# EDGAR Filing Document

**Accession Number:** 0000778207
**File Stem:** 0001193125-26-090911
**Filing Date:** 2026-3
**Character Count:** 3535131
**Document Hash:** 32ed9d713156624468d2ee378cd1225a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-090911.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001193125-26-090911

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 205

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04419
- **FILM NUMBER:** 26720287

**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 JPMorgan Tactical Allocation VP (Series ID: S000007899)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Transamerica TSW International Equity VP (Series ID: S000007928)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000075537 | Initial      |  |
| C000075538 | Service      |  |

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000099469 | Initial      |  |
| C000099470 | Service      |  |

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000112679 | Initial      |  |
| C000112680 | Service      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000147920 | Initial      |  |
| C000147921 | Service      |  |

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

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

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

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

?xml version='1.0' encoding='ASCII'? N-CSR

As filed with the Securities and Exchange Commission on March 4, 2026

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>December</u> <u>31, 2025</u>

------

---

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

---

(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica Janus Balanced VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Janus Balanced VP (the "Portfolio") seeks long-term capital growth, consistent with preservation of capital and balanced by current income. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $79 | 0.74%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Initial Class shares at NAV returned 13.72%. For the same period, the Portfolio's broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.88%. The additional benchmark, the Bloomberg US Aggregate Bond Index, returned 7.30% over the same period.

* The Portfolio outperformed its blended benchmark, consisting of the S&P 500<sup>®</sup> Index (55%) and the Bloomberg US Aggregate Bond Index (45%) (the "Blended Benchmark"), during the fiscal year ended December 31, 2025.

* Asset allocation positioning contributed to relative performance, with an overweight allocation to equities versus the Blended Benchmark and a corresponding underweight allocation to fixed income. This asset allocation aided results as equities outperformed bonds during the period. 

* The Portfolio entered the period with approximately 60% allocated to equities and 40% to fixed income and ended the period with roughly the same allocation, although allocations between equities and fixed income were actively adjusted during periods of market volatility.

* The equity portion of the Portfolio outperformed the S&P 500<sup>®</sup> Index and contributed to the Portfolio's overall relative performance, while the fixed income portion underperformed the Bloomberg US Aggregate Bond Index and detracted from the Portfolio's overall relative performance.

* The Portfolio's equity allocation was well positioned from a sector perspective given the market environment. Notably, the Portfolio maintained an overweight allocation to growth-oriented sectors including information technology, which outperformed the broader market, and underweight allocations to the consumer staples and real estate sectors, which lagged.

* Positive security selection in the financials sector, highlighted by holdings in global financial services companies Morgan Stanley and Goldman Sachs, contributed to relative performance. Security selection in the information technology sector also contributed to relative performance, led by wafer fabrication equipment suppliers Lam Research Corporation and KLA Corporation. 

* Conversely, overweight allocations to the health care and consumer discretionary sectors detracted from relative performance. Security selection in the real estate sector, particularly holdings such as Prologis, Inc., also detracted from relative performance.

* Within fixed income, relative underperformance stemmed primarily from interest-rate risk positioning. An underweight allocation to duration detracted from relative returns, as U.S. Treasury yields declined. 

* An overweight allocation to asset-backed securities ("ABS"), combined with weak security selection in the sector, also detracted from relative performance. 

* Fixed income underperformance was partially offset by overweight allocations to non-agency mortgages and commercial mortgage-backed securities ("CMBS"), an underweight allocation to U.S. Treasuries and strong security selection within investment-grade corporate bonds.

* The views expressed reflect the opinions of Janus Henderson Investors US LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Janus Balanced VP

Initial Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g27h41.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **S&P 500<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9613 | $9504 | $10138 |
| **2/29/2016** | $9590 | $9491 | $10210 |
| **3/31/2016** | $9932 | $10135 | $10303 |
| **4/30/2016** | $9932 | $10174 | $10343 |
| **5/31/2016** | $10000 | $10357 | $10345 |
| **6/30/2016** | $9970 | $10384 | $10531 |
| **7/31/2016** | $10273 | $10766 | $10598 |
| **8/31/2016** | $10216 | $10782 | $10586 |
| **9/30/2016** | $10192 | $10784 | $10580 |
| **10/31/2016** | $10100 | $10587 | $10499 |
| **11/30/2016** | $10332 | $10979 | $10250 |
| **12/31/2016** | $10433 | $11196 | $10265 |
| **1/31/2017** | $10673 | $11408 | $10285 |
| **2/28/2017** | $10967 | $11861 | $10354 |
| **3/31/2017** | $10913 | $11875 | $10349 |
| **4/30/2017** | $11057 | $11997 | $10428 |
| **5/31/2017** | $11213 | $12166 | $10509 |
| **6/30/2017** | $11251 | $12242 | $10498 |
| **7/31/2017** | $11437 | $12494 | $10543 |
| **8/31/2017** | $11484 | $12532 | $10638 |
| **9/30/2017** | $11658 | $12790 | $10587 |
| **10/31/2017** | $11863 | $13089 | $10593 |
| **11/30/2017** | $12108 | $13490 | $10580 |
| **12/31/2017** | $12211 | $13640 | $10628 |
| **1/31/2018** | $12630 | $14421 | $10506 |
| **2/28/2018** | $12408 | $13890 | $10406 |
| **3/31/2018** | $12290 | $13537 | $10473 |
| **4/30/2018** | $12258 | $13589 | $10395 |
| **5/31/2018** | $12559 | $13916 | $10469 |
| **6/30/2018** | $12559 | $14002 | $10456 |
| **7/31/2018** | $12835 | $14523 | $10459 |
| **8/31/2018** | $13135 | $14996 | $10526 |
| **9/30/2018** | $13143 | $15081 | $10458 |
| **10/31/2018** | $12624 | $14050 | $10376 |
| **11/30/2018** | $12814 | $14337 | $10438 |
| **12/31/2018** | $12238 | $13042 | $10629 |
| **1/31/2019** | $12773 | $14087 | $10742 |
| **2/28/2019** | $13094 | $14540 | $10736 |
| **3/31/2019** | $13275 | $14822 | $10942 |
| **4/30/2019** | $13645 | $15422 | $10945 |
| **5/31/2019** | $13225 | $14442 | $11139 |
| **6/30/2019** | $13801 | $15460 | $11279 |
| **7/31/2019** | $13999 | $15682 | $11304 |
| **8/31/2019** | $14100 | $15434 | $11597 |
| **9/30/2019** | $14205 | $15723 | $11535 |
| **10/31/2019** | $14328 | $16063 | $11570 |
| **11/30/2019** | $14686 | $16646 | $11564 |
| **12/31/2019** | $14940 | $17149 | $11556 |
| **1/31/2020** | $15097 | $17142 | $11778 |
| **2/29/2020** | $14424 | $15731 | $11990 |
| **3/31/2020** | $13199 | $13788 | $11920 |
| **4/30/2020** | $14196 | $15555 | $12132 |
| **5/31/2020** | $14669 | $16296 | $12188 |
| **6/30/2020** | $14975 | $16620 | $12265 |
| **7/31/2020** | $15543 | $17558 | $12448 |
| **8/31/2020** | $16313 | $18820 | $12348 |
| **9/30/2020** | $16008 | $18105 | $12341 |
| **10/31/2020** | $15656 | $17623 | $12286 |
| **11/30/2020** | $16712 | $19552 | $12406 |
| **12/31/2020** | $17119 | $20304 | $12423 |
| **1/31/2021** | $16869 | $20099 | $12334 |
| **2/28/2021** | $17064 | $20653 | $12156 |
| **3/31/2021** | $17342 | $21558 | $12005 |
| **4/30/2021** | $18000 | $22708 | $12099 |
| **5/31/2021** | $18046 | $22867 | $12139 |
| **6/30/2021** | $18453 | $23401 | $12224 |
| **7/31/2021** | $18889 | $23956 | $12361 |
| **8/31/2021** | $19173 | $24685 | $12337 |
| **9/30/2021** | $18507 | $23537 | $12230 |
| **10/31/2021** | $19339 | $25186 | $12227 |
| **11/30/2021** | $19320 | $25011 | $12263 |
| **12/31/2021** | $19809 | $26132 | $12232 |
| **1/31/2022** | $18938 | $24780 | $11968 |
| **2/28/2022** | $18537 | $24038 | $11835 |
| **3/31/2022** | $18586 | $24931 | $11506 |
| **4/30/2022** | $17294 | $22757 | $11069 |
| **5/31/2022** | $17255 | $22798 | $11141 |
| **6/30/2022** | $16403 | $20916 | $10966 |
| **7/31/2022** | $17441 | $22845 | $11234 |
| **8/31/2022** | $16854 | $21913 | $10917 |
| **9/30/2022** | $15663 | $19895 | $10445 |
| **10/31/2022** | $16270 | $21506 | $10310 |
| **11/30/2022** | $17068 | $22708 | $10689 |
| **12/31/2022** | $16540 | $21399 | $10641 |
| **1/31/2023** | $17270 | $22744 | $10968 |
| **2/28/2023** | $16899 | $22189 | $10684 |
| **3/31/2023** | $17360 | $23004 | $10956 |
| **4/30/2023** | $17619 | $23363 | $11022 |
| **5/31/2023** | $17495 | $23464 | $10902 |
| **6/30/2023** | $18035 | $25015 | $10863 |
| **7/31/2023** | $18372 | $25818 | $10856 |
| **8/31/2023** | $18156 | $25407 | $10786 |
| **9/30/2023** | $17452 | $24196 | $10512 |
| **10/31/2023** | $17170 | $23687 | $10346 |
| **11/30/2023** | $18344 | $25850 | $10815 |
| **12/31/2023** | $19060 | $27025 | $11229 |
| **1/31/2024** | $19400 | $27479 | $11198 |
| **2/29/2024** | $19963 | $28946 | $11040 |
| **3/31/2024** | $20374 | $29878 | $11142 |
| **4/30/2024** | $19682 | $28657 | $10860 |
| **5/31/2024** | $20362 | $30078 | $11044 |
| **6/30/2024** | $20996 | $31157 | $11149 |
| **7/31/2024** | $21031 | $31537 | $11409 |
| **8/31/2024** | $21519 | $32302 | $11573 |
| **9/30/2024** | $21887 | $32992 | $11728 |
| **10/31/2024** | $21581 | $32692 | $11437 |
| **11/30/2024** | $22377 | $34611 | $11558 |
| **12/31/2024** | $21948 | $33786 | $11369 |
| **1/31/2025** | $22377 | $34727 | $11430 |
| **2/28/2025** | $22401 | $34274 | $11681 |
| **3/31/2025** | $21507 | $32343 | $11685 |
| **4/30/2025** | $21568 | $32124 | $11731 |
| **5/31/2025** | $22524 | $34146 | $11647 |
| **6/30/2025** | $23491 | $35882 | $11826 |
| **7/31/2025** | $23773 | $36687 | $11795 |
| **8/31/2025** | $24020 | $37431 | $11936 |
| **9/30/2025** | $24575 | $38797 | $12067 |
| **10/31/2025** | $24973 | $39706 | $12142 |
| **11/30/2025** | $25016 | $39803 | $12217 |
| **12/31/2025** | $24959 | $39827 | $12199 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IXFJ1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 13.72% | 7.83% | 9.58% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(b)</sup> | 7.30% | (0.36)% | 2.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange and NASDAQ Stock Market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $841207542 |
| Number of Portfolio Holdings | 662 |
| Portfolio Turnover Rate | 82% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $5999286 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 59.6% |
| Corporate Debt Securities | 9.8 |
| U.S. Government Obligations | 8.2 |
| U.S. Government Agency Obligations | 8.2 |
| Mortgage-Backed Securities | 6.3 |
| Asset-Backed Securities | 6.2 |
| Repurchase Agreements | 1.1 |
| Loan Assignments | 1 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.9) |

---

---

| | |
|:---|:---|
| 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 Janus Balanced VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.6% |
| Microsoft Corp. | 4.4 |
| U.S. Treasury Bonds, 4.75%, 08/15/2055 | 3.9 |
| Alphabet, Inc., Class C | 3.9 |
| Amazon.com, Inc. | 3.0 |
| Apple, Inc. | 2.8 |
| Broadcom, Inc. | 2.2 |
| Meta Platforms, Inc., Class A | 1.8 |
| U.S. Treasury Bonds, 4.63%, 11/15/2045 | 1.8 |
| Mastercard, Inc., Class A | 1.7 |

---

## 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 by 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](g768857g78s24.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 Janus Balanced VP

Initial Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica Janus Balanced VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Janus Balanced VP (the "Portfolio") seeks long-term capital growth, consistent with preservation of capital and balanced by current income. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $106 | 0.99%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned 13.46%. For the same period, the Portfolio's broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.88%. The additional benchmark, the Bloomberg US Aggregate Bond Index, returned 7.30% over the same period.

* The Portfolio outperformed its blended benchmark, consisting of the S&P 500<sup>®</sup> Index (55%) and the Bloomberg US Aggregate Bond Index (45%) (the "Blended Benchmark"), during the fiscal year ended December 31, 2025.

* Asset allocation positioning contributed to relative performance, with an overweight allocation to equities versus the Blended Benchmark and a corresponding underweight allocation to fixed income. This asset allocation aided results as equities outperformed bonds during the period. 

* The Portfolio entered the period with approximately 60% allocated to equities and 40% to fixed income and ended the period with roughly the same allocation, although allocations between equities and fixed income were actively adjusted during periods of market volatility.

* The equity portion of the Portfolio outperformed the S&P 500<sup>®</sup> Index and contributed to the Portfolio's overall relative performance, while the fixed income portion underperformed the Bloomberg US Aggregate Bond Index and detracted from the Portfolio's overall relative performance.

* The Portfolio's equity allocation was well positioned from a sector perspective given the market environment. Notably, the Portfolio maintained an overweight allocation to growth-oriented sectors including information technology, which outperformed the broader market, and underweight allocations to the consumer staples and real estate sectors, which lagged.

* Positive security selection in the financials sector, highlighted by holdings in global financial services companies Morgan Stanley and Goldman Sachs, contributed to relative performance. Security selection in the information technology sector also contributed to relative performance, led by wafer fabrication equipment suppliers Lam Research Corporation and KLA Corporation. 

* Conversely, overweight allocations to the health care and consumer discretionary sectors detracted from relative performance. Security selection in the real estate sector, particularly holdings such as Prologis, Inc., also detracted from relative performance.

* Within fixed income, relative underperformance stemmed primarily from interest-rate risk positioning. An underweight allocation to duration detracted from relative returns, as U.S. Treasury yields declined. 

* An overweight allocation to asset-backed securities ("ABS"), combined with weak security selection in the sector, also detracted from relative performance. 

* Fixed income underperformance was partially offset by overweight allocations to non-agency mortgages and commercial mortgage-backed securities ("CMBS"), an underweight allocation to U.S. Treasuries and strong security selection within investment-grade corporate bonds.

* The views expressed reflect the opinions of Janus Henderson Investors US LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Janus Balanced VP

Service Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g52b67.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **S&P 500<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9616 | $9504 | $10138 |
| **2/29/2016** | $9593 | $9491 | $10210 |
| **3/31/2016** | $9931 | $10135 | $10303 |
| **4/30/2016** | $9923 | $10174 | $10343 |
| **5/31/2016** | $9992 | $10357 | $10345 |
| **6/30/2016** | $9962 | $10384 | $10531 |
| **7/31/2016** | $10261 | $10766 | $10598 |
| **8/31/2016** | $10201 | $10782 | $10586 |
| **9/30/2016** | $10169 | $10784 | $10580 |
| **10/31/2016** | $10083 | $10587 | $10499 |
| **11/30/2016** | $10310 | $10979 | $10250 |
| **12/31/2016** | $10412 | $11196 | $10265 |
| **1/31/2017** | $10639 | $11408 | $10285 |
| **2/28/2017** | $10936 | $11861 | $10354 |
| **3/31/2017** | $10882 | $11875 | $10349 |
| **4/30/2017** | $11021 | $11997 | $10428 |
| **5/31/2017** | $11170 | $12166 | $10509 |
| **6/30/2017** | $11217 | $12242 | $10498 |
| **7/31/2017** | $11397 | $12494 | $10543 |
| **8/31/2017** | $11445 | $12532 | $10638 |
| **9/30/2017** | $11612 | $12790 | $10587 |
| **10/31/2017** | $11811 | $13089 | $10593 |
| **11/30/2017** | $12050 | $13490 | $10580 |
| **12/31/2017** | $12154 | $13640 | $10628 |
| **1/31/2018** | $12568 | $14421 | $10506 |
| **2/28/2018** | $12345 | $13890 | $10406 |
| **3/31/2018** | $12218 | $13537 | $10473 |
| **4/30/2018** | $12186 | $13589 | $10395 |
| **5/31/2018** | $12481 | $13916 | $10469 |
| **6/30/2018** | $12481 | $14002 | $10456 |
| **7/31/2018** | $12760 | $14523 | $10459 |
| **8/31/2018** | $13049 | $14996 | $10526 |
| **9/30/2018** | $13058 | $15081 | $10458 |
| **10/31/2018** | $12536 | $14050 | $10376 |
| **11/30/2018** | $12718 | $14337 | $10438 |
| **12/31/2018** | $12146 | $13042 | $10629 |
| **1/31/2019** | $12676 | $14087 | $10742 |
| **2/28/2019** | $12991 | $14540 | $10736 |
| **3/31/2019** | $13165 | $14822 | $10942 |
| **4/30/2019** | $13538 | $15422 | $10945 |
| **5/31/2019** | $13116 | $14442 | $11139 |
| **6/30/2019** | $13679 | $15460 | $11279 |
| **7/31/2019** | $13878 | $15682 | $11304 |
| **8/31/2019** | $13973 | $15434 | $11597 |
| **9/30/2019** | $14079 | $15723 | $11535 |
| **10/31/2019** | $14193 | $16063 | $11570 |
| **11/30/2019** | $14545 | $16646 | $11564 |
| **12/31/2019** | $14791 | $17149 | $11556 |
| **1/31/2020** | $14949 | $17142 | $11778 |
| **2/29/2020** | $14281 | $15731 | $11990 |
| **3/31/2020** | $13067 | $13788 | $11920 |
| **4/30/2020** | $14043 | $15555 | $12132 |
| **5/31/2020** | $14509 | $16296 | $12188 |
| **6/30/2020** | $14808 | $16620 | $12265 |
| **7/31/2020** | $15362 | $17558 | $12448 |
| **8/31/2020** | $16127 | $18820 | $12348 |
| **9/30/2020** | $15820 | $18105 | $12341 |
| **10/31/2020** | $15466 | $17623 | $12286 |
| **11/30/2020** | $16517 | $19552 | $12406 |
| **12/31/2020** | $16908 | $20304 | $12423 |
| **1/31/2021** | $16657 | $20099 | $12334 |
| **2/28/2021** | $16843 | $20653 | $12156 |
| **3/31/2021** | $17112 | $21558 | $12005 |
| **4/30/2021** | $17763 | $22708 | $12099 |
| **5/31/2021** | $17810 | $22867 | $12139 |
| **6/30/2021** | $18201 | $23401 | $12224 |
| **7/31/2021** | $18638 | $23956 | $12361 |
| **8/31/2021** | $18900 | $24685 | $12337 |
| **9/30/2021** | $18243 | $23537 | $12230 |
| **10/31/2021** | $19057 | $25186 | $12227 |
| **11/30/2021** | $19038 | $25011 | $12263 |
| **12/31/2021** | $19518 | $26132 | $12232 |
| **1/31/2022** | $18655 | $24780 | $11968 |
| **2/28/2022** | $18253 | $24038 | $11835 |
| **3/31/2022** | $18302 | $24931 | $11506 |
| **4/30/2022** | $17026 | $22757 | $11069 |
| **5/31/2022** | $16987 | $22798 | $11141 |
| **6/30/2022** | $16143 | $20916 | $10966 |
| **7/31/2022** | $17154 | $22845 | $11234 |
| **8/31/2022** | $16573 | $21913 | $10917 |
| **9/30/2022** | $15401 | $19895 | $10445 |
| **10/31/2022** | $15998 | $21506 | $10310 |
| **11/30/2022** | $16775 | $22708 | $10689 |
| **12/31/2022** | $16246 | $21399 | $10641 |
| **1/31/2023** | $16967 | $22744 | $10968 |
| **2/28/2023** | $16606 | $22189 | $10684 |
| **3/31/2023** | $17046 | $23004 | $10956 |
| **4/30/2023** | $17305 | $23363 | $11022 |
| **5/31/2023** | $17181 | $23464 | $10902 |
| **6/30/2023** | $17699 | $25015 | $10863 |
| **7/31/2023** | $18026 | $25818 | $10856 |
| **8/31/2023** | $17805 | $25407 | $10786 |
| **9/30/2023** | $17112 | $24196 | $10512 |
| **10/31/2023** | $16842 | $23687 | $10346 |
| **11/30/2023** | $17981 | $25850 | $10815 |
| **12/31/2023** | $18685 | $27025 | $11229 |
| **1/31/2024** | $19014 | $27479 | $11198 |
| **2/29/2024** | $19565 | $28946 | $11040 |
| **3/31/2024** | $19964 | $29878 | $11142 |
| **4/30/2024** | $19284 | $28657 | $10860 |
| **5/31/2024** | $19941 | $30078 | $11044 |
| **6/30/2024** | $20563 | $31157 | $11149 |
| **7/31/2024** | $20586 | $31537 | $11409 |
| **8/31/2024** | $21069 | $32302 | $11573 |
| **9/30/2024** | $21411 | $32992 | $11728 |
| **10/31/2024** | $21106 | $32692 | $11437 |
| **11/30/2024** | $21888 | $34611 | $11558 |
| **12/31/2024** | $21460 | $33786 | $11369 |
| **1/31/2025** | $21876 | $34727 | $11430 |
| **2/28/2025** | $21901 | $34274 | $11681 |
| **3/31/2025** | $21020 | $32343 | $11685 |
| **4/30/2025** | $21069 | $32124 | $11731 |
| **5/31/2025** | $21998 | $34146 | $11647 |
| **6/30/2025** | $22940 | $35882 | $11826 |
| **7/31/2025** | $23209 | $36687 | $11795 |
| **8/31/2025** | $23455 | $37431 | $11936 |
| **9/30/2025** | $23980 | $38797 | $12067 |
| **10/31/2025** | $24364 | $39706 | $12142 |
| **11/30/2025** | $24407 | $39803 | $12217 |
| **12/31/2025** | $24350 | $39827 | $12199 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IXFJ2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 13.46% | 7.57% | 9.31% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(b)</sup> | 7.30% | (0.36)% | 2.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange and NASDAQ Stock Market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $841207542 |
| Number of Portfolio Holdings | 662 |
| Portfolio Turnover Rate | 82% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $5999286 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 59.6% |
| Corporate Debt Securities | 9.8 |
| U.S. Government Obligations | 8.2 |
| U.S. Government Agency Obligations | 8.2 |
| Mortgage-Backed Securities | 6.3 |
| Asset-Backed Securities | 6.2 |
| Repurchase Agreements | 1.1 |
| Loan Assignments | 1 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.9) |

---

---

| | |
|:---|:---|
| 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 Janus Balanced VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.6% |
| Microsoft Corp. | 4.4 |
| U.S. Treasury Bonds, 4.75%, 08/15/2055 | 3.9 |
| Alphabet, Inc., Class C | 3.9 |
| Amazon.com, Inc. | 3.0 |
| Apple, Inc. | 2.8 |
| Broadcom, Inc. | 2.2 |
| Meta Platforms, Inc., Class A | 1.8 |
| U.S. Treasury Bonds, 4.63%, 11/15/2045 | 1.8 |
| Mastercard, Inc., Class A | 1.7 |

---

## 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 by 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](g768857g78s24.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 Janus Balanced VP

Service Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica Janus Mid-Cap Growth VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Janus Mid-Cap Growth VP (the "Portfolio") seeks long-term capital appreciation. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $87 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Initial Class shares at NAV returned 8.11%. For the same period, the Portfolio's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%. The performance benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 8.66% over the same period.

* For the fiscal year ended December 31, 2025, the Portfolio underperformed the Russell Midcap<sup>®</sup> Growth Index, a benchmark of the Portfolio.

* Especially in the first half of the fiscal year, the Portfolio's relative performance was hindered by not holding several stocks held by the benchmark that were strong performers. The sub-adviser avoided these stocks, as it believed the stocks' valuations were unsupported by fundamentals. The sub-adviser's disciplined approach to valuations and fundamentals aided relative performance later in the fiscal year, especially as the market broadened in the fourth quarter.

* Relative detractors among Portfolio holdings included Constellation Software, which has established a successful track record of acquiring and improving the operations of "mission-critical" software businesses. Constellation's visionary founder and CEO retired due to health concerns, and uncertainty around this transition weighed on the stock price. 

* Healthcare holding Teleflex Inc., another detractor, manufactures medical devices used in diagnostic and surgical applications. While Teleflex has a track record of relatively stable growth, headwinds for its urology franchise resulted in weaker-than-expected earnings. 

* Relative contributors included AppLovin Corp., the developer and owner of a mobile marketing platform that matches app developers with advertisers. This platform utilizes artificial intelligence to improve returns on ad spending. AppLovin is also rolling out a new program that may expose its platform to a broader ecosystem of e-commerce advertisers, potentially increasing its revenue opportunities. 

* Diversified electronics manufacturer Flex Ltd. was another contributor. Flex has become a critical enabler of the data-center buildout by producing customized power and cooling equipment for hyperscalers and large technology companies. 

