | (6.49) | 50.21 | (16.28) | 19692 | .29 | 1.54 |
|  12/31/2021 | 55.38 | .79 | 12.64 | 13.43 | (.86) | (.60) | (1.46) | 67.35 | 24.42 | 25507 | .29 | 1.28 |
|  12/31/2020 | 50.71 | .75 | 6.02 | 6.77 | (.80) | (1.30) | (2.10) | 55.38 | 13.81 | 22903 | .29 | 1.52 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 69.10 | .34 | 4.64 | 4.98 | (.15) | (12.13) | (12.28) | 61.80 | 7.98<sup>6</sup> | 48 | .53<sup>7</sup> | 1.02<sup>7</sup> |
|  12/31/2024 | 58.88 | .67 | 13.24 | 13.91 | (.74) | (2.95) | (3.69) | 69.10 | 24.25 | 44 | .53 | 1.02 |
|  12/31/2023 | 49.93 | .72 | 11.87 | 12.59 | (.75) | (2.89) | (3.64) | 58.88 | 26.12 | 35 | .54 | 1.35 |
|  12/31/2022 | 67.02 | .71 | (11.44) | (10.73) | (.70) | (5.66) | (6.36) | 49.93 | (16.48) | 28 | .54 | 1.30 |
|  12/31/2021 | 55.16 | .65 | 12.55 | 13.20 | (.74) | (.60) | (1.34) | 67.02 | 24.08 | 32 | .53 | 1.04 |
|  12/31/2020 | 50.54 | .63 | 5.99 | 6.62 | (.70) | (1.30) | (2.00) | 55.16 | 13.55 | 16 | .54 | 1.28 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 68.38 | .33 | 4.60 | 4.93 | (.14) | (12.13) | (12.27) | 61.04 | 8.00<sup>6</sup> | 14111 | .53<sup>7</sup> | 1.02<sup>7</sup> |
|  12/31/2024 | 58.30 | .66 | 13.10 | 13.76 | (.73) | (2.95) | (3.68) | 68.38 | 24.23 | 13882 | .53 | 1.03 |
|  12/31/2023 | 49.46 | .72 | 11.75 | 12.47 | (.74) | (2.89) | (3.63) | 58.30 | 26.14 | 12894 | .54 | 1.35 |
|  12/31/2022 | 66.44 | .70 | (11.33) | (10.63) | (.69) | (5.66) | (6.35) | 49.46 | (16.50) | 11508 | .54 | 1.29 |
|  12/31/2021 | 54.66 | .63 | 12.45 | 13.08 | (.70) | (.60) | (1.30) | 66.44 | 24.10 | 15319 | .54 | 1.03 |
|  12/31/2020 | 50.08 | .62 | 5.93 | 6.55 | (.67) | (1.30) | (1.97) | 54.66 | 13.54 | 14012 | .54 | 1.27 |
|  **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 69.76 | .37 | 4.69 | 5.06 | (.15) | (12.13) | (12.28) | 62.54 | 8.02<sup>6</sup> | 155 | .46<sup>7</sup> | 1.09<sup>7</sup> |
|  12/31/2024 | 59.40 | .72 | 13.36 | 14.08 | (.77) | (2.95) | (3.72) | 69.76 | 24.32 | 155 | .46 | 1.10 |
|  12/31/2023 | 50.33 | .77 | 11.97 | 12.74 | (.78) | (2.89) | (3.67) | 59.40 | 26.23 | 142 | .47 | 1.42 |
|  12/31/2022 | 67.48 | .75 | (11.51) | (10.76) | (.73) | (5.66) | (6.39) | 50.33 | (16.43) | 125 | .47 | 1.36 |
|  12/31/2021 | 55.49 | .68 | 12.65 | 13.33 | (.74) | (.60) | (1.34) | 67.48 | 24.18 | 166 | .47 | 1.10 |
|  12/31/2020 | 50.81 | .66 | 6.02 | 6.68 | (.70) | (1.30) | (2.00) | 55.49 | 13.60 | 154 | .47 | 1.34 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 67.14 | .25 | 4.49 | 4.74 | (.12) | (12.13) | (12.25) | 59.63 | 7.85<sup>6</sup> | 2986 | .78<sup>7</sup> | .77<sup>7</sup> |
|  12/31/2024 | 57.34 | .49 | 12.86 | 13.35 | (.60) | (2.95) | (3.55) | 67.14 | 23.93 | 2698 | .78 | .78 |
|  12/31/2023 | 48.72 | .57 | 11.57 | 12.14 | (.63) | (2.89) | (3.52) | 57.34 | 25.82 | 2062 | .79 | 1.10 |
|  12/31/2022 | 65.57 | .56 | (11.18) | (10.62) | (.57) | (5.66) | (6.23) | 48.72 | (16.70) | 1630 | .79 | 1.05 |
|  12/31/2021 | 53.99 | .48 | 12.28 | 12.76 | (.58) | (.60) | (1.18) | 65.57 | 23.80 | 1928 | .79 | .79 |
|  12/31/2020 | 49.52 | .49 | 5.85 | 6.34 | (.57) | (1.30) | (1.87) | 53.99 | 13.25 | 1407 | .79 | 1.02 |

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Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **362**

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Dividends and distributions**  | **Dividends and distributions**  | **Dividends and distributions**  | | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total<br>return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimbursements<sup>3</sup>** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimbursements<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
| International Growth and Income Fund | International Growth and Income Fund | International Growth and Income Fund | International Growth and Income Fund | International Growth and Income Fund |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $10.19 | $.23 | $1.95 | $2.18 | $(.05) | $– | $(.05) | $12.32 | 21.40%<sup>6</sup> | $31 | .54%<sup>7</sup> | .54%<sup>7</sup> | 4.06%<sup>7</sup> |
|  12/31/2024 | 10.10 | .28 | .10 | .38 | (.29) |  | (.29) | 10.19 | 3.64 | 17 | .57 | .57 | 2.62 |
|  12/31/2023 | 8.94 | .27 | 1.15 | 1.42 | (.26) |  | (.26) | 10.10 | 16.08 | 15 | .56 | .55 | 2.82 |
|  12/31/2022 | 19.62 | .39 | (3.09) | (2.70) | (.28) | (7.70) | (7.98) | 8.94 | (15.00) | 13 | .64 | .54 | 3.29 |
|  12/31/2021 | 19.01 | .54 | .53 | 1.07 | (.46) |  | (.46) | 19.62 | 5.64 | 30 | .67 | .67 | 2.70 |
|  12/31/2020 | 18.18 | .27 | .85 | 1.12 | (.29) |  | (.29) | 19.01 | 6.24 | 1120 | .68 | .68 | 1.70 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 9.91 | .19 | 1.90 | 2.09 | (.04) |  | (.04) | 11.96 | 21.15<sup>6</sup> | 8 | .79<sup>7</sup> | .79<sup>7</sup> | 3.60<sup>7</sup> |
|  12/31/2024 | 9.83 | .24 | .10 | .34 | (.26) |  | (.26) | 9.91 | 3.39 | 6 | .82 | .82 | 2.34 |
|  12/31/2023 | 8.70 | .24 | 1.13 | 1.37 | (.24) |  | (.24) | 9.83 | 15.92 | 6 | .81 | .80 | 2.54 |
|  12/31/2022 | 19.39 | .35 | (3.05) | (2.70) | (.29) | (7.70) | (7.99) | 8.70 | (15.31) | 5 | .88 | .79 | 3.15 |
|  12/31/2021 | 18.97 | .50 | .52 | 1.02 | (.60) |  | (.60) | 19.39 | 5.39 | 6 | .94 | .92 | 2.50 |
|  12/31/2020 | 18.15 | .22 | .85 | 1.07 | (.25) |  | (.25) | 18.97 | 5.98 | 3 | .93 | .93 | 1.38 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 9.91 | .19 | 1.90 | 2.09 | (.04) |  | (.04) | 11.96 | 21.15<sup>6</sup> | 164 | .79<sup>7</sup> | .79<sup>7</sup> | 3.53<sup>7</sup> |
|  12/31/2024 | 9.82 | .25 | .10 | .35 | (.26) |  | (.26) | 9.91 | 3.48 | 150 | .82 | .82 | 2.40 |
|  12/31/2023 | 8.70 | .24 | 1.12 | 1.36 | (.24) |  | (.24) | 9.82 | 15.76 | 165 | .81 | .80 | 2.54 |
|  12/31/2022 | 19.38 | .36 | (3.05) | (2.69) | (.29) | (7.70) | (7.99) | 8.70 | (15.25) | 162 | .88 | .78 | 3.24 |
|  12/31/2021 | 18.95 | .48 | .53 | 1.01 | (.58) |  | (.58) | 19.38 | 5.37 | 211 | .93 | .92 | 2.44 |
|  12/31/2020 | 18.12 | .23 | .85 | 1.08 | (.25) |  | (.25) | 18.95 | 6.01 | 221 | .93 | .93 | 1.43 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 9.74 | .18 | 1.87 | 2.05 | (.04) |  | (.04) | 11.75 | 21.07<sup>6</sup> | 193 | 1.04<sup>7</sup> | 1.04<sup>7</sup> | 3.36<sup>7</sup> |
|  12/31/2024 | 9.67 | .22 | .09 | .31 | (.24) |  | (.24) | 9.74 | 3.11 | 150 | 1.07 | 1.07 | 2.13 |
|  12/31/2023 | 8.56 | .21 | 1.12 | 1.33 | (.22) |  | (.22) | 9.67 | 15.66 | 143 | 1.06 | 1.05 | 2.29 |
|  12/31/2022 | 19.23 | .33 | (3.04) | (2.71) | (.26) | (7.70) | (7.96) | 8.56 | (15.52) | 121 | 1.13 | 1.04 | 3.01 |
|  12/31/2021 | 18.82 | .44 | .51 | .95 | (.54) |  | (.54) | 19.23 | 5.09 | 132 | 1.18 | 1.17 | 2.21 |
|  12/31/2020 | 18.01 | .19 | .83 | 1.02 | (.21) |  | (.21) | 18.82 | 5.73 | 112 | 1.18 | 1.18 | 1.19 |

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Refer to the end of the table(s) for footnote(s).