* The views expressed reflect the opinions of Janus Henderson Investors US LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Janus Mid-Cap Growth VP

Initial Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g43f58.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $8776 | $9436 | $9243 |
| **2/29/2016** | $8554 | $9433 | $9388 |
| **3/31/2016** | $9136 | $10097 | $10058 |
| **4/30/2016** | $9171 | $10159 | $10052 |
| **5/31/2016** | $9298 | $10341 | $10217 |
| **6/30/2016** | $9206 | $10362 | $10215 |
| **7/31/2016** | $9647 | $10774 | $10721 |
| **8/31/2016** | $9749 | $10801 | $10689 |
| **9/30/2016** | $9780 | $10818 | $10684 |
| **10/31/2016** | $9384 | $10584 | $10250 |
| **11/30/2016** | $9784 | $11058 | $10696 |
| **12/31/2016** | $9796 | $11274 | $10733 |
| **1/31/2017** | $10180 | $11486 | $11091 |
| **2/28/2017** | $10432 | $11913 | $11410 |
| **3/31/2017** | $10541 | $11921 | $11473 |
| **4/30/2017** | $10720 | $12047 | $11643 |
| **5/31/2017** | $11081 | $12171 | $11921 |
| **6/30/2017** | $11267 | $12280 | $11956 |
| **7/31/2017** | $11395 | $12512 | $12156 |
| **8/31/2017** | $11616 | $12536 | $12242 |
| **9/30/2017** | $12297 | $13122 | $12940 |
| **10/31/2017** | $12575 | $13521 | $13373 |
| **12/31/2017** | $12637 | $13656 | $13445 |
| **1/31/2018** | $13482 | $14375 | $14206 |
| **2/28/2018** | $13216 | $13846 | $13760 |
| **3/31/2018** | $13349 | $13568 | $13737 |
| **4/30/2018** | $13013 | $13619 | $13607 |
| **5/31/2018** | $13670 | $14004 | $14116 |
| **6/30/2018** | $13619 | $14095 | $14171 |
| **7/31/2018** | $14050 | $14563 | $14475 |
| **8/31/2018** | $14618 | $15074 | $15309 |
| **9/30/2018** | $14557 | $15099 | $15244 |
| **10/31/2018** | $13320 | $13988 | $13735 |
| **11/30/2018** | $13683 | $14268 | $14084 |
| **12/31/2018** | $12483 | $12940 | $12806 |
| **1/31/2019** | $13794 | $14051 | $14278 |
| **2/28/2019** | $14737 | $14545 | $15115 |
| **3/31/2019** | $14790 | $14757 | $15319 |
| **4/30/2019** | $15447 | $15346 | $16008 |
| **5/31/2019** | $14847 | $14353 | $15087 |
| **6/30/2019** | $15867 | $15361 | $16146 |
| **7/31/2019** | $16133 | $15590 | $16523 |
| **8/31/2019** | $15837 | $15272 | $16222 |
| **9/30/2019** | $16044 | $15540 | $16038 |
| **10/31/2019** | $16009 | $15874 | $16335 |
| **11/30/2019** | $16708 | $16478 | $17148 |
| **12/31/2019** | $17066 | $16954 | $17348 |
| **1/31/2020** | $17135 | $16935 | $17511 |
| **2/29/2020** | $15712 | $15549 | $16303 |
| **3/31/2020** | $12672 | $13410 | $13872 |
| **4/30/2020** | $14543 | $15187 | $16044 |
| **5/31/2020** | $15703 | $15999 | $17656 |
| **6/30/2020** | $15738 | $16364 | $18070 |
| **7/31/2020** | $16660 | $17294 | $19513 |
| **8/31/2020** | $17391 | $18546 | $20044 |
| **9/30/2020** | $16940 | $17871 | $19763 |
| **10/31/2020** | $16902 | $17485 | $19788 |
| **11/30/2020** | $19299 | $19613 | $22445 |
| **12/31/2020** | $20343 | $20495 | $23522 |
| **1/31/2021** | $19723 | $20404 | $23444 |
| **2/28/2021** | $20808 | $21042 | $23844 |
| **3/31/2021** | $21316 | $21796 | $23389 |
| **4/30/2021** | $22256 | $22919 | $24703 |
| **5/31/2021** | $22129 | $23024 | $24326 |
| **6/30/2021** | $22270 | $23592 | $25979 |
| **7/31/2021** | $22895 | $23991 | $26246 |
| **8/31/2021** | $23149 | $24675 | $27094 |
| **9/30/2021** | $22528 | $23568 | $25781 |
| **10/31/2021** | $23396 | $25161 | $27589 |
| **11/30/2021** | $22667 | $24778 | $26423 |
| **12/31/2021** | $23862 | $25754 | $26516 |
| **1/31/2022** | $22270 | $24239 | $23094 |
| **2/28/2022** | $22099 | $23628 | $22814 |
| **3/31/2022** | $22185 | $24395 | $23180 |
| **4/30/2022** | $20368 | $22206 | $20570 |
| **5/31/2022** | $20609 | $22176 | $19774 |
| **6/30/2022** | $18959 | $20321 | $18296 |
| **7/31/2022** | $20733 | $22227 | $20535 |
| **8/31/2022** | $19949 | $21397 | $19862 |
| **9/30/2022** | $18136 | $19413 | $18176 |
| **10/31/2022** | $19677 | $21005 | $19605 |
| **11/30/2022** | $20777 | $22102 | $20671 |
| **12/31/2022** | $19873 | $20808 | $19431 |
| **1/31/2023** | $21750 | $22241 | $21126 |
| **2/28/2023** | $21472 | $21721 | $20918 |
| **3/31/2023** | $21554 | $22302 | $21206 |
| **4/30/2023** | $21131 | $22539 | $20899 |
| **5/31/2023** | $20821 | $22627 | $20912 |
| **6/30/2023** | $22376 | $24172 | $22528 |
| **7/31/2023** | $22963 | $25039 | $23210 |
| **8/31/2023** | $22194 | $24555 | $22444 |
| **9/30/2023** | $21219 | $23386 | $21351 |
| **10/31/2023** | $19504 | $22766 | $20262 |
| **11/30/2023** | $21561 | $24888 | $22733 |
| **12/31/2023** | $23260 | $26209 | $24457 |
| **1/31/2024** | $23375 | $26499 | $24325 |
| **2/29/2024** | $24769 | $27933 | $26154 |
| **3/31/2024** | $25226 | $28835 | $26779 |
| **4/30/2024** | $23999 | $27566 | $25224 |
| **5/31/2024** | $24670 | $28868 | $25493 |
| **6/30/2024** | $24472 | $29762 | $25919 |
| **7/31/2024** | $25904 | $30315 | $26076 |
| **8/31/2024** | $26704 | $30975 | $26724 |
| **9/30/2024** | $26914 | $31616 | $27614 |
| **10/31/2024** | $26307 | $31384 | $28097 |
| **11/30/2024** | $28208 | $33471 | $31842 |
| **12/31/2024** | $26607 | $32448 | $29863 |
| **1/31/2025** | $27868 | $33473 | $31768 |
| **2/28/2025** | $26979 | $32831 | $29958 |
| **3/31/2025** | $25466 | $30916 | $27736 |
| **4/30/2025** | $25215 | $30709 | $28668 |
| **5/31/2025** | $26615 | $32655 | $31416 |
| **6/30/2025** | $27561 | $34314 | $32785 |
| **7/31/2025** | $27925 | $35070 | $33451 |
| **8/31/2025** | $28263 | $35881 | $33785 |
| **9/30/2025** | $28272 | $37120 | $33696 |
| **10/31/2025** | $28245 | $37915 | $33602 |
| **11/30/2025** | $28482 | $38019 | $32889 |
| **12/31/2025** | $28764 | $38012 | $32448 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPD1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 8.11% | 7.17% | 11.14% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 8.66% | 6.65% | 12.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell Midcap<sup>®</sup> Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe, and is comprised of Russell Midcap<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap<sup>®</sup> Index measures the performance of the mid-cap segment of the U.S. equity universe. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $916639490 |
| Number of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $6969414 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Industrials | 27.5% |
| Information Technology | 22.7 |
| Health Care | 16.2 |
| Financials | 9.8 |
| Consumer Discretionary | 8.1 |
| Utilities | 4.8 |
| Real Estate | 3.0 |
| Communication Services | 2.6 |
| Materials | 1.4 |
| Consumer Staples | 0.6 |
| Energy | 0.4 |
| Repurchase Agreements | 2.9 |
| Other Investment Company | 0.6 |
| 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 Janus Mid-Cap Growth VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| AppLovin Corp., Class A | 4.0% |
| Flex Ltd. | 3.2 |
| Ferguson Enterprises, Inc. | 3.0 |
| SS&C Technologies Holdings, Inc. | 2.8 |
| LPL Financial Holdings, Inc. | 2.6 |
| JB Hunt Transport Services, Inc. | 2.4 |
| Constellation Software, Inc. | 2.4 |
| Revvity, Inc. | 2.4 |
| Boston Scientific Corp. | 2.3 |
| Intact Financial Corp. | 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 by 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](g768857g78s24.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 Janus Mid-Cap Growth VP

Initial Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica Janus Mid-Cap Growth VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Janus Mid-Cap Growth VP (the "Portfolio") seeks long-term capital appreciation. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $113 | 1.09%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned 7.85%. For the same period, the Portfolio's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%. The performance benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 8.66% over the same period.

* For the fiscal year ended December 31, 2025, the Portfolio underperformed the Russell Midcap<sup>®</sup> Growth Index, a benchmark of the Portfolio.

* Especially in the first half of the fiscal year, the Portfolio's relative performance was hindered by not holding several stocks held by the benchmark that were strong performers. The sub-adviser avoided these stocks, as it believed the stocks' valuations were unsupported by fundamentals. The sub-adviser's disciplined approach to valuations and fundamentals aided relative performance later in the fiscal year, especially as the market broadened in the fourth quarter.

* Relative detractors among Portfolio holdings included Constellation Software, which has established a successful track record of acquiring and improving the operations of "mission-critical" software businesses. Constellation's visionary founder and CEO retired due to health concerns, and uncertainty around this transition weighed on the stock price. 

* Healthcare holding Teleflex Inc., another detractor, manufactures medical devices used in diagnostic and surgical applications. While Teleflex has a track record of relatively stable growth, headwinds for its urology franchise resulted in weaker-than-expected earnings. 

* Relative contributors included AppLovin Corp., the developer and owner of a mobile marketing platform that matches app developers with advertisers. This platform utilizes artificial intelligence to improve returns on ad spending. AppLovin is also rolling out a new program that may expose its platform to a broader ecosystem of e-commerce advertisers, potentially increasing its revenue opportunities. 

* Diversified electronics manufacturer Flex Ltd. was another contributor. Flex has become a critical enabler of the data-center buildout by producing customized power and cooling equipment for hyperscalers and large technology companies. 

* The views expressed reflect the opinions of Janus Henderson Investors US LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Janus Mid-Cap Growth VP

Service Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g28l46.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $8775 | $9436 | $9243 |
| **2/29/2016** | $8553 | $9433 | $9388 |
| **3/31/2016** | $9133 | $10097 | $10058 |
| **4/30/2016** | $9165 | $10159 | $10052 |
| **5/31/2016** | $9289 | $10341 | $10217 |
| **6/30/2016** | $9195 | $10362 | $10215 |
| **7/31/2016** | $9636 | $10774 | $10721 |
| **8/31/2016** | $9733 | $10801 | $10689 |
| **9/30/2016** | $9766 | $10818 | $10684 |
| **10/31/2016** | $9363 | $10584 | $10250 |
| **11/30/2016** | $9766 | $11058 | $10696 |
| **12/31/2016** | $9770 | $11274 | $10733 |
| **1/31/2017** | $10156 | $11486 | $11091 |
| **2/28/2017** | $10402 | $11913 | $11410 |
| **3/31/2017** | $10510 | $11921 | $11473 |
| **4/30/2017** | $10687 | $12047 | $11643 |
| **5/31/2017** | $11042 | $12171 | $11921 |
| **6/30/2017** | $11227 | $12280 | $11956 |
| **7/31/2017** | $11352 | $12512 | $12156 |
| **8/31/2017** | $11568 | $12536 | $12242 |
| **9/30/2017** | $12241 | $13122 | $12940 |
| **10/31/2017** | $12516 | $13521 | $13373 |
| **12/31/2017** | $12577 | $13656 | $13445 |
| **1/31/2018** | $13412 | $14375 | $14206 |
| **2/28/2018** | $13149 | $13846 | $13760 |
| **3/31/2018** | $13274 | $13568 | $13737 |
| **4/30/2018** | $12942 | $13619 | $13607 |
| **5/31/2018** | $13590 | $14004 | $14116 |
| **6/30/2018** | $13538 | $14095 | $14171 |
| **7/31/2018** | $13963 | $14563 | $14475 |
| **8/31/2018** | $14524 | $15074 | $15309 |
| **9/30/2018** | $14460 | $15099 | $15244 |
| **10/31/2018** | $13228 | $13988 | $13735 |
| **11/30/2018** | $13588 | $14268 | $14084 |
| **12/31/2018** | $12394 | $12940 | $12806 |
| **1/31/2019** | $13690 | $14051 | $14278 |
| **2/28/2019** | $14621 | $14545 | $15115 |
| **3/31/2019** | $14672 | $14757 | $15319 |
| **4/30/2019** | $15320 | $15346 | $16008 |
| **5/31/2019** | $14723 | $14353 | $15087 |
| **6/30/2019** | $15731 | $15361 | $16146 |
| **7/31/2019** | $15993 | $15590 | $16523 |
| **8/31/2019** | $15696 | $15272 | $16222 |
| **9/30/2019** | $15897 | $15540 | $16038 |
| **10/31/2019** | $15857 | $15874 | $16335 |
| **11/30/2019** | $16547 | $16478 | $17148 |
| **12/31/2019** | $16896 | $16954 | $17348 |
| **1/31/2020** | $16964 | $16935 | $17511 |
| **2/29/2020** | $15552 | $15549 | $16303 |
| **3/31/2020** | $12541 | $13410 | $13872 |
| **4/30/2020** | $14387 | $15187 | $16044 |
| **5/31/2020** | $15534 | $15999 | $17656 |
| **6/30/2020** | $15561 | $16364 | $18070 |
| **7/31/2020** | $16475 | $17294 | $19513 |
| **8/31/2020** | $17192 | $18546 | $20044 |
| **9/30/2020** | $16741 | $17871 | $19763 |
| **10/31/2020** | $16702 | $17485 | $19788 |
| **11/30/2020** | $19067 | $19613 | $22445 |
| **12/31/2020** | $20095 | $20495 | $23522 |
| **1/31/2021** | $19478 | $20404 | $23444 |
| **2/28/2021** | $20546 | $21042 | $23844 |
| **3/31/2021** | $21040 | $21796 | $23389 |
| **4/30/2021** | $21966 | $22919 | $24703 |
| **5/31/2021** | $21833 | $23024 | $24326 |
| **6/30/2021** | $21971 | $23592 | $25979 |
| **7/31/2021** | $22583 | $23991 | $26246 |
| **8/31/2021** | $22824 | $24675 | $27094 |
| **9/30/2021** | $22212 | $23568 | $25781 |
| **10/31/2021** | $23060 | $25161 | $27589 |
| **11/30/2021** | $22336 | $24778 | $26423 |
| **12/31/2021** | $23509 | $25754 | $26516 |
| **1/31/2022** | $21943 | $24239 | $23094 |
| **2/28/2022** | $21763 | $23628 | $22814 |
| **3/31/2022** | $21847 | $24395 | $23180 |
| **4/30/2022** | $20056 | $22206 | $20570 |
| **5/31/2022** | $20286 | $22176 | $19774 |
| **6/30/2022** | $18658 | $20321 | $18296 |
| **7/31/2022** | $20399 | $22227 | $20535 |
| **8/31/2022** | $19622 | $21397 | $19862 |
| **9/30/2022** | $17833 | $19413 | $18176 |
| **10/31/2022** | $19347 | $21005 | $19605 |
| **11/30/2022** | $20426 | $22102 | $20671 |
| **12/31/2022** | $19528 | $20808 | $19431 |
| **1/31/2023** | $21371 | $22241 | $21126 |
| **2/28/2023** | $21096 | $21721 | $20918 |
| **3/31/2023** | $21176 | $22302 | $21206 |
| **4/30/2023** | $20754 | $22539 | $20899 |
| **5/31/2023** | $20446 | $22627 | $20912 |
| **6/30/2023** | $21967 | $24172 | $22528 |
| **7/31/2023** | $22543 | $25039 | $23210 |
| **8/31/2023** | $21774 | $24555 | $22444 |
| **9/30/2023** | $20822 | $23386 | $21351 |
| **10/31/2023** | $19130 | $22766 | $20262 |
| **11/30/2023** | $21142 | $24888 | $22733 |
| **12/31/2023** | $22809 | $26209 | $24457 |
| **1/31/2024** | $22908 | $26499 | $24325 |
| **2/29/2024** | $24271 | $27933 | $26154 |
| **3/31/2024** | $24715 | $28835 | $26779 |
| **4/30/2024** | $23507 | $27566 | $25224 |
| **5/31/2024** | $24164 | $28868 | $25493 |
| **6/30/2024** | $23967 | $29762 | $25919 |
| **7/31/2024** | $25364 | $30315 | $26076 |
| **8/31/2024** | $26131 | $30975 | $26724 |
| **9/30/2024** | $26333 | $31616 | $27614 |
| **10/31/2024** | $25737 | $31384 | $28097 |
| **11/30/2024** | $27595 | $33471 | $31842 |
| **12/31/2024** | $26017 | $32448 | $29863 |
| **1/31/2025** | $27253 | $33473 | $31768 |
| **2/28/2025** | $26368 | $32831 | $29958 |
| **3/31/2025** | $24887 | $30916 | $27736 |
| **4/30/2025** | $24642 | $30709 | $28668 |
| **5/31/2025** | $26000 | $32655 | $31416 |
| **6/30/2025** | $26920 | $34314 | $32785 |
| **7/31/2025** | $27271 | $35070 | $33451 |
| **8/31/2025** | $27599 | $35881 | $33785 |
| **9/30/2025** | $27589 | $37120 | $33696 |
| **10/31/2025** | $27569 | $37915 | $33602 |
| **11/30/2025** | $27790 | $38019 | $32889 |
| **12/31/2025** | $28060 | $38012 | $32448 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPD2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 7.85% | 6.91% | 10.87% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 8.66% | 6.65% | 12.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell Midcap<sup>®</sup> Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe, and is comprised of Russell Midcap<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap<sup>®</sup> Index measures the performance of the mid-cap segment of the U.S. equity universe. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $916639490 |
| Number of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $6969414 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Industrials | 27.5% |
| Information Technology | 22.7 |
| Health Care | 16.2 |
| Financials | 9.8 |
| Consumer Discretionary | 8.1 |
| Utilities | 4.8 |
| Real Estate | 3.0 |
| Communication Services | 2.6 |
| Materials | 1.4 |
| Consumer Staples | 0.6 |
| Energy | 0.4 |
| Repurchase Agreements | 2.9 |
| Other Investment Company | 0.6 |
| 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 Janus Mid-Cap Growth VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| AppLovin Corp., Class A | 4.0% |
| Flex Ltd. | 3.2 |
| Ferguson Enterprises, Inc. | 3.0 |
| SS&C Technologies Holdings, Inc. | 2.8 |
| LPL Financial Holdings, Inc. | 2.6 |
| JB Hunt Transport Services, Inc. | 2.4 |
| Constellation Software, Inc. | 2.4 |
| Revvity, Inc. | 2.4 |
| Boston Scientific Corp. | 2.3 |
| Intact Financial Corp. | 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 by 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](g768857g78s24.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 Janus Mid-Cap Growth VP

Service Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica JPMorgan Asset Allocation - Conservative VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica JPMorgan Asset Allocation - Conservative VP (the "Portfolio") seeks current income and preservation of capital. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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**. **This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for the year?
**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 | 0.17%<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;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Initial Class shares at NAV returned 10.63%. For the same period, the Portfolio's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 7.30%. The performance benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15% over the same period.

* The Portfolio is a fund of funds that seeks to achieve current income and preservation of capital by investing its assets primarily in a broad mix of underlying Transamerica mutual funds. The sub-adviser employs an investment process consisting of three integrated components: a multi-factor risk management framework, active (tactical) asset allocation, and underlying portfolio selection. The risk management framework is a quantitatively driven process that makes asset allocation recommendations and may suggest a maximum equity exposure and equity exposure reductions based on a set of asset class momentum signals and an expected Portfolio level volatility signal. Portfolio allocations are adjusted based on the risk management framework and on the sub-adviser's tactical asset allocation views, which are informed by quantitative and qualitative research insights.

* The Portfolio began the fiscal year ended December 31, 2025 with approximately 48% of the Portfolio invested in equities. In response to increased market volatility observed prior to "Liberation Day" tariff announcements in April 2025. During this de-risking period, the Portfolio reduced exposure across U.S. and non-U.S. equities, core fixed income, and high yield. After the market volatility subsided, the Portfolio increased its equity allocation to an overweight position by June 2025, which the Portfolio maintained throughout the remainder of the fiscal year. The Portfolio underperformed during this period of de-risking and the following market rebound.

* The selection of underlying funds within the Portfolio and the risk management framework detracted from performance in the fiscal year ended December 31, 2025. Asset allocation decisions contributed to returns during the fiscal year. 

* The views expressed reflect the opinions of J.P. Morgan Investment Management Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica JPMorgan Asset Allocation - Conservative VP

Initial Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g36s09.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **Bloomberg US Aggregate Bond Index** | **Russell 3000<sup>®</sup> Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9803 | $10138 | $9436 |
| **2/29/2016** | $9813 | $10210 | $9433 |
| **3/31/2016** | $10049 | $10303 | $10097 |
| **4/30/2016** | $10148 | $10343 | $10159 |
| **5/31/2016** | $10207 | $10345 | $10341 |
| **6/30/2016** | $10276 | $10531 | $10362 |
| **7/31/2016** | $10483 | $10598 | $10774 |
| **8/31/2016** | $10524 | $10586 | $10801 |
| **9/30/2016** | $10544 | $10580 | $10818 |
| **10/31/2016** | $10421 | $10499 | $10584 |
| **11/30/2016** | $10359 | $10250 | $11058 |
| **12/31/2016** | $10462 | $10265 | $11274 |
| **1/31/2017** | $10606 | $10285 | $11486 |
| **2/28/2017** | $10771 | $10354 | $11913 |
| **3/31/2017** | $10832 | $10349 | $11921 |
| **4/30/2017** | $10966 | $10428 | $12047 |
| **5/31/2017** | $11110 | $10509 | $12171 |
| **6/30/2017** | $11151 | $10498 | $12280 |
| **7/31/2017** | $11326 | $10543 | $12512 |
| **8/31/2017** | $11376 | $10638 | $12536 |
| **9/30/2017** | $11472 | $10587 | $12842 |
| **10/31/2017** | $11589 | $10593 | $13122 |
| **11/30/2017** | $11696 | $10580 | $13521 |
| **12/31/2017** | $11802 | $10628 | $13656 |
| **1/31/2018** | $12069 | $10506 | $14375 |
| **2/28/2018** | $11738 | $10406 | $13846 |
| **3/31/2018** | $11674 | $10473 | $13568 |
| **4/30/2018** | $11632 | $10395 | $13619 |
| **5/31/2018** | $11717 | $10469 | $14004 |
| **6/30/2018** | $11664 | $10456 | $14095 |
| **7/31/2018** | $11792 | $10459 | $14563 |
| **8/31/2018** | $11957 | $10526 | $15074 |
| **9/30/2018** | $11900 | $10458 | $15099 |
| **10/31/2018** | $11480 | $10376 | $13988 |
| **11/30/2018** | $11548 | $10438 | $14268 |
| **12/31/2018** | $11333 | $10629 | $12940 |
| **1/31/2019** | $11616 | $10742 | $14051 |
| **2/28/2019** | $11696 | $10736 | $14545 |
| **3/31/2019** | $11866 | $10942 | $14757 |
| **4/30/2019** | $12082 | $10945 | $15346 |
| **5/31/2019** | $11809 | $11139 | $14353 |
| **6/30/2019** | $12218 | $11279 | $15361 |
| **7/31/2019** | $12229 | $11304 | $15590 |
| **8/31/2019** | $12291 | $11597 | $15272 |
| **9/30/2019** | $12363 | $11535 | $15540 |
| **10/31/2019** | $12545 | $11570 | $15874 |
| **11/30/2019** | $12678 | $11564 | $16478 |
| **12/31/2019** | $12908 | $11556 | $16954 |
| **1/31/2020** | $12920 | $11778 | $16935 |
| **2/29/2020** | $12618 | $11990 | $15549 |
| **3/31/2020** | $11782 | $11920 | $13410 |
| **4/30/2020** | $12182 | $12132 | $15187 |
| **5/31/2020** | $12521 | $12188 | $15999 |
| **6/30/2020** | $12799 | $12265 | $16364 |
| **7/31/2020** | $13175 | $12448 | $17294 |
| **8/31/2020** | $13447 | $12348 | $18546 |
| **9/30/2020** | $13243 | $12341 | $17871 |
| **10/31/2020** | $13141 | $12286 | $17485 |
| **11/30/2020** | $14020 | $12406 | $19613 |
| **12/31/2020** | $14389 | $12423 | $20495 |
| **1/31/2021** | $14376 | $12334 | $20404 |
| **2/28/2021** | $14402 | $12156 | $21042 |
| **3/31/2021** | $14453 | $12005 | $21796 |
| **4/30/2021** | $14796 | $12099 | $22919 |
| **5/31/2021** | $14911 | $12139 | $23024 |
| **6/30/2021** | $15064 | $12224 | $23592 |
| **7/31/2021** | $15178 | $12361 | $23991 |
| **8/31/2021** | $15304 | $12337 | $24675 |
| **9/30/2021** | $14920 | $12230 | $23568 |
| **10/31/2021** | $15304 | $12227 | $25161 |
| **11/30/2021** | $15066 | $12263 | $24778 |
| **12/31/2021** | $15238 | $12232 | $25754 |
| **1/31/2022** | $14721 | $11968 | $24239 |
| **2/28/2022** | $14509 | $11835 | $23628 |
| **3/31/2022** | $14350 | $11506 | $24395 |
| **4/30/2022** | $13701 | $11069 | $22206 |
| **5/31/2022** | $13582 | $11141 | $22176 |
| **6/30/2022** | $13131 | $10966 | $20321 |
| **7/31/2022** | $13317 | $11234 | $22227 |
| **8/31/2022** | $13070 | $10917 | $21397 |
| **9/30/2022** | $12601 | $10445 | $19413 |
| **10/31/2022** | $12632 | $10310 | $21005 |
| **11/30/2022** | $12945 | $10689 | $22102 |
| **12/31/2022** | $12898 | $10641 | $20808 |
| **1/31/2023** | $13321 | $10968 | $22241 |
| **2/28/2023** | $12929 | $10684 | $21721 |
| **3/31/2023** | $13196 | $10956 | $22302 |
| **4/30/2023** | $13258 | $11022 | $22539 |
| **5/31/2023** | $13070 | $10902 | $22627 |
| **6/30/2023** | $13289 | $10863 | $24172 |
| **7/31/2023** | $13430 | $10856 | $25039 |
| **8/31/2023** | $13199 | $10786 | $24555 |
| **9/30/2023** | $12686 | $10512 | $23386 |
| **10/31/2023** | $12382 | $10346 | $22766 |
| **11/30/2023** | $13135 | $10815 | $24888 |
| **12/31/2023** | $13808 | $11229 | $26209 |
| **1/31/2024** | $13792 | $11198 | $26499 |
| **2/29/2024** | $13936 | $11040 | $27933 |
| **3/31/2024** | $14208 | $11142 | $28835 |
| **4/30/2024** | $13727 | $10860 | $27566 |
| **5/31/2024** | $14048 | $11044 | $28868 |
| **6/30/2024** | $14240 | $11149 | $29762 |
| **7/31/2024** | $14464 | $11409 | $30315 |
| **8/31/2024** | $14695 | $11573 | $30975 |
| **9/30/2024** | $14924 | $11728 | $31616 |
| **10/31/2024** | $14548 | $11437 | $31384 |
| **11/30/2024** | $14924 | $11558 | $33471 |
| **12/31/2024** | $14597 | $11369 | $32448 |
| **1/31/2025** | $14875 | $11430 | $33473 |
| **2/28/2025** | $14990 | $11681 | $32831 |
| **3/31/2025** | $14597 | $11685 | $30916 |
| **4/30/2025** | $14434 | $11731 | $30709 |
| **5/31/2025** | $14663 | $11647 | $32655 |
| **6/30/2025** | $15169 | $11826 | $34314 |
| **7/31/2025** | $15268 | $11795 | $35070 |
| **8/31/2025** | $15519 | $11936 | $35881 |
| **9/30/2025** | $15876 | $12067 | $37120 |
| **10/31/2025** | $16063 | $12142 | $37915 |
| **11/30/2025** | $16149 | $12217 | $38019 |
| **12/31/2025** | $16149 | $12199 | $38012 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPS1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 10.63% | 2.33% | 4.91% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 7.30% | (0.36)% | 2.01% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(b)</sup> | 17.15% | 13.15% | 14.29% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $716663585 |
| Number of Portfolio Holdings | 23 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $837115 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 41.9% |
| U.S. Equity Funds | 24.5 |
| International Mixed Allocation Funds | 21.9 |
| International Equity Funds | 8.1 |
| U.S. Treasury | 2.2 |
| Repurchase Agreements | 1.5 |
| 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 JPMorgan Asset Allocation - Conservative VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Aegon Bond VP, Initial Class | 21.9% |
| Transamerica Core Bond, Class I2 | 18.5 |
| Transamerica Aegon Core Bond VP, Initial Class | 14.1 |
| Transamerica JPMorgan Enhanced Index VP, Initial Class | 11.2 |
| Transamerica WMC US Growth VP, Initial Class | 8.3 |
| Transamerica High Yield Bond, Class I2 | 5.3 |
| Transamerica Large Cap Value, Class I2 | 4.9 |
| U.S. Treasury Notes, 4.13%, 01/31/2027 | 2.2 |
| Transamerica International Equity, Class I2 | 2.1 |
| Transamerica International Stock, Class I2 | 1.6 |

---

## Material Portfolio Changes
This is a summary of certain changes to the Portfolio since January 1, 2025. For more complete information, you may review the Portfolio's prospectus, as supplemented, at www.transamerica.com/financial-pro/annuities/prospectus or upon request at

800-851-9777. The Portfolio's next prospectus will be available by May 1, 2026.

Effective November 21, 2025, and as set forth in the Supplement to the Portfolio's prospectus dated September 29, 2025:

* The Portfolio's sub-adviser may increase equity exposure to approximately 50% of economic exposure and may decrease fixed-income exposure to approximately 50% or may decrease equity exposure to approximately 5% and may increase fixed-income exposure to approximately 95% of economic exposure, informed largely by the sub-adviser's multi-factor risk management framework.

* In seeking to achieve the investment objective of the Portfolio, the sub-adviser employs an investment process consisting of three integrated components: the risk management framework, active (tactical) asset allocation, and underlying portfolio selection. 

Effective August 1, 2025, and October 1, 2025, and as set forth in the Supplements to the Portfolio's prospectus dated June 26, 2025, and September 29, 2025, the following occurred:

* Transamerica Asset Management, Inc., the Portfolio's investment manager, implemented two successive reductions to its management fee schedule; and

* The Portfolio's Annual Fund Operating Expenses were restated accordingly to reflect the new reduced management fee schedule. 