**363** American Funds Insurance Series

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Dividends and distributions**  | **Dividends and distributions**  | **Dividends and distributions**  | | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total<br>return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimbursements<sup>3</sup>** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimbursements<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
| Capital Income Builder | Capital Income Builder | Capital Income Builder | Capital Income Builder | Capital Income Builder |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $12.39 | $.25 | $1.27 | $1.52 | $(.16) | $– | $(.16) | $13.75 | 12.33%<sup>6</sup> | $793 | .40%<sup>7</sup> | .27%<sup>7</sup> | 3.88% |
|  12/31/2024 | 11.63 | .42 | .79 | 1.21 | (.45) |  | (.45) | 12.39 | 10.45 | 709 | .40 | .27 | 3.44 |
|  12/31/2023 | 10.99 | .41 | .59 | 1.00 | (.36) |  | (.36) | 11.63 | 9.28 | 660 | .40 | .26 | 3.68 |
|  12/31/2022 | 12.17 | .37 | (1.21) | (.84) | (.34) |  | (.34) | 10.99 | (6.90) | 586 | .44 | .26 | 3.31 |
|  12/31/2021 | 10.87 | .37 | 1.28 | 1.65 | (.35) |  | (.35) | 12.17 | 15.31 | 563 | .53 | .27 | 3.19 |
|  12/31/2020 | 10.73 | .31 | .15 | .46 | (.32) |  | (.32) | 10.87 | 4.64 | 621 | .53 | .35 | 3.07 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 12.38 | .23 | 1.26 | 1.49 | (.14) |  | (.14) | 13.73 | 12.12<sup>6</sup> | 14 | .65<sup>7</sup> | .52<sup>7</sup> | 3.63<sup>7</sup> |
|  12/31/2024 | 11.62 | .39 | .79 | 1.18 | (.42) |  | (.42) | 12.38 | 10.19 | 13 | .65 | .52 | 3.17 |
|  12/31/2023 | 10.98 | .38 | .59 | .97 | (.33) |  | (.33) | 11.62 | 9.01 | 10 | .65 | .51 | 3.42 |
|  12/31/2022 | 12.15 | .34 | (1.19) | (.85) | (.32) |  | (.32) | 10.98 | (7.06) | 10 | .69 | .52 | 3.06 |
|  12/31/2021 | 10.86 | .34 | 1.27 | 1.61 | (.32) |  | (.32) | 12.15 | 14.95 | 10 | .78 | .52 | 2.94 |
|  12/31/2020 | 10.72 | .28 | .16 | .44 | (.30) |  | (.30) | 10.86 | 4.38 | 6 | .78 | .60 | 2.81 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 12.38 | .23 | 1.27 | 1.50 | (.14) |  | (.14) | 13.74 | 12.20<sup>6</sup> | 20 | .65<sup>7</sup> | .52<sup>7</sup> | 3.64<sup>7</sup> |
|  12/31/2024 | 11.62 | .39 | .79 | 1.18 | (.42) |  | (.42) | 12.38 | 10.19 | 18 | .65 | .52 | 3.18 |
|  12/31/2023 | 10.98 | .38 | .59 | .97 | (.33) |  | (.33) | 11.62 | 9.01 | 15 | .65 | .51 | 3.43 |
|  12/31/2022 | 12.16 | .34 | (1.20) | (.86) | (.32) |  | (.32) | 10.98 | (7.13) | 13 | .69 | .51 | 3.06 |
|  12/31/2021 | 10.87 | .34 | 1.27 | 1.61 | (.32) |  | (.32) | 12.16 | 14.94 | 13 | .78 | .52 | 2.93 |
|  12/31/2020 | 10.72 | .29 | .16 | .45 | (.30) |  | (.30) | 10.87 | 4.48 | 8 | .78 | .60 | 2.83 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 12.36 | .22 | 1.27 | 1.49 | (.13) |  | (.13) | 13.72 | 12.09<sup>6</sup> | 739 | .90<sup>7</sup> | .77<sup>7</sup> | 3.39<sup>7</sup> |
|  12/31/2024 | 11.60 | .36 | .79 | 1.15 | (.39) |  | (.39) | 12.36 | 9.93 | 629 | .90 | .77 | 2.93 |
|  12/31/2023 | 10.96 | .35 | .59 | .94 | (.30) |  | (.30) | 11.60 | 8.75 | 566 | .90 | .76 | 3.18 |
|  12/31/2022 | 12.14 | .31 | (1.20) | (.89) | (.29) |  | (.29) | 10.96 | (7.37) | 530 | .94 | .76 | 2.81 |
|  12/31/2021 | 10.85 | .31 | 1.27 | 1.58 | (.29) |  | (.29) | 12.14 | 14.68 | 559 | 1.03 | .77 | 2.69 |
|  12/31/2020 | 10.71 | .26 | .15 | .41 | (.27) |  | (.27) | 10.85 | 4.11 | 462 | 1.03 | .85 | 2.55 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **365**

------

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Dividends and distributions**  | **Dividends and distributions**  | **Dividends and distributions**  | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total<br>return** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses**<br> **to average**<br> **net assets<sup>3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets** |
| Asset Allocation Fund | Asset Allocation Fund | Asset Allocation Fund | Asset Allocation Fund | Asset Allocation Fund | Asset Allocation Fund | Asset Allocation Fund |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $26.04 | $.30 | $1.76 | $2.06 | $(.12) | $(1.91) | $(2.03) | $26.07 | 8.20%<sup>6</sup> | $16240 | .30%<sup>7</sup> | 2.32%<sup>7</sup> |
|  12/31/2024 | 23.86 | .60 | 3.29 | 3.89 | (.61) | (1.10) | (1.71) | 26.04 | 16.73 | 16023 | .30 | 2.36 |
|  12/31/2023 | 22.20 | .57 | 2.54 | 3.11 | (.56) | (.89) | (1.45) | 23.86 | 14.55 | 15555 | .30 | 2.49 |
|  12/31/2022 | 29.08 | .52 | (4.24) | (3.72) | (.51) | (2.65) | (3.16) | 22.20 | (13.19) | 15138 | .30 | 2.15 |
|  12/31/2021 | 26.50 | .48 | 3.54 | 4.02 | (.50) | (.94) | (1.44) | 29.08 | 15.40 | 18836 | .30 | 1.71 |
|  12/31/2020 | 24.05 | .43 | 2.59 | 3.02 | (.46) | (.11) | (.57) | 26.50 | 12.71 | 19238 | .30 | 1.80 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 25.88 | .27 | 1.74 | 2.01 | (.11) | (1.91) | (2.02) | 25.87 | 8.04<sup>6</sup> | 45 | .55<sup>7</sup> | 2.08<sup>7</sup> |
|  12/31/2024 | 23.74 | .54 | 3.26 | 3.80 | (.56) | (1.10) | (1.66) | 25.88 | 16.41 | 42 | .55 | 2.12 |
|  12/31/2023 | 22.10 | .51 | 2.53 | 3.04 | (.51) | (.89) | (1.40) | 23.74 | 14.32 | 32 | .55 | 2.25 |
|  12/31/2022 | 28.97 | .46 | (4.22) | (3.76) | (.46) | (2.65) | (3.11) | 22.10 | (13.43) | 27 | .55 | 1.95 |
|  12/31/2021 | 26.42 | .42 | 3.52 | 3.94 | (.45) | (.94) | (1.39) | 28.97 | 15.13 | 24 | .55 | 1.49 |
|  12/31/2020 | 23.99 | .37 | 2.58 | 2.95 | (.41) | (.11) | (.52) | 26.42 | 12.43 | 14 | .55 | 1.56 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 25.65 | .26 | 1.73 | 1.99 | (.11) | (1.91) | (2.02) | 25.62 | 8.04<sup>6</sup> | 4401 | .55<sup>7</sup> | 2.07<sup>7</sup> |
|  12/31/2024 | 23.53 | .53 | 3.24 | 3.77 | (.55) | (1.10) | (1.65) | 25.65 | 16.44 | 4340 | .55 | 2.11 |
|  12/31/2023 | 21.91 | .50 | 2.52 | 3.02 | (.51) | (.89) | (1.40) | 23.53 | 14.27 | 4261 | .55 | 2.24 |
|  12/31/2022 | 28.74 | .46 | (4.19) | (3.73) | (.45) | (2.65) | (3.10) | 21.91 | (13.41) | 4228 | .55 | 1.90 |
|  12/31/2021 | 26.21 | .41 | 3.49 | 3.90 | (.43) | (.94) | (1.37) | 28.74 | 15.10 | 5473 | .55 | 1.46 |
|  12/31/2020 | 23.79 | .37 | 2.56 | 2.93 | (.40) | (.11) | (.51) | 26.21 | 12.46 | 5242 | .55 | 1.55 |
|  **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 26.08 | .28 | 1.75 | 2.03 | (.11) | (1.91) | (2.02) | 26.09 | 8.07<sup>6</sup> | 34 | .48<sup>7</sup> | 2.14<sup>7</sup> |
|  12/31/2024 | 23.90 | .56 | 3.29 | 3.85 | (.57) | (1.10) | (1.67) | 26.08 | 16.52 | 32 | .48 | 2.18 |
|  12/31/2023 | 22.23 | .53 | 2.55 | 3.08 | (.52) | (.89) | (1.41) | 23.90 | 14.37 | 30 | .48 | 2.31 |
|  12/31/2022 | 29.12 | .48 | (4.25) | (3.77) | (.47) | (2.65) | (3.12) | 22.23 | (13.37) | 28 | .48 | 1.97 |
|  12/31/2021 | 26.53 | .43 | 3.55 | 3.98 | (.45) | (.94) | (1.39) | 29.12 | 15.22 | 36 | .48 | 1.53 |
|  12/31/2020 | 24.08 | .39 | 2.59 | 2.98 | (.42) | (.11) | (.53) | 26.53 | 12.50 | 33 | .48 | 1.62 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 25.41 | .23 | 1.72 | 1.95 | (.10) | (1.91) | (2.01) | 25.35 | 7.95<sup>6</sup> | 6956 | .80<sup>7</sup> | 1.82<sup>7</sup> |
|  12/31/2024 | 23.34 | .46 | 3.20 | 3.66 | (.49) | (1.10) | (1.59) | 25.41 | 16.11 | 6649 | .80 | 1.87 |
|  12/31/2023 | 21.75 | .44 | 2.49 | 2.93 | (.45) | (.89) | (1.34) | 23.34 | 14.02 | 5807 | .80 | 1.99 |
|  12/31/2022 | 28.56 | .39 | (4.16) | (3.77) | (.39) | (2.65) | (3.04) | 21.75 | (13.66) | 5380 | .80 | 1.66 |
|  12/31/2021 | 26.06 | .34 | 3.47 | 3.81 | (.37) | (.94) | (1.31) | 28.56 | 14.84 | 6337 | .80 | 1.22 |
|  12/31/2020 | 23.67 | .31 | 2.54 | 2.85 | (.35) | (.11) | (.46) | 26.06 | 12.16 | 5131 | .80 | 1.30 |

---

Refer to the end of the table(s) for footnote(s).