## 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 by 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](g768857g78s24.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 JPMorgan Asset Allocation - Conservative VP

Initial Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica JPMorgan Asset Allocation - Conservative VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica JPMorgan Asset Allocation - Conservative VP (the "Portfolio") seeks current income and preservation of capital. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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**. **This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for the year?
**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 | $44 | 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;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned 10.36%. For the same period, the Portfolio's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 7.30%. The performance benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15% over the same period.

* The Portfolio is a fund of funds that seeks to achieve current income and preservation of capital by investing its assets primarily in a broad mix of underlying Transamerica mutual funds. The sub-adviser employs an investment process consisting of three integrated components: a multi-factor risk management framework, active (tactical) asset allocation, and underlying portfolio selection. The risk management framework is a quantitatively driven process that makes asset allocation recommendations and may suggest a maximum equity exposure and equity exposure reductions based on a set of asset class momentum signals and an expected Portfolio level volatility signal. Portfolio allocations are adjusted based on the risk management framework and on the sub-adviser's tactical asset allocation views, which are informed by quantitative and qualitative research insights.

* The Portfolio began the fiscal year ended December 31, 2025 with approximately 48% of the Portfolio invested in equities. In response to increased market volatility observed prior to "Liberation Day" tariff announcements in April 2025. During this de-risking period, the Portfolio reduced exposure across U.S. and non-U.S. equities, core fixed income, and high yield. After the market volatility subsided, the Portfolio increased its equity allocation to an overweight position by June 2025, which the Portfolio maintained throughout the remainder of the fiscal year. The Portfolio underperformed during this period of de-risking and the following market rebound.

* The selection of underlying funds within the Portfolio and the risk management framework detracted from performance in the fiscal year ended December 31, 2025. Asset allocation decisions contributed to returns during the fiscal year. 

* The views expressed reflect the opinions of J.P. Morgan Investment Management Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica JPMorgan Asset Allocation - Conservative VP

Service Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g82p79.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Bloomberg US Aggregate Bond Index** | **Russell 3000<sup>®</sup> Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9791 | $10138 | $9436 |
| **2/29/2016** | $9801 | $10210 | $9433 |
| **3/31/2016** | $10040 | $10303 | $10097 |
| **4/30/2016** | $10139 | $10343 | $10159 |
| **5/31/2016** | $10189 | $10345 | $10341 |
| **6/30/2016** | $10249 | $10531 | $10362 |
| **7/31/2016** | $10458 | $10598 | $10774 |
| **8/31/2016** | $10503 | $10586 | $10801 |
| **9/30/2016** | $10513 | $10580 | $10818 |
| **10/31/2016** | $10399 | $10499 | $10584 |
| **11/30/2016** | $10327 | $10250 | $11058 |
| **12/31/2016** | $10430 | $10265 | $11274 |
| **1/31/2017** | $10565 | $10285 | $11486 |
| **2/28/2017** | $10731 | $10354 | $11913 |
| **3/31/2017** | $10783 | $10349 | $11921 |
| **4/30/2017** | $10928 | $10428 | $12047 |
| **5/31/2017** | $11062 | $10509 | $12171 |
| **6/30/2017** | $11104 | $10498 | $12280 |
| **7/31/2017** | $11269 | $10543 | $12512 |
| **8/31/2017** | $11322 | $10638 | $12536 |
| **9/30/2017** | $11419 | $10587 | $12842 |
| **10/31/2017** | $11526 | $10593 | $13122 |
| **11/30/2017** | $11634 | $10580 | $13521 |
| **12/31/2017** | $11741 | $10628 | $13656 |
| **1/31/2018** | $11998 | $10506 | $14375 |
| **2/28/2018** | $11666 | $10406 | $13846 |
| **3/31/2018** | $11601 | $10473 | $13568 |
| **4/30/2018** | $11558 | $10395 | $13619 |
| **5/31/2018** | $11644 | $10469 | $14004 |
| **6/30/2018** | $11580 | $10456 | $14095 |
| **7/31/2018** | $11709 | $10459 | $14563 |
| **8/31/2018** | $11865 | $10526 | $15074 |
| **9/30/2018** | $11808 | $10458 | $15099 |
| **10/31/2018** | $11386 | $10376 | $13988 |
| **11/30/2018** | $11455 | $10438 | $14268 |
| **12/31/2018** | $11238 | $10629 | $12940 |
| **1/31/2019** | $11512 | $10742 | $14051 |
| **2/28/2019** | $11603 | $10736 | $14545 |
| **3/31/2019** | $11762 | $10942 | $14757 |
| **4/30/2019** | $11967 | $10945 | $15346 |
| **5/31/2019** | $11694 | $11139 | $14353 |
| **6/30/2019** | $12104 | $11279 | $15361 |
| **7/31/2019** | $12115 | $11304 | $15590 |
| **8/31/2019** | $12179 | $11597 | $15272 |
| **9/30/2019** | $12239 | $11535 | $15540 |
| **10/31/2019** | $12409 | $11570 | $15874 |
| **11/30/2019** | $12543 | $11564 | $16478 |
| **12/31/2019** | $12761 | $11556 | $16954 |
| **1/31/2020** | $12785 | $11778 | $16935 |
| **2/29/2020** | $12482 | $11990 | $15549 |
| **3/31/2020** | $11657 | $11920 | $13410 |
| **4/30/2020** | $12045 | $12132 | $15187 |
| **5/31/2020** | $12373 | $12188 | $15999 |
| **6/30/2020** | $12652 | $12265 | $16364 |
| **7/31/2020** | $13016 | $12448 | $17294 |
| **8/31/2020** | $13280 | $12348 | $18546 |
| **9/30/2020** | $13076 | $12341 | $17871 |
| **10/31/2020** | $12974 | $12286 | $17485 |
| **11/30/2020** | $13840 | $12406 | $19613 |
| **12/31/2020** | $14196 | $12423 | $20495 |
| **1/31/2021** | $14184 | $12334 | $20404 |
| **2/28/2021** | $14209 | $12156 | $21042 |
| **3/31/2021** | $14260 | $12005 | $21796 |
| **4/30/2021** | $14591 | $12099 | $22919 |
| **5/31/2021** | $14706 | $12139 | $23024 |
| **6/30/2021** | $14846 | $12224 | $23592 |
| **7/31/2021** | $14960 | $12361 | $23991 |
| **8/31/2021** | $15074 | $12337 | $24675 |
| **9/30/2021** | $14704 | $12230 | $23568 |
| **10/31/2021** | $15074 | $12227 | $25161 |
| **11/30/2021** | $14836 | $12263 | $24778 |
| **12/31/2021** | $14995 | $12232 | $25754 |
| **1/31/2022** | $14493 | $11968 | $24239 |
| **2/28/2022** | $14281 | $11835 | $23628 |
| **3/31/2022** | $14122 | $11506 | $24395 |
| **4/30/2022** | $13474 | $11069 | $22206 |
| **5/31/2022** | $13355 | $11141 | $22176 |
| **6/30/2022** | $12919 | $10966 | $20321 |
| **7/31/2022** | $13091 | $11234 | $22227 |
| **8/31/2022** | $12842 | $10917 | $21397 |
| **9/30/2022** | $12390 | $10445 | $19413 |
| **10/31/2022** | $12405 | $10310 | $21005 |
| **11/30/2022** | $12717 | $10689 | $22102 |
| **12/31/2022** | $12655 | $10641 | $20808 |
| **1/31/2023** | $13076 | $10968 | $22241 |
| **2/28/2023** | $12702 | $10684 | $21721 |
| **3/31/2023** | $12951 | $10956 | $22302 |
| **4/30/2023** | $13014 | $11022 | $22539 |
| **5/31/2023** | $12827 | $10902 | $22627 |
| **6/30/2023** | $13045 | $10863 | $24172 |
| **7/31/2023** | $13170 | $10856 | $25039 |
| **8/31/2023** | $12946 | $10786 | $24555 |
| **9/30/2023** | $12436 | $10512 | $23386 |
| **10/31/2023** | $12134 | $10346 | $22766 |
| **11/30/2023** | $12866 | $10815 | $24888 |
| **12/31/2023** | $13519 | $11229 | $26209 |
| **1/31/2024** | $13519 | $11198 | $26499 |
| **2/29/2024** | $13647 | $11040 | $27933 |
| **3/31/2024** | $13917 | $11142 | $28835 |
| **4/30/2024** | $13424 | $10860 | $27566 |
| **5/31/2024** | $13742 | $11044 | $28868 |
| **6/30/2024** | $13933 | $11149 | $29762 |
| **7/31/2024** | $14156 | $11409 | $30315 |
| **8/31/2024** | $14362 | $11573 | $30975 |
| **9/30/2024** | $14589 | $11728 | $31616 |
| **10/31/2024** | $14217 | $11437 | $31384 |
| **11/30/2024** | $14589 | $11558 | $33471 |
| **12/31/2024** | $14265 | $11369 | $32448 |
| **1/31/2025** | $14525 | $11430 | $33473 |
| **2/28/2025** | $14638 | $11681 | $32831 |
| **3/31/2025** | $14265 | $11685 | $30916 |
| **4/30/2025** | $14087 | $11731 | $30709 |
| **5/31/2025** | $14314 | $11647 | $32655 |
| **6/30/2025** | $14800 | $11826 | $34314 |
| **7/31/2025** | $14897 | $11795 | $35070 |
| **8/31/2025** | $15136 | $11936 | $35881 |
| **9/30/2025** | $15490 | $12067 | $37120 |
| **10/31/2025** | $15658 | $12142 | $37915 |
| **11/30/2025** | $15742 | $12217 | $38019 |
| **12/31/2025** | $15742 | $12199 | $38012 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPS2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 10.36% | 2.09% | 4.64% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 7.30% | (0.36)% | 2.01% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(b)</sup> | 17.15% | 13.15% | 14.29% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $716663585 |
| Number of Portfolio Holdings | 23 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $837115 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 41.9% |
| U.S. Equity Funds | 24.5 |
| International Mixed Allocation Funds | 21.9 |
| International Equity Funds | 8.1 |
| U.S. Treasury | 2.2 |
| Repurchase Agreements | 1.5 |
| 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 JPMorgan Asset Allocation - Conservative VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Aegon Bond VP, Initial Class | 21.9% |
| Transamerica Core Bond, Class I2 | 18.5 |
| Transamerica Aegon Core Bond VP, Initial Class | 14.1 |
| Transamerica JPMorgan Enhanced Index VP, Initial Class | 11.2 |
| Transamerica WMC US Growth VP, Initial Class | 8.3 |
| Transamerica High Yield Bond, Class I2 | 5.3 |
| Transamerica Large Cap Value, Class I2 | 4.9 |
| U.S. Treasury Notes, 4.13%, 01/31/2027 | 2.2 |
| Transamerica International Equity, Class I2 | 2.1 |
| Transamerica International Stock, Class I2 | 1.6 |

---

## Material Portfolio Changes
This is a summary of certain changes to the Portfolio since January 1, 2025. For more complete information, you may review the Portfolio's prospectus, as supplemented, at www.transamerica.com/financial-pro/annuities/prospectus or upon request at

800-851-9777. The Portfolio's next prospectus will be available by May 1, 2026.

Effective November 21, 2025, and as set forth in the Supplement to the Portfolio's prospectus dated September 29, 2025:

* The Portfolio's sub-adviser may increase equity exposure to approximately 50% of economic exposure and may decrease fixed-income exposure to approximately 50% or may decrease equity exposure to approximately 5% and may increase fixed-income exposure to approximately 95% of economic exposure, informed largely by the sub-adviser's multi-factor risk management framework.

* In seeking to achieve the investment objective of the Portfolio, the sub-adviser employs an investment process consisting of three integrated components: the risk management framework, active (tactical) asset allocation, and underlying portfolio selection. 

Effective August 1, 2025, and October 1, 2025, and as set forth in the Supplements to the Portfolio's prospectus dated June 26, 2025, and September 29, 2025, the following occurred:

* Transamerica Asset Management, Inc., the Portfolio's investment manager, implemented two successive reductions to its management fee schedule; and

* The Portfolio's Annual Fund Operating Expenses were restated accordingly to reflect the new reduced management fee schedule. 

## 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 by 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](g768857g78s24.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 JPMorgan Asset Allocation - Conservative VP

Service Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica JPMorgan Diversified Equity Allocation VP
(formerly, Transamerica JPMorgan Asset Allocation – Growth VP)

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica JPMorgan Diversified Equity Allocation VP (the "Portfolio") seeks long-term capital appreciation. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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**. **This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for the year?
**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 | 0.16%<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;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Initial Class shares at NAV returned 19.45%. For the same period, the Portfolio's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%.

* The Portfolio is a fund of funds that seeks to achieve long-term capital appreciation by investing its assets primarily in a broad mix of underlying Transamerica mutual funds. The sub-adviser employs an investment process consisting of two components: active (tactical) asset allocation and underlying portfolio selection. These views are informed by quantitative and qualitative research insights.

* During the fiscal year ended December 31, 2025, selection of underlying funds in the Portfolio detracted from returns. Underperformance by fixed income and U.S. equity funds, was partially offset by outperformance of non-U.S. equity managers.

* While equity performance was strong overall during the fiscal year, asset allocation decisions detracted from returns, as overweight allocations to small and midcap U.S. equities underperformed compared to the blended benchmark. 

* The views expressed reflect the opinions of J.P. Morgan Investment Management Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica JPMorgan Diversified Equity Allocation VP

Initial Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g69q75.jpg)

---

| | | |
|:---|:---|:---|
| **Russell 3000<sup>®</sup> Index and Transamerica JPMorgan Diversified Equity Allocation VP℠** | **Initial Class** | **Russell 3000<sup>®</sup> Index** |
| **12/31/2015** | $10000 | $10000 |
| **1/31/2016** | $9378 | $9436 |
| **2/29/2016** | $9314 | $9433 |
| **3/31/2016** | $9881 | $10097 |
| **4/30/2016** | $9982 | $10159 |
| **5/31/2016** | $10128 | $10341 |
| **6/30/2016** | $10009 | $10362 |
| **7/31/2016** | $10467 | $10774 |
| **8/31/2016** | $10505 | $10801 |
| **9/30/2016** | $10524 | $10818 |
| **10/31/2016** | $10299 | $10584 |
| **11/30/2016** | $10402 | $11058 |
| **12/31/2016** | $10608 | $11274 |
| **1/31/2017** | $10860 | $11486 |
| **2/28/2017** | $11168 | $11913 |
| **3/31/2017** | $11327 | $11921 |
| **4/30/2017** | $11570 | $12047 |
| **5/31/2017** | $11804 | $12171 |
| **6/30/2017** | $11897 | $12280 |
| **7/31/2017** | $12243 | $12512 |
| **8/31/2017** | $12241 | $12536 |
| **9/30/2017** | $12532 | $12842 |
| **10/31/2017** | $12794 | $13122 |
| **11/30/2017** | $13046 | $13521 |
| **12/31/2017** | $13221 | $13656 |
| **1/31/2018** | $14035 | $14375 |
| **2/28/2018** | $13405 | $13846 |
| **3/31/2018** | $13182 | $13568 |
| **4/30/2018** | $13259 | $13619 |
| **5/31/2018** | $13444 | $14004 |
| **6/30/2018** | $13337 | $14095 |
| **7/31/2018** | $13647 | $14563 |
| **8/31/2018** | $13941 | $15074 |
| **9/30/2018** | $13930 | $15099 |
| **10/31/2018** | $12756 | $13988 |
| **11/30/2018** | $12894 | $14268 |
| **12/31/2018** | $11847 | $12940 |
| **1/31/2019** | $12841 | $14051 |
| **2/28/2019** | $13148 | $14545 |
| **3/31/2019** | $13306 | $14757 |
| **4/30/2019** | $13772 | $15346 |
| **5/31/2019** | $12788 | $14353 |
| **6/30/2019** | $13645 | $15361 |
| **7/31/2019** | $13676 | $15590 |
| **8/31/2019** | $13301 | $15272 |
| **9/30/2019** | $13611 | $15540 |
| **10/31/2019** | $13992 | $15874 |
| **11/30/2019** | $14397 | $16478 |
| **12/31/2019** | $14933 | $16954 |
| **1/31/2020** | $14718 | $16935 |
| **2/29/2020** | $13551 | $15549 |
| **3/31/2020** | $11432 | $13410 |
| **4/30/2020** | $12765 | $15187 |
| **5/31/2020** | $13730 | $15999 |
| **6/30/2020** | $14266 | $16364 |
| **7/31/2020** | $15135 | $17294 |
| **8/31/2020** | $16119 | $18546 |
| **9/30/2020** | $15594 | $17871 |
| **10/31/2020** | $15279 | $17485 |
| **11/30/2020** | $17629 | $19613 |
| **12/31/2020** | $18627 | $20495 |
| **1/31/2021** | $18745 | $20404 |
| **2/28/2021** | $19375 | $21042 |
| **3/31/2021** | $19834 | $21796 |
| **4/30/2021** | $20766 | $22919 |
| **5/31/2021** | $21029 | $23024 |
| **6/30/2021** | $21344 | $23592 |
| **7/31/2021** | $21462 | $23991 |
| **8/31/2021** | $21930 | $24675 |
| **9/30/2021** | $20951 | $23568 |
| **10/31/2021** | $22214 | $25161 |
| **11/30/2021** | $21490 | $24778 |
| **12/31/2021** | $22285 | $25754 |
| **1/31/2022** | $20937 | $24239 |
| **2/28/2022** | $20383 | $23628 |
| **3/31/2022** | $20454 | $24395 |
| **4/30/2022** | $18737 | $22206 |
| **5/31/2022** | $18680 | $22176 |
| **6/30/2022** | $17147 | $20321 |
| **7/31/2022** | $18084 | $22227 |
| **8/31/2022** | $17411 | $21397 |
| **9/30/2022** | $15934 | $19413 |
| **10/31/2022** | $16984 | $21005 |
| **11/30/2022** | $17994 | $22102 |
| **12/31/2022** | $17256 | $20808 |
| **1/31/2023** | $18461 | $22241 |
| **2/28/2023** | $17839 | $21721 |
| **3/31/2023** | $18247 | $22302 |
| **4/30/2023** | $18402 | $22539 |
| **5/31/2023** | $18130 | $22627 |
| **6/30/2023** | $19277 | $24172 |
| **7/31/2023** | $19937 | $25039 |
| **8/31/2023** | $19403 | $24555 |
| **9/30/2023** | $18581 | $23386 |
| **10/31/2023** | $17980 | $22766 |
| **11/30/2023** | $19563 | $24888 |
| **12/31/2023** | $20766 | $26209 |
| **1/31/2024** | $20846 | $26499 |
| **2/29/2024** | $21988 | $27933 |
| **3/31/2024** | $22730 | $28835 |
| **4/30/2024** | $21808 | $27566 |
| **5/31/2024** | $22710 | $28868 |
| **6/30/2024** | $23151 | $29762 |
| **7/31/2024** | $23532 | $30315 |
| **8/31/2024** | $24062 | $30975 |
| **9/30/2024** | $24538 | $31616 |
| **10/31/2024** | $23938 | $31384 |
| **11/30/2024** | $24993 | $33471 |
| **12/31/2024** | $24166 | $32448 |
| **1/31/2025** | $25014 | $33473 |
| **2/28/2025** | $24786 | $32831 |
| **3/31/2025** | $23628 | $30916 |
| **4/30/2025** | $23421 | $30709 |
| **5/31/2025** | $24849 | $32655 |
| **6/30/2025** | $26193 | $34314 |
| **7/31/2025** | $26566 | $35070 |
| **8/31/2025** | $27141 | $35881 |
| **9/30/2025** | $28069 | $37120 |
| **10/31/2025** | $28543 | $37915 |
| **11/30/2025** | $28629 | $38019 |
| **12/31/2025** | $28867 | $38012 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPW1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 19.45% | 9.16% | 11.18% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 14.29% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1136738499 |
| Number of Portfolio Holdings | 18 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1219155 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 66.6% |
| International Equity Funds | 22.1 |
| U.S. Fixed Income Funds | 8.1 |
| U.S. Treasury | 2.0 |
| Repurchase Agreements | 1.2 |
| 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 JPMorgan Diversified Equity Allocation VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica JPMorgan Enhanced Index VP, Initial Class | 30.4% |
| Transamerica WMC US Growth VP, Initial Class | 19.3 |
| Transamerica Large Cap Value, Class I2 | 13.3 |
| Transamerica Aegon High Yield Bond VP, Initial Class | 5.6 |
| Transamerica International Equity, Class I2 | 5.5 |
| Transamerica Emerging Markets Equity, Class I2 | 4.6 |
| Transamerica International Stock, Class I2 | 4.2 |
| Transamerica International Focus, Class I2 | 3.9 |
| Transamerica International Small Cap Value, Class I2 | 2.9 |
| Transamerica Floating Rate, Class I2 | 2.5 |

---

## Material Portfolio Changes
This is a summary of certain changes to the Portfolio since January 1, 2025. For more complete information, you may review the Portfolio's prospectus, as supplemented, at www.transamerica.com/financial-pro/annuities/prospectus or upon request at

800-851-9777. The Portfolio's next prospectus will be available by May 1, 2026.

Effective November 1, 2025, and as set forth in the Supplements to the Portfolio's prospectus dated June 26, 2025, and September 29, 2025:

* The Portfolio's name changed to Transamerica JPMorgan Diversified Equity Allocation VP.

* Under normal circumstances, the Portfolio invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in U.S. or foreign equities (including emerging markets). The Portfolio gains this exposure by investing its assets in a combination of underlying portfolios or derivatives.

* In seeking to achieve the investment objective of the Portfolio, the Portfolio's sub-adviser employs an investment process consisting of two components: active (tactical) asset allocation and the underlying portfolio selection.

Effective August 1, 2025, and October 1, 2025, and as set forth in the Supplements to the Portfolio's prospectus dated June 26, 2025, and September 29, 2025, the following occurred:

* Transamerica Asset Management, Inc., the Portfolio's investment manager, implemented two successive reductions to its management fee schedule; and

* The Portfolio's Annual Fund Operating Expenses were restated accordingly to reflect the new reduced management fee schedule. 

## 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 by 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](g768857g78s24.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 JPMorgan Diversified Equity Allocation VP

Initial Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica JPMorgan Diversified Equity Allocation VP
(formerly, Transamerica JPMorgan Asset Allocation – Growth VP)

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica JPMorgan Diversified Equity Allocation VP (the "Portfolio") seeks long-term capital appreciation. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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**. **This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for the year?
**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 | $45 | 0.41%<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;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned 19.06%. For the same period, the Portfolio's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%.

* The Portfolio is a fund of funds that seeks to achieve long-term capital appreciation by investing its assets primarily in a broad mix of underlying Transamerica mutual funds. The sub-adviser employs an investment process consisting of two components: active (tactical) asset allocation and underlying portfolio selection. These views are informed by quantitative and qualitative research insights.

* During the fiscal year ended December 31, 2025, selection of underlying funds in the Portfolio detracted from returns. Underperformance by fixed income and U.S. equity funds, was partially offset by outperformance of non-U.S. equity managers.

* While equity performance was strong overall during the fiscal year, asset allocation decisions detracted from returns, as overweight allocations to small and midcap U.S. equities underperformed compared to the blended benchmark. 

* The views expressed reflect the opinions of J.P. Morgan Investment Management Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica JPMorgan Diversified Equity Allocation VP

Service Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g08x60.jpg)

---

| | | |
|:---|:---|:---|
| **Russell 3000<sup>®</sup> Index and Transamerica JPMorgan Diversified Equity Allocation VP℠** | **Service Class** | **Russell 3000<sup>®</sup> Index** |
| **12/31/2015** | $10000 | $10000 |
| **1/31/2016** | $9373 | $9436 |
| **2/29/2016** | $9317 | $9433 |
| **3/31/2016** | $9880 | $10097 |
| **4/30/2016** | $9972 | $10159 |
| **5/31/2016** | $10120 | $10341 |
| **6/30/2016** | $10000 | $10362 |
| **7/31/2016** | $10452 | $10774 |
| **8/31/2016** | $10479 | $10801 |
| **9/30/2016** | $10507 | $10818 |
| **10/31/2016** | $10281 | $10584 |
| **11/30/2016** | $10385 | $11058 |
| **12/31/2016** | $10582 | $11274 |
| **1/31/2017** | $10836 | $11486 |
| **2/28/2017** | $11137 | $11913 |
| **3/31/2017** | $11296 | $11921 |
| **4/30/2017** | $11531 | $12047 |
| **5/31/2017** | $11766 | $12171 |
| **6/30/2017** | $11860 | $12280 |
| **7/31/2017** | $12199 | $12512 |
| **8/31/2017** | $12188 | $12536 |
| **9/30/2017** | $12480 | $12842 |
| **10/31/2017** | $12733 | $13122 |
| **11/30/2017** | $12986 | $13521 |
| **12/31/2017** | $13161 | $13656 |
| **1/31/2018** | $13969 | $14375 |
| **2/28/2018** | $13336 | $13846 |
| **3/31/2018** | $13112 | $13568 |
| **4/30/2018** | $13180 | $13619 |
| **5/31/2018** | $13365 | $14004 |
| **6/30/2018** | $13249 | $14095 |
| **7/31/2018** | $13560 | $14563 |
| **8/31/2018** | $13851 | $15074 |
| **9/30/2018** | $13829 | $15099 |
| **10/31/2018** | $12664 | $13988 |
| **11/30/2018** | $12791 | $14268 |
| **12/31/2018** | $11752 | $12940 |
| **1/31/2019** | $12748 | $14051 |
| **2/28/2019** | $13045 | $14545 |
| **3/31/2019** | $13204 | $14757 |
| **4/30/2019** | $13660 | $15346 |
| **5/31/2019** | $12685 | $14353 |
| **6/30/2019** | $13522 | $15361 |
| **7/31/2019** | $13554 | $15590 |
| **8/31/2019** | $13184 | $15272 |
| **9/30/2019** | $13494 | $15540 |
| **10/31/2019** | $13863 | $15874 |
| **11/30/2019** | $14256 | $16478 |
| **12/31/2019** | $14792 | $16954 |
| **1/31/2020** | $14565 | $16935 |
| **2/29/2020** | $13410 | $15549 |
| **3/31/2020** | $11314 | $13410 |
| **4/30/2020** | $12624 | $15187 |
| **5/31/2020** | $13577 | $15999 |
| **6/30/2020** | $14101 | $16364 |
| **7/31/2020** | $14958 | $17294 |
| **8/31/2020** | $15930 | $18546 |
| **9/30/2020** | $15405 | $17871 |
| **10/31/2020** | $15091 | $17485 |
| **11/30/2020** | $17424 | $19613 |
| **12/31/2020** | $18395 | $20495 |
| **1/31/2021** | $18513 | $20404 |
| **2/28/2021** | $19129 | $21042 |
| **3/31/2021** | $19575 | $21796 |
| **4/30/2021** | $20492 | $22919 |
| **5/31/2021** | $20755 | $23024 |
| **6/30/2021** | $21056 | $23592 |
| **7/31/2021** | $21161 | $23991 |
| **8/31/2021** | $21614 | $24675 |
| **9/30/2021** | $20651 | $23568 |
| **10/31/2021** | $21897 | $25161 |
| **11/30/2021** | $21175 | $24778 |
| **12/31/2021** | $21954 | $25754 |
| **1/31/2022** | $20623 | $24239 |
| **2/28/2022** | $20084 | $23628 |
| **3/31/2022** | $20141 | $24395 |
| **4/30/2022** | $18441 | $22206 |
| **5/31/2022** | $18385 | $22176 |
| **6/30/2022** | $16869 | $20321 |
| **7/31/2022** | $17790 | $22227 |
| **8/31/2022** | $17117 | $21397 |
| **9/30/2022** | $15662 | $19413 |
| **10/31/2022** | $16690 | $21005 |
| **11/30/2022** | $17700 | $22102 |
| **12/31/2022** | $16962 | $20808 |
| **1/31/2023** | $18127 | $22241 |
| **2/28/2023** | $17525 | $21721 |
| **3/31/2023** | $17913 | $22302 |
| **4/30/2023** | $18068 | $22539 |
| **5/31/2023** | $17797 | $22627 |
| **6/30/2023** | $18922 | $24172 |
| **7/31/2023** | $19563 | $25039 |
| **8/31/2023** | $19037 | $24555 |
| **9/30/2023** | $18218 | $23386 |
| **10/31/2023** | $17619 | $22766 |
| **11/30/2023** | $19197 | $24888 |
| **12/31/2023** | $20355 | $26209 |
| **1/31/2024** | $20435 | $26499 |
| **2/29/2024** | $21534 | $27933 |
| **3/31/2024** | $22273 | $28835 |
| **4/30/2024** | $21354 | $27566 |
| **5/31/2024** | $22233 | $28868 |
| **6/30/2024** | $22672 | $29762 |
| **7/31/2024** | $23032 | $30315 |
| **8/31/2024** | $23549 | $30975 |
| **9/30/2024** | $24002 | $31616 |
| **10/31/2024** | $23426 | $31384 |
| **11/30/2024** | $24455 | $33471 |
| **12/31/2024** | $23632 | $32448 |
| **1/31/2025** | $24455 | $33473 |
| **2/28/2025** | $24229 | $32831 |
| **3/31/2025** | $23076 | $30916 |
| **4/30/2025** | $22870 | $30709 |
| **5/31/2025** | $24270 | $32655 |
| **6/30/2025** | $25587 | $34314 |
| **7/31/2025** | $25937 | $35070 |
| **8/31/2025** | $26486 | $35881 |
| **9/30/2025** | $27386 | $37120 |
| **10/31/2025** | $27836 | $37915 |
| **11/30/2025** | $27922 | $38019 |
| **12/31/2025** | $28136 | $38012 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPW2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 19.06% | 8.87% | 10.90% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 14.29% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1136738499 |
| Number of Portfolio Holdings | 18 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1219155 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 66.6% |
| International Equity Funds | 22.1 |
| U.S. Fixed Income Funds | 8.1 |
| U.S. Treasury | 2.0 |
| Repurchase Agreements | 1.2 |
| 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 JPMorgan Diversified Equity Allocation VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica JPMorgan Enhanced Index VP, Initial Class | 30.4% |
| Transamerica WMC US Growth VP, Initial Class | 19.3 |
| Transamerica Large Cap Value, Class I2 | 13.3 |
| Transamerica Aegon High Yield Bond VP, Initial Class | 5.6 |
| Transamerica International Equity, Class I2 | 5.5 |
| Transamerica Emerging Markets Equity, Class I2 | 4.6 |
| Transamerica International Stock, Class I2 | 4.2 |
| Transamerica International Focus, Class I2 | 3.9 |
| Transamerica International Small Cap Value, Class I2 | 2.9 |
| Transamerica Floating Rate, Class I2 | 2.5 |

---

## Material Portfolio Changes
This is a summary of certain changes to the Portfolio since January 1, 2025. For more complete information, you may review the Portfolio's prospectus, as supplemented, at www.transamerica.com/financial-pro/annuities/prospectus or upon request at

800-851-9777. The Portfolio's next prospectus will be available by May 1, 2026.