**365** American Funds Insurance Series

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total<br>return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimbursements<sup>3</sup>** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimbursements<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
| American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $12.96 | $.20 | $1.05 | $1.25 | $(.04) | $(.53) | $(.57) | $13.64 | 9.72%<sup>6</sup> | $97 | .52%<sup>7</sup> | .50%<sup>7</sup> | 3.02%<sup>7</sup> |
|  12/31/2024 | 12.37 | .34 | .52 | .86 | (.27) |  | (.27) | 12.96 | 6.90 | 95 | .52 | .51 | 2.63 |
|  12/31/2023 | 12.55 | .33 | 1.29 | 1.62 | (.23) | (1.57) | (1.80) | 12.37 | 14.05 | 98 | .53 | .52 | 2.67 |
|  12/31/2022 | 14.73 | .26 | (2.37) | (2.11) |  | (.07) | (.07) | 12.55 | (14.33) | 96 | .59 | .58 | 1.99 |
|  12/31/2021 | 14.19 | .18 | 1.37 | 1.55 | (.19) | (.82) | (1.01) | 14.73 | 11.05 | 120 | .73 | .73 | 1.24 |
|  12/31/2020 | 13.51 | .17 | 1.24 | 1.41 | (.19) | (.54) | (.73) | 14.19 | 10.53 | 139 | .72 | .72 | 1.29 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 12.87 | .18 | 1.05 | 1.23 | (.03) | (.53) | (.56) | 13.54 | 9.66<sup>6</sup> | 4 | .77<sup>7</sup> | .75<sup>7</sup> | 2.78<sup>7</sup> |
|  12/31/2024 | 12.30 | .30 | .51 | .81 | (.24) |  | (.24) | 12.87 | 6.57 | 4 | .78 | .77 | 2.35 |
|  12/31/2023 | 12.49 | .29 | 1.30 | 1.59 | (.21) | (1.57) | (1.78) | 12.30 | 13.77 | 3 | .78 | .77 | 2.42 |
|  12/31/2022 | 14.70 | .22 | (2.36) | (2.14) |  | (.07) | (.07) | 12.49 | (14.56) | 3 | .84 | .84 | 1.71 |
|  12/31/2021 | 14.16 | .15 | 1.36 | 1.51 | (.15) | (.82) | (.97) | 14.70 | 10.83 | 4 | .98 | .98 | 1.02 |
|  12/31/2020 | 13.49 | .14 | 1.23 | 1.37 | (.16) | (.54) | (.70) | 14.16 | 10.25 | 3 | .97 | .97 | 1.03 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 12.89 | .18 | 1.05 | 1.23 | (.03) | (.53) | (.56) | 13.56 | 9.64<sup>6</sup> | 149 | .77<sup>7</sup> | .75<sup>7</sup> | 2.78<sup>7</sup> |
|  12/31/2024 | 12.31 | .31 | .50 | .81 | (.23) |  | (.23) | 12.89 | 6.58 | 149 | .77 | .76 | 2.38 |
|  12/31/2023 | 12.49 | .30 | 1.29 | 1.59 | (.20) | (1.57) | (1.77) | 12.31 | 13.83 | 160 | .78 | .77 | 2.42 |
|  12/31/2022 | 14.70 | .22 | (2.36) | (2.14) |  | (.07) | (.07) | 12.49 | (14.56) | 158 | .84 | .83 | 1.73 |
|  12/31/2021 | 14.16 | .15 | 1.36 | 1.51 | (.15) | (.82) | (.97) | 14.70 | 10.79 | 208 | .98 | .98 | 1.01 |
|  12/31/2020 | 13.48 | .14 | 1.23 | 1.37 | (.15) | (.54) | (.69) | 14.16 | 10.30 | 208 | .97 | .97 | 1.03 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 12.66 | .16 | 1.04 | 1.20 | (.03) | (.53) | (.56) | 13.30 | 9.55<sup>6</sup> | 169 | 1.02<sup>7</sup> | 1.00<sup>7</sup> | 2.54<sup>7</sup> |
|  12/31/2024 | 12.10 | .27 | .50 | .77 | (.21) |  | (.21) | 12.66 | 6.32 | 144 | 1.02 | 1.01 | 2.12 |
|  12/31/2023 | 12.32 | .26 | 1.27 | 1.53 | (.18) | (1.57) | (1.75) | 12.10 | 13.45 | 128 | 1.03 | 1.02 | 2.17 |
|  12/31/2022 | 14.53 | .19 | (2.33) | (2.14) |  | (.07) | (.07) | 12.32 | (14.73) | 111 | 1.09 | 1.08 | 1.49 |
|  12/31/2021 | 14.02 | .11 | 1.34 | 1.45 | (.12) | (.82) | (.94) | 14.53 | 10.46 | 135 | 1.23 | 1.23 | .77 |
|  12/31/2020 | 13.36 | .10 | 1.22 | 1.32 | (.12) | (.54) | (.66) | 14.02 | 10.00 | 105 | 1.22 | 1.22 | .78 |

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Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **366**

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total<br>return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimbursements<sup>3</sup>** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimbursements<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
| The Bond Fund of America | The Bond Fund of America | The Bond Fund of America | The Bond Fund of America | The Bond Fund of America | The Bond Fund of America | The Bond Fund of America | The Bond Fund of America |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $9.27 | $.22 | $.18 | $.40 | $(.09) | $– | $(.09) | $9.58 | 4.30%<sup>6</sup> | $6713 | .39%<sup>7</sup> | .24%<sup>7</sup> | 4.64%<sup>7</sup> |
|  12/31/2024 | 9.54 | .44 | (.29) | .15 | (.42) |  | (.42) | 9.27 | 1.50 | 6992 | .39 | .24 | 4.60 |
|  12/31/2023 | 9.41 | .39 | .09 | .48 | (.35) |  | (.35) | 9.54 | 5.21 | 6908 | .39 | .20 | 4.15 |
|  12/31/2022 | 11.21 | .31 | (1.67) | (1.36) | (.32) | (.12) | (.44) | 9.41 | (12.26) | 6370 | .39 | .20 | 3.09 |
|  12/31/2021 | 11.89 | .21 | (.23) | (.02) | (.19) | (.47) | (.66) | 11.21 | (.14) | 8555 | .39 | .26 | 1.84 |
|  12/31/2020 | 11.17 | .23 | .87 | 1.10 | (.27) | (.11) | (.38) | 11.89 | 9.96 | 6844 | .40 | .40 | 2.00 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 9.20 | .20 | .18 | .38 | (.08) |  | (.08) | 9.50 | 4.18<sup>6</sup> | 260 | .64<sup>7</sup> | .49<sup>7</sup> | 4.40<sup>7</sup> |
|  12/31/2024 | 9.47 | .41 | (.29) | .12 | (.39) |  | (.39) | 9.20 | 1.23 | 221 | .64 | .49 | 4.35 |
|  12/31/2023 | 9.35 | .37 | .08 | .45 | (.33) |  | (.33) | 9.47 | 4.89 | 258 | .64 | .45 | 3.90 |
|  12/31/2022 | 11.16 | .31 | (1.69) | (1.38) | (.31) | (.12) | (.43) | 9.35 | (12.49) | 220 | .64 | .45 | 3.15 |
|  12/31/2021 | 11.84 | .18 | (.23) | (.05) | (.16) | (.47) | (.63) | 11.16 | (.36) | 12 | .64 | .51 | 1.59 |
|  12/31/2020 | 11.13 | .20 | .87 | 1.07 | (.25) | (.11) | (.36) | 11.84 | 9.68 | 9 | .65 | .65 | 1.74 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 9.12 | .20 | .18 | .38 | (.08) |  | (.08) | 9.42 | 4.21<sup>6</sup> | 2710 | .64<sup>7</sup> | .49<sup>7</sup> | 4.39<sup>7</sup> |
|  12/31/2024 | 9.40 | .41 | (.30) | .11 | (.39) |  | (.39) | 9.12 | 1.16 | 2766 | .64 | .49 | 4.35 |
|  12/31/2023 | 9.27 | .36 | .10 | .46 | (.33) |  | (.33) | 9.40 | 5.02 | 2879 | .64 | .45 | 3.89 |
|  12/31/2022 | 11.06 | .28 | (1.66) | (1.38) | (.29) | (.12) | (.41) | 9.27 | (12.58) | 2844 | .64 | .45 | 2.84 |
|  12/31/2021 | 11.73 | .18 | (.22) | (.04) | (.16) | (.47) | (.63) | 11.06 | (.31) | 3729 | .64 | .52 | 1.57 |
|  12/31/2020 | 11.02 | .20 | .86 | 1.06 | (.24) | (.11) | (.35) | 11.73 | 9.73 | 3840 | .65 | .65 | 1.75 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 9.07 | .19 | .18 | .37 | (.08) |  | (.08) | 9.36 | 3.98<sup>6</sup> | 1283 | .89<sup>7</sup> | .74<sup>7</sup> | 4.14<sup>7</sup> |
|  12/31/2024 | 9.35 | .38 | (.29) | .09 | (.37) |  | (.37) | 9.07 | .98 | 1188 | .89 | .74 | 4.10 |
|  12/31/2023 | 9.23 | .34 | .09 | .43 | (.31) |  | (.31) | 9.35 | 4.72 | 963 | .89 | .70 | 3.66 |
|  12/31/2022 | 11.01 | .26 | (1.65) | (1.39) | (.27) | (.12) | (.39) | 9.23 | (12.75) | 787 | .89 | .70 | 2.61 |
|  12/31/2021 | 11.69 | .15 | (.22) | (.07) | (.14) | (.47) | (.61) | 11.01 | (.59) | 891 | .89 | .76 | 1.34 |
|  12/31/2020 | 11.00 | .17 | .85 | 1.02 | (.22) | (.11) | (.33) | 11.69 | 9.38 | 714 | .90 | .90 | 1.48 |

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Refer to the end of the table(s) for footnote(s).

**367** American Funds Insurance Series

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total<br>return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimbursements<sup>3</sup>** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimbursements<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
| Capital World Bond Fund | Capital World Bond Fund | Capital World Bond Fund | Capital World Bond Fund | Capital World Bond Fund | Capital World Bond Fund | Capital World Bond Fund | Capital World Bond Fund |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $9.63 | $.21 | $.63 | $.84 | $(.03) | $– | $(.03) | $10.44 | 8.71%<sup>6</sup> | $619 | .48%<sup>7</sup> | .48%<sup>7</sup> | 4.18%<sup>7</sup> |
|  12/31/2024 | 10.16 | .42 | (.70) | (.28) | (.25) |  | (.25) | 9.63 | (2.76) | 588 | .48 | .48 | 4.20 |
|  12/31/2023 | 9.55 | .32 | .29 | .61 |  |  |  | 10.16 | 6.39 | 665 | .48 | .48 | 3.33 |
|  12/31/2022 | 11.79 | .25 | (2.30) | (2.05) | (.03) | (.16) | (.19) | 9.55 | (17.43) | 663 | .51 | .48 | 2.43 |
|  12/31/2021 | 12.94 | .25 | (.85) | (.60) | (.24) | (.31) | (.55) | 11.79 | (4.73) | 988 | .60 | .50 | 2.06 |
|  12/31/2020 | 12.12 | .26 | .95 | 1.21 | (.18) | (.21) | (.39) | 12.94 | 10.17 | 1219 | .59 | .52 | 2.08 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 9.54 | .19 | .62 | .81 | (.02) |  | (.02) | 10.33 | 8.51<sup>6</sup> | 26 | .73<sup>7</sup> | .73<sup>7</sup> | 3.94<sup>7</sup> |
|  12/31/2024 | 10.08 | .40 | (.69) | (.29) | (.25) |  | (.25) | 9.54 | (2.97) | 39 | .74 | .74 | 4.05 |
|  12/31/2023 | 9.50 | .30 | .28 | .58 |  |  |  | 10.08 | 6.11 | 1 | .73 | .73 | 3.08 |
|  12/31/2022 | 11.76 | .22 | (2.30) | (2.08) | (.02) | (.16) | (.18) | 9.50 | (17.69) | 1 | .76 | .73 | 2.19 |
|  12/31/2021 | 12.91 | .23 | (.85) | (.62) | (.22) | (.31) | (.53) | 11.76 | (4.88) | 1 | .85 | .75 | 1.85 |
|  12/31/2020 | 12.10 | .23 | .95 | 1.18 | (.16) | (.21) | (.37) | 12.91 | 9.89 | 1 | .83 | .76 | 1.83 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 9.52 | .19 | .62 | .81 | (.02) |  | (.02) | 10.31 | 8.55<sup>6</sup> | 755 | .73<sup>7</sup> | .73<sup>7</sup> | 3.93<sup>7</sup> |
|  12/31/2024 | 10.03 | .39 | (.69) | (.30) | (.21) |  | (.21) | 9.52 | (3.04) | 761 | .73 | .73 | 3.95 |
|  12/31/2023 | 9.45 | .29 | .29 | .58 |  |  |  | 10.03 | 6.14 | 817 | .73 | .73 | 3.08 |
|  12/31/2022 | 11.70 | .22 | (2.29) | (2.07) | (.02) | (.16) | (.18) | 9.45 | (17.70) | 765 | .76 | .73 | 2.18 |
|  12/31/2021 | 12.84 | .22 | (.84) | (.62) | (.21) | (.31) | (.52) | 11.70 | (4.92) | 1030 | .85 | .75 | 1.82 |
|  12/31/2020 | 12.03 | .22 | .95 | 1.17 | (.15) | (.21) | (.36) | 12.84 | 9.90 | 1058 | .84 | .77 | 1.83 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 9.37 | .18 | .61 | .79 | (.02) |  | (.02) | 10.14 | 8.45<sup>6</sup> | 72 | .98<sup>7</sup> | .98<sup>7</sup> | 3.67<sup>7</sup> |
|  12/31/2024 | 9.88 | .36 | (.68) | (.32) | (.19) |  | (.19) | 9.37 | (3.32) | 60 | .98 | .98 | 3.70 |
|  12/31/2023 | 9.33 | .27 | .28 | .55 |  |  |  | 9.88 | 5.89 | 57 | .98 | .98 | 2.84 |
|  12/31/2022 | 11.57 | .19 | (2.25) | (2.06) | (.02) | (.16) | (.18) | 9.33 | (17.84) | 53 | 1.01 | .98 | 1.94 |
|  12/31/2021 | 12.71 | .19 | (.84) | (.65) | (.18) | (.31) | (.49) | 11.57 | (5.18) | 66 | 1.10 | 1.00 | 1.57 |
|  12/31/2020 | 11.92 | .19 | .94 | 1.13 | (.13) | (.21) | (.34) | 12.71 | 9.62 | 61 | 1.09 | 1.02 | 1.58 |

---

Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **368**

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total<br>return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimbursements<sup>3</sup>** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimbursements<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
| American High-Income Trust | American High-Income Trust | American High-Income Trust | American High-Income Trust | American High-Income Trust | American High-Income Trust | American High-Income Trust | American High-Income Trust |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $9.19 | $.32 | $.06 | $.38 | $(.11) | $– | $(.11) | $9.46 | 4.13%<sup>6</sup> | $249 | .44%<sup>7</sup> | .32%<sup>7</sup> | 7.03%<sup>7</sup> |
|  12/31/2024 | 8.94 | .65 | .24 | .89 | (.64) |  | (.64) | 9.19 | 9.92 | 229 | .45 | .32 | 6.96 |
|  12/31/2023 | 8.53 | .63 | .43 | 1.06 | (.65) |  | (.65) | 8.94 | 12.69 | 223 | .45 | .31 | 7.10 |
|  12/31/2022 | 10.19 | .56 | (1.47) | (.91) | (.75) |  | (.75) | 8.53 | (9.01) | 224 | .47 | .32 | 5.95 |
|  12/31/2021 | 9.80 | .51 | .34 | .85 | (.46) |  | (.46) | 10.19 | 8.74 | 278 | .53 | .37 | 4.95 |
|  12/31/2020 | 9.87 | .61 | .17 | .78 | (.85) |  | (.85) | 9.80 | 8.21 | 123 | .52 | .52 | 6.46 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 9.15 | .31 | .05 | .36 | (.10) |  | (.10) | 9.41 | 4.00<sup>6</sup> | 3 | .69<sup>7</sup> | .57<sup>7</sup> | 6.78<sup>7</sup> |
|  12/31/2024 | 8.90 | .62 | .25 | .87 | (.62) |  | (.62) | 9.15 | 9.73 | 3 | .70 | .57 | 6.71 |
|  12/31/2023 | 8.51 | .61 | .41 | 1.02 | (.63) |  | (.63) | 8.90 | 12.40 | 3 | .70 | .56 | 6.90 |
|  12/31/2022 | 10.16 | .53 | (1.46) | (.93) | (.72) |  | (.72) | 8.51 | (9.29) | 1 | .72 | .57 | 5.70 |
|  12/31/2021 | 9.78 | .49 | .33 | .82 | (.44) |  | (.44) | 10.16 | 8.42 | 1 | .78 | .64 | 4.75 |
|  12/31/2020 | 9.86 | .56 | .20 | .76 | (.84) |  | (.84) | 9.78 | 7.94 | 1 | .78 | .78 | 5.85 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 8.96 | .30 | .05 | .35 | (.10) |  | (.10) | 9.21 | 3.97<sup>6</sup> | 535 | .69<sup>7</sup> | .57<sup>7</sup> | 6.78<sup>7</sup> |
|  12/31/2024 | 8.73 | .61 | .23 | .84 | (.61) |  | (.61) | 8.96 | 9.67 | 536 | .70 | .57 | 6.70 |
|  12/31/2023 | 8.35 | .59 | .41 | 1.00 | (.62) |  | (.62) | 8.73 | 12.45 | 533 | .70 | .56 | 6.85 |
|  12/31/2022 | 9.98 | .52 | (1.43) | (.91) | (.72) |  | (.72) | 8.35 | (9.26) | 521 | .72 | .57 | 5.68 |
|  12/31/2021 | 9.61 | .48 | .33 | .81 | (.44) |  | (.44) | 9.98 | 8.42 | 673 | .78 | .65 | 4.80 |
|  12/31/2020 | 9.70 | .55 | .19 | .74 | (.83) |  | (.83) | 9.61 | 7.94 | 665 | .78 | .78 | 5.88 |
|  **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 9.25 | .32 | .04 | .36 | (.10) |  | (.10) | 9.51 | 3.96<sup>6</sup> | 8 | .62<sup>7</sup> | .50<sup>7</sup> | 6.85<sup>7</sup> |
|  12/31/2024 | 8.99 | .63 | .25 | .88 | (.62) |  | (.62) | 9.25 | 9.79 | 8 | .63 | .50 | 6.77 |
|  12/31/2023 | 8.58 | .61 | .43 | 1.04 | (.63) |  | (.63) | 8.99 | 12.54 | 8 | .63 | .49 | 6.91 |
|  12/31/2022 | 10.24 | .54 | (1.47) | (.93) | (.73) |  | (.73) | 8.58 | (9.25) | 9 | .65 | .50 | 5.76 |
|  12/31/2021 | 9.84 | .50 | .34 | .84 | (.44) |  | (.44) | 10.24 | 8.60 | 10 | .71 | .58 | 4.86 |
|  12/31/2020 | 9.92 | .57 | .19 | .76 | (.84) |  | (.84) | 9.84 | 7.93 | 10 | .71 | .71 | 5.94 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 10.07 | .33 | .06 | .39 | (.10) |  | (.10) | 10.36 | 3.90<sup>6</sup> | 200 | .94<sup>7</sup> | .82<sup>7</sup> | 6.53<sup>7</sup> |
|  12/31/2024 | 9.75 | .65 | .27 | .92 | (.60) |  | (.60) | 10.07 | 9.39 | 156 | .95 | .82 | 6.45 |
|  12/31/2023 | 9.26 | .63 | .46 | 1.09 | (.60) |  | (.60) | 9.75 | 12.18 | 107 | .95 | .81 | 6.62 |
|  12/31/2022 | 10.99 | .55 | (1.58) | (1.03) | (.70) |  | (.70) | 9.26 | (9.53) | 77 | .97 | .82 | 5.44 |
|  12/31/2021 | 10.54 | .50 | .36 | .86 | (.41) |  | (.41) | 10.99 | 8.18 | 90 | 1.03 | .89 | 4.52 |
|  12/31/2020 | 10.56 | .57 | .22 | .79 | (.81) |  | (.81) | 10.54 | 7.74 | 69 | 1.03 | 1.03 | 5.58 |

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Refer to the end of the table(s) for footnote(s).

**369** American Funds Insurance Series

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Dividends and distributions**  | **Dividends and distributions**  | **Dividends and distributions**  | | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total<br>return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimbursements** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers**<br> **reimbursements<sup>2</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
| American Funds Mortgage Fund | American Funds Mortgage Fund | American Funds Mortgage Fund | American Funds Mortgage Fund |  |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $9.08 | $.23 | $.24 | $.47 | $(.08) | $– | $(.08) | $9.47 | 5.15%<sup>6</sup> | $18 | .35%<sup>7</sup> | .27%<sup>7</sup> | 5.03%<sup>7</sup> |
|  12/31/2024 | 9.44 | .47 | (.38) | .09 | (.45) |  | (.45) | 9.08 | .93 | 17 | .39 | .31 | 5.04 |
|  12/31/2023 | 9.45 | .45 | (.08) | .37 | (.38) |  | (.38) | 9.44 | 4.03 | 17 | .41 | .29 | 4.76 |
|  12/31/2022 | 10.63 | .07 | (1.10) | (1.03) | (.15) |  | (.15) | 9.45 | (9.76) | 1 | .45 | .25 | .70 |
|  12/31/2021 | 11.11 | .06 | (.09) | (.03) | (.08) | (.37) | (.45) | 10.63 | (.32) | 231 | .49 | .29 | .58 |
|  12/31/2020 | 10.56 | .10 | .64 | .74 | (.17) | (.02) | (.19) | 11.11 | 6.98 | 224 | .48 | .36 | .93 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 8.96 | .22 | .22 | .44 | (.07) |  | (.07) | 9.33 | 4.96<sup>6</sup> | 3 | .60<sup>7</sup> | .52<sup>7</sup> | 4.78<sup>7</sup> |
|  12/31/2024 | 9.32 | .44 | (.37) | .07 | (.43) |  | (.43) | 8.96 | .74 | 3 | .64 | .56 | 4.78 |
|  12/31/2023 | 9.34 | .41 | (.07) | .34 | (.36) |  | (.36) | 9.32 | 3.72 | 2 | .65 | .53 | 4.38 |
|  12/31/2022 | 10.59 | .19 | (1.24) | (1.05) | (.20) |  | (.20) | 9.34 | (10.03) | 2 | .69 | .54 | 1.91 |
|  12/31/2021 | 11.08 | .04 | (.10) | (.06) | (.06) | (.37) | (.43) | 10.59 | (.47) | 2 | .74 | .54 | .33 |
|  12/31/2020 | 10.55 | .07 | .63 | .70 | (.15) | (.02) | (.17) | 11.08 | 6.63 | 1 | .73 | .59 | .61 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 8.98 | .22 | .23 | .45 | (.07) |  | (.07) | 9.36 | 5.05<sup>6</sup> | 41 | .60<sup>7</sup> | .52<sup>7</sup> | 4.78<sup>7</sup> |
|  12/31/2024 | 9.34 | .45 | (.38) | .07 | (.43) |  | (.43) | 8.98 | .68 | 42 | .64 | .56 | 4.79 |
|  12/31/2023 | 9.36 | .41 | (.07) | .34 | (.36) |  | (.36) | 9.34 | 3.68 | 44 | .64 | .52 | 4.35 |
|  12/31/2022 | 10.61 | .18 | (1.23) | (1.05) | (.20) |  | (.20) | 9.36 | (9.94) | 46 | .69 | .54 | 1.87 |
|  12/31/2021 | 11.09 | .04 | (.10) | (.06) | (.05) | (.37) | (.42) | 10.61 | (.57) | 58 | .74 | .54 | .33 |
|  12/31/2020 | 10.54 | .08 | .63 | .71 | (.14) | (.02) | (.16) | 11.09 | 6.72 | 58 | .73 | .60 | .68 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 8.86 | .20 | .23 | .43 | (.07) |  | (.07) | 9.22 | 4.86<sup>6</sup> | 56 | .85<sup>7</sup> | .77<sup>7</sup> | 4.53<sup>7</sup> |
|  12/31/2024 | 9.23 | .42 | (.38) | .04 | (.41) |  | (.41) | 8.86 | .35 | 49 | .89 | .82 | 4.53 |
|  12/31/2023 | 9.25 | .38 | (.06) | .32 | (.34) |  | (.34) | 9.23 | 3.51 | 45 | .90 | .78 | 4.12 |
|  12/31/2022 | 10.49 | .16 | (1.22) | (1.06) | (.18) |  | (.18) | 9.25 | (10.16) | 40 | .94 | .79 | 1.66 |
|  12/31/2021 | 10.97 | .01 | (.09) | (.08) | (.03) | (.37) | (.40) | 10.49 | (.78) | 43 | .99 | .79 | .08 |
|  12/31/2020 | 10.44 | .04 | .63 | .67 | (.12) | (.02) | (.14) | 10.97 | 6.38 | 37 | .98 | .85 | .41 |