Effective November 1, 2025, and as set forth in the Supplements to the Portfolio's prospectus dated June 26, 2025, and September 29, 2025:

* The Portfolio's name changed to Transamerica JPMorgan Diversified Equity Allocation VP.

* Under normal circumstances, the Portfolio invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in U.S. or foreign equities (including emerging markets). The Portfolio gains this exposure by investing its assets in a combination of underlying portfolios or derivatives.

* In seeking to achieve the investment objective of the Portfolio, the Portfolio's sub-adviser employs an investment process consisting of two components: active (tactical) asset allocation and the underlying portfolio selection.

Effective August 1, 2025, and October 1, 2025, and as set forth in the Supplements to the Portfolio's prospectus dated June 26, 2025, and September 29, 2025, the following occurred:

* Transamerica Asset Management, Inc., the Portfolio's investment manager, implemented two successive reductions to its management fee schedule; and

* The Portfolio's Annual Fund Operating Expenses were restated accordingly to reflect the new reduced management fee schedule. 

## 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 by 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](g768857g78s24.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 JPMorgan Diversified Equity Allocation VP

Service Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica JPMorgan Asset Allocation - Moderate Growth VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica JPMorgan Asset Allocation - Moderate Growth VP (the "Portfolio") seeks capital appreciation with current income as a secondary objective. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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**. **This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for the year?
**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 | 0.15%<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;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Initial Class shares at NAV returned 13.13%. For the same period, the Portfolio's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%. The performance benchmark, the Bloomberg US Aggregate Bond Index, returned 7.30% over the same period.

* The Portfolio is a fund of funds that seeks to achieve capital appreciation, with current income as a secondary objective, by investing its assets primarily in a broad mix of underlying Transamerica mutual funds. The sub-adviser employs an investment process consisting of three integrated components: a multi-factor risk management framework, active (tactical) asset allocation, and underlying portfolio selection. The risk management framework is a quantitatively driven process that makes asset allocation recommendations and may suggest equity exposure increases and reductions based on a set of asset class momentum signals and an expected Portfolio level volatility signal. Portfolio allocations are adjusted based on the risk management framework and on the sub-adviser's tactical asset allocation views, which are informed by quantitative and qualitative research insights.

* The Portfolio began the fiscal year ended December 31, 2025 with approximately 84% of the Portfolio invested in equities. In response to increased market volatility observed prior to "Liberation Day" tariff announcements in April 2025, the Portfolio de-risked across U.S. and non-U.S. equities, core fixed income, and high yield. After the market volatility subsided, the Portfolio increased its equity allocation to an overweight position by June 2025, which the Portfolio maintained throughout the remainder of the fiscal year. The Portfolio underperformed during this period of market volatility and the following market rebound.

* The selection of underlying funds within the Portfolio and the risk management framework detracted from performance in the fiscal year ended December 31, 2025. Asset allocation decisions contributed to returns during the fiscal year. 

* The views expressed reflect the opinions of J.P. Morgan Investment Management Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica JPMorgan Asset Allocation - Moderate Growth VP

Initial Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g79o10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **#ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value (#ERROR:Invalid Formula (#=="TAM_WIL5000_T"), 'Multiple values from an iterator cannot be used in a formula unless they are aggregrated.')** | **Initial Class** | **Russell 3000<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup>** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9582 | $9436 | $10138 |
| **2/29/2016** | $9582 | $9433 | $10210 |
| **3/31/2016** | $9983 | $10097 | $10303 |
| **4/30/2016** | $10092 | $10159 | $10343 |
| **5/31/2016** | $10209 | $10341 | $10345 |
| **6/30/2016** | $10176 | $10362 | $10531 |
| **7/31/2016** | $10527 | $10774 | $10598 |
| **8/31/2016** | $10583 | $10801 | $10586 |
| **9/30/2016** | $10601 | $10818 | $10580 |
| **10/31/2016** | $10420 | $10584 | $10499 |
| **11/30/2016** | $10474 | $11058 | $10250 |
| **12/31/2016** | $10655 | $11274 | $10265 |
| **1/31/2017** | $10862 | $11486 | $10285 |
| **2/28/2017** | $11114 | $11913 | $10354 |
| **3/31/2017** | $11232 | $11921 | $10349 |
| **4/30/2017** | $11421 | $12047 | $10428 |
| **5/31/2017** | $11610 | $12171 | $10509 |
| **6/30/2017** | $11682 | $12280 | $10498 |
| **7/31/2017** | $11944 | $12512 | $10543 |
| **8/31/2017** | $11964 | $12536 | $10638 |
| **9/30/2017** | $12182 | $12842 | $10587 |
| **10/31/2017** | $12382 | $13122 | $10593 |
| **11/30/2017** | $12600 | $13521 | $10580 |
| **12/31/2017** | $12761 | $13656 | $10628 |
| **1/31/2018** | $13350 | $14375 | $10506 |
| **2/28/2018** | $12828 | $13846 | $10406 |
| **3/31/2018** | $12666 | $13568 | $10473 |
| **4/30/2018** | $12676 | $13619 | $10395 |
| **5/31/2018** | $12818 | $14004 | $10469 |
| **6/30/2018** | $12752 | $14095 | $10456 |
| **7/31/2018** | $12999 | $14563 | $10459 |
| **8/31/2018** | $13237 | $15074 | $10526 |
| **9/30/2018** | $13206 | $15099 | $10458 |
| **10/31/2018** | $12369 | $13988 | $10376 |
| **11/30/2018** | $12482 | $14268 | $10438 |
| **12/31/2018** | $11859 | $12940 | $10629 |
| **1/31/2019** | $12451 | $14051 | $10742 |
| **2/28/2019** | $12625 | $14545 | $10736 |
| **3/31/2019** | $12798 | $14757 | $10942 |
| **4/30/2019** | $13176 | $15346 | $10945 |
| **5/31/2019** | $12492 | $14353 | $11139 |
| **6/30/2019** | $13176 | $15361 | $11279 |
| **7/31/2019** | $13186 | $15590 | $11304 |
| **8/31/2019** | $13031 | $15272 | $11597 |
| **9/30/2019** | $13248 | $15540 | $11535 |
| **10/31/2019** | $13534 | $15874 | $11570 |
| **11/30/2019** | $13820 | $16478 | $11564 |
| **12/31/2019** | $14232 | $16954 | $11556 |
| **1/31/2020** | $14118 | $16935 | $11778 |
| **2/29/2020** | $13340 | $15549 | $11990 |
| **3/31/2020** | $12116 | $13410 | $11920 |
| **4/30/2020** | $12836 | $15187 | $12132 |
| **5/31/2020** | $13397 | $15999 | $12188 |
| **6/30/2020** | $13683 | $16364 | $12265 |
| **7/31/2020** | $14175 | $17294 | $12448 |
| **8/31/2020** | $14727 | $18546 | $12348 |
| **9/30/2020** | $14382 | $17871 | $12341 |
| **10/31/2020** | $14136 | $17485 | $12286 |
| **11/30/2020** | $15724 | $19613 | $12406 |
| **12/31/2020** | $16377 | $20495 | $12423 |
| **1/31/2021** | $16377 | $20404 | $12334 |
| **2/28/2021** | $16684 | $21042 | $12156 |
| **3/31/2021** | $16992 | $21796 | $12005 |
| **4/30/2021** | $17632 | $22919 | $12099 |
| **5/31/2021** | $17817 | $23024 | $12139 |
| **6/30/2021** | $18014 | $23592 | $12224 |
| **7/31/2021** | $18162 | $23991 | $12361 |
| **8/31/2021** | $18454 | $24675 | $12337 |
| **9/30/2021** | $17784 | $23568 | $12230 |
| **10/31/2021** | $18596 | $25161 | $12227 |
| **11/30/2021** | $18145 | $24778 | $12263 |
| **12/31/2021** | $18661 | $25754 | $12232 |
| **1/31/2022** | $17835 | $24239 | $11968 |
| **2/28/2022** | $17461 | $23628 | $11835 |
| **3/31/2022** | $17513 | $24395 | $11506 |
| **4/30/2022** | $16417 | $22206 | $11069 |
| **5/31/2022** | $16288 | $22176 | $11141 |
| **6/30/2022** | $15424 | $20321 | $10966 |
| **7/31/2022** | $15849 | $22227 | $11234 |
| **8/31/2022** | $15503 | $21397 | $10917 |
| **9/30/2022** | $14747 | $19413 | $10445 |
| **10/31/2022** | $15181 | $21005 | $10310 |
| **11/30/2022** | $15712 | $22102 | $10689 |
| **12/31/2022** | $15422 | $20808 | $10641 |
| **1/31/2023** | $16162 | $22241 | $10968 |
| **2/28/2023** | $15663 | $21721 | $10684 |
| **3/31/2023** | $15985 | $22302 | $10956 |
| **4/30/2023** | $16082 | $22539 | $11022 |
| **5/31/2023** | $15856 | $22627 | $10902 |
| **6/30/2023** | $16484 | $24172 | $10863 |
| **7/31/2023** | $16870 | $25039 | $10856 |
| **8/31/2023** | $16448 | $24555 | $10786 |
| **9/30/2023** | $15692 | $23386 | $10512 |
| **10/31/2023** | $15246 | $22766 | $10346 |
| **11/30/2023** | $16396 | $24888 | $10815 |
| **12/31/2023** | $17306 | $26209 | $11229 |
| **1/31/2024** | $17323 | $26499 | $11198 |
| **2/29/2024** | $17873 | $27933 | $11040 |
| **3/31/2024** | $18353 | $28835 | $11142 |
| **4/30/2024** | $17666 | $27566 | $10860 |
| **5/31/2024** | $18250 | $28868 | $11044 |
| **6/30/2024** | $18525 | $29762 | $11149 |
| **7/31/2024** | $18834 | $30315 | $11409 |
| **8/31/2024** | $19201 | $30975 | $11573 |
| **9/30/2024** | $19531 | $31616 | $11728 |
| **10/31/2024** | $19062 | $31384 | $11437 |
| **11/30/2024** | $19774 | $33471 | $11558 |
| **12/31/2024** | $19218 | $32448 | $11369 |
| **1/31/2025** | $19722 | $33473 | $11430 |
| **2/28/2025** | $19704 | $32831 | $11681 |
| **3/31/2025** | $18940 | $30916 | $11685 |
| **4/30/2025** | $18505 | $30709 | $11731 |
| **5/31/2025** | $19166 | $32655 | $11647 |
| **6/30/2025** | $20035 | $34314 | $11826 |
| **7/31/2025** | $20226 | $35070 | $11795 |
| **8/31/2025** | $20653 | $35881 | $11936 |
| **9/30/2025** | $21260 | $37120 | $12067 |
| **10/31/2025** | $21545 | $37915 | $12142 |
| **11/30/2025** | $21635 | $38019 | $12217 |
| **12/31/2025** | $21742 | $38012 | $12199 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPV1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 13.13% | 5.83% | 8.08% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 14.29% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(b)</sup> | 7.30% | (0.36)% | 2.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3139871010 |
| Number of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $3597136 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 49.8% |
| U.S. Fixed Income Funds | 18.0 |
| International Equity Funds | 17.1 |
| International Mixed Allocation Funds | 10.7 |
| Repurchase Agreements | 2.4 |
| U.S. Treasury | 2.1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

| | |
|:---|:---|
| 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 JPMorgan Asset Allocation - Moderate Growth VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica JPMorgan Enhanced Index VP, Initial Class | 24.1% |
| Transamerica WMC US Growth VP, Initial Class | 13.7 |
| Transamerica Aegon Bond VP, Initial Class | 10.7 |
| Transamerica Large Cap Value, Class I2 | 9.3 |
| Transamerica Aegon Core Bond VP, Initial Class | 9.0 |
| Transamerica High Yield Bond, Class I2 | 5.3 |
| Transamerica International Equity, Class I2 | 4.2 |
| Transamerica International Stock, Class I2 | 3.4 |
| Transamerica Emerging Markets Equity, Class I2 | 3.4 |
| Transamerica International Focus, Class I2 | 3.2 |

---

## Material Portfolio Changes
This is a summary of certain changes to the Portfolio since January 1, 2025. For more complete information, you may review the Portfolio's prospectus, as supplemented, at www.transamerica.com/financial-pro/annuities/prospectus or upon request at

800-851-9777. The Portfolio's next prospectus will be available by May 1, 2026.

Effective November 21, 2025, and as set forth in the Supplement to the Portfolio's prospectus dated September 29, 2025:

* The Portfolio's sub-adviser may increase equity exposure to approximately 95% of economic exposure and may decrease fixed-income exposure to approximately 5% or may decrease equity exposure to approximately 35% and may increase fixed-income exposure to approximately 65% of economic exposure, informed largely by the sub-adviser's multi-factor risk management framework.

* In seeking to achieve the investment objective of the Portfolio, the sub-adviser employs an investment process consisting of three integrated components: the risk management framework, active (tactical) asset allocation, and underlying portfolio selection. 

Effective August 1, 2025, and October 1, 2025, and as set forth in the Supplements to the Portfolio's prospectus dated June 26, 2025, and September 29, 2025, the following occurred:

* Transamerica Asset Management, Inc., the Portfolio's investment manager, implemented two successive reductions to its management fee schedule; and

* The Portfolio's Annual Fund Operating Expenses were restated accordingly to reflect the new reduced management fee schedule. 

## 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 by 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](g768857g78s24.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 JPMorgan Asset Allocation - Moderate Growth VP

Initial Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica JPMorgan Asset Allocation - Moderate Growth VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica JPMorgan Asset Allocation - Moderate Growth VP (the "Portfolio") seeks capital appreciation with current income as a secondary objective. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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**. **This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for the year?
**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 | $44 | 0.41%<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;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned 12.84%. For the same period, the Portfolio's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%. The performance benchmark, the Bloomberg US Aggregate Bond Index, returned 7.30% over the same period.

* The Portfolio is a fund of funds that seeks to achieve capital appreciation, with current income as a secondary objective, by investing its assets primarily in a broad mix of underlying Transamerica mutual funds. The sub-adviser employs an investment process consisting of three integrated components: a multi-factor risk management framework, active (tactical) asset allocation, and underlying portfolio selection. The risk management framework is a quantitatively driven process that makes asset allocation recommendations and may suggest equity exposure increases and reductions based on a set of asset class momentum signals and an expected Portfolio level volatility signal. Portfolio allocations are adjusted based on the risk management framework and on the sub-adviser's tactical asset allocation views, which are informed by quantitative and qualitative research insights.

* The Portfolio began the fiscal year ended December 31, 2025 with approximately 84% of the Portfolio invested in equities. In response to increased market volatility observed prior to "Liberation Day" tariff announcements in April 2025, the Portfolio de-risked across U.S. and non-U.S. equities, core fixed income, and high yield. After the market volatility subsided, the Portfolio increased its equity allocation to an overweight position by June 2025, which the Portfolio maintained throughout the remainder of the fiscal year. The Portfolio underperformed during this period of market volatility and the following market rebound.

* The selection of underlying funds within the Portfolio and the risk management framework detracted from performance in the fiscal year ended December 31, 2025. Asset allocation decisions contributed to returns during the fiscal year. 

* The views expressed reflect the opinions of J.P. Morgan Investment Management Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica JPMorgan Asset Allocation - Moderate Growth VP

Service Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g55c17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **#ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value (#ERROR:Invalid Formula (#=="TAM_WIL5000_T"), 'Multiple values from an iterator cannot be used in a formula unless they are aggregrated.')** | **Service Class** | **Russell 3000<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup>** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9577 | $9436 | $10138 |
| **2/29/2016** | $9577 | $9433 | $10210 |
| **3/31/2016** | $9975 | $10097 | $10303 |
| **4/30/2016** | $10085 | $10159 | $10343 |
| **5/31/2016** | $10195 | $10341 | $10345 |
| **6/30/2016** | $10161 | $10362 | $10531 |
| **7/31/2016** | $10508 | $10774 | $10598 |
| **8/31/2016** | $10562 | $10801 | $10586 |
| **9/30/2016** | $10580 | $10818 | $10580 |
| **10/31/2016** | $10389 | $10584 | $10499 |
| **11/30/2016** | $10452 | $11058 | $10250 |
| **12/31/2016** | $10625 | $11274 | $10265 |
| **1/31/2017** | $10835 | $11486 | $10285 |
| **2/28/2017** | $11081 | $11913 | $10354 |
| **3/31/2017** | $11190 | $11921 | $10349 |
| **4/30/2017** | $11381 | $12047 | $10428 |
| **5/31/2017** | $11563 | $12171 | $10509 |
| **6/30/2017** | $11636 | $12280 | $10498 |
| **7/31/2017** | $11900 | $12512 | $10543 |
| **8/31/2017** | $11911 | $12536 | $10638 |
| **9/30/2017** | $12122 | $12842 | $10587 |
| **10/31/2017** | $12323 | $13122 | $10593 |
| **11/30/2017** | $12534 | $13521 | $10580 |
| **12/31/2017** | $12697 | $13656 | $10628 |
| **1/31/2018** | $13281 | $14375 | $10506 |
| **2/28/2018** | $12754 | $13846 | $10406 |
| **3/31/2018** | $12591 | $13568 | $10473 |
| **4/30/2018** | $12601 | $13619 | $10395 |
| **5/31/2018** | $12735 | $14004 | $10469 |
| **6/30/2018** | $12668 | $14095 | $10456 |
| **7/31/2018** | $12917 | $14563 | $10459 |
| **8/31/2018** | $13144 | $15074 | $10526 |
| **9/30/2018** | $13113 | $15099 | $10458 |
| **10/31/2018** | $12281 | $13988 | $10376 |
| **11/30/2018** | $12394 | $14268 | $10438 |
| **12/31/2018** | $11767 | $12940 | $10629 |
| **1/31/2019** | $12353 | $14051 | $10742 |
| **2/28/2019** | $12528 | $14545 | $10736 |
| **3/31/2019** | $12692 | $14757 | $10942 |
| **4/30/2019** | $13062 | $15346 | $10945 |
| **5/31/2019** | $12384 | $14353 | $11139 |
| **6/30/2019** | $13052 | $15361 | $11279 |
| **7/31/2019** | $13062 | $15590 | $11304 |
| **8/31/2019** | $12910 | $15272 | $11597 |
| **9/30/2019** | $13118 | $15540 | $11535 |
| **10/31/2019** | $13405 | $15874 | $11570 |
| **11/30/2019** | $13681 | $16478 | $11564 |
| **12/31/2019** | $14096 | $16954 | $11556 |
| **1/31/2020** | $13969 | $16935 | $11778 |
| **2/29/2020** | $13198 | $15549 | $11990 |
| **3/31/2020** | $11990 | $13410 | $11920 |
| **4/30/2020** | $12692 | $15187 | $12132 |
| **5/31/2020** | $13256 | $15999 | $12188 |
| **6/30/2020** | $13532 | $16364 | $12265 |
| **7/31/2020** | $14015 | $17294 | $12448 |
| **8/31/2020** | $14555 | $18546 | $12348 |
| **9/30/2020** | $14209 | $17871 | $12341 |
| **10/31/2020** | $13974 | $17485 | $12286 |
| **11/30/2020** | $15520 | $19613 | $12406 |
| **12/31/2020** | $16163 | $20495 | $12423 |
| **1/31/2021** | $16175 | $20404 | $12334 |
| **2/28/2021** | $16472 | $21042 | $12156 |
| **3/31/2021** | $16769 | $21796 | $12005 |
| **4/30/2021** | $17387 | $22919 | $12099 |
| **5/31/2021** | $17572 | $23024 | $12139 |
| **6/30/2021** | $17758 | $23592 | $12224 |
| **7/31/2021** | $17906 | $23991 | $12361 |
| **8/31/2021** | $18184 | $24675 | $12337 |
| **9/30/2021** | $17537 | $23568 | $12230 |
| **10/31/2021** | $18313 | $25161 | $12227 |
| **11/30/2021** | $17873 | $24778 | $12263 |
| **12/31/2021** | $18378 | $25754 | $12232 |
| **1/31/2022** | $17563 | $24239 | $11968 |
| **2/28/2022** | $17188 | $23628 | $11835 |
| **3/31/2022** | $17227 | $24395 | $11506 |
| **4/30/2022** | $16153 | $22206 | $11069 |
| **5/31/2022** | $16024 | $22176 | $11141 |
| **6/30/2022** | $15170 | $20321 | $10966 |
| **7/31/2022** | $15584 | $22227 | $11234 |
| **8/31/2022** | $15237 | $21397 | $10917 |
| **9/30/2022** | $14495 | $19413 | $10445 |
| **10/31/2022** | $14914 | $21005 | $10310 |
| **11/30/2022** | $15431 | $22102 | $10689 |
| **12/31/2022** | $15156 | $20808 | $10641 |
| **1/31/2023** | $15883 | $22241 | $10968 |
| **2/28/2023** | $15382 | $21721 | $10684 |
| **3/31/2023** | $15705 | $22302 | $10956 |
| **4/30/2023** | $15786 | $22539 | $11022 |
| **5/31/2023** | $15560 | $22627 | $10902 |
| **6/30/2023** | $16173 | $24172 | $10863 |
| **7/31/2023** | $16544 | $25039 | $10856 |
| **8/31/2023** | $16138 | $24555 | $10786 |
| **9/30/2023** | $15399 | $23386 | $10512 |
| **10/31/2023** | $14951 | $22766 | $10346 |
| **11/30/2023** | $16070 | $24888 | $10815 |
| **12/31/2023** | $16964 | $26209 | $11229 |
| **1/31/2024** | $16964 | $26499 | $11198 |
| **2/29/2024** | $17498 | $27933 | $11040 |
| **3/31/2024** | $17979 | $28835 | $11142 |
| **4/30/2024** | $17291 | $27566 | $10860 |
| **5/31/2024** | $17876 | $28868 | $11044 |
| **6/30/2024** | $18134 | $29762 | $11149 |
| **7/31/2024** | $18427 | $30315 | $11409 |
| **8/31/2024** | $18780 | $30975 | $11573 |
| **9/30/2024** | $19110 | $31616 | $11728 |
| **10/31/2024** | $18641 | $31384 | $11437 |
| **11/30/2024** | $19336 | $33471 | $11558 |
| **12/31/2024** | $18780 | $32448 | $11369 |
| **1/31/2025** | $19284 | $33473 | $11430 |
| **2/28/2025** | $19266 | $32831 | $11681 |
| **3/31/2025** | $18502 | $30916 | $11685 |
| **4/30/2025** | $18068 | $30709 | $11731 |
| **5/31/2025** | $18710 | $32655 | $11647 |
| **6/30/2025** | $19562 | $34314 | $11826 |
| **7/31/2025** | $19753 | $35070 | $11795 |
| **8/31/2025** | $20141 | $35881 | $11936 |
| **9/30/2025** | $20747 | $37120 | $12067 |
| **10/31/2025** | $21014 | $37915 | $12142 |
| **11/30/2025** | $21085 | $38019 | $12217 |
| **12/31/2025** | $21192 | $38012 | $12199 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPV2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 12.84% | 5.57% | 7.80% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 14.29% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(b)</sup> | 7.30% | (0.36)% | 2.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3139871010 |
| Number of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $3597136 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 49.8% |
| U.S. Fixed Income Funds | 18.0 |
| International Equity Funds | 17.1 |
| International Mixed Allocation Funds | 10.7 |
| Repurchase Agreements | 2.4 |
| U.S. Treasury | 2.1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

| | |
|:---|:---|
| 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 JPMorgan Asset Allocation - Moderate Growth VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica JPMorgan Enhanced Index VP, Initial Class | 24.1% |
| Transamerica WMC US Growth VP, Initial Class | 13.7 |
| Transamerica Aegon Bond VP, Initial Class | 10.7 |
| Transamerica Large Cap Value, Class I2 | 9.3 |
| Transamerica Aegon Core Bond VP, Initial Class | 9.0 |
| Transamerica High Yield Bond, Class I2 | 5.3 |
| Transamerica International Equity, Class I2 | 4.2 |
| Transamerica International Stock, Class I2 | 3.4 |
| Transamerica Emerging Markets Equity, Class I2 | 3.4 |
| Transamerica International Focus, Class I2 | 3.2 |

---

## Material Portfolio Changes
This is a summary of certain changes to the Portfolio since January 1, 2025. For more complete information, you may review the Portfolio's prospectus, as supplemented, at www.transamerica.com/financial-pro/annuities/prospectus or upon request at

800-851-9777. The Portfolio's next prospectus will be available by May 1, 2026.

Effective November 21, 2025, and as set forth in the Supplement to the Portfolio's prospectus dated September 29, 2025:

* The Portfolio's sub-adviser may increase equity exposure to approximately 95% of economic exposure and may decrease fixed-income exposure to approximately 5% or may decrease equity exposure to approximately 35% and may increase fixed-income exposure to approximately 65% of economic exposure, informed largely by the sub-adviser's multi-factor risk management framework.

* In seeking to achieve the investment objective of the Portfolio, the sub-adviser employs an investment process consisting of three integrated components: the risk management framework, active (tactical) asset allocation, and underlying portfolio selection. 

Effective August 1, 2025, and October 1, 2025, and as set forth in the Supplements to the Portfolio's prospectus dated June 26, 2025, and September 29, 2025, the following occurred:

* Transamerica Asset Management, Inc., the Portfolio's investment manager, implemented two successive reductions to its management fee schedule; and

* The Portfolio's Annual Fund Operating Expenses were restated accordingly to reflect the new reduced management fee schedule. 

## 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 by 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](g768857g78s24.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 JPMorgan Asset Allocation - Moderate Growth VP

Service Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica JPMorgan Asset Allocation - Moderate VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica JPMorgan Asset Allocation - Moderate VP (the "Portfolio") seeks capital appreciation and current income. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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**. **This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for the year?
**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 | 0.15%<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;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Initial Class shares at NAV returned 11.89%. For the same period, the Portfolio's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%. The performance benchmark, the Bloomberg US Aggregate Bond Index, returned 7.30% over the same period.