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Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **370**

------

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Dividends and distributions**  | **Dividends and distributions**  | **Dividends and distributions**  | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total<br>return** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses**<br> **to average**<br> **net assets** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets** |
| Ultra-Short Bond Fund | Ultra-Short Bond Fund | Ultra-Short Bond Fund | Ultra-Short Bond Fund |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $11.31 | $.23 | $.01 | $.24 | $(.09) | $– | $(.09) | $11.46 | 2.13%<sup>6</sup> | $34 | .29%<sup>7</sup> | 4.13%<sup>7</sup> |
|  12/31/2024 | 11.35 | .58 | (.01) | .57 | (.61) |  | (.61) | 11.31 | 5.08 | 39 | .30 | 4.98 |
|  12/31/2023 | 11.35 | .55 | .01 | .56 | (.56) |  | (.56) | 11.35 | 4.94 | 40 | .30 | 4.81 |
|  12/31/2022 | 11.27 | .17 | (.01) | .16 | (.08) |  | (.08) | 11.35 | 1.42 | 51 | .32 | 1.48 |
|  12/31/2021 | 11.31 | (.03) | (.01) | (.04) |  |  |  | 11.27 | (.35) | 37 | .37 | (.28) |
|  12/31/2020 | 11.30 | .02 | .02 | .04 | (.03) |  | (.03) | 11.31 | .34 | 44 | .37 | .16 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 11.31 | .22 | –<sup>8</sup> | .22 | (.09) |  | (.09) | 11.44 | 1.91<sup>6</sup> | –<sup>10</sup> | .52<sup>7</sup> | 3.91<sup>7</sup> |
|  12/31/2024 | 11.35 | .55 | –<sup>8</sup> | .55 | (.59) |  | (.59) | 11.31 | 4.86 | –<sup>10</sup> | .53 | 4.74 |
|  12/31/2023 | 11.35 | .54 |  | .54 | (.54) |  | (.54) | 11.35 | 4.79 | –<sup>10</sup> | .53 | 4.69 |
|  12/31/2022 | 11.28 | .16 | (.01) | .15 | (.08) |  | (.08) | 11.35 | 1.32 | –<sup>10</sup> | .31 | 1.40 |
|  12/31/2021 | 11.31 | (.03) | –<sup>8</sup> | (.03) |  |  |  | 11.28 | (.27) | –<sup>10</sup> | .36 | (.28) |
|  12/31/2020 | 11.30 | .03 | .01 | .04 | (.03) |  | (.03) | 11.31 | .32 | –<sup>10</sup> | .35 | .26 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 10.93 | .21 | –<sup>8</sup> | .21 | (.09) |  | (.09) | 11.05 | 1.88<sup>6</sup> | 228 | .54<sup>7</sup> | 3.88<sup>7</sup> |
|  12/31/2024 | 10.98 | .53 | –<sup>8</sup> | .53 | (.58) |  | (.58) | 10.93 | 4.89 | 245 | .55 | 4.73 |
|  12/31/2023 | 11.00 | .51 | –<sup>8</sup> | .51 | (.53) |  | (.53) | 10.98 | 4.64 | 273 | .55 | 4.56 |
|  12/31/2022 | 10.93 | .13 | –<sup>8</sup> | .13 | (.06) |  | (.06) | 11.00 | 1.17 | 297 | .57 | 1.23 |
|  12/31/2021 | 10.99 | (.06) | –<sup>8</sup> | (.06) |  |  |  | 10.93 | (.55) | 245 | .62 | (.53) |
|  12/31/2020 | 11.01 | –<sup>8</sup> | –<sup>8</sup> | –<sup>8</sup> | (.02) |  | (.02) | 10.99 | .03 | 288 | .62 | (.05) |
|  **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 11.08 | .22 | –<sup>8</sup> | .22 | (.09) |  | (.09) | 11.21 | 1.96<sup>6</sup> | 4 | .47<sup>7</sup> | 3.95<sup>7</sup> |
|  12/31/2024 | 11.13 | .54 | –<sup>8</sup> | .54 | (.59) |  | (.59) | 11.08 | 4.91 | 4 | .48 | 4.79 |
|  12/31/2023 | 11.14 | .52 | .01 | .53 | (.54) |  | (.54) | 11.13 | 4.75 | 4 | .48 | 4.64 |
|  12/31/2022 | 11.07 | .13 | –<sup>8</sup> | .13 | (.06) |  | (.06) | 11.14 | 1.19 | 4 | .50 | 1.19 |
|  12/31/2021 | 11.12 | (.05) | –<sup>8</sup> | (.05) |  |  |  | 11.07 | (.45) | 5 | .55 | (.46) |
|  12/31/2020 | 11.13 | –<sup>8</sup> | .02 | .02 | (.03) |  | (.03) | 11.12 | .13 | 4 | .55 | .03 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 11.00 | .20 | (.01) | .19 | (.08) |  | (.08) | 11.11 | 1.76<sup>6</sup> | 58 | .79<sup>7</sup> | 3.63<sup>7</sup> |
|  12/31/2024 | 11.05 | .50 | .01 | .51 | (.56) |  | (.56) | 11.00 | 4.62 | 51 | .80 | 4.47 |
|  12/31/2023 | 11.05 | .48 | .01 | .49 | (.49) |  | (.49) | 11.05 | 4.44 | 56 | .80 | 4.28 |
|  12/31/2022 | 11.00 | .12 | (.03) | .09 | (.04) |  | (.04) | 11.05 | .83 | 80 | .82 | 1.05 |
|  12/31/2021 | 11.08 | (.09) | .01 | (.08) |  |  |  | 11.00 | (.72) | 46 | .87 | (.79) |
|  12/31/2020 | 11.13 | (.04) | .01 | (.03) | (.02) |  | (.02) | 11.08 | (.25) | 40 | .87 | (.35) |

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Refer to the end of the table(s) for footnote(s).

**371** American Funds Insurance Series

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Income (loss) from investment operations<sup>1</sup>**  | **Dividends and distributions**  | **Dividends and distributions**  | **Dividends and distributions**  | | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total<br>return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimbursements** |<br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers**<br> **reimbursements<sup>2</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
| U.S. Government Securities Fund | U.S. Government Securities Fund | U.S. Government Securities Fund | U.S. Government Securities Fund |  |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $9.59 | $.22 | $.25 | $.47 | $(.08) | $– | $(.08) | $9.98 | 4.94%<sup>6</sup> | $270 | .33%<sup>7</sup> | .26%<sup>7</sup> | 4.45%<sup>7</sup> |
|  12/31/2024 | 9.91 | .45 | (.35) | .10 | (.42) |  | (.42) | 9.59 | .99 | 268 | .33 | .27 | 4.53 |
|  12/31/2023 | 9.99 | .40 | (.09) | .31 | (.39) |  | (.39) | 9.91 | 3.21 | 257 | .33 | .21 | 4.05 |
|  12/31/2022 | 11.67 | .32 | (1.56) | (1.24) | (.44) |  | (.44) | 9.99 | (10.75) | 242 | .36 | .22 | 2.90 |
|  12/31/2021 | 13.04 | .18 | (.26) | (.08) | (.18) | (1.11) | (1.29) | 11.67 | (.44) | 522 | .39 | .29 | 1.50 |
|  12/31/2020 | 12.34 | .16 | 1.07 | 1.23 | (.26) | (.27) | (.53) | 13.04 | 10.09 | 429 | .38 | .38 | 1.21 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 9.53 | .20 | .26 | .46 | (.08) |  | (.08) | 9.91 | 4.82<sup>6</sup> | 277 | .58<sup>7</sup> | .51<sup>7</sup> | 4.20<sup>7</sup> |
|  12/31/2024 | 9.87 | .42 | (.35) | .07 | (.41) |  | (.41) | 9.53 | .70 | 286 | .58 | .51 | 4.23 |
|  12/31/2023 | 9.96 | .38 | (.10) | .28 | (.37) |  | (.37) | 9.87 | 2.88 | 5 | .58 | .46 | 3.83 |
|  12/31/2022 | 11.63 | .29 | (1.55) | (1.26) | (.41) |  | (.41) | 9.96 | (10.93) | 4 | .60 | .47 | 2.70 |
|  12/31/2021 | 13.00 | .16 | (.26) | (.10) | (.16) | (1.11) | (1.27) | 11.63 | (.65) | 5 | .64 | .53 | 1.28 |
|  12/31/2020 | 12.32 | .09 | 1.10 | 1.19 | (.24) | (.27) | (.51) | 13.00 | 9.75 | 4 | .64 | .64 | .69 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 9.46 | .20 | .25 | .45 | (.08) |  | (.08) | 9.83 | 4.75<sup>6</sup> | 1029 | .58<sup>7</sup> | .51<sup>7</sup> | 4.20<sup>7</sup> |
|  12/31/2024 | 9.78 | .42 | (.34) | .08 | (.40) |  | (.40) | 9.46 | .75 | 1051 | .58 | .52 | 4.28 |
|  12/31/2023 | 9.87 | .37 | (.09) | .28 | (.37) |  | (.37) | 9.78 | 2.89 | 1073 | .58 | .46 | 3.80 |
|  12/31/2022 | 11.53 | .29 | (1.54) | (1.25) | (.41) |  | (.41) | 9.87 | (10.95) | 1059 | .61 | .47 | 2.69 |
|  12/31/2021 | 12.89 | .15 | (.25) | (.10) | (.15) | (1.11) | (1.26) | 11.53 | (.62) | 1391 | .64 | .54 | 1.24 |
|  12/31/2020 | 12.21 | .09 | 1.10 | 1.19 | (.24) | (.27) | (.51) | 12.89 | 9.80 | 1439 | .64 | .64 | .73 |
|  **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 9.62 | .21 | .25 | .46 | (.08) |  | (.08) | 10.00 | 4.79<sup>6</sup> | 5 | .51<sup>7</sup> | .44<sup>7</sup> | 4.27<sup>7</sup> |
|  12/31/2024 | 9.94 | .43 | (.35) | .08 | (.40) |  | (.40) | 9.62 | .79 | 5 | .51 | .44 | 4.35 |
|  12/31/2023 | 10.02 | .39 | (.10) | .29 | (.37) |  | (.37) | 9.94 | 3.00 | 6 | .51 | .39 | 3.85 |
|  12/31/2022 | 11.70 | .30 | (1.57) | (1.27) | (.41) |  | (.41) | 10.02 | (10.90) | 6 | .54 | .40 | 2.76 |
|  12/31/2021 | 13.07 | .16 | (.26) | (.10) | (.16) | (1.11) | (1.27) | 11.70 | (.62) | 9 | .57 | .47 | 1.31 |
|  12/31/2020 | 12.37 | .10 | 1.12 | 1.22 | (.25) | (.27) | (.52) | 13.07 | 9.91 | 10 | .57 | .57 | .78 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 9.44 | .19 | .26 | .45 | (.08) |  | (.08) | 9.81 | 4.73<sup>6</sup> | 236 | .83<sup>7</sup> | .76<sup>7</sup> | 3.95<sup>7</sup> |
|  12/31/2024 | 9.77 | .39 | (.34) | .05 | (.38) |  | (.38) | 9.44 | .44 | 210 | .83 | .77 | 4.02 |
|  12/31/2023 | 9.86 | .35 | (.10) | .25 | (.34) |  | (.34) | 9.77 | 2.62 | 183 | .83 | .71 | 3.54 |
|  12/31/2022 | 11.52 | .26 | (1.54) | (1.28) | (.38) |  | (.38) | 9.86 | (11.19) | 190 | .85 | .72 | 2.45 |
|  12/31/2021 | 12.88 | .12 | (.25) | (.13) | (.12) | (1.11) | (1.23) | 11.52 | (.88) | 238 | .89 | .79 | .98 |
|  12/31/2020 | 12.22 | .05 | 1.10 | 1.15 | (.22) | (.27) | (.49) | 12.88 | 9.48 | 272 | .89 | .89 | .42 |

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Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **372**

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | | |
| **Year ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** | **Net asset**<br> **value,**<br> **end**<br> **of year** | Total<br>return<sup>2</sup> | **Net assets,**<br> **end of year**<br> **(in millions)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **before**<br> **waivers/**<br> **reimburse-**<br> **ments<sup>13</sup>** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **waivers/**<br> **reimburse-**<br> **ments<sup>2,13</sup>** | **Net**<br> **effective**<br> **expense**<br> **ratio<sup>2,5,14</sup>** | **Ratio of**<br> **net income**<br> (loss)<br> **to average<br>net assets<sup>2</sup>** |
| Managed Risk Growth Fund | Managed Risk Growth Fund | Managed Risk Growth Fund | Managed Risk Growth Fund |  |  |  |  |  |  |  |  |  |  |  |
|  **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $13.35 | $.02 | $.70 | $.72 | $(.11) | $(.57) | $(.68) | $13.39 | 5.67%<sup>6</sup> | $14 | .39%<sup>7</sup> | .36%<sup>7</sup> | .68%<sup>7</sup> | .33%<sup>7</sup> |
|  12/31/2024 | 10.86 | .10 | 2.48 | 2.58 | (.09) |  | (.09) | 13.35 | 23.82 | 14 | .42 | .37 | .69 | .81 |
|  12/31/2023 | 11.37 | .08 | 2.28 | 2.36 | (.08) | (2.79) | (2.87) | 10.86 | 23.77 | 13 | .42 | .37 | .70 | .77 |
|  12/31/2022 | 18.53 | .06 | (4.46) | (4.40) | (.22) | (2.54) | (2.76) | 11.37 | (24.62) | 9 | .41 | .36 | .68 | .47 |
|  12/31/2021 | 17.25 | .04 | 2.16 | 2.20 | (.18) | (.74) | (.92) | 18.53 | 13.08 | 13 | .41 | .36 | .69 | .19 |
|  12/31/2020 | 13.78 | .07 | 4.20 | 4.27 | (.12) | (.68) | (.80) | 17.25 | 32.45 | 11 | .42 | .37 | .72 | .49 |
|  **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 13.19 | –<sup>8</sup> | .70 | .70 | (.08) | (.57) | (.65) | 13.24 | 5.53<sup>6</sup> | 506 | .65<sup>7</sup> | .62<sup>7</sup> | .94<sup>7</sup> | .08<sup>7</sup> |
|  12/31/2024 | 10.73 | .06 | 2.46 | 2.52 | (.06) |  | (.06) | 13.19 | 23.50 | 513 | .67 | .62 | .94 | .52 |
|  12/31/2023 | 11.28 | .05 | 2.26 | 2.31 | (.07) | (2.79) | (2.86) | 10.73 | 23.50 | 495 | .67 | .62 | .95 | .43 |
|  12/31/2022 | 18.42 | .03 | (4.45) | (4.42) | (.18) | (2.54) | (2.72) | 11.28 | (24.88) | 445 | .67 | .62 | .94 | .20 |
|  12/31/2021 | 17.11 | (.01) | 2.16 | 2.15 | (.10) | (.74) | (.84) | 18.42 | 12.89 | 584 | .67 | .62 | .95 | (.07) |
|  12/31/2020 | 13.71 | .03 | 4.16 | 4.19 | (.11) | (.68) | (.79) | 17.11 | 32.03 | 554 | .67 | .62 | .97 | .20 |
| Managed Risk International Fund | Managed Risk International Fund | Managed Risk International Fund | Managed Risk International Fund |  |  |  |  |  |  |  |  |  |  |  |
|  **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $8.23 | $–<sup>8</sup> | $.30 | $.30 | $(.13) | $– | $(.13) | $8.40 | 3.73%<sup>6</sup> | $2 | .43%<sup>7</sup> | .39%<sup>7</sup> | .86%<sup>7</sup> | .08%<sup>7</sup> |
|  12/31/2024 | 8.36 | .13 | (.12) | .01 | (.14) |  | (.14) | 8.23 | (.05) | 2 | .46 | .37 | .84 | 1.50 |
|  12/31/2023 | 8.61 | .13 | .41 | .54 | (.15) | (.64) | (.79) | 8.36 | 6.36 | 2 | .46 | .36 | .84 | 1.60 |
|  12/31/2022 | 10.55 | .15 | (1.75) | (1.60) | (.34) |  | (.34) | 8.61 | (15.27) | 2 | .44 | .37 | .85 | 1.70 |
|  12/31/2021 | 11.07 | .24 | (.67) | (.43) | (.09) |  | (.09) | 10.55 | (3.92) | 2 | .44 | .36 | .86 | 2.12 |
|  12/31/2020 | 11.01 | .08 | .22 | .30 | (.16) | (.08) | (.24) | 11.07 | 3.13 | 2 | .43 | .35 | .86 | .82 |
|  **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 8.18 | (.01) | .31 | .30 | (.11) |  | (.11) | 8.37 | 3.69<sup>6</sup> | 112 | .69<sup>7</sup> | .66<sup>7</sup> | 1.13<sup>7</sup> | (.19)<sup>7</sup> |
|  12/31/2024 | 8.32 | .10 | (.13) | (.03) | (.11) |  | (.11) | 8.18 | (.45) | 112 | .72 | .63 | 1.10 | 1.19 |
|  12/31/2023 | 8.58 | .10 | .42 | .52 | (.14) | (.64) | (.78) | 8.32 | 6.22 | 122 | .73 | .63 | 1.11 | 1.21 |
|  12/31/2022 | 10.48 | .12 | (1.74) | (1.62) | (.28) |  | (.28) | 8.58 | (15.54) | 124 | .70 | .63 | 1.11 | 1.36 |
|  12/31/2021 | 10.99 | .20 | (.65) | (.45) | (.06) |  | (.06) | 10.48 | (4.13) | 160 | .71 | .63 | 1.13 | 1.79 |
|  12/31/2020 | 10.92 | .04 | .23 | .27 | (.12) | (.08) | (.20) | 10.99 | 2.80 | 168 | .71 | .63 | 1.14 | .42 |
| Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund |  |  |  |  |  |  |  |
|  **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $11.76 | $.03 | $.50 | $.53 | $(.18) | $– | $(.18) | $12.11 | 4.56%<sup>6</sup> | $3 | .39%<sup>7</sup> | .36%<sup>7</sup> | .61%<sup>7</sup> | .57%<sup>7</sup> |
|  12/31/2024 | 10.50 | .20 | 1.28 | 1.48 | (.22) |  | (.22) | 11.76 | 14.20 | 3 | .41 | .36 | .61 | 1.80 |
|  12/31/2023 | 11.24 | .20 | .79 | .99 | (.24) | (1.49) | (1.73) | 10.50 | 10.04 | 3 | .42 | .37 | .63 | 1.91 |
|  12/31/2022 | 12.95 | .23 | (1.38) | (1.15) | (.56) |  | (.56) | 11.24 | (8.92) | 3 | .41 | .36 | .60 | 1.96 |
|  12/31/2021 | 11.24 | .16 | 1.79 | 1.95 | (.24) |  | (.24) | 12.95 | 17.46 | 2 | .41 | .36 | .66 | 1.33 |
|  12/31/2020 | 12.01 | .18 | (.35) | (.17) | (.26) | (.34) | (.60) | 11.24 | (.93) | 2 | .40 | .35 | .76 | 1.66 |
|  **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 11.69 | .02 | .49 | .51 | (.18) |  | (.18) | 12.02 | 4.39<sup>6</sup> | 315 | .66<sup>7</sup> | .62<sup>7</sup> | .87<sup>7</sup> | .32<sup>7</sup> |
|  12/31/2024 | 10.43 | .17 | 1.28 | 1.45 | (.19) |  | (.19) | 11.69 | 13.99 | 319 | .68 | .63 | .88 | 1.51 |
|  12/31/2023 | 11.18 | .18 | .77 | .95 | (.21) | (1.49) | (1.70) | 10.43 | 9.73 | 322 | .68 | .63 | .89 | 1.71 |
|  12/31/2022 | 12.88 | .19 | (1.37) | (1.18) | (.52) |  | (.52) | 11.18 | (9.16) | 321 | .67 | .62 | .86 | 1.62 |
|  12/31/2021 | 11.18 | .11 | 1.79 | 1.90 | (.20) |  | (.20) | 12.88 | 17.11 | 371 | .68 | .62 | .92 | .91 |
|  12/31/2020 | 11.91 | .13 | (.33) | (.20) | (.19) | (.34) | (.53) | 11.18 | (1.25) | 355 | .68 | .63 | 1.04 | 1.18 |

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Refer to the end of the table(s) for footnote(s).