* The Portfolio is a fund of funds that seeks to achieve capital appreciation and current income by investing its assets primarily in a broad mix of underlying Transamerica mutual funds. The sub-adviser employs an investment process consisting of three integrated components: a multi-factor risk management framework, active (tactical) asset allocation, and underlying portfolio selection. The risk management framework is a quantitatively driven process that makes asset allocation recommendations and may suggest equity exposure increases and reductions based on a set of asset class momentum signals and an expected Portfolio level volatility signal. Portfolio allocations are adjusted based on the risk management framework and on the sub-adviser's tactical asset allocation views, which are informed by quantitative and qualitative research insights.

* The Portfolio began the fiscal year ended December 31, 2025 with approximately 63% of the Portfolio invested in equities. In response to increased market volatility observed prior to "Liberation Day" tariff announcements in April 2025, the Portfolio reduced exposure across U.S. and non-U.S. equities, core fixed income, and high yield. After the market volatility subsided, the Portfolio increased its equity allocation to an overweight position by June 2025, which the Portfolio maintained throughout the remainder of the fiscal year. The Portfolio underperformed during this period of de-risking and the following market rebound.

* The selection of underlying funds within the Portfolio and the risk management framework detracted from performance in the fiscal year ended December 31, 2025. Asset allocation decisions contributed to returns during the fiscal year.

* The views expressed reflect the opinions of J.P. Morgan Investment Management Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica JPMorgan Asset Allocation - Moderate VP

Initial Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g39s85.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **#ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value (#ERROR:Invalid Formula (#=="TAM_WIL5000_T"), 'Multiple values from an iterator cannot be used in a formula unless they are aggregrated.')** | **Initial Class** | **Russell 3000<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup>** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9688 | $9436 | $10138 |
| **2/29/2016** | $9688 | $9433 | $10210 |
| **3/31/2016** | $10009 | $10097 | $10303 |
| **4/30/2016** | $10107 | $10159 | $10343 |
| **5/31/2016** | $10196 | $10341 | $10345 |
| **6/30/2016** | $10214 | $10362 | $10531 |
| **7/31/2016** | $10481 | $10774 | $10598 |
| **8/31/2016** | $10538 | $10801 | $10586 |
| **9/30/2016** | $10556 | $10818 | $10580 |
| **10/31/2016** | $10407 | $10584 | $10499 |
| **11/30/2016** | $10426 | $11058 | $10250 |
| **12/31/2016** | $10556 | $11274 | $10265 |
| **1/31/2017** | $10734 | $11486 | $10285 |
| **2/28/2017** | $10949 | $11913 | $10354 |
| **3/31/2017** | $11042 | $11921 | $10349 |
| **4/30/2017** | $11201 | $12047 | $10428 |
| **5/31/2017** | $11369 | $12171 | $10509 |
| **6/30/2017** | $11435 | $12280 | $10498 |
| **7/31/2017** | $11640 | $12512 | $10543 |
| **8/31/2017** | $11681 | $12536 | $10638 |
| **9/30/2017** | $11837 | $12842 | $10587 |
| **10/31/2017** | $12002 | $13122 | $10593 |
| **11/30/2017** | $12168 | $13521 | $10580 |
| **12/31/2017** | $12295 | $13656 | $10628 |
| **1/31/2018** | $12723 | $14375 | $10506 |
| **2/28/2018** | $12304 | $13846 | $10406 |
| **3/31/2018** | $12197 | $13568 | $10473 |
| **4/30/2018** | $12188 | $13619 | $10395 |
| **5/31/2018** | $12314 | $14004 | $10469 |
| **6/30/2018** | $12246 | $14095 | $10456 |
| **7/31/2018** | $12441 | $14563 | $10459 |
| **8/31/2018** | $12643 | $15074 | $10526 |
| **9/30/2018** | $12602 | $15099 | $10458 |
| **10/31/2018** | $11977 | $13988 | $10376 |
| **11/30/2018** | $12060 | $14268 | $10438 |
| **12/31/2018** | $11664 | $12940 | $10629 |
| **1/31/2019** | $12050 | $14051 | $10742 |
| **2/28/2019** | $12185 | $14545 | $10736 |
| **3/31/2019** | $12352 | $14757 | $10942 |
| **4/30/2019** | $12654 | $15346 | $10945 |
| **5/31/2019** | $12164 | $14353 | $11139 |
| **6/30/2019** | $12727 | $15361 | $11279 |
| **7/31/2019** | $12737 | $15590 | $11304 |
| **8/31/2019** | $12698 | $15272 | $11597 |
| **9/30/2019** | $12833 | $15540 | $11535 |
| **10/31/2019** | $13060 | $15874 | $11570 |
| **11/30/2019** | $13274 | $16478 | $11564 |
| **12/31/2019** | $13580 | $16954 | $11556 |
| **1/31/2020** | $13546 | $16935 | $11778 |
| **2/29/2020** | $13060 | $15549 | $11990 |
| **3/31/2020** | $12019 | $13410 | $11920 |
| **4/30/2020** | $12539 | $15187 | $12132 |
| **5/31/2020** | $12980 | $15999 | $12188 |
| **6/30/2020** | $13263 | $16364 | $12265 |
| **7/31/2020** | $13693 | $17294 | $12448 |
| **8/31/2020** | $14088 | $18546 | $12348 |
| **9/30/2020** | $13825 | $17871 | $12341 |
| **10/31/2020** | $13670 | $17485 | $12286 |
| **11/30/2020** | $14826 | $19613 | $12406 |
| **12/31/2020** | $15291 | $20495 | $12423 |
| **1/31/2021** | $15291 | $20404 | $12334 |
| **2/28/2021** | $15434 | $21042 | $12156 |
| **3/31/2021** | $15589 | $21796 | $12005 |
| **4/30/2021** | $16042 | $22919 | $12099 |
| **5/31/2021** | $16185 | $23024 | $12139 |
| **6/30/2021** | $16352 | $23592 | $12224 |
| **7/31/2021** | $16471 | $23991 | $12361 |
| **8/31/2021** | $16658 | $24675 | $12337 |
| **9/30/2021** | $16169 | $23568 | $12230 |
| **10/31/2021** | $16719 | $25161 | $12227 |
| **11/30/2021** | $16389 | $24778 | $12263 |
| **12/31/2021** | $16695 | $25754 | $12232 |
| **1/31/2022** | $16072 | $24239 | $11968 |
| **2/28/2022** | $15791 | $23628 | $11835 |
| **3/31/2022** | $15729 | $24395 | $11506 |
| **4/30/2022** | $14911 | $22206 | $11069 |
| **5/31/2022** | $14788 | $22176 | $11141 |
| **6/30/2022** | $14202 | $20321 | $10966 |
| **7/31/2022** | $14446 | $22227 | $11234 |
| **8/31/2022** | $14171 | $21397 | $10917 |
| **9/30/2022** | $13620 | $19413 | $10445 |
| **10/31/2022** | $13794 | $21005 | $10310 |
| **11/30/2022** | $14142 | $22102 | $10689 |
| **12/31/2022** | $14011 | $20808 | $10641 |
| **1/31/2023** | $14562 | $22241 | $10968 |
| **2/28/2023** | $14127 | $21721 | $10684 |
| **3/31/2023** | $14417 | $22302 | $10956 |
| **4/30/2023** | $14489 | $22539 | $11022 |
| **5/31/2023** | $14287 | $22627 | $10902 |
| **6/30/2023** | $14663 | $24172 | $10863 |
| **7/31/2023** | $14895 | $25039 | $10856 |
| **8/31/2023** | $14601 | $24555 | $10786 |
| **9/30/2023** | $13989 | $23386 | $10512 |
| **10/31/2023** | $13631 | $22766 | $10346 |
| **11/30/2023** | $14526 | $24888 | $10815 |
| **12/31/2023** | $15287 | $26209 | $11229 |
| **1/31/2024** | $15287 | $26499 | $11198 |
| **2/29/2024** | $15585 | $27933 | $11040 |
| **3/31/2024** | $15943 | $28835 | $11142 |
| **4/30/2024** | $15376 | $27566 | $10860 |
| **5/31/2024** | $15809 | $28868 | $11044 |
| **6/30/2024** | $16032 | $29762 | $11149 |
| **7/31/2024** | $16286 | $30315 | $11409 |
| **8/31/2024** | $16574 | $30975 | $11573 |
| **9/30/2024** | $16846 | $31616 | $11728 |
| **10/31/2024** | $16437 | $31384 | $11437 |
| **11/30/2024** | $16937 | $33471 | $11558 |
| **12/31/2024** | $16513 | $32448 | $11369 |
| **1/31/2025** | $16862 | $33473 | $11430 |
| **2/28/2025** | $16937 | $32831 | $11681 |
| **3/31/2025** | $16422 | $30916 | $11685 |
| **4/30/2025** | $16180 | $30709 | $11731 |
| **5/31/2025** | $16559 | $32655 | $11647 |
| **6/30/2025** | $17210 | $34314 | $11826 |
| **7/31/2025** | $17346 | $35070 | $11795 |
| **8/31/2025** | $17663 | $35881 | $11936 |
| **9/30/2025** | $18132 | $37120 | $12067 |
| **10/31/2025** | $18352 | $37915 | $12142 |
| **11/30/2025** | $18445 | $38019 | $12217 |
| **12/31/2025** | $18477 | $38012 | $12199 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPU1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 11.89% | 3.86% | 6.33% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 14.29% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(b)</sup> | 7.30% | (0.36)% | 2.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4589438017 |
| Number of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $5301427 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 36.1% |
| U.S. Fixed Income Funds | 29.9 |
| International Mixed Allocation Funds | 18.4 |
| International Equity Funds | 12.2 |
| U.S. Treasury | 2.2 |
| Repurchase Agreements | 1.3 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

| | |
|:---|:---|
| 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 JPMorgan Asset Allocation - Moderate VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Aegon Bond VP, Initial Class | 18.4% |
| Transamerica JPMorgan Enhanced Index VP, Initial Class | 17.9 |
| Transamerica Aegon Core Bond VP, Initial Class | 11.9 |
| Transamerica WMC US Growth VP, Initial Class | 10.8 |
| Transamerica Core Bond, Class I2 | 9.3 |
| Transamerica Large Cap Value, Class I2 | 6.8 |
| Transamerica High Yield Bond, Class I2 | 5.3 |
| Transamerica International Equity, Class I2 | 3.2 |
| Transamerica International Stock, Class I2 | 2.4 |
| Transamerica Emerging Markets Equity, Class I2 | 2.3 |

---

## Material Portfolio Changes
This is a summary of certain changes to the Portfolio since January 1, 2025. For more complete information, you may review the Portfolio's prospectus, as supplemented, at www.transamerica.com/financial-pro/annuities/prospectus or upon request at

800-851-9777. The Portfolio's next prospectus will be available by May 1, 2026.

Effective November 21, 2025, and as set forth in the Supplement to the Portfolio's prospectus dated September 29, 2025:

* The Portfolio's sub-adviser may increase equity exposure to approximately 75% of economic exposure and may decrease fixed-income exposure to approximately 25% or may decrease equity exposure to approximately 15% and may increase fixed-income exposure to approximately 85% of economic exposure, informed largely by the sub-adviser's multi-factor risk management framework.

* In seeking to achieve the investment objective of the Portfolio, the sub-adviser employs an investment process consisting of three integrated components: the risk management framework, active (tactical) asset allocation, and underlying portfolio selection. 

Effective August 1, 2025, and October 1, 2025, and as set forth in the Supplements to the Portfolio's prospectus dated June 26, 2025, and September 29, 2025, the following occurred:

* Transamerica Asset Management, Inc., the Portfolio's investment manager, implemented two successive fee reductions to its management fee schedule; and 

* The Portfolio's Annual Fund Operating Expenses were restated accordingly to reflect the new reduced management fee schedule. 

## 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 by 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](g768857g78s24.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 JPMorgan Asset Allocation - Moderate VP

Initial Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica JPMorgan Asset Allocation - Moderate VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica JPMorgan Asset Allocation - Moderate VP (the "Portfolio") seeks capital appreciation and current income. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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**. **This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for the year?
**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 | $42 | 0.40%<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;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned 11.54%. For the same period, the Portfolio's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%. The performance benchmark, the Bloomberg US Aggregate Bond Index, returned 7.30% over the same period.

* The Portfolio is a fund of funds that seeks to achieve capital appreciation and current income by investing its assets primarily in a broad mix of underlying Transamerica mutual funds. The sub-adviser employs an investment process consisting of three integrated components: a multi-factor risk management framework, active (tactical) asset allocation, and underlying portfolio selection. The risk management framework is a quantitatively driven process that makes asset allocation recommendations and may suggest equity exposure increases and reductions based on a set of asset class momentum signals and an expected Portfolio level volatility signal. Portfolio allocations are adjusted based on the risk management framework and on the sub-adviser's tactical asset allocation views, which are informed by quantitative and qualitative research insights.

* The Portfolio began the fiscal year ended December 31, 2025 with approximately 63% of the Portfolio invested in equities. In response to increased market volatility observed prior to "Liberation Day" tariff announcements in April 2025, the Portfolio reduced exposure across U.S. and non-U.S. equities, core fixed income, and high yield. After the market volatility subsided, the Portfolio increased its equity allocation to an overweight position by June 2025, which the Portfolio maintained throughout the remainder of the fiscal year. The Portfolio underperformed during this period of de-risking and the following market rebound.

* The selection of underlying funds within the Portfolio and the risk management framework detracted from performance in the fiscal year ended December 31, 2025. Asset allocation decisions contributed to returns during the fiscal year.

* The views expressed reflect the opinions of J.P. Morgan Investment Management Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica JPMorgan Asset Allocation - Moderate VP

Service Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g96w38.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **#ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value (#ERROR:Invalid Formula (#=="TAM_WIL5000_T"), 'Multiple values from an iterator cannot be used in a formula unless they are aggregrated.')** | **Service Class** | **Russell 3000<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup>** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9684 | $9436 | $10138 |
| **2/29/2016** | $9675 | $9433 | $10210 |
| **3/31/2016** | $10000 | $10097 | $10303 |
| **4/30/2016** | $10090 | $10159 | $10343 |
| **5/31/2016** | $10180 | $10341 | $10345 |
| **6/30/2016** | $10189 | $10362 | $10531 |
| **7/31/2016** | $10460 | $10774 | $10598 |
| **8/31/2016** | $10507 | $10801 | $10586 |
| **9/30/2016** | $10526 | $10818 | $10580 |
| **10/31/2016** | $10384 | $10584 | $10499 |
| **11/30/2016** | $10394 | $11058 | $10250 |
| **12/31/2016** | $10526 | $11274 | $10265 |
| **1/31/2017** | $10705 | $11486 | $10285 |
| **2/28/2017** | $10912 | $11913 | $10354 |
| **3/31/2017** | $10997 | $11921 | $10349 |
| **4/30/2017** | $11157 | $12047 | $10428 |
| **5/31/2017** | $11327 | $12171 | $10509 |
| **6/30/2017** | $11384 | $12280 | $10498 |
| **7/31/2017** | $11591 | $12512 | $10543 |
| **8/31/2017** | $11623 | $12536 | $10638 |
| **9/30/2017** | $11780 | $12842 | $10587 |
| **10/31/2017** | $11937 | $13122 | $10593 |
| **11/30/2017** | $12095 | $13521 | $10580 |
| **12/31/2017** | $12222 | $13656 | $10628 |
| **1/31/2018** | $12644 | $14375 | $10506 |
| **2/28/2018** | $12232 | $13846 | $10406 |
| **3/31/2018** | $12114 | $13568 | $10473 |
| **4/30/2018** | $12104 | $13619 | $10395 |
| **5/31/2018** | $12232 | $14004 | $10469 |
| **6/30/2018** | $12163 | $14095 | $10456 |
| **7/31/2018** | $12350 | $14563 | $10459 |
| **8/31/2018** | $12543 | $15074 | $10526 |
| **9/30/2018** | $12501 | $15099 | $10458 |
| **10/31/2018** | $11883 | $13988 | $10376 |
| **11/30/2018** | $11967 | $14268 | $10438 |
| **12/31/2018** | $11568 | $12940 | $10629 |
| **1/31/2019** | $11956 | $14051 | $10742 |
| **2/28/2019** | $12082 | $14545 | $10736 |
| **3/31/2019** | $12250 | $14757 | $10942 |
| **4/30/2019** | $12532 | $15346 | $10945 |
| **5/31/2019** | $12050 | $14353 | $11139 |
| **6/30/2019** | $12606 | $15361 | $11279 |
| **7/31/2019** | $12616 | $15590 | $11304 |
| **8/31/2019** | $12576 | $15272 | $11597 |
| **9/30/2019** | $12713 | $15540 | $11535 |
| **10/31/2019** | $12917 | $15874 | $11570 |
| **11/30/2019** | $13133 | $16478 | $11564 |
| **12/31/2019** | $13440 | $16954 | $11556 |
| **1/31/2020** | $13406 | $16935 | $11778 |
| **2/29/2020** | $12917 | $15549 | $11990 |
| **3/31/2020** | $11883 | $13410 | $11920 |
| **4/30/2020** | $12395 | $15187 | $12132 |
| **5/31/2020** | $12838 | $15999 | $12188 |
| **6/30/2020** | $13099 | $16364 | $12265 |
| **7/31/2020** | $13519 | $17294 | $12448 |
| **8/31/2020** | $13906 | $18546 | $12348 |
| **9/30/2020** | $13655 | $17871 | $12341 |
| **10/31/2020** | $13488 | $17485 | $12286 |
| **11/30/2020** | $14636 | $19613 | $12406 |
| **12/31/2020** | $15090 | $20495 | $12423 |
| **1/31/2021** | $15090 | $20404 | $12334 |
| **2/28/2021** | $15221 | $21042 | $12156 |
| **3/31/2021** | $15365 | $21796 | $12005 |
| **4/30/2021** | $15819 | $22919 | $12099 |
| **5/31/2021** | $15963 | $23024 | $12139 |
| **6/30/2021** | $16118 | $23592 | $12224 |
| **7/31/2021** | $16238 | $23991 | $12361 |
| **8/31/2021** | $16413 | $24675 | $12337 |
| **9/30/2021** | $15924 | $23568 | $12230 |
| **10/31/2021** | $16462 | $25161 | $12227 |
| **11/30/2021** | $16144 | $24778 | $12263 |
| **12/31/2021** | $16438 | $25754 | $12232 |
| **1/31/2022** | $15813 | $24239 | $11968 |
| **2/28/2022** | $15544 | $23628 | $11835 |
| **3/31/2022** | $15471 | $24395 | $11506 |
| **4/30/2022** | $14663 | $22206 | $11069 |
| **5/31/2022** | $14541 | $22176 | $11141 |
| **6/30/2022** | $13965 | $20321 | $10966 |
| **7/31/2022** | $14198 | $22227 | $11234 |
| **8/31/2022** | $13926 | $21397 | $10917 |
| **9/30/2022** | $13389 | $19413 | $10445 |
| **10/31/2022** | $13549 | $21005 | $10310 |
| **11/30/2022** | $13897 | $22102 | $10689 |
| **12/31/2022** | $13766 | $20808 | $10641 |
| **1/31/2023** | $14303 | $22241 | $10968 |
| **2/28/2023** | $13868 | $21721 | $10684 |
| **3/31/2023** | $14143 | $22302 | $10956 |
| **4/30/2023** | $14216 | $22539 | $11022 |
| **5/31/2023** | $14013 | $22627 | $10902 |
| **6/30/2023** | $14390 | $24172 | $10863 |
| **7/31/2023** | $14608 | $25039 | $10856 |
| **8/31/2023** | $14315 | $24555 | $10786 |
| **9/30/2023** | $13704 | $23386 | $10512 |
| **10/31/2023** | $13362 | $22766 | $10346 |
| **11/30/2023** | $14240 | $24888 | $10815 |
| **12/31/2023** | $14985 | $26209 | $11229 |
| **1/31/2024** | $14970 | $26499 | $11198 |
| **2/29/2024** | $15268 | $27933 | $11040 |
| **3/31/2024** | $15611 | $28835 | $11142 |
| **4/30/2024** | $15045 | $27566 | $10860 |
| **5/31/2024** | $15462 | $28868 | $11044 |
| **6/30/2024** | $15685 | $29762 | $11149 |
| **7/31/2024** | $15939 | $30315 | $11409 |
| **8/31/2024** | $16214 | $30975 | $11573 |
| **9/30/2024** | $16471 | $31616 | $11728 |
| **10/31/2024** | $16063 | $31384 | $11437 |
| **11/30/2024** | $16546 | $33471 | $11558 |
| **12/31/2024** | $16139 | $32448 | $11369 |
| **1/31/2025** | $16471 | $33473 | $11430 |
| **2/28/2025** | $16546 | $32831 | $11681 |
| **3/31/2025** | $16033 | $30916 | $11685 |
| **4/30/2025** | $15807 | $30709 | $11731 |
| **5/31/2025** | $16154 | $32655 | $11647 |
| **6/30/2025** | $16788 | $34314 | $11826 |
| **7/31/2025** | $16924 | $35070 | $11795 |
| **8/31/2025** | $17222 | $35881 | $11936 |
| **9/30/2025** | $17674 | $37120 | $12067 |
| **10/31/2025** | $17892 | $37915 | $12142 |
| **11/30/2025** | $17970 | $38019 | $12217 |
| **12/31/2025** | $18001 | $38012 | $12199 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPU2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 11.54% | 3.59% | 6.05% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 14.29% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(b)</sup> | 7.30% | (0.36)% | 2.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4589438017 |
| Number of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $5301427 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 36.1% |
| U.S. Fixed Income Funds | 29.9 |
| International Mixed Allocation Funds | 18.4 |
| International Equity Funds | 12.2 |
| U.S. Treasury | 2.2 |
| Repurchase Agreements | 1.3 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

| | |
|:---|:---|
| 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 JPMorgan Asset Allocation - Moderate VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Aegon Bond VP, Initial Class | 18.4% |
| Transamerica JPMorgan Enhanced Index VP, Initial Class | 17.9 |
| Transamerica Aegon Core Bond VP, Initial Class | 11.9 |
| Transamerica WMC US Growth VP, Initial Class | 10.8 |
| Transamerica Core Bond, Class I2 | 9.3 |
| Transamerica Large Cap Value, Class I2 | 6.8 |
| Transamerica High Yield Bond, Class I2 | 5.3 |
| Transamerica International Equity, Class I2 | 3.2 |
| Transamerica International Stock, Class I2 | 2.4 |
| Transamerica Emerging Markets Equity, Class I2 | 2.3 |

---

## Material Portfolio Changes
This is a summary of certain changes to the Portfolio since January 1, 2025. For more complete information, you may review the Portfolio's prospectus, as supplemented, at www.transamerica.com/financial-pro/annuities/prospectus or upon request at

800-851-9777. The Portfolio's next prospectus will be available by May 1, 2026.

Effective November 21, 2025, and as set forth in the Supplement to the Portfolio's prospectus dated September 29, 2025:

* The Portfolio's sub-adviser may increase equity exposure to approximately 75% of economic exposure and may decrease fixed-income exposure to approximately 25% or may decrease equity exposure to approximately 15% and may increase fixed-income exposure to approximately 85% of economic exposure, informed largely by the sub-adviser's multi-factor risk management framework.

* In seeking to achieve the investment objective of the Portfolio, the sub-adviser employs an investment process consisting of three integrated components: the risk management framework, active (tactical) asset allocation, and underlying portfolio selection. 

Effective August 1, 2025, and October 1, 2025, and as set forth in the Supplements to the Portfolio's prospectus dated June 26, 2025, and September 29, 2025, the following occurred:

* Transamerica Asset Management, Inc., the Portfolio's investment manager, implemented two successive fee reductions to its management fee schedule; and 

* The Portfolio's Annual Fund Operating Expenses were restated accordingly to reflect the new reduced management fee schedule. 

## 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 by 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](g768857g78s24.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 JPMorgan Asset Allocation - Moderate VP

Service Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica JPMorgan Enhanced Index VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica JPMorgan Enhanced Index VP (the "Portfolio") seeks to earn a total return modestly in excess of the total return performance of the S&P 500<sup>®</sup> Index (including the reinvestment of dividends) while maintaining a volatility of return similar to the S&P 500<sup>®</sup> Index. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $66 | 0.61%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Initial Class shares at NAV returned 16.21%. For the same period, the Portfolio's broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.88%.

* During the fiscal year ended December 31, 2025, stock selection in the industrial cyclical, health services & systems and basic materials sectors detracted from benchmark relative performance, while stock selection in the hardware & semiconductors, financial services and REITs sectors contributed to results.

* At the stock level, the top contributors to benchmark relative performance in the fiscal year included overweight exposures to Seagate Technology Holdings PLC, Howmet Aerospace, Inc. and Micron Technology, Inc.

* Portfolio holdings that detracted from relative performance during the fiscal year included underweight exposures to Palantir Technologies, Inc. and GE Aerospace, and an overweight exposure to ServiceNow, Inc. 