**373** American Funds Insurance Series

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | | |
| **Year ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** | **Net asset**<br> **value, end**<br> **of year** | Total<br>return<sup>2</sup> | **Net assets,**<br> **end of year**<br> **(in millions)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **before**<br> **waivers/**<br> **reimburse-**<br> **ments<sup>13</sup>** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **waivers/**<br> **reimburse-**<br> **ments<sup>2,13</sup>** | **Net**<br> **effective**<br> **expense**<br> **ratio<sup>2,5,14</sup>** | **Ratio of**<br> **net income**<br> (loss)<br> **to average<br>net assets<sup>2</sup>** |
| Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund |  |  |  |  |  |  |  |  |  |  |  |
|  **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $14.35 | $03 | $.50 | $.53 | $(.20) | $(.56) | $(.76) | $14.12 | 3.89%<sup>6</sup> | $1856 | .39%<sup>7</sup> | .36%<sup>7</sup> | .63%<sup>7</sup> | .49%<sup>7</sup> |
|  12/31/2024 | 12.53 | .21 | 2.02 | 2.23 | (.23) | (.18) | (.41) | 14.35 | 18.03 | 1903 | .41 | .36 | .63 | 1.55 |
|  12/31/2023 | 12.51 | .20 | 1.65 | 1.85 | (.21) | (1.62) | (1.83) | 12.53 | 16.17 | 1910 | .41 | .36 | .63 | 1.64 |
|  12/31/2022 | 15.73 | .18 | (2.79) | (2.61) | (.30) | (.31) | (.61) | 12.51 | (16.74) | 1833 | .41 | .36 | .62 | 1.33 |
|  12/31/2021 | 14.01 | .14 | 1.99 | 2.13 | (.21) | (.20) | (.41) | 15.73 | 15.32 | 2328 | .41 | .36 | .64 | .96 |
|  12/31/2020 | 13.76 | .17 | 1.08 | 1.25 | (.26) | (.74) | (1.00) | 14.01 | 9.85 | 2120 | .41 | .36 | .66 | 1.24 |
|  **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 14.25 | .02 | .49 | .51 | (.20) | (.56) | (.76) | 14.00 | 3.72<sup>6</sup> | 267 | .64<sup>7</sup> | .61<sup>7</sup> | .88<sup>7</sup> | .24<sup>7</sup> |
|  12/31/2024 | 12.45 | .17 | 2.01 | 2.18 | (.20) | (.18) | (.38) | 14.25 | 17.69 | 274 | .66 | .61 | .88 | 1.29 |
|  12/31/2023 | 12.44 | .17 | 1.64 | 1.81 | (.18) | (1.62) | (1.80) | 12.45 | 15.90 | 277 | .66 | .61 | .88 | 1.39 |
|  12/31/2022 | 15.64 | .15 | (2.78) | (2.63) | (.26) | (.31) | (.57) | 12.44 | (16.93) | 268 | .66 | .61 | .87 | 1.10 |
|  12/31/2021 | 13.93 | .10 | 1.98 | 2.08 | (.17) | (.20) | (.37) | 15.64 | 15.05 | 340 | .66 | .61 | .89 | .70 |
|  12/31/2020 | 13.69 | .14 | 1.07 | 1.21 | (.23) | (.74) | (.97) | 13.93 | 9.58 | 315 | .66 | .61 | .91 | 1.02 |
| Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund |  |  |  |  |  |  |  |  |  |  |  |
|  **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | $13.20 | $.05 | $.56 | $.61 | $(.24) | $(.83) | $(1.07) | $12.74 | 4.83%<sup>6</sup> | $12 | .39%<sup>7</sup> | .36%<sup>7</sup> | .65%<sup>7</sup> | .70%<sup>7</sup> |
|  12/31/2024 | 11.90 | .29 | 1.45 | 1.74 | (.27) | (.17) | (.44) | 13.20 | 14.90 | 12 | .41 | .36 | .65 | 2.28 |
|  12/31/2023 | 12.43 | .31 | .87 | 1.18 | (.26) | (1.45) | (1.71) | 11.90 | 10.51 | 10 | .41 | .36 | .66 | 2.61 |
|  12/31/2022 | 15.33 | .24 | (2.34) | (2.10) | (.32) | (.48) | (.80) | 12.43 | (13.75) | 7 | .41 | .36 | .65 | 1.80 |
|  12/31/2021 | 13.84 | .21 | 1.55 | 1.76 | (.27) |  | (.27) | 15.33 | 12.82 | 7 | .41 | .36 | .66 | 1.43 |
|  12/31/2020 | 13.81 | .25 | .51 | .76 | (.21) | (.52) | (.73) | 13.84 | 6.10 | 5 | .41 | .36 | .66 | 1.91 |
|  **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  6/30/2025<sup>4,5</sup> | 12.78 | .03 | .54 | .57 | (.23) | (.83) | (1.06) | 12.29 | 4.71<sup>6</sup> | 1942 | .64<sup>7</sup> | .61<sup>7</sup> | .90<sup>7</sup> | .43<sup>7</sup> |
|  12/31/2024 | 11.53 | .22 | 1.44 | 1.66 | (.24) | (.17) | (.41) | 12.78 | 14.63 | 2014 | .66 | .61 | .90 | 1.81 |
|  12/31/2023 | 12.09 | .21 | .90 | 1.11 | (.22) | (1.45) | (1.67) | 11.53 | 10.23 | 2093 | .66 | .61 | .91 | 1.86 |
|  12/31/2022 | 14.93 | .18 | (2.25) | (2.07) | (.29) | (.48) | (.77) | 12.09 | (13.97) | 2182 | .66 | .61 | .90 | 1.40 |
|  12/31/2021 | 13.45 | .15 | 1.53 | 1.68 | (.20) |  | (.20) | 14.93 | 12.50 | 2812 | .66 | .61 | .91 | 1.03 |
|  12/31/2020 | 13.46 | .15 | .56 | .71 | (.20) | (.52) | (.72) | 13.45 | 5.88 | 2773 | .66 | .61 | .91 | 1.15 |

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Refer to the end of the table(s) for footnote(s).

American Funds Insurance Series **374**

------

Financial highlights (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  |
| **Portfolio turnover rate for all share classes**<br>**excluding mortgage dollar roll transactions<sup>15,16</sup>** | **Six months ended**<br>**June 30, 2025<sup>4,5,6</sup>** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Capital Income Builder | 34% | 49% | 59% | 48% | 60% | 110% |
|  Asset Allocation Fund | 33 | 43 | 54 | 42 | 45 | 49 |
|  American Funds Global Balanced Fund | 28 | 55 | 43 | 111 | 36 | 68 |
|  The Bond Fund of America | 66 | 102 | 129 | 77 | 87 | 72 |
|  Capital World Bond Fund | 31 | 54 | 110 | 114 | 64 | 88 |
|  American Funds Mortgage Fund | 30 | 52 | 85 | 56 | 38 | 123 |
|  U.S. Government Securities Fund | 23 | 43 | 113 | 77 | 126 | 112 |
| **Portfolio turnover rate for all share classes** | **Six months ended** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **including mortgage dollar roll transactions, if any<sup>15,16</sup>** | **June 30, 2025<sup>4,5,6</sup>** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Global Growth Fund | 15% | 41% | 29% | 29% | 18% | 17% |
|  Global Small Capitalization Fund | 27 | 47 | 36 | 40 | 29 | 38 |
|  Growth Fund | 14 | 23 | 23 | 29 | 25 | 32 |
|  International Fund | 42 | 35 | 28 | 42 | 44 | 40 |
|  New World Fund | 23 | 55 | 36 | 40 | 43 | 70 |
|  Washington Mutual Investors Fund | 18 | 31 | 29 | 30 | 90 | 40 |
|  U.S. Small and Mid Cap Equity Fund | 22 | 4<sup>4,</sup><sup>6,11</sup> |  |  |  |  |
|  Capital World Growth and Income Fund | 26 | 34 | 29 | 42 | 85 | 36 |
|  Growth-Income Fund | 18 | 45 | 26 | 25 | 24 | 33 |
|  International Growth and Income Fund | 27 | 39 | 38 | 48 | 41 | 56 |
|  Capital Income Builder | 43 | 107 | 149 | 126 | 93 | 184 |
|  Asset Allocation Fund | 59 | 129 | 159 | 118 | 124 | 145 |
|  American Funds Global Balanced Fund | 47 | 141 | 103 | 126 | 39 | 86 |
|  The Bond Fund of America | 120 | 398 | 545 | 415 | 456 | 461 |
|  Capital World Bond Fund | 60 | 269 | 286 | 188 | 91 | 145 |
|  American High-Income Trust | 18 | 45 | 40 | 34 | 56 | 78 |
|  American Funds Mortgage Fund | 222 | 644 | 1053 | 1141 | 975 | 1143 |
|  Ultra-Short Bond Fund | – <sup>17</sup> | – <sup>17</sup> | – <sup>17</sup> | – <sup>17</sup> | – <sup>17</sup> | – <sup>17</sup> |
|  U.S. Government Securities Fund | 150 | 398 | 744 | 695 | 433 | 867 |
|  Managed Risk Growth Fund | 29 | 14 | 39 | 97 | 32 | 80 |
|  Managed Risk International Fund | 12 | 11 | 27 | 82 | 24 | 71 |
|  Managed Risk Washington Mutual Investors Fund | 17 | 8 | 19 | 70 | 16 | 101 |
|  Managed Risk Growth-Income Fund | 20 | 13 | 21 | 67 | 13 | 38 |
|  Managed Risk Asset Allocation Fund | 13 | 7 | 13 | 48 | 5 | 30 |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

<sup>3</sup> Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable.

<sup>4</sup> Based on operations for a period that is less than a full year.

<sup>5</sup> Unaudited.

<sup>6</sup> Not annualized.

<sup>7</sup> Annualized.

<sup>8</sup> Amount less than $.01. 

<sup>9</sup> Amount less than .01%. 

<sup>10</sup> Amount less than $1 million. 

<sup>11</sup> For the period November 15, 2024, commencement of operations, through December 31, 2024.

<sup>12</sup> All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services and/or insurance administrative services, as applicable, are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower. 

<sup>13</sup> This column does not include expenses of the underlying funds in which each fund invests.

<sup>14</sup> This column reflects the net effective expense ratios for each fund and class, which include each class's expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented.

<sup>15</sup> Refer to Note 5 for further information on mortgage dollar rolls.

<sup>16</sup> Rates do not include the fund's portfolio activity with respect to any Central Funds, if applicable.

<sup>17</sup> Amount is either less than 1% or there is no turnover. 

Refer to the notes to financial statements.

**375** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Changes in and disagreements with accountants

None

Matters submitted for shareholder vote

None

Remuneration paid to directors, officers and others

Refer to the trustees' deferred compensation disclosure in the notes to financial statements.

American Funds Insurance Series **376**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Approval of Investment Advisory and Service Agreement – American Funds Insurance Series

The series' board has approved the continuation of the series' Investment Advisory and Service Agreement (the "agreement") with Capital Research and Management Company ("CRMC") for an additional one-year term through April 30, 2026. The agreement was amended to add U.S. Small and Mid Cap Equity Fund. The board approved the agreement following the recommendation of the series' Contracts Committee (the "committee"), which is composed of all the series' independent board members. The board and the committee determined in the exercise of their business judgment that the advisory fee structure for each fund within the series was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of each fund and its shareholders.

In reaching this decision, the board and the committee took into account their interactions with CRMC and information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and they were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC's investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund's assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC's organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the funds under the agreement and other agreements, as well as the benefits to each fund's shareholders from investing in a fund that is part of a large family of funds. The board and the committee considered the risks assumed by CRMC in providing services to the funds, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund's investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which each fund is included) and data such as publicly disclosed benchmarks, including applicable market and fund indexes over various periods (including each fund's lifetime) through September 30, 2024. They generally placed greater emphasis on investment results over longer term periods and relative to benchmarks consistent with each fund's objective. On the basis of this evaluation and the board's and the committee's ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that each fund's investment results have been satisfactory for renewal of the agreement, and that CRMC's record in managing the funds indicated that its continued management should benefit each fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of each fund to those of other relevant funds. They observed that the advisory fees and total expenses of each fund generally compared favorably to those of other similar funds included in the comparable Lipper category. The board and the committee also considered the breakpoint discounts in each fund's advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase.