* The views expressed reflect the opinions of J.P. Morgan Investment Management Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica JPMorgan Enhanced Index VP

Initial Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g72w79.jpg)

---

| | | |
|:---|:---|:---|
| | **Initial Class** | **S&P 500<sup>®</sup> Index** |
| **12/31/2015** | $10000 | $10000 |
| **1/31/2016** | $9462 | $9504 |
| **2/29/2016** | $9392 | $9491 |
| **3/31/2016** | $10041 | $10135 |
| **4/30/2016** | $10106 | $10174 |
| **5/31/2016** | $10313 | $10357 |
| **6/30/2016** | $10242 | $10384 |
| **7/31/2016** | $10662 | $10766 |
| **8/31/2016** | $10680 | $10782 |
| **9/30/2016** | $10662 | $10784 |
| **10/31/2016** | $10511 | $10587 |
| **11/30/2016** | $10953 | $10979 |
| **12/31/2016** | $11135 | $11196 |
| **1/31/2017** | $11384 | $11408 |
| **2/28/2017** | $11820 | $11861 |
| **3/31/2017** | $11862 | $11875 |
| **4/30/2017** | $11990 | $11997 |
| **5/31/2017** | $12099 | $12166 |
| **6/30/2017** | $12135 | $12242 |
| **7/31/2017** | $12390 | $12494 |
| **8/31/2017** | $12445 | $12532 |
| **9/30/2017** | $12949 | $13089 |
| **10/31/2017** | $13335 | $13490 |
| **12/31/2017** | $13490 | $13640 |
| **1/31/2018** | $14212 | $14421 |
| **2/28/2018** | $13640 | $13890 |
| **3/31/2018** | $13273 | $13537 |
| **4/30/2018** | $13285 | $13589 |
| **5/31/2018** | $13565 | $13916 |
| **6/30/2018** | $13677 | $14002 |
| **7/31/2018** | $14218 | $14523 |
| **8/31/2018** | $14637 | $14996 |
| **9/30/2018** | $14749 | $15081 |
| **10/31/2018** | $13619 | $14050 |
| **11/30/2018** | $13967 | $14337 |
| **12/31/2018** | $12679 | $13042 |
| **1/31/2019** | $13724 | $14087 |
| **2/28/2019** | $14118 | $14540 |
| **3/31/2019** | $14361 | $14822 |
| **4/30/2019** | $14972 | $15422 |
| **5/31/2019** | $13967 | $14442 |
| **6/30/2019** | $14953 | $15460 |
| **7/31/2019** | $15143 | $15682 |
| **8/31/2019** | $14833 | $15434 |
| **9/30/2019** | $15120 | $15723 |
| **10/31/2019** | $15497 | $16063 |
| **11/30/2019** | $16078 | $16646 |
| **12/31/2019** | $16614 | $17149 |
| **1/31/2020** | $16622 | $17142 |
| **2/29/2020** | $15331 | $15731 |
| **3/31/2020** | $13361 | $13788 |
| **4/30/2020** | $15135 | $15555 |
| **5/31/2020** | $15897 | $16296 |
| **6/30/2020** | $16282 | $16620 |
| **7/31/2020** | $17226 | $17558 |
| **8/31/2020** | $18571 | $18820 |
| **9/30/2020** | $17775 | $18105 |
| **10/31/2020** | $17286 | $17623 |
| **11/30/2020** | $19210 | $19552 |
| **12/31/2020** | $19965 | $20304 |
| **1/31/2021** | $19824 | $20099 |
| **2/28/2021** | $20355 | $20653 |
| **3/31/2021** | $21325 | $21558 |
| **4/30/2021** | $22536 | $22708 |
| **5/31/2021** | $22677 | $22867 |
| **6/30/2021** | $23208 | $23401 |
| **7/31/2021** | $23764 | $23956 |
| **8/31/2021** | $24400 | $24685 |
| **9/30/2021** | $23199 | $23537 |
| **10/31/2021** | $24964 | $25186 |
| **11/30/2021** | $24851 | $25011 |
| **12/31/2021** | $25978 | $26132 |
| **1/31/2022** | $24738 | $24780 |
| **2/28/2022** | $24025 | $24038 |
| **3/31/2022** | $24823 | $24931 |
| **4/30/2022** | $22654 | $22757 |
| **5/31/2022** | $22692 | $22798 |
| **6/30/2022** | $20795 | $20916 |
| **7/31/2022** | $22757 | $22845 |
| **8/31/2022** | $21822 | $21913 |
| **9/30/2022** | $19827 | $19895 |
| **10/31/2022** | $21307 | $21506 |
| **11/30/2022** | $22573 | $22708 |
| **12/31/2022** | $21211 | $21399 |
| **1/31/2023** | $22584 | $22744 |
| **2/28/2023** | $22080 | $22189 |
| **3/31/2023** | $22895 | $23004 |
| **4/30/2023** | $23292 | $23363 |
| **5/31/2023** | $23431 | $23464 |
| **6/30/2023** | $24987 | $25015 |
| **7/31/2023** | $25802 | $25818 |
| **8/31/2023** | $25458 | $25407 |
| **9/30/2023** | $24280 | $24196 |
| **10/31/2023** | $23782 | $23687 |
| **11/30/2023** | $25934 | $25850 |
| **12/31/2023** | $27078 | $27025 |
| **1/31/2024** | $27587 | $27479 |
| **2/29/2024** | $29082 | $28946 |
| **3/31/2024** | $30022 | $29878 |
| **4/30/2024** | $28890 | $28657 |
| **5/31/2024** | $30317 | $30078 |
| **6/30/2024** | $31438 | $31157 |
| **7/31/2024** | $31732 | $31537 |
| **8/31/2024** | $32510 | $32302 |
| **9/30/2024** | $33145 | $32992 |
| **10/31/2024** | $32886 | $32692 |
| **11/30/2024** | $34617 | $34611 |
| **12/31/2024** | $33640 | $33786 |
| **1/31/2025** | $34346 | $34727 |
| **2/28/2025** | $33981 | $34274 |
| **3/31/2025** | $32027 | $32343 |
| **4/30/2025** | $31662 | $32124 |
| **5/31/2025** | $33663 | $34146 |
| **6/30/2025** | $35453 | $35882 |
| **7/31/2025** | $36242 | $36687 |
| **8/31/2025** | $36968 | $37431 |
| **9/30/2025** | $38132 | $38797 |
| **10/31/2025** | $38881 | $39706 |
| **11/30/2025** | $39014 | $39803 |
| **12/31/2025** | $39095 | $39827 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBDM1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 16.21% | 14.39% | 14.61% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.88% | 14.42% | 14.82% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange and NASDAQ Stock Market. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2830971650 |
| Number of Portfolio Holdings | 151 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $18082896 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 33.6% |
| Financials | 13.3 |
| Consumer Discretionary | 11.5 |
| Communication Services | 10.4 |
| Health Care | 9.3 |
| Industrials | 7.6 |
| Consumer Staples | 3.5 |
| Energy | 2.8 |
| Utilities | 2.2 |
| Materials | 1.7 |
| Real Estate | 1.7 |
| Repurchase Agreements | 1.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 1.1 |

---

---

| | |
|:---|:---|
| 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 JPMorgan Enhanced Index VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.1% |
| Apple, Inc. | 6.9 |
| Microsoft Corp. | 6.6 |
| Amazon.com, Inc. | 4.1 |
| Alphabet, Inc., Class A | 3.1 |
| Meta Platforms, Inc., Class A | 2.8 |
| Broadcom, Inc. | 2.7 |
| Alphabet, Inc., Class C | 2.0 |
| Tesla, Inc. | 2.0 |
| Mastercard, Inc., Class A | 1.5 |

---

## 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 by 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](g768857g78s24.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 JPMorgan Enhanced Index VP

Initial Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica JPMorgan Enhanced Index VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica JPMorgan Enhanced Index VP (the "Portfolio") seeks to earn a total return modestly in excess of the total return performance of the S&P 500<sup>®</sup> Index (including the reinvestment of dividends) while maintaining a volatility of return similar to the S&P 500<sup>®</sup> Index. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $93 | 0.86%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned 15.90%. For the same period, the Portfolio's broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.88%.

* During the fiscal year ended December 31, 2025, stock selection in the industrial cyclical, health services & systems and basic materials sectors detracted from benchmark relative performance, while stock selection in the hardware & semiconductors, financial services and REITs sectors contributed to results.

* At the stock level, the top contributors to benchmark relative performance in the fiscal year included overweight exposures to Seagate Technology Holdings PLC, Howmet Aerospace, Inc. and Micron Technology, Inc.

* Portfolio holdings that detracted from relative performance during the fiscal year included underweight exposures to Palantir Technologies, Inc. and GE Aerospace, and an overweight exposure to ServiceNow, Inc. 

* The views expressed reflect the opinions of J.P. Morgan Investment Management Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica JPMorgan Enhanced Index VP

Service Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g90h92.jpg)

---

| | | |
|:---|:---|:---|
| | **Service Class** | **S&P 500<sup>®</sup> Index** |
| **12/31/2015** | $10000 | $10000 |
| **1/31/2016** | $9456 | $9504 |
| **2/29/2016** | $9385 | $9491 |
| **3/31/2016** | $10036 | $10135 |
| **4/30/2016** | $10095 | $10174 |
| **5/31/2016** | $10302 | $10357 |
| **6/30/2016** | $10231 | $10384 |
| **7/31/2016** | $10645 | $10766 |
| **8/31/2016** | $10658 | $10782 |
| **9/30/2016** | $10639 | $10784 |
| **10/31/2016** | $10488 | $10587 |
| **11/30/2016** | $10930 | $10979 |
| **12/31/2016** | $11112 | $11196 |
| **1/31/2017** | $11354 | $11408 |
| **2/28/2017** | $11791 | $11861 |
| **3/31/2017** | $11827 | $11875 |
| **4/30/2017** | $11948 | $11997 |
| **5/31/2017** | $12063 | $12166 |
| **6/30/2017** | $12094 | $12242 |
| **7/31/2017** | $12342 | $12494 |
| **8/31/2017** | $12401 | $12532 |
| **9/30/2017** | $12891 | $13089 |
| **10/31/2017** | $13276 | $13490 |
| **12/31/2017** | $13425 | $13640 |
| **1/31/2018** | $14139 | $14421 |
| **2/28/2018** | $13568 | $13890 |
| **3/31/2018** | $13202 | $13537 |
| **4/30/2018** | $13208 | $13589 |
| **5/31/2018** | $13481 | $13916 |
| **6/30/2018** | $13599 | $14002 |
| **7/31/2018** | $14127 | $14523 |
| **8/31/2018** | $14543 | $14996 |
| **9/30/2018** | $14654 | $15081 |
| **10/31/2018** | $13529 | $14050 |
| **11/30/2018** | $13869 | $14337 |
| **12/31/2018** | $12587 | $13042 |
| **1/31/2019** | $13620 | $14087 |
| **2/28/2019** | $14013 | $14540 |
| **3/31/2019** | $14248 | $14822 |
| **4/30/2019** | $14850 | $15422 |
| **5/31/2019** | $13849 | $14442 |
| **6/30/2019** | $14831 | $15460 |
| **7/31/2019** | $15014 | $15682 |
| **8/31/2019** | $14702 | $15434 |
| **9/30/2019** | $14987 | $15723 |
| **10/31/2019** | $15354 | $16063 |
| **11/30/2019** | $15924 | $16646 |
| **12/31/2019** | $16449 | $17149 |
| **1/31/2020** | $16457 | $17142 |
| **2/29/2020** | $15174 | $15731 |
| **3/31/2020** | $13217 | $13788 |
| **4/30/2020** | $14972 | $15555 |
| **5/31/2020** | $15729 | $16296 |
| **6/30/2020** | $16104 | $16620 |
| **7/31/2020** | $17035 | $17558 |
| **8/31/2020** | $18359 | $18820 |
| **9/30/2020** | $17569 | $18105 |
| **10/31/2020** | $17083 | $17623 |
| **11/30/2020** | $18976 | $19552 |
| **12/31/2020** | $19716 | $20304 |
| **1/31/2021** | $19577 | $20099 |
| **2/28/2021** | $20095 | $20653 |
| **3/31/2021** | $21049 | $21558 |
| **4/30/2021** | $22243 | $22708 |
| **5/31/2021** | $22374 | $22867 |
| **6/30/2021** | $22893 | $23401 |
| **7/31/2021** | $23444 | $23956 |
| **8/31/2021** | $24064 | $24685 |
| **9/30/2021** | $22873 | $23537 |
| **10/31/2021** | $24613 | $25186 |
| **11/30/2021** | $24492 | $25011 |
| **12/31/2021** | $25589 | $26132 |
| **1/31/2022** | $24371 | $24780 |
| **2/28/2022** | $23655 | $24038 |
| **3/31/2022** | $24445 | $24931 |
| **4/30/2022** | $22306 | $22757 |
| **5/31/2022** | $22343 | $22798 |
| **6/30/2022** | $20464 | $20916 |
| **7/31/2022** | $22390 | $22845 |
| **8/31/2022** | $21459 | $21913 |
| **9/30/2022** | $19497 | $19895 |
| **10/31/2022** | $20950 | $21506 |
| **11/30/2022** | $22191 | $22708 |
| **12/31/2022** | $20844 | $21399 |
| **1/31/2023** | $22191 | $22744 |
| **2/28/2023** | $21692 | $22189 |
| **3/31/2023** | $22488 | $23004 |
| **4/30/2023** | $22880 | $23363 |
| **5/31/2023** | $23008 | $23464 |
| **6/30/2023** | $24525 | $25015 |
| **7/31/2023** | $25320 | $25818 |
| **8/31/2023** | $24977 | $25407 |
| **9/30/2023** | $23815 | $24196 |
| **10/31/2023** | $23323 | $23687 |
| **11/30/2023** | $25424 | $25850 |
| **12/31/2023** | $26553 | $27025 |
| **1/31/2024** | $27033 | $27479 |
| **2/29/2024** | $28497 | $28946 |
| **3/31/2024** | $29414 | $29878 |
| **4/30/2024** | $28296 | $28657 |
| **5/31/2024** | $29693 | $30078 |
| **6/30/2024** | $30777 | $31157 |
| **7/31/2024** | $31056 | $31537 |
| **8/31/2024** | $31820 | $32302 |
| **9/30/2024** | $32435 | $32992 |
| **10/31/2024** | $32180 | $32692 |
| **11/30/2024** | $33873 | $34611 |
| **12/31/2024** | $32899 | $33786 |
| **1/31/2025** | $33583 | $34727 |
| **2/28/2025** | $33212 | $34274 |
| **3/31/2025** | $31298 | $32343 |
| **4/30/2025** | $30938 | $32124 |
| **5/31/2025** | $32887 | $34146 |
| **6/30/2025** | $34627 | $35882 |
| **7/31/2025** | $35393 | $36687 |
| **8/31/2025** | $36089 | $37431 |
| **9/30/2025** | $37221 | $38797 |
| **10/31/2025** | $37945 | $39706 |
| **11/30/2025** | $38063 | $39803 |
| **12/31/2025** | $38129 | $39827 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBDM2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 15.90% | 14.10% | 14.32% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.88% | 14.42% | 14.82% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange and NASDAQ Stock Market. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2830971650 |
| Number of Portfolio Holdings | 151 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $18082896 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 33.6% |
| Financials | 13.3 |
| Consumer Discretionary | 11.5 |
| Communication Services | 10.4 |
| Health Care | 9.3 |
| Industrials | 7.6 |
| Consumer Staples | 3.5 |
| Energy | 2.8 |
| Utilities | 2.2 |
| Materials | 1.7 |
| Real Estate | 1.7 |
| Repurchase Agreements | 1.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 1.1 |

---

---

| | |
|:---|:---|
| 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 JPMorgan Enhanced Index VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.1% |
| Apple, Inc. | 6.9 |
| Microsoft Corp. | 6.6 |
| Amazon.com, Inc. | 4.1 |
| Alphabet, Inc., Class A | 3.1 |
| Meta Platforms, Inc., Class A | 2.8 |
| Broadcom, Inc. | 2.7 |
| Alphabet, Inc., Class C | 2.0 |
| Tesla, Inc. | 2.0 |
| Mastercard, Inc., Class A | 1.5 |

---

## 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 by 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](g768857g78s24.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 JPMorgan Enhanced Index VP

Service Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica JPMorgan International Moderate Growth VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica JPMorgan International Moderate Growth VP (the "Portfolio") seeks capital appreciation with current income as a secondary objective. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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**. **This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for the year?
**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 | $20 | 0.18%<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;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Initial Class shares at NAV returned 18.02%. For the same period, the Portfolio's broad-based benchmark, the MSCI World Index ex-U.S., returned 32.55%. The performance benchmark, the Bloomberg US Aggregate Bond Index, returned 7.30% over the same period.

* The Portfolio is a fund of funds that seeks to achieve capital appreciation, with current income as a secondary objective, by investing its assets primarily in a broad mix of underlying Transamerica mutual funds. The sub-adviser employs an investment process consisting of three integrated components: a multi-factor risk management framework, active (tactical) asset allocation, and underlying portfolio selection. The risk management framework is a quantitatively driven process that makes asset allocation recommendations and may suggest equity exposure increases and reductions based on a set of asset class momentum signals and an expected Portfolio level volatility signal. Portfolio allocations are adjusted based on the risk management framework and on the sub-adviser's tactical asset allocation views, which are informed by quantitative and qualitative research insights.

* The Portfolio began the fiscal year ended December 31, 2025 with approximately 83% of the Portfolio invested in equities. In response to increased market volatility observed prior to "Liberation Day" tariff announcements in April 2025. During this de-risking period, the Portfolio reduced exposure across U.S. and non-U.S. equities, core fixed income, and high yield. After the market volatility subsided, the Portfolio increased its equity allocation to an overweight position by June 2025, which the Portfolio maintained throughout the remainder of the fiscal year. The Portfolio underperformed during this period of de-risking and the following market rebound.

* The selection of underlying funds within the Portfolio and the risk management framework detracted from performance in the fiscal year ended December 31, 2025. Asset allocation decisions contributed to returns during the fiscal year. 

* The views expressed reflect the opinions of J.P. Morgan Investment Management Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica JPMorgan International Moderate Growth VP

Initial Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g65d02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **MSCI World Index ex-U.S.** | **Bloomberg US Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9573 | $9313 | $10138 |
| **2/29/2016** | $9520 | $9186 | $10210 |
| **3/31/2016** | $9904 | $9818 | $10303 |
| **4/30/2016** | $9957 | $10144 | $10343 |
| **5/31/2016** | $10000 | $10041 | $10345 |
| **6/30/2016** | $9808 | $9741 | $10531 |
| **7/31/2016** | $10128 | $10221 | $10598 |
| **8/31/2016** | $10187 | $10232 | $10586 |
| **9/30/2016** | $10264 | $10362 | $10580 |
| **10/31/2016** | $10111 | $10161 | $10499 |
| **11/30/2016** | $9915 | $10000 | $10250 |
| **12/31/2016** | $10122 | $10329 | $10265 |
| **1/31/2017** | $10373 | $10638 | $10285 |
| **2/28/2017** | $10503 | $10762 | $10354 |
| **3/31/2017** | $10743 | $11047 | $10349 |
| **4/30/2017** | $10994 | $11290 | $10428 |
| **5/31/2017** | $11320 | $11681 | $10509 |
| **6/30/2017** | $11364 | $11696 | $10498 |
| **7/31/2017** | $11647 | $12045 | $10543 |
| **8/31/2017** | $11639 | $12045 | $10638 |
| **9/30/2017** | $11872 | $12362 | $10587 |
| **10/31/2017** | $12016 | $12532 | $10593 |
| **11/30/2017** | $12138 | $12661 | $10580 |
| **12/31/2017** | $12327 | $12892 | $10628 |
| **1/31/2018** | $12815 | $13494 | $10506 |
| **2/28/2018** | $12293 | $12855 | $10406 |
| **3/31/2018** | $12193 | $12645 | $10473 |
| **4/30/2018** | $12293 | $12949 | $10395 |
| **5/31/2018** | $12182 | $12720 | $10469 |
| **6/30/2018** | $11983 | $12584 | $10456 |
| **7/31/2018** | $12127 | $12895 | $10459 |
| **8/31/2018** | $12081 | $12653 | $10526 |
| **9/30/2018** | $12070 | $12758 | $10458 |
| **10/31/2018** | $11266 | $11746 | $10376 |
| **11/30/2018** | $11243 | $11737 | $10438 |
| **12/31/2018** | $10898 | $11134 | $10629 |
| **1/31/2019** | $11346 | $11930 | $10742 |
| **2/28/2019** | $11473 | $12239 | $10736 |
| **3/31/2019** | $11588 | $12314 | $10942 |
| **4/30/2019** | $11909 | $12675 | $10945 |
| **5/31/2019** | $11300 | $12092 | $11139 |
| **6/30/2019** | $11886 | $12816 | $11279 |
| **7/31/2019** | $11783 | $12663 | $11304 |
| **8/31/2019** | $11678 | $12354 | $11597 |
| **9/30/2019** | $11922 | $12707 | $11535 |
| **10/31/2019** | $12269 | $13120 | $11570 |
| **11/30/2019** | $12411 | $13286 | $11564 |
| **12/31/2019** | $12835 | $13713 | $11556 |
| **1/31/2020** | $12668 | $13449 | $11778 |
| **2/29/2020** | $12051 | $12258 | $11990 |
| **3/31/2020** | $10533 | $10539 | $11920 |
| **4/30/2020** | $11099 | $11282 | $12132 |
| **5/31/2020** | $11652 | $11769 | $12188 |
| **6/30/2020** | $12051 | $12177 | $12265 |
| **7/31/2020** | $12591 | $12505 | $12448 |
| **8/31/2020** | $13056 | $13152 | $12348 |
| **9/30/2020** | $12831 | $12788 | $12341 |
| **10/31/2020** | $12501 | $12287 | $12286 |
| **11/30/2020** | $14100 | $14175 | $12406 |
| **12/31/2020** | $14748 | $14822 | $12423 |
| **1/31/2021** | $14774 | $14666 | $12334 |
| **2/28/2021** | $14959 | $15042 | $12156 |
| **3/31/2021** | $15184 | $15440 | $12005 |
| **4/30/2021** | $15607 | $15939 | $12099 |
| **5/31/2021** | $16056 | $16507 | $12139 |
| **6/30/2021** | $15937 | $16344 | $12224 |
| **7/31/2021** | $15977 | $16455 | $12361 |
| **8/31/2021** | $16139 | $16721 | $12337 |
| **9/30/2021** | $15682 | $16253 | $12230 |
| **10/31/2021** | $16098 | $16741 | $12227 |
| **11/30/2021** | $15522 | $15961 | $12263 |
| **12/31/2021** | $16112 | $16774 | $12232 |
| **1/31/2022** | $15508 | $16036 | $11968 |
| **2/28/2022** | $15146 | $15789 | $11835 |
| **3/31/2022** | $14945 | $15989 | $11506 |
| **4/30/2022** | $14140 | $14952 | $11069 |
| **5/31/2022** | $14193 | $15096 | $11141 |
| **6/30/2022** | $13268 | $13680 | $10966 |
| **7/31/2022** | $13509 | $14363 | $11234 |
| **8/31/2022** | $13109 | $13694 | $10917 |
| **9/30/2022** | $12484 | $12433 | $10445 |
| **10/31/2022** | $12812 | $13121 | $10310 |
| **11/30/2022** | $13468 | $14521 | $10689 |
| **12/31/2022** | $13328 | $14456 | $10641 |
| **1/31/2023** | $14093 | $15643 | $10968 |
| **2/28/2023** | $13671 | $15280 | $10684 |
| **3/31/2023** | $13953 | $15639 | $10956 |
| **4/30/2023** | $14124 | $16099 | $11022 |
| **5/31/2023** | $13593 | $15416 | $10902 |
| **6/30/2023** | $14015 | $16155 | $10863 |
| **7/31/2023** | $14328 | $16680 | $10856 |
| **8/31/2023** | $13866 | $16038 | $10786 |
| **9/30/2023** | $13294 | $15505 | $10512 |
| **10/31/2023** | $12865 | $14853 | $10346 |
| **11/30/2023** | $13755 | $16252 | $10815 |
| **12/31/2023** | $14549 | $17144 | $11229 |
| **1/31/2024** | $14438 | $17220 | $11198 |
| **2/29/2024** | $14692 | $17517 | $11040 |
| **3/31/2024** | $15105 | $18128 | $11142 |
| **4/30/2024** | $14581 | $17666 | $10860 |
| **5/31/2024** | $15121 | $18363 | $11044 |
| **6/30/2024** | $14899 | $18063 | $11149 |
| **7/31/2024** | $15327 | $18633 | $11409 |
| **8/31/2024** | $15658 | $19258 | $11573 |
| **9/30/2024** | $15755 | $19480 | $11728 |
| **10/31/2024** | $14991 | $18490 | $11437 |
| **11/30/2024** | $15251 | $18538 | $11558 |
| **12/31/2024** | $14845 | $18045 | $11369 |
| **1/31/2025** | $15381 | $18945 | $11430 |
| **2/28/2025** | $15674 | $19281 | $11681 |
| **3/31/2025** | $15381 | $19191 | $11685 |
| **4/30/2025** | $15414 | $20085 | $11731 |
| **5/31/2025** | $16097 | $21058 | $11647 |
| **6/30/2025** | $16666 | $21557 | $11826 |
| **7/31/2025** | $16438 | $21300 | $11795 |
| **8/31/2025** | $16779 | $22241 | $11936 |
| **9/30/2025** | $17133 | $22724 | $12067 |
| **10/31/2025** | $17166 | $22973 | $12142 |
| **11/30/2025** | $17250 | $23218 | $12217 |
| **12/31/2025** | $17519 | $23919 | $12199 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBDR1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 18.02% | 3.50% | 5.77% |
| MSCI World Index ex-U.S.<sup>Footnote Reference(a)</sup> | 32.55% | 10.04% | 9.11% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(b)</sup> | 7.30% | (0.36)% | 2.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;MSCI World Index ex-U.S. captures large and mid-cap representation across developed market countries, excluding the U.S. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $352923204 |
| Number of Portfolio Holdings | 17 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $405787 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| International Equity Funds | 52.5% |
| U.S. Fixed Income Funds | 17.8 |
| U.S. Equity Funds | 14.3 |
| International Mixed Allocation Funds | 10.6 |
| U.S. Treasury | 2.9 |
| Repurchase Agreements | 2.0 |
| 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 JPMorgan International Moderate Growth VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica International Equity, Class I2 | 17.1% |
| Transamerica WMC US Growth VP, Initial Class | 14.3 |
| Transamerica International Stock, Class I2 | 12.8 |
| Transamerica International Focus, Class I2 | 12.4 |
| Transamerica Aegon Bond VP, Initial Class | 10.6 |
| Transamerica Aegon Core Bond VP, Initial Class | 8.4 |
| Transamerica International Small Cap Value, Class I2 | 8.4 |
| Transamerica High Yield Bond, Class I2 | 5.3 |
| U.S. Treasury Notes, 4.13%, 01/31/2027 | 2.9 |
| Transamerica Core Bond, Class I2 | 1.3 |

---

## Material Portfolio Changes
This is a summary of certain changes to the Portfolio since January 1, 2025. For more complete information, you may review the Portfolio's prospectus, as supplemented, at www.transamerica.com/financial-pro/annuities/prospectus or upon request at

800-851-9777. The Portfolio's next prospectus will be available by May 1, 2026.

Effective November 21, 2025, and as set forth in the Supplement to the Portfolio's prospectus dated September 29, 2025:

* The Portfolio's sub-adviser may increase equity exposure to approximately 95% of economic exposure and may decrease fixed-income exposure to approximately 5% or may decrease equity exposure to approximately 35% and may increase fixed-income exposure to approximately 65% of economic exposure, informed largely by the sub-adviser's multi-factor risk management framework.

* In seeking to achieve the investment objective of the Portfolio, the sub-adviser employs an investment process consisting of three integrated components: the risk management framework, active (tactical) asset allocation, and underlying portfolio selection.

Effective August 1, 2025, and October 1, 2025, and as set forth in the Supplements to the Portfolio's prospectus dated June 26, 2025, and September 29, 2025, the following occurred:

* Transamerica Asset Management, Inc., the Portfolio's investment manager, implemented two successive fee reductions to its management fee schedule; and

* The Portfolio's Annual Fund Operating Expenses were restated accordingly to reflect the new reduced management fee schedule.

## 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 by 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](g768857g78s24.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 JPMorgan International Moderate Growth VP

Initial Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica JPMorgan International Moderate Growth VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica JPMorgan International Moderate Growth VP (the "Portfolio") seeks capital appreciation with current income as a secondary objective. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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**. **This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for the year?
**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 | $47 | 0.43%<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;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned 17.67%. For the same period, the Portfolio's broad-based benchmark, the MSCI World Index ex-U.S., returned 32.55%. The performance benchmark, the Bloomberg US Aggregate Bond Index, returned 7.30% over the same period.

* The Portfolio is a fund of funds that seeks to achieve capital appreciation, with current income as a secondary objective, by investing its assets primarily in a broad mix of underlying Transamerica mutual funds. The sub-adviser employs an investment process consisting of three integrated components: a multi-factor risk management framework, active (tactical) asset allocation, and underlying portfolio selection. The risk management framework is a quantitatively driven process that makes asset allocation recommendations and may suggest equity exposure increases and reductions based on a set of asset class momentum signals and an expected Portfolio level volatility signal. Portfolio allocations are adjusted based on the risk management framework and on the sub-adviser's tactical asset allocation views, which are informed by quantitative and qualitative research insights.

* The Portfolio began the fiscal year ended December 31, 2025 with approximately 83% of the Portfolio invested in equities. In response to increased market volatility observed prior to "Liberation Day" tariff announcements in April 2025. During this de-risking period, the Portfolio reduced exposure across U.S. and non-U.S. equities, core fixed income, and high yield. After the market volatility subsided, the Portfolio increased its equity allocation to an overweight position by June 2025, which the Portfolio maintained throughout the remainder of the fiscal year. The Portfolio underperformed during this period of de-risking and the following market rebound.

* The selection of underlying funds within the Portfolio and the risk management framework detracted from performance in the fiscal year ended December 31, 2025. Asset allocation decisions contributed to returns during the fiscal year. 

* The views expressed reflect the opinions of J.P. Morgan Investment Management Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica JPMorgan International Moderate Growth VP

Service Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g19k27.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **MSCI World Index ex-U.S.** | **Bloomberg US Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9580 | $9313 | $10138 |
| **2/29/2016** | $9515 | $9186 | $10210 |
| **3/31/2016** | $9903 | $9818 | $10303 |
| **4/30/2016** | $9946 | $10144 | $10343 |
| **5/31/2016** | $10000 | $10041 | $10345 |
| **6/30/2016** | $9806 | $9741 | $10531 |
| **7/31/2016** | $10119 | $10221 | $10598 |
| **8/31/2016** | $10173 | $10232 | $10586 |
| **9/30/2016** | $10250 | $10362 | $10580 |
| **10/31/2016** | $10097 | $10161 | $10499 |
| **11/30/2016** | $9899 | $10000 | $10250 |
| **12/31/2016** | $10108 | $10329 | $10265 |
| **1/31/2017** | $10349 | $10638 | $10285 |
| **2/28/2017** | $10481 | $10762 | $10354 |
| **3/31/2017** | $10711 | $11047 | $10349 |
| **4/30/2017** | $10964 | $11290 | $10428 |
| **5/31/2017** | $11282 | $11681 | $10509 |
| **6/30/2017** | $11326 | $11696 | $10498 |
| **7/31/2017** | $11600 | $12045 | $10543 |
| **8/31/2017** | $11597 | $12045 | $10638 |
| **9/30/2017** | $11820 | $12362 | $10587 |
| **10/31/2017** | $11977 | $12532 | $10593 |
| **11/30/2017** | $12088 | $12661 | $10580 |
| **12/31/2017** | $12278 | $12892 | $10628 |
| **1/31/2018** | $12757 | $13494 | $10506 |
| **2/28/2018** | $12233 | $12855 | $10406 |
| **3/31/2018** | $12133 | $12645 | $10473 |
| **4/30/2018** | $12222 | $12949 | $10395 |
| **5/31/2018** | $12110 | $12720 | $10469 |
| **6/30/2018** | $11921 | $12584 | $10456 |
| **7/31/2018** | $12055 | $12895 | $10459 |
| **8/31/2018** | $12002 | $12653 | $10526 |
| **9/30/2018** | $11990 | $12758 | $10458 |
| **10/31/2018** | $11195 | $11746 | $10376 |
| **11/30/2018** | $11172 | $11737 | $10438 |
| **12/31/2018** | $10815 | $11134 | $10629 |
| **1/31/2019** | $11265 | $11930 | $10742 |
| **2/28/2019** | $11391 | $12239 | $10736 |
| **3/31/2019** | $11495 | $12314 | $10942 |
| **4/30/2019** | $11817 | $12675 | $10945 |
| **5/31/2019** | $11207 | $12092 | $11139 |
| **6/30/2019** | $11783 | $12816 | $11279 |
| **7/31/2019** | $11691 | $12663 | $11304 |
| **8/31/2019** | $11574 | $12354 | $11597 |
| **9/30/2019** | $11819 | $12707 | $11535 |
| **10/31/2019** | $12153 | $13120 | $11570 |
| **11/30/2019** | $12295 | $13286 | $11564 |
| **12/31/2019** | $12720 | $13713 | $11556 |
| **1/31/2020** | $12540 | $13449 | $11778 |
| **2/29/2020** | $11934 | $12258 | $11990 |
| **3/31/2020** | $10428 | $10539 | $11920 |
| **4/30/2020** | $10982 | $11282 | $12132 |
| **5/31/2020** | $11535 | $11769 | $12188 |
| **6/30/2020** | $11922 | $12177 | $12265 |
| **7/31/2020** | $12449 | $12505 | $12448 |
| **8/31/2020** | $12906 | $13152 | $12348 |
| **9/30/2020** | $12682 | $12788 | $12341 |
| **10/31/2020** | $12365 | $12287 | $12286 |
| **11/30/2020** | $13936 | $14175 | $12406 |
| **12/31/2020** | $14569 | $14822 | $12423 |
| **1/31/2021** | $14582 | $14666 | $12334 |
| **2/28/2021** | $14780 | $15042 | $12156 |
| **3/31/2021** | $14992 | $15440 | $12005 |
| **4/30/2021** | $15401 | $15939 | $12099 |
| **5/31/2021** | $15849 | $16507 | $12139 |
| **6/30/2021** | $15717 | $16344 | $12224 |
| **7/31/2021** | $15770 | $16455 | $12361 |
| **8/31/2021** | $15922 | $16721 | $12337 |
| **9/30/2021** | $15468 | $16253 | $12230 |
| **10/31/2021** | $15869 | $16741 | $12227 |
| **11/30/2021** | $15307 | $15961 | $12263 |
| **12/31/2021** | $15882 | $16774 | $12232 |
| **1/31/2022** | $15280 | $16036 | $11968 |
| **2/28/2022** | $14919 | $15789 | $11835 |
| **3/31/2022** | $14719 | $15989 | $11506 |
| **4/30/2022** | $13917 | $14952 | $11069 |
| **5/31/2022** | $13984 | $15096 | $11141 |
| **6/30/2022** | $13061 | $13680 | $10966 |
| **7/31/2022** | $13288 | $14363 | $11234 |
| **8/31/2022** | $12897 | $13694 | $10917 |
| **9/30/2022** | $12276 | $12433 | $10445 |
| **10/31/2022** | $12602 | $13121 | $10310 |
| **11/30/2022** | $13239 | $14521 | $10689 |
| **12/31/2022** | $13115 | $14456 | $10641 |
| **1/31/2023** | $13861 | $15643 | $10968 |
| **2/28/2023** | $13426 | $15280 | $10684 |
| **3/31/2023** | $13705 | $15639 | $10956 |
| **4/30/2023** | $13876 | $16099 | $11022 |
| **5/31/2023** | $13348 | $15416 | $10902 |
| **6/30/2023** | $13768 | $16155 | $10863 |
| **7/31/2023** | $14078 | $16680 | $10856 |
| **8/31/2023** | $13610 | $16038 | $10786 |
| **9/30/2023** | $13059 | $15505 | $10512 |
| **10/31/2023** | $12618 | $14853 | $10346 |
| **11/30/2023** | $13484 | $16252 | $10815 |
| **12/31/2023** | $14256 | $17144 | $11229 |
| **1/31/2024** | $14146 | $17220 | $11198 |
| **2/29/2024** | $14413 | $17517 | $11040 |
| **3/31/2024** | $14791 | $18128 | $11142 |
| **4/30/2024** | $14287 | $17666 | $10860 |
| **5/31/2024** | $14807 | $18363 | $11044 |
| **6/30/2024** | $14602 | $18063 | $11149 |
| **7/31/2024** | $14996 | $18633 | $11409 |
| **8/31/2024** | $15330 | $19258 | $11573 |
| **9/30/2024** | $15426 | $19480 | $11728 |
| **10/31/2024** | $14686 | $18490 | $11437 |
| **11/30/2024** | $14912 | $18538 | $11558 |
| **12/31/2024** | $14526 | $18045 | $11369 |
| **1/31/2025** | $15040 | $18945 | $11430 |
| **2/28/2025** | $15314 | $19281 | $11681 |
| **3/31/2025** | $15040 | $19191 | $11685 |
| **4/30/2025** | $15072 | $20085 | $11731 |
| **5/31/2025** | $15732 | $21058 | $11647 |
| **6/30/2025** | $16279 | $21557 | $11826 |
| **7/31/2025** | $16070 | $21300 | $11795 |
| **8/31/2025** | $16378 | $22241 | $11936 |
| **9/30/2025** | $16727 | $22724 | $12067 |
| **10/31/2025** | $16743 | $22973 | $12142 |
| **11/30/2025** | $16843 | $23218 | $12217 |
| **12/31/2025** | $17092 | $23919 | $12199 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBDR2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 17.67% | 3.25% | 5.51% |
| MSCI World Index ex-U.S.<sup>Footnote Reference(a)</sup> | 32.55% | 10.04% | 9.11% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(b)</sup> | 7.30% | (0.36)% | 2.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;MSCI World Index ex-U.S. captures large and mid-cap representation across developed market countries, excluding the U.S. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $352923204 |
| Number of Portfolio Holdings | 17 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $405787 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| International Equity Funds | 52.5% |
| U.S. Fixed Income Funds | 17.8 |
| U.S. Equity Funds | 14.3 |
| International Mixed Allocation Funds | 10.6 |
| U.S. Treasury | 2.9 |
| Repurchase Agreements | 2.0 |
| 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 JPMorgan International Moderate Growth VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica International Equity, Class I2 | 17.1% |
| Transamerica WMC US Growth VP, Initial Class | 14.3 |
| Transamerica International Stock, Class I2 | 12.8 |
| Transamerica International Focus, Class I2 | 12.4 |
| Transamerica Aegon Bond VP, Initial Class | 10.6 |
| Transamerica Aegon Core Bond VP, Initial Class | 8.4 |
| Transamerica International Small Cap Value, Class I2 | 8.4 |
| Transamerica High Yield Bond, Class I2 | 5.3 |
| U.S. Treasury Notes, 4.13%, 01/31/2027 | 2.9 |
| Transamerica Core Bond, Class I2 | 1.3 |

---

## Material Portfolio Changes
This is a summary of certain changes to the Portfolio since January 1, 2025. For more complete information, you may review the Portfolio's prospectus, as supplemented, at www.transamerica.com/financial-pro/annuities/prospectus or upon request at

800-851-9777. The Portfolio's next prospectus will be available by May 1, 2026.

Effective November 21, 2025, and as set forth in the Supplement to the Portfolio's prospectus dated September 29, 2025:

* The Portfolio's sub-adviser may increase equity exposure to approximately 95% of economic exposure and may decrease fixed-income exposure to approximately 5% or may decrease equity exposure to approximately 35% and may increase fixed-income exposure to approximately 65% of economic exposure, informed largely by the sub-adviser's multi-factor risk management framework.

* In seeking to achieve the investment objective of the Portfolio, the sub-adviser employs an investment process consisting of three integrated components: the risk management framework, active (tactical) asset allocation, and underlying portfolio selection.

Effective August 1, 2025, and October 1, 2025, and as set forth in the Supplements to the Portfolio's prospectus dated June 26, 2025, and September 29, 2025, the following occurred:

* Transamerica Asset Management, Inc., the Portfolio's investment manager, implemented two successive fee reductions to its management fee schedule; and

* The Portfolio's Annual Fund Operating Expenses were restated accordingly to reflect the new reduced management fee schedule.

## 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 by 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](g768857g78s24.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 JPMorgan International Moderate Growth VP

Service Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica JPMorgan Tactical Allocation VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica JPMorgan Tactical Allocation VP (the "Portfolio") seeks current income and preservation of capital. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $84 | 0.80%<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;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Initial Class shares at NAV returned 9.01%. For the same period, the Portfolio's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 7.30%. The performance benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15% over the same period.

* For the fiscal year ended December 31, 2025, the Portfolio entered the period with approximately 32% of its assets allocated to equities and ended with approximately 29% allocated to equities. The Portfolio maintained an overweight allocation to fixed income throughout the fiscal year.

* Manager selection detracted from performance during the fiscal year, as underlying equity strategies underperformed. An overweight allocation to equities relative to the blended benchmark contributed to performance during the fiscal year. 

* Relative value trades within non-U.S. developed market equities and non-U.S. fixed income contributed to performance during the fiscal year. An underweight position in the Swiss franc and an overweight position in European equities detracted from performance.

* The views expressed reflect the opinions of J.P. Morgan Investment Management Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica JPMorgan Tactical Allocation VP

Initial Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g86q24.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **Bloomberg US Aggregate Bond Index** | **Russell 3000<sup>®</sup> Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9927 | $10138 | $9436 |
| **2/29/2016** | $9949 | $10210 | $9433 |
| **3/31/2016** | $10203 | $10303 | $10097 |
| **4/30/2016** | $10268 | $10343 | $10159 |
| **5/31/2016** | $10305 | $10345 | $10341 |
| **6/30/2016** | $10413 | $10531 | $10362 |
| **7/31/2016** | $10573 | $10598 | $10774 |
| **8/31/2016** | $10571 | $10586 | $10801 |
| **9/30/2016** | $10571 | $10580 | $10818 |
| **10/31/2016** | $10461 | $10499 | $10584 |
| **11/30/2016** | $10387 | $10250 | $11058 |
| **12/31/2016** | $10446 | $10265 | $11274 |
| **1/31/2017** | $10534 | $10285 | $11486 |
| **2/28/2017** | $10659 | $10354 | $11913 |
| **3/31/2017** | $10674 | $10349 | $11921 |
| **4/30/2017** | $10777 | $10428 | $12047 |
| **5/31/2017** | $10880 | $10509 | $12171 |
| **6/30/2017** | $10902 | $10498 | $12280 |
| **7/31/2017** | $11019 | $10543 | $12512 |
| **8/31/2017** | $11083 | $10638 | $12536 |
| **9/30/2017** | $11128 | $10587 | $12842 |
| **10/31/2017** | $11225 | $10593 | $13122 |
| **11/30/2017** | $11277 | $10580 | $13521 |
| **12/31/2017** | $11360 | $10628 | $13656 |
| **1/31/2018** | $11450 | $10506 | $14375 |
| **2/28/2018** | $11225 | $10406 | $13846 |
| **3/31/2018** | $11225 | $10473 | $13568 |
| **4/30/2018** | $11158 | $10395 | $13619 |
| **5/31/2018** | $11225 | $10469 | $14004 |
| **6/30/2018** | $11187 | $10456 | $14095 |
| **7/31/2018** | $11277 | $10459 | $14563 |
| **8/31/2018** | $11374 | $10526 | $15074 |
| **9/30/2018** | $11303 | $10458 | $15099 |
| **10/31/2018** | $11003 | $10376 | $13988 |
| **11/30/2018** | $11097 | $10438 | $14268 |
| **12/31/2018** | $11026 | $10629 | $12940 |
| **1/31/2019** | $11326 | $10742 | $14051 |
| **2/28/2019** | $11390 | $10736 | $14545 |
| **3/31/2019** | $11579 | $10942 | $14757 |
| **4/30/2019** | $11682 | $10945 | $15346 |
| **5/31/2019** | $11658 | $11139 | $14353 |
| **6/30/2019** | $11958 | $11279 | $15361 |
| **7/31/2019** | $11974 | $11304 | $15590 |
| **8/31/2019** | $12139 | $11597 | $15272 |
| **9/30/2019** | $12123 | $11535 | $15540 |
| **10/31/2019** | $12221 | $11570 | $15874 |
| **11/30/2019** | $12279 | $11564 | $16478 |
| **12/31/2019** | $12369 | $11556 | $16954 |
| **1/31/2020** | $12533 | $11778 | $16935 |
| **2/29/2020** | $12467 | $11990 | $15549 |
| **3/31/2020** | $11721 | $11920 | $13410 |
| **4/30/2020** | $12197 | $12132 | $15187 |
| **5/31/2020** | $12451 | $12188 | $15999 |
| **6/30/2020** | $12722 | $12265 | $16364 |
| **7/31/2020** | $13107 | $12448 | $17294 |
| **8/31/2020** | $13269 | $12348 | $18546 |
| **9/30/2020** | $13149 | $12341 | $17871 |
| **10/31/2020** | $13054 | $12286 | $17485 |
| **11/30/2020** | $13683 | $12406 | $19613 |
| **12/31/2020** | $13898 | $12423 | $20495 |
| **1/31/2021** | $13803 | $12334 | $20404 |
| **2/28/2021** | $13786 | $12156 | $21042 |
| **3/31/2021** | $13829 | $12005 | $21796 |
| **4/30/2021** | $14062 | $12099 | $22919 |
| **5/31/2021** | $14174 | $12139 | $23024 |
| **6/30/2021** | $14286 | $12224 | $23592 |
| **7/31/2021** | $14432 | $12361 | $23991 |
| **8/31/2021** | $14505 | $12337 | $24675 |
| **9/30/2021** | $14281 | $12230 | $23568 |
| **10/31/2021** | $14496 | $12227 | $25161 |
| **11/30/2021** | $14393 | $12263 | $24778 |
| **12/31/2021** | $14580 | $12232 | $25754 |
| **1/31/2022** | $14197 | $11968 | $24239 |
| **2/28/2022** | $13973 | $11835 | $23628 |
| **3/31/2022** | $13711 | $11506 | $24395 |
| **4/30/2022** | $13075 | $11069 | $22206 |
| **5/31/2022** | $13113 | $11141 | $22176 |
| **6/30/2022** | $12720 | $10966 | $20321 |
| **7/31/2022** | $13075 | $11234 | $22227 |
| **8/31/2022** | $12691 | $10917 | $21397 |
| **9/30/2022** | $12044 | $10445 | $19413 |
| **10/31/2022** | $12066 | $10310 | $21005 |
| **11/30/2022** | $12551 | $10689 | $22102 |
| **12/31/2022** | $12421 | $10641 | $20808 |
| **1/31/2023** | $12885 | $10968 | $22241 |
| **2/28/2023** | $12529 | $10684 | $21721 |
| **3/31/2023** | $12896 | $10956 | $22302 |
| **4/30/2023** | $12961 | $11022 | $22539 |
| **5/31/2023** | $12799 | $10902 | $22627 |
| **6/30/2023** | $12874 | $10863 | $24172 |
| **7/31/2023** | $12950 | $10856 | $25039 |
| **8/31/2023** | $12790 | $10786 | $24555 |
| **9/30/2023** | $12361 | $10512 | $23386 |
| **10/31/2023** | $12119 | $10346 | $22766 |
| **11/30/2023** | $12856 | $10815 | $24888 |
| **12/31/2023** | $13527 | $11229 | $26209 |
| **1/31/2024** | $13483 | $11198 | $26499 |
| **2/29/2024** | $13505 | $11040 | $27933 |
| **3/31/2024** | $13725 | $11142 | $28835 |
| **4/30/2024** | $13307 | $10860 | $27566 |
| **5/31/2024** | $13615 | $11044 | $28868 |
| **6/30/2024** | $13802 | $11149 | $29762 |
| **7/31/2024** | $14022 | $11409 | $30315 |
| **8/31/2024** | $14308 | $11573 | $30975 |
| **9/30/2024** | $14512 | $11728 | $31616 |
| **10/31/2024** | $14138 | $11437 | $31384 |
| **11/30/2024** | $14489 | $11558 | $33471 |
| **12/31/2024** | $14104 | $11369 | $32448 |
| **1/31/2025** | $14308 | $11430 | $33473 |
| **2/28/2025** | $14512 | $11681 | $32831 |
| **3/31/2025** | $14319 | $11685 | $30916 |
| **4/30/2025** | $14297 | $11731 | $30709 |
| **5/31/2025** | $14410 | $11647 | $32655 |
| **6/30/2025** | $14772 | $11826 | $34314 |
| **7/31/2025** | $14760 | $11795 | $35070 |
| **8/31/2025** | $14989 | $11936 | $35881 |
| **9/30/2025** | $15200 | $12067 | $37120 |
| **10/31/2025** | $15317 | $12142 | $37915 |
| **11/30/2025** | $15387 | $12217 | $38019 |
| **12/31/2025** | $15387 | $12199 | $38012 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CK1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 9.01% | 2.06% | 4.40% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 7.30% | (0.36)% | 2.01% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(b)</sup> | 17.15% | 13.15% | 14.29% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $858827498 |
| Number of Portfolio Holdings | 1255 |
| Portfolio Turnover Rate | 47% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $6361007 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Agency Obligations | 25.8% |
| Common Stocks | 25.2 |
| Corporate Debt Securities | 23.6 |
| U.S. Government Obligations | 19.6 |
| Repurchase Agreements | 2.9 |
| Asset-Backed Securities | 1.5 |
| Mortgage-Backed Securities | 0.5 |
| Other Investment Company | 0.3 |
| Foreign Government Obligations | 0.3 |
| Short-Term U.S. Government Obligations | 0.1 |
| 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 JPMorgan Tactical Allocation VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 2.63%, 05/31/2027 | 2.7% |
| U.S. Treasury Notes, 4.13%, 10/31/2029 | 2.6 |
| U.S. Treasury Notes, 1.38%, 10/31/2028 | 2.6 |
| U.S. Treasury Notes, 4.13%, 11/30/2029 | 2.4 |
| U.S. Treasury Bonds, Principal Only STRIPS, 08/15/2031 | 1.3 |
| NVIDIA Corp. | 1.2 |
| Federal Home Loan Mortgage Corp., 5.50%, 05/01/2053 | 1 |
| Government National Mortgage Association, 4.50%, 08/20/2052 | 0.9 |
| Apple, Inc. | 0.9 |
| Microsoft Corp. | 0.9 |

---

## 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 by 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](g768857g78s24.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 JPMorgan Tactical Allocation VP

Initial Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica JPMorgan Tactical Allocation VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica JPMorgan Tactical Allocation VP (the "Portfolio") seeks current income and preservation of capital. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $110 | 1.05%<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;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned 8.75%. For the same period, the Portfolio's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 7.30%. The performance benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15% over the same period.

* For the fiscal year ended December 31, 2025, the Portfolio entered the period with approximately 32% of its assets allocated to equities and ended with approximately 29% allocated to equities. The Portfolio maintained an overweight allocation to fixed income throughout the fiscal year.

* Manager selection detracted from performance during the fiscal year, as underlying equity strategies underperformed. An overweight allocation to equities relative to the blended benchmark contributed to performance during the fiscal year. 

* Relative value trades within non-U.S. developed market equities and non-U.S. fixed income contributed to performance during the fiscal year. An underweight position in the Swiss franc and an overweight position in European equities detracted from performance.

* The views expressed reflect the opinions of J.P. Morgan Investment Management Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica JPMorgan Tactical Allocation VP

Service Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g48g17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Bloomberg US Aggregate Bond Index** | **Russell 3000<sup>®</sup> Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9924 | $10138 | $9436 |
| **2/29/2016** | $9952 | $10210 | $9433 |
| **3/31/2016** | $10194 | $10303 | $10097 |
| **4/30/2016** | $10263 | $10343 | $10159 |
| **5/31/2016** | $10298 | $10345 | $10341 |
| **6/30/2016** | $10402 | $10531 | $10362 |
| **7/31/2016** | $10561 | $10598 | $10774 |
| **8/31/2016** | $10552 | $10586 | $10801 |
| **9/30/2016** | $10552 | $10580 | $10818 |
| **10/31/2016** | $10440 | $10499 | $10584 |
| **11/30/2016** | $10363 | $10250 | $11058 |
| **12/31/2016** | $10419 | $10265 | $11274 |
| **1/31/2017** | $10503 | $10285 | $11486 |
| **2/28/2017** | $10622 | $10354 | $11913 |
| **3/31/2017** | $10643 | $10349 | $11921 |
| **4/30/2017** | $10741 | $10428 | $12047 |
| **5/31/2017** | $10839 | $10509 | $12171 |
| **6/30/2017** | $10860 | $10498 | $12280 |
| **7/31/2017** | $10979 | $10543 | $12512 |
| **8/31/2017** | $11042 | $10638 | $12536 |
| **9/30/2017** | $11085 | $10587 | $12842 |
| **10/31/2017** | $11170 | $10593 | $13122 |
| **11/30/2017** | $11227 | $10580 | $13521 |
| **12/31/2017** | $11305 | $10628 | $13656 |
| **1/31/2018** | $11391 | $10506 | $14375 |
| **2/28/2018** | $11163 | $10406 | $13846 |
| **3/31/2018** | $11163 | $10473 | $13568 |
| **4/30/2018** | $11092 | $10395 | $13619 |
| **5/31/2018** | $11163 | $10469 | $14004 |
| **6/30/2018** | $11120 | $10456 | $14095 |
| **7/31/2018** | $11206 | $10459 | $14563 |
| **8/31/2018** | $11303 | $10526 | $15074 |
| **9/30/2018** | $11229 | $10458 | $15099 |
| **10/31/2018** | $10923 | $10376 | $13988 |
| **11/30/2018** | $11020 | $10438 | $14268 |
| **12/31/2018** | $10945 | $10629 | $12940 |
| **1/31/2019** | $11236 | $10742 | $14051 |
| **2/28/2019** | $11303 | $10736 | $14545 |
| **3/31/2019** | $11490 | $10942 | $14757 |
| **4/30/2019** | $11587 | $10945 | $15346 |
| **5/31/2019** | $11557 | $11139 | $14353 |
| **6/30/2019** | $11855 | $11279 | $15361 |
| **7/31/2019** | $11870 | $11304 | $15590 |
| **8/31/2019** | $12025 | $11597 | $15272 |
| **9/30/2019** | $12010 | $11535 | $15540 |
| **10/31/2019** | $12102 | $11570 | $15874 |
| **11/30/2019** | $12164 | $11564 | $16478 |
| **12/31/2019** | $12249 | $11556 | $16954 |
| **1/31/2020** | $12403 | $11778 | $16935 |
| **2/29/2020** | $12342 | $11990 | $15549 |
| **3/31/2020** | $11601 | $11920 | $13410 |
| **4/30/2020** | $12072 | $12132 | $15187 |
| **5/31/2020** | $12311 | $12188 | $15999 |
| **6/30/2020** | $12573 | $12265 | $16364 |
| **7/31/2020** | $12959 | $12448 | $17294 |
| **8/31/2020** | $13119 | $12348 | $18546 |
| **9/30/2020** | $12990 | $12341 | $17871 |
| **10/31/2020** | $12893 | $12286 | $17485 |
| **11/30/2020** | $13522 | $12406 | $19613 |
| **12/31/2020** | $13731 | $12423 | $20495 |
| **1/31/2021** | $13635 | $12334 | $20404 |
| **2/28/2021** | $13610 | $12156 | $21042 |
| **3/31/2021** | $13651 | $12005 | $21796 |
| **4/30/2021** | $13876 | $12099 | $22919 |
| **5/31/2021** | $13981 | $12139 | $23024 |
| **6/30/2021** | $14086 | $12224 | $23592 |
| **7/31/2021** | $14231 | $12361 | $23991 |
| **8/31/2021** | $14307 | $12337 | $24675 |
| **9/30/2021** | $14072 | $12230 | $23568 |
| **10/31/2021** | $14289 | $12227 | $25161 |
| **11/30/2021** | $14185 | $12263 | $24778 |
| **12/31/2021** | $14368 | $12232 | $25754 |
| **1/31/2022** | $13985 | $11968 | $24239 |
| **2/28/2022** | $13759 | $11835 | $23628 |
| **3/31/2022** | $13499 | $11506 | $24395 |
| **4/30/2022** | $12873 | $11069 | $22206 |
| **5/31/2022** | $12899 | $11141 | $22176 |
| **6/30/2022** | $12517 | $10966 | $20321 |
| **7/31/2022** | $12865 | $11234 | $22227 |
| **8/31/2022** | $12486 | $10917 | $21397 |
| **9/30/2022** | $11842 | $10445 | $19413 |
| **10/31/2022** | $11862 | $10310 | $21005 |
| **11/30/2022** | $12337 | $10689 | $22102 |
| **12/31/2022** | $12208 | $10641 | $20808 |
| **1/31/2023** | $12654 | $10968 | $22241 |
| **2/28/2023** | $12307 | $10684 | $21721 |
| **3/31/2023** | $12664 | $10956 | $22302 |
| **4/30/2023** | $12733 | $11022 | $22539 |
| **5/31/2023** | $12565 | $10902 | $22627 |
| **6/30/2023** | $12634 | $10863 | $24172 |
| **7/31/2023** | $12704 | $10856 | $25039 |
| **8/31/2023** | $12550 | $10786 | $24555 |
| **9/30/2023** | $12118 | $10512 | $23386 |
| **10/31/2023** | $11887 | $10346 | $22766 |
| **11/30/2023** | $12611 | $10815 | $24888 |
| **12/31/2023** | $13254 | $11229 | $26209 |
| **1/31/2024** | $13214 | $11198 | $26499 |
| **2/29/2024** | $13234 | $11040 | $27933 |
| **3/31/2024** | $13445 | $11142 | $28835 |
| **4/30/2024** | $13033 | $10860 | $27566 |
| **5/31/2024** | $13335 | $11044 | $28868 |
| **6/30/2024** | $13516 | $11149 | $29762 |
| **7/31/2024** | $13727 | $11409 | $30315 |
| **8/31/2024** | $14001 | $11573 | $30975 |
| **9/30/2024** | $14197 | $11728 | $31616 |
| **10/31/2024** | $13836 | $11437 | $31384 |
| **11/30/2024** | $14166 | $11558 | $33471 |
| **12/31/2024** | $13795 | $11369 | $32448 |
| **1/31/2025** | $13981 | $11430 | $33473 |
| **2/28/2025** | $14186 | $11681 | $32831 |
| **3/31/2025** | $13991 | $11685 | $30916 |
| **4/30/2025** | $13960 | $11731 | $30709 |
| **5/31/2025** | $14083 | $11647 | $32655 |
| **6/30/2025** | $14423 | $11826 | $34314 |
| **7/31/2025** | $14413 | $11795 | $35070 |
| **8/31/2025** | $14632 | $11936 | $35881 |
| **9/30/2025** | $14833 | $12067 | $37120 |
| **10/31/2025** | $14939 | $12142 | $37915 |
| **11/30/2025** | $15013 | $12217 | $38019 |
| **12/31/2025** | $15013 | $12199 | $38012 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CK2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 8.75% | 1.80% | 4.15% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 7.30% | (0.36)% | 2.01% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(b)</sup> | 17.15% | 13.15% | 14.29% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $858827498 |
| Number of Portfolio Holdings | 1255 |
| Portfolio Turnover Rate | 47% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $6361007 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Agency Obligations | 25.8% |
| Common Stocks | 25.2 |
| Corporate Debt Securities | 23.6 |
| U.S. Government Obligations | 19.6 |
| Repurchase Agreements | 2.9 |
| Asset-Backed Securities | 1.5 |
| Mortgage-Backed Securities | 0.5 |
| Other Investment Company | 0.3 |
| Foreign Government Obligations | 0.3 |
| Short-Term U.S. Government Obligations | 0.1 |
| 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 JPMorgan Tactical Allocation VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 2.63%, 05/31/2027 | 2.7% |
| U.S. Treasury Notes, 4.13%, 10/31/2029 | 2.6 |
| U.S. Treasury Notes, 1.38%, 10/31/2028 | 2.6 |
| U.S. Treasury Notes, 4.13%, 11/30/2029 | 2.4 |
| U.S. Treasury Bonds, Principal Only STRIPS, 08/15/2031 | 1.3 |
| NVIDIA Corp. | 1.2 |
| Federal Home Loan Mortgage Corp., 5.50%, 05/01/2053 | 1 |
| Government National Mortgage Association, 4.50%, 08/20/2052 | 0.9 |
| Apple, Inc. | 0.9 |
| Microsoft Corp. | 0.9 |

---

## 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 by 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](g768857g78s24.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 JPMorgan Tactical Allocation VP

Service Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica Madison Diversified Income VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Madison Diversified Income VP (the "Portfolio") seeks high total return through the combination of income and capital appreciation. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $113 | 1.09%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned 7.22%. For the same period, the Portfolio's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 7.30%. The additional benchmark, the Russell 1000<sup>®</sup> Index, returned 17.37% over the same period.