In addition, the board and committee reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by each fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the funds and the other clients. The board and the committee concluded that each fund's cost structure was fair and reasonable in relation to the services provided, as well as in relation to the risks assumed by the adviser in sponsoring and managing each fund, and that each fund's shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the funds.

**377** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC's relationship with the series and other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC's affiliated transfer agent; sales charges and distribution fees received and retained by the series' principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC's portfolio trading practices, noting that CRMC bears the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of each fund to facilitate payments to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed by CRMC. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the other amounts paid to CRMC by the funds.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC's costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC's costs and related cost allocation methodology, as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC's investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC's profitability and compensation data to the reported results and data of a number of large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC's long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the funds' advisory fee structure and CRMC's sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund's advisory fee structure reflected a reasonable sharing of benefits between CRMC and the funds' shareholders.

American Funds Insurance Series **378**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Approval of Investment Advisory and Service Agreement and Subadvisory Agreement – American Funds Insurance Series Managed Risk Funds

The series' board has approved the continuation of the series' Investment Advisory and Service Agreement (the "advisory agreement") with Capital Research and Management Company ("CRMC") with respect to the Managed Risk Funds for an additional one-year term through April 30, 2026. The advisory agreement was amended to permanently reduce the advisory fee for each fund within the series from 15 basis points to 10 basis points. The board has also approved the series' Subadvisory Agreement (the "subadvisory agreement") with CRMC and Milliman Financial Risk Management LLC ("Milliman FRM") with respect to these funds for the same term. The advisory and subadvisory agreements are jointly referred to below as the "agreements." The board approved the agreements following the recommendation of the series' Contracts Committee (the "committee"), which is composed of all the series' independent board members. The board and the committee determined in the exercise of their business judgment that the advisory fee structure for each fund within the series was fair and reasonable in relation to the services provided, and that approving the agreements was in the best interests of each fund and its shareholders.

In reaching this decision, the board and the committee took into account their interactions with CRMC and Milliman FRM and information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreements, and they were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC's investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund's assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC's organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of the oversight of Milliman FRM's services provided by CRMC, administrative and shareholder services provided by CRMC to the funds under the advisory agreement and other agreements, as well as the benefits to each fund's shareholders from investing in a fund that is part of a large family of funds. The board and the committee considered the risks assumed by CRMC in providing services to the funds, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

The board and the committee also considered the depth and quality of Milliman FRM's investment management process, including its experience in applying the Milliman Managed Risk Strategy to other funds in the series and risk management services for other clients; the experience, capability and integrity of its senior management and other personnel; and the services provided to each fund under the subadvisory agreement. The board and the committee concluded that the nature, extent and quality of the services provided by Milliman FRM have benefited and should continue to benefit each fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund's investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which each fund is included), and data such as publicly disclosed benchmarks, including applicable market and fund indexes over various periods (including each fund's lifetime) through September 30, 2024. They generally placed greater emphasis on investment results over longer term periods and relative to benchmarks consistent with each fund's objective. The board and the committee also considered the volatility of the funds compared with the S&P 500 Managed Risk indexes and those of a group of funds with volatility management strategies identified by management over various periods (including each fund's lifetime) through September 30, 2024. On the basis of this evaluation and the board's and the committee's ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that each fund's investment results and the results of the services provided by CRMC and Milliman FRM have been satisfactory for renewal of the agreements, and that CRMC's and Milliman FRM's record in managing the funds indicated that their continued management should benefit each fund and its shareholders.

**379** American Funds Insurance Series

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of each fund to those of other relevant funds. The board and the committee noted that CRMC had agreed to eliminate its waiver of 5 basis points of the advisory fee for each of the funds and to permanently reduce the advisory fee of the funds from 15 basis points to 10 basis points, and that CRMC agreed to continue to pay the fees due to Milliman FRM under the subadvisory agreement. They observed that each fund's advisory fees and total expenses were generally competitive with those of other similar funds included in the comparable Lipper category.

The board and the committee also considered the breakpoint discounts in each underlying fund's advisory fee structure that reduce the level of fees charged by CRMC to the underlying fund as its assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by each fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the funds and the other clients. They also reviewed the fees paid to Milliman FRM by other funds which it advised or subadvised. The board and the committee concluded that each fund's cost structure was fair and reasonable in relation to the services that CRMC provided, directly and through Milliman FRM, as well as in relation to the risks assumed by the adviser in sponsoring and managing each fund, and that each fund's shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC (and indirectly to Milliman FRM) by the funds.

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC's relationship with the series and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC's affiliated transfer agent; sales charges and distribution fees received and retained by the series' principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC's portfolio trading practices, noting that CRMC bears the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of each fund to facilitate payments to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed by CRMC. The board and the committee also reviewed similar ancillary benefits received by Milliman FRM as a result of its relationship with the series. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC (and indirectly to Milliman FRM) by each fund.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC's costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC's costs and related cost allocation methodology, as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC's investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC's profitability and compensation data to the reported results and data of a number of large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC's long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the funds' advisory fee structure and CRMC's sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund's advisory fee structure reflected a reasonable sharing of benefits between CRMC and the funds' shareholders.

American Funds Insurance Series **380**

------

(b) The registrant's Financial Highlights are filed under Item 7(a) of this Form.

---

| | |
|:---|:---|
| **Item 8:** | **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**  |

---

There were no changes in or disagreements with accountants during the period covered by this report.

---

| | |
|:---|:---|
| **Item 9:** | **Proxy Disclosures for Open-End Management Investment Companies.**  |

---

There are no proxy disclosures for the registrant during the period covered by this report.

---

| | |
|:---|:---|
| **Item 10:** | **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**  |

---

Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies is included within the Financial Statements filed under Item 7(a) of this Form.

---

| | |
|:---|:---|
| **Item 11:** | **Statement Regarding Basis for Approval of Investment Advisory Contract.**  |

---

The registrant's Statements Regarding Basis for Approval of Investment Management and Sub-Advisory Contracts is included within the Financial Statements filed under Item 7(a) of this Form.

------

---

| | |
|:---|:---|
| **Item 12:** | **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**  |

---

Not applicable to the registrant.

---

| | |
|:---|:---|
| **Item 13:** | **Portfolio Managers of Closed-End Management Investment Companies.**  |

---

Not applicable to the registrant.

---

| | |
|:---|:---|
| **Item 14:** | **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**  |

---

Not applicable to the registrant.

---

| | |
|:---|:---|
| **Item 15:** | **Submission of Matters to a Vote of Security Holders.**  |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees that have been implemented since the registrant last provided disclosure in response to the requirements of this Item.

---

| | |
|:---|:---|
| **Item 16:** | **Controls and Procedures.**  |

---

(a) The registrant's principal executive officer and principal financial officer have evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report and have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are appropriately designed to ensure that information required to be disclosed by the registrant in the reports that it files on Form N-CSR is (a) accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| **Item 17:** | **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**  |

---

Not applicable to the registrant.

---

| | |
|:---|:---|
| **Item 18:** | **Recovery of Erroneously Awarded Compensation.**  |

---

Not applicable to the registrant.

---

| | |
|:---|:---|
| **Item 19:** | **Exhibits.**  |

---

---

| | |
|:---|:---|
|  (a)(1) | Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. |
|  | Not applicable for semi-annual reports. |
|  (a)(2) | Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. |

---

------

---

| | |
|:---|:---|
|  | Not applicable to the registrant. |
|  (a)(3) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)) is attached hereto.](d897817dex99cert.htm) |
|  (a)(4) | Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940, as amended (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. |
|  | Not applicable. |
|  (a)(5) | Change in the registrant's independent public accountant. |
|  | Not applicable. |
| (b) | [The certification by the registrant's principal executive officer and principal financial officer as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto. The certification furnished pursuant to this paragraph is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the registrant specifically incorporates it by reference.](d897817dex99906cert.htm) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| <u>Transamerica Series Trust</u> | <u>Transamerica Series Trust</u> |
| (Registrant) | (Registrant) |
| By: | <u>/s/ Marijn P. Smit</u> |
|  | Marijn P. Smit |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | September 3, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/ Marijn P. Smit</u> |
|  | Marijn P. Smit |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | September 3, 2025 |
| By: | <u>/s/ Kari Seabrands</u> |
|  | Kari Seabrands |
|  | Treasurer<br> (Principal Financial Officer and<br> Principal Accounting Officer) |
| Date: | September 3, 2025 |

---

------

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| Exhibit No. | Description of Exhibit |
| &nbsp;&nbsp;&nbsp;19(a)(3) | [Section 302 N-CSR Certification of Principal Executive Officer](d897817dex99cert.htm) |
| &nbsp;&nbsp;&nbsp;19(a)(3) | [Section 302 N-CSR Certification of Principal Financial Officer](d897817dex99cert.htm) |
| &nbsp;&nbsp;&nbsp;19(b) | [Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer](d897817dex99906cert.htm) |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**Section 302 N-CSR Certification of Principal Executive Officer** 

TRANSAMERICA SERIES TRUST

FOR THE PERIOD ENDED JUNE 30, 2025

FORM N-CSR CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Marijn P. Smit, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Transamerica Series
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and
the audit committee of the registrant's Board of Trustees (or persons performing equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | September 3, 2025 | By: | /s/ Marijn P. Smit |
|  |  |  | Marijn P. Smit |
|  |  | Title: | Chief Executive Officer |
|  |  |  | (Principal Executive Officer) |

---

------

**Exhibit 19(a)(3)** 

**Section 302 N-CSR Certifications of Principal Financial Officer** 

TRANSAMERICA SERIES TRUST

FOR THE PERIOD ENDED JUNE 30, 2025

FORM N-CSR CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Kari Seabrands, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Transamerica Series
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and
the audit committee of the registrant's Board of Trustees (or persons performing equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

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| | | | |
|:---|:---|:---|:---|
| Date: | September 3, 2025 | By: | /s/ Kari Seabrands |
|  |  |  | Kari Seabrands |
|  |  | Title: | Treasurer<br> (Principal Financial Officer and Principal<br> Accounting Officer) |

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## Exhibit 99.906

**Exhibit 19(b)** 

**Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer** 

TRANSAMERICA SERIES TRUST

FOR THE PERIOD ENDED JUNE 30, 2025

FORM N-CSR CERTIFICATION

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Transamerica Series Trust (the "Trust") on Form N-CSR for the period ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof, each of the undersigned hereby certifies that, to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;(1) the Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and;

&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Trust.

---

| | | |
|:---|:---|:---|
| /s/ Marijn P. Smit | Date: | September 3, 2025 |
| Marijn P. Smit |  |  |
| President and Chief Executive Officer |  |  |
| (Principal Executive Officer) |  |  |
| /s/ Kari Seabrands | Date: | September 3, 2025 |
| Kari Seabrands |  |  |
| Treasurer<br> (Principal Financial Officer and Principal<br> Accounting Officer) |  |  |

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A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.