* During the fiscal year ended December 31, 2025, shifting political, fiscal, and monetary policies had a significant impact on financial markets. 

* The Portfolio underperformed its blended benchmark, consisting of the Bloomberg US Aggregate Bond Index (60%) and Russell 1000<sup>®</sup> Index (40%), during the fiscal year ended December 31, 2025.

* The equity portion of the Portfolio underperformed the Russell 1000<sup>®</sup> Index due to sector allocation and security selection. Among sectors, underweight allocations to technology and communication services detracted from relative performance. In terms of security selection, contributions from holdings in health care and financials were more than offset by holdings in industrials, consumer discretionary, communication services, technology, and consumer staples. 

* On an individual security basis, Johnson & Johnson contributed the most to relative performance. Morgan Stanley, TE Connectivity, Cummins, and Caterpillar were other notable contributors to relative performance. Conversely, Automatic Data Processing detracted the most from relative performance. Other notable detractors from relative performance included EOG Resources, Elevance Health, Home Depot and Honeywell International.

* The fixed income portion of the Portfolio outperformed the Bloomberg US Aggregate Bond Index. Relative performance was driven primarily by declining yields across the U.S. Treasury yield curve and overweight allocations to corporate and mortgage-related bonds. 

* Corporate bonds outperformed U.S. Treasuries during the fiscal year, driven primarily by incremental yield rather than material spread tightening, as credit spreads finished the fiscal year only slightly tighter. Mortgage-backed securities also outperformed U.S. Treasuries, supported by attractive yield, improving technicals, and a steeper yield curve.

* Looking ahead, the Portfolio's sub-adviser continues to evaluate opportunities to increase exposure to securitized assets, where it believes that valuations remain attractive, and selectively trim credit exposure, as spreads remain tight and the economic outlook may become more uncertain.

* The views expressed reflect the opinions of Madison Asset Management, LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Madison Diversified Income VP

Service Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g74m11.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Bloomberg US Aggregate Bond Index** | **Russell 1000<sup>®</sup> Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9966 | $10138 | $9462 |
| **2/29/2016** | $9975 | $10210 | $9459 |
| **3/31/2016** | $10278 | $10303 | $10117 |
| **4/30/2016** | $10329 | $10343 | $10172 |
| **5/31/2016** | $10371 | $10345 | $10351 |
| **6/30/2016** | $10582 | $10531 | $10374 |
| **7/31/2016** | $10725 | $10598 | $10769 |
| **8/31/2016** | $10727 | $10586 | $10783 |
| **9/30/2016** | $10675 | $10580 | $10792 |
| **10/31/2016** | $10521 | $10499 | $10582 |
| **11/30/2016** | $10564 | $10250 | $10999 |
| **12/31/2016** | $10684 | $10265 | $11205 |
| **1/31/2017** | $10718 | $10285 | $11431 |
| **2/28/2017** | $10933 | $10354 | $11873 |
| **3/31/2017** | $10882 | $10349 | $11881 |
| **4/30/2017** | $10976 | $10428 | $12006 |
| **5/31/2017** | $11071 | $10509 | $12159 |
| **6/30/2017** | $11105 | $10498 | $12244 |
| **7/31/2017** | $11191 | $10543 | $12487 |
| **8/31/2017** | $11254 | $10638 | $12526 |
| **9/30/2017** | $11344 | $10587 | $12793 |
| **10/31/2017** | $11460 | $10593 | $13086 |
| **11/30/2017** | $11585 | $10580 | $13485 |
| **12/31/2017** | $11701 | $10628 | $13636 |
| **1/31/2018** | $11854 | $10506 | $14384 |
| **2/28/2018** | $11540 | $10406 | $13856 |
| **3/31/2018** | $11460 | $10473 | $13541 |
| **4/30/2018** | $11415 | $10395 | $13587 |
| **5/31/2018** | $11531 | $10469 | $13934 |
| **6/30/2018** | $11505 | $10456 | $14024 |
| **7/31/2018** | $11728 | $10459 | $14508 |
| **8/31/2018** | $11863 | $10526 | $15008 |
| **9/30/2018** | $11854 | $10458 | $15065 |
| **10/31/2018** | $11650 | $10376 | $13999 |
| **11/30/2018** | $11910 | $10438 | $14284 |
| **12/31/2018** | $11613 | $10629 | $12983 |
| **1/31/2019** | $11891 | $10742 | $14071 |
| **2/28/2019** | $12113 | $10736 | $14548 |
| **3/31/2019** | $12345 | $10942 | $14801 |
| **4/30/2019** | $12530 | $10945 | $15399 |
| **5/31/2019** | $12363 | $11139 | $14417 |
| **6/30/2019** | $12780 | $11279 | $15430 |
| **7/31/2019** | $12873 | $11304 | $15669 |
| **8/31/2019** | $13011 | $11597 | $15382 |
| **9/30/2019** | $13059 | $11535 | $15649 |
| **10/31/2019** | $13098 | $11570 | $15980 |
| **11/30/2019** | $13213 | $11564 | $16584 |
| **12/31/2019** | $13348 | $11556 | $17063 |
| **1/31/2020** | $13348 | $11778 | $17082 |
| **2/29/2020** | $12992 | $11990 | $15686 |
| **3/31/2020** | $12365 | $11920 | $13613 |
| **4/30/2020** | $12943 | $12132 | $15412 |
| **5/31/2020** | $13204 | $12188 | $16225 |
| **6/30/2020** | $13262 | $12265 | $16584 |
| **7/31/2020** | $13628 | $12448 | $17555 |
| **8/31/2020** | $13797 | $12348 | $18843 |
| **9/30/2020** | $13697 | $12341 | $18155 |
| **10/31/2020** | $13536 | $12286 | $17717 |
| **11/30/2020** | $14219 | $12406 | $19803 |
| **12/31/2020** | $14410 | $12423 | $20640 |
| **1/31/2021** | $14179 | $12334 | $20470 |
| **2/28/2021** | $14189 | $12156 | $21064 |
| **3/31/2021** | $14581 | $12005 | $21861 |
| **4/30/2021** | $14782 | $12099 | $23037 |
| **5/31/2021** | $15063 | $12139 | $23147 |
| **6/30/2021** | $15023 | $12224 | $23727 |
| **7/31/2021** | $15244 | $12361 | $24220 |
| **8/31/2021** | $15347 | $12337 | $24921 |
| **9/30/2021** | $14964 | $12230 | $23776 |
| **10/31/2021** | $15264 | $12227 | $25426 |
| **11/30/2021** | $15130 | $12263 | $25085 |
| **12/31/2021** | $15544 | $12232 | $26101 |
| **1/31/2022** | $15192 | $11968 | $24629 |
| **2/28/2022** | $14954 | $11835 | $23953 |
| **3/31/2022** | $14985 | $11506 | $24762 |
| **4/30/2022** | $14344 | $11069 | $22554 |
| **5/31/2022** | $14499 | $11141 | $22520 |
| **6/30/2022** | $13941 | $10966 | $20634 |
| **7/31/2022** | $14313 | $11234 | $22556 |
| **8/31/2022** | $13917 | $10917 | $21690 |
| **9/30/2022** | $13091 | $10445 | $19683 |
| **10/31/2022** | $13498 | $10310 | $21261 |
| **11/30/2022** | $14139 | $10689 | $22412 |
| **12/31/2022** | $13930 | $10641 | $21108 |
| **1/31/2023** | $14324 | $10968 | $22524 |
| **2/28/2023** | $13831 | $10684 | $21988 |
| **3/31/2023** | $14016 | $10956 | $22683 |
| **4/30/2023** | $14078 | $11022 | $22964 |
| **5/31/2023** | $13671 | $10902 | $23071 |
| **6/30/2023** | $13967 | $10863 | $24629 |
| **7/31/2023** | $14213 | $10856 | $25476 |
| **8/31/2023** | $14021 | $10786 | $25031 |
| **9/30/2023** | $13533 | $10512 | $23854 |
| **10/31/2023** | $13216 | $10346 | $23278 |
| **11/30/2023** | $13889 | $10815 | $25452 |
| **12/31/2023** | $14482 | $11229 | $26708 |
| **1/31/2024** | $14350 | $11198 | $27081 |
| **2/29/2024** | $14324 | $11040 | $28543 |
| **3/31/2024** | $14627 | $11142 | $29458 |
| **4/30/2024** | $14100 | $10860 | $28205 |
| **5/31/2024** | $14350 | $11044 | $29533 |
| **6/30/2024** | $14377 | $11149 | $30510 |
| **7/31/2024** | $14852 | $11409 | $30954 |
| **8/31/2024** | $15201 | $11573 | $31688 |
| **9/30/2024** | $15377 | $11728 | $32366 |
| **10/31/2024** | $15188 | $11437 | $32139 |
| **11/30/2024** | $15580 | $11558 | $34209 |
| **12/31/2024** | $14985 | $11369 | $33255 |
| **1/31/2025** | $15228 | $11430 | $34313 |
| **2/28/2025** | $15553 | $11681 | $33713 |
| **3/31/2025** | $15377 | $11685 | $31762 |
| **4/30/2025** | $15120 | $11731 | $31573 |
| **5/31/2025** | $15269 | $11647 | $33589 |
| **6/30/2025** | $15580 | $11826 | $35290 |
| **7/31/2025** | $15566 | $11795 | $36074 |
| **8/31/2025** | $15913 | $11936 | $36833 |
| **9/30/2025** | $16010 | $12067 | $38110 |
| **10/31/2025** | $15899 | $12142 | $38932 |
| **11/30/2025** | $16135 | $12217 | $39027 |
| **12/31/2025** | $16066 | $12199 | $39030 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3CI2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 7.22% | 2.20% | 4.86% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 7.30% | (0.36)% | 2.01% |
| Russell 1000<sup>®</sup>Index<sup>Footnote Reference(b)</sup> | 17.37% | 13.59% | 14.59% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe, and is comprised of approximately 1,000 of the largest securities of the Russell 3000<sup>®</sup> Index based on a combination of market cap and current index membership. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $106724890 |
| Number of Portfolio Holdings | 307 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $808747 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 41.6% |
| U.S. Government Agency Obligations | 24.3 |
| Corporate Debt Securities | 17.7 |
| U.S. Government Obligations | 11.6 |
| Mortgage-Backed Securities | 2.8 |
| Repurchase Agreements | 1.2 |
| Asset-Backed Securities | 0.5 |
| Municipal Government Obligations | 0.0<sup>Footnote Reference\*</sup> |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.3 |

---

---

| | |
|:---|:---|
| 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 Madison Diversified Income VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Johnson & Johnson | 2.0% |
| Exxon Mobil Corp. | 1.7 |
| Chevron Corp. | 1.7 |
| NextEra Energy, Inc. | 1.7 |
| CME Group, Inc. | 1.7 |
| Morgan Stanley | 1.6 |
| Blackrock, Inc. | 1.6 |
| Honeywell International, Inc. | 1.5 |
| U.S. Treasury Notes, 2.63%, 02/15/2029 | 1.4 |
| Medtronic PLC | 1.3 |

---

## 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 by 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](g768857g78s24.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 Madison Diversified Income VP

Service Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica Market Participation Strategy VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Market Participation Strategy VP (the "Portfolio") seeks capital appreciation. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $103 | 0.98%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned 10.02%. For the same period, the Portfolio's broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.88%. The performance benchmark, the Bloomberg US Government 5-10 Year Index, returned 8.19% over the same period.

* The Portfolio underperformed its blended benchmark, consisting of the Bloomberg Intermediate Government Bond Index (50%) and the S&P 500<sup>®</sup> Index (50%) (the "Blended Benchmark"), during the fiscal year ended December 31, 2025. 

* The Portfolio's average equity exposure was approximately 54%, above the baseline 50% market exposure, which contributed to relative performance, as the S&P 500<sup>®</sup> Index returned 17.88% during the period. 

* Call option prices were positively affected by increases in implied volatility. However, declining interest rates, increasing implied dividend yields, and time decay negatively impacted call option prices during the period.

* The Portfolio's average duration was shorter than the average duration of the Blended Benchmark during the period. As a result, overall interest rate exposure detracted from relative performance. 

* The views expressed reflect the opinions of PGIM Quantitative Solutions LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Market Participation Strategy VP

Service Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g00x10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **S&P 500<sup>®</sup> Index** | **Bloomberg US Government 5-10 Year Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9788 | $9504 | $10284 |
| **2/29/2016** | $9850 | $9491 | $10397 |
| **3/31/2016** | $10106 | $10135 | $10407 |
| **4/30/2016** | $10150 | $10174 | $10398 |
| **5/31/2016** | $10212 | $10357 | $10384 |
| **6/30/2016** | $10283 | $10384 | $10644 |
| **7/31/2016** | $10531 | $10766 | $10667 |
| **8/31/2016** | $10425 | $10782 | $10584 |
| **9/30/2016** | $10389 | $10784 | $10602 |
| **10/31/2016** | $10182 | $10587 | $10484 |
| **11/30/2016** | $10326 | $10979 | $10130 |
| **12/31/2016** | $10416 | $11196 | $10118 |
| **1/31/2017** | $10479 | $11408 | $10141 |
| **2/28/2017** | $10740 | $11861 | $10204 |
| **3/31/2017** | $10722 | $11875 | $10208 |
| **4/30/2017** | $10740 | $11997 | $10311 |
| **5/31/2017** | $10794 | $12166 | $10389 |
| **6/30/2017** | $10883 | $12242 | $10335 |
| **7/31/2017** | $10901 | $12494 | $10378 |
| **8/31/2017** | $10882 | $12532 | $10504 |
| **9/30/2017** | $10999 | $12790 | $10383 |
| **10/31/2017** | $11189 | $13089 | $10364 |
| **11/30/2017** | $11414 | $13490 | $10329 |
| **12/31/2017** | $11540 | $13640 | $10340 |
| **1/31/2018** | $12090 | $14421 | $10151 |
| **2/28/2018** | $11766 | $13890 | $10083 |
| **3/31/2018** | $11603 | $13537 | $10184 |
| **4/30/2018** | $11468 | $13589 | $10075 |
| **5/31/2018** | $11648 | $13916 | $10177 |
| **6/30/2018** | $11684 | $14002 | $10175 |
| **7/31/2018** | $11856 | $14523 | $10131 |
| **8/31/2018** | $12115 | $14996 | $10230 |
| **9/30/2018** | $12134 | $15081 | $10122 |
| **10/31/2018** | $11589 | $14050 | $10105 |
| **11/30/2018** | $11713 | $14337 | $10222 |
| **12/31/2018** | $11225 | $13042 | $10465 |
| **1/31/2019** | $11618 | $14087 | $10536 |
| **2/28/2019** | $11780 | $14540 | $10503 |
| **3/31/2019** | $11981 | $14822 | $10721 |
| **4/30/2019** | $12278 | $15422 | $10698 |
| **5/31/2019** | $11953 | $14442 | $10965 |
| **6/30/2019** | $12441 | $15460 | $11099 |
| **7/31/2019** | $12556 | $15682 | $11080 |
| **8/31/2019** | $12606 | $15434 | $11437 |
| **9/30/2019** | $12731 | $15723 | $11335 |
| **10/31/2019** | $12822 | $16063 | $11360 |
| **11/30/2019** | $13118 | $16646 | $11298 |
| **12/31/2019** | $13311 | $17149 | $11249 |
| **1/31/2020** | $13447 | $17142 | $11547 |
| **2/29/2020** | $13163 | $15731 | $11857 |
| **3/31/2020** | $13197 | $13788 | $12219 |
| **4/30/2020** | $13652 | $15555 | $12280 |
| **5/31/2020** | $14005 | $16296 | $12312 |
| **6/30/2020** | $14130 | $16620 | $12326 |
| **7/31/2020** | $14597 | $17558 | $12411 |
| **8/31/2020** | $15331 | $18820 | $12346 |
| **9/30/2020** | $14947 | $18105 | $12370 |
| **10/31/2020** | $14668 | $17623 | $12251 |
| **11/30/2020** | $15587 | $19552 | $12282 |
| **12/31/2020** | $16017 | $20304 | $12273 |
| **1/31/2021** | $16005 | $20099 | $12182 |
| **2/28/2021** | $16098 | $20653 | $11942 |
| **3/31/2021** | $16389 | $21558 | $11729 |
| **4/30/2021** | $16947 | $22708 | $11830 |
| **5/31/2021** | $16923 | $22867 | $11901 |
| **6/30/2021** | $17202 | $23401 | $11946 |
| **7/31/2021** | $17528 | $23956 | $12141 |
| **8/31/2021** | $17785 | $24685 | $12098 |
| **9/30/2021** | $17331 | $23537 | $11938 |
| **10/31/2021** | $17863 | $25186 | $11853 |
| **11/30/2021** | $17941 | $25011 | $11948 |
| **12/31/2021** | $18331 | $26132 | $11910 |
| **1/31/2022** | $17370 | $24780 | $11672 |
| **2/28/2022** | $17071 | $24038 | $11628 |
| **3/31/2022** | $17331 | $24931 | $11197 |
| **4/30/2022** | $16395 | $22757 | $10837 |
| **5/31/2022** | $16291 | $22798 | $10914 |
| **6/30/2022** | $15655 | $20916 | $10815 |
| **7/31/2022** | $16278 | $22845 | $11089 |
| **8/31/2022** | $15922 | $21913 | $10714 |
| **9/30/2022** | $15146 | $19895 | $10290 |
| **10/31/2022** | $15612 | $21506 | $10185 |
| **11/30/2022** | $16043 | $22708 | $10499 |
| **12/31/2022** | $15526 | $21399 | $10411 |
| **1/31/2023** | $15905 | $22744 | $10694 |
| **2/28/2023** | $15560 | $22189 | $10391 |
| **3/31/2023** | $15905 | $23004 | $10743 |
| **4/30/2023** | $16026 | $23363 | $10829 |
| **5/31/2023** | $16009 | $23464 | $10698 |
| **6/30/2023** | $16561 | $25015 | $10561 |
| **7/31/2023** | $16906 | $25818 | $10527 |
| **8/31/2023** | $16661 | $25407 | $10479 |
| **9/30/2023** | $16194 | $24196 | $10230 |
| **10/31/2023** | $15934 | $23687 | $10085 |
| **11/30/2023** | $16765 | $25850 | $10478 |
| **12/31/2023** | $17319 | $27025 | $10841 |
| **1/31/2024** | $17441 | $27479 | $10840 |
| **2/29/2024** | $17943 | $28946 | $10643 |
| **3/31/2024** | $18358 | $29878 | $10720 |
| **4/30/2024** | $17770 | $28657 | $10431 |
| **5/31/2024** | $18341 | $30078 | $10603 |
| **6/30/2024** | $18843 | $31157 | $10732 |
| **7/31/2024** | $18999 | $31537 | $11021 |
| **8/31/2024** | $19326 | $32302 | $11166 |
| **9/30/2024** | $19695 | $32992 | $11307 |
| **10/31/2024** | $19519 | $32692 | $10968 |
| **11/30/2024** | $20258 | $34611 | $11064 |
| **12/31/2024** | $19906 | $33786 | $10868 |
| **1/31/2025** | $20240 | $34727 | $10939 |
| **2/28/2025** | $20064 | $34274 | $11206 |
| **3/31/2025** | $19343 | $32343 | $11260 |
| **4/30/2025** | $19378 | $32124 | $11398 |
| **5/31/2025** | $19959 | $34146 | $11284 |
| **6/30/2025** | $20539 | $35882 | $11445 |
| **7/31/2025** | $20785 | $36687 | $11387 |
| **8/31/2025** | $21052 | $37431 | $11576 |
| **9/30/2025** | $21624 | $38797 | $11624 |
| **10/31/2025** | $21993 | $39706 | $11696 |
| **11/30/2025** | $21993 | $39803 | $11806 |
| **12/31/2025** | $21901 | $39827 | $11758 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CB2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 10.02% | 6.46% | 8.15% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.88% | 14.42% | 14.82% |
| Bloomberg US Government 5-10 Year Index<sup>Footnote Reference(b)</sup> | 8.19% | (0.85)% | 1.63% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange and NASDAQ Stock Market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Government 5-10 Year Index is comprised of U.S. treasuries and U.S. agency debentures with maturities between 5 and 10 years. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $278245471 |
| Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1964200 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 25.0% |
| Short-Term U.S. Government Obligations | 17.9 |
| U.S. Government Agency Obligations | 17.0 |
| Foreign Government Obligations | 11.1 |
| Other Investment Company | 6.2 |
| Repurchase Agreements | 4.9 |
| Purchased Options | 24.0 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (6.1) |

---

---

| | |
|:---|:---|
| 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 Market Participation Strategy VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 1.63%, 10/31/2026 | 14.5% |
| Federal Home Loan Banks, 3.25%, 11/16/2028 | 10.4 |
| U.S. Treasury Bills, 3.89%, 01/06/2026 | 9.0 |
| U.S. Treasury Bills, 3.84%, 03/03/2026 | 8.9 |
| U.S. Treasury Bonds, Principal Only STRIPS, 02/15/2027 | 6.2 |
| International Bank for Reconstruction & Development, 0.88%, 07/15/2026 | 6.0 |
| U.S. Treasury Notes, 3.63%, 09/30/2031 | 4.3 |
| Federal National Mortgage Association, 7.25%, 05/15/2030 | 4.1 |
| Inter-American Development Bank, 4.00%, 01/12/2028 | 2.6 |
| European Investment Bank, 3.88%, 03/15/2028 | 2.5 |

---

## 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 by 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](g768857g78s24.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 Market Participation Strategy VP

Service Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica Morgan Stanley Capital Growth VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Morgan Stanley Capital Growth VP (the "Portfolio") seeks to maximize long-term growth. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $84 | 0.76%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Initial Class shares at NAV returned 20.20%. For the same period, the Portfolio's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%. The performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 18.56% over the same period.

* For the fiscal year ended December 31, 2025, the Portfolio outperformed the Russell 1000<sup>®</sup> Growth Index, a benchmark of the Portfolio.

* Uncertainty regarding U.S. tariff and policy remained elevated during the fiscal year, and there was a U.S. government shutdown in the fourth quarter. Nevertheless, additional U.S. Federal Reserve ("Fed") easing and continued AI-related capital expenditures supported broader market performance during the fiscal year. However, investor sentiment grew more cautious over the course of the fiscal year amid rising scrutiny around AI monetization and signs of slowing momentum across select parts of the economy. 

* The Portfolio's outperformance relative to the Russell 1000<sup>®</sup> Growth Index during the fiscal year was primarily driven by favorable stock selection in health care, financials and consumer discretionary sectors.

* Holdings that contributed to the Portfolio's relative performance included a web performance and security company, an advertising technology company, a video game platform, a food delivery company and a biopharmaceutical royalties acquirer.

* The main detractors from relative performance were mixed stock selection in communication services, industrials and information technology sectors.

* Holdings that detracted from the Portfolio's relative performance included a digital advertising software platform (sold during the period), an autonomous trucking driving company, a cross-border ecommerce platform (sold), an enterprise analytics platform and Bitcoin development company, and a developer of internet connected sensor systems.

* The views expressed reflect the opinions of Morgan Stanley Investment Management Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Morgan Stanley Capital Growth VP

Initial Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g20p10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9014 | $9436 | $9442 |
| **2/29/2016** | $8796 | $9433 | $9438 |
| **3/31/2016** | $9470 | $10097 | $10074 |
| **4/30/2016** | $9445 | $10159 | $9982 |
| **5/31/2016** | $9682 | $10341 | $10176 |
| **6/30/2016** | $9601 | $10362 | $10136 |
| **7/31/2016** | $10243 | $10774 | $10615 |
| **8/31/2016** | $10319 | $10801 | $10562 |
| **9/30/2016** | $10617 | $10818 | $10600 |
| **10/31/2016** | $10246 | $10584 | $10351 |
| **11/30/2016** | $9977 | $11058 | $10577 |
| **12/31/2016** | $9774 | $11274 | $10708 |
| **1/31/2017** | $10776 | $11486 | $11068 |
| **2/28/2017** | $10994 | $11913 | $11528 |
| **3/31/2017** | $11351 | $11921 | $11662 |
| **4/30/2017** | $11837 | $12047 | $11928 |
| **5/31/2017** | $12586 | $12171 | $12238 |
| **6/30/2017** | $12462 | $12280 | $12206 |
| **7/31/2017** | $12869 | $12512 | $12531 |
| **8/31/2017** | $13226 | $12536 | $12760 |
| **9/30/2017** | $13770 | $13122 | $13427 |
| **10/31/2017** | $14042 | $13521 | $13835 |
| **12/31/2017** | $14034 | $13656 | $13943 |
| **1/31/2018** | $15402 | $14375 | $14930 |
| **2/28/2018** | $15612 | $13846 | $14539 |
| **3/31/2018** | $15394 | $13568 | $14140 |
| **4/30/2018** | $15410 | $13619 | $14189 |
| **5/31/2018** | $16443 | $14004 | $14811 |
| **6/30/2018** | $16731 | $14095 | $14954 |
| **7/31/2018** | $16653 | $14563 | $15393 |
| **8/31/2018** | $18115 | $15074 | $16235 |
| **9/30/2018** | $17957 | $15099 | $16325 |
| **10/31/2018** | $16081 | $13988 | $14865 |
| **11/30/2018** | $16257 | $14268 | $15023 |
| **12/31/2018** | $14972 | $12940 | $13732 |
| **1/31/2019** | $16848 | $14051 | $14966 |
| **2/28/2019** | $17643 | $14545 | $15501 |
| **3/31/2019** | $17911 | $14757 | $15943 |
| **4/30/2019** | $18660 | $15346 | $16663 |
| **5/31/2019** | $18022 | $14353 | $15610 |
| **6/30/2019** | $19279 | $15361 | $16682 |
| **7/31/2019** | $19418 | $15590 | $17059 |
| **8/31/2019** | $18506 | $15272 | $16928 |
| **9/30/2019** | $17202 | $15540 | $16930 |
| **10/31/2019** | $17232 | $15874 | $17408 |
| **11/30/2019** | $18697 | $16478 | $18180 |
| **12/31/2019** | $18527 | $16954 | $18729 |
| **1/31/2020** | $19651 | $16935 | $19147 |
| **2/29/2020** | $19590 | $15549 | $17843 |
| **3/31/2020** | $17844 | $13410 | $16088 |
| **4/30/2020** | $21668 | $15187 | $18468 |
| **5/31/2020** | $25793 | $15999 | $19708 |
| **6/30/2020** | $28633 | $16364 | $20567 |
| **7/31/2020** | $31654 | $17294 | $22149 |
| **8/31/2020** | $34308 | $18546 | $24434 |
| **9/30/2020** | $34796 | $17871 | $23285 |
| **10/31/2020** | $33383 | $17485 | $22494 |
| **11/30/2020** | $39885 | $19613 | $24797 |
| **12/31/2020** | $40363 | $20495 | $25938 |
| **1/31/2021** | $40924 | $20404 | $25746 |
| **2/28/2021** | $43157 | $21042 | $25740 |
| **3/31/2021** | $39532 | $21796 | $26182 |
| **4/30/2021** | $41381 | $22919 | $27963 |
| **5/31/2021** | $40249 | $23024 | $27577 |
| **6/30/2021** | $45131 | $23592 | $29307 |
| **7/31/2021** | $45152 | $23991 | $30273 |
| **8/31/2021** | $46151 | $24675 | $31404 |
| **9/30/2021** | $43239 | $23568 | $29646 |
| **10/31/2021** | $46604 | $25161 | $32213 |
| **11/30/2021** | $45024 | $24778 | $32410 |
| **12/31/2021** | $40148 | $25754 | $33096 |
| **1/31/2022** | $31330 | $24239 | $30255 |
| **2/28/2022** | $30973 | $23628 | $28970 |
| **3/31/2022** | $29380 | $24395 | $30103 |
| **4/30/2022** | $22732 | $22206 | $26468 |
| **5/31/2022** | $18886 | $22176 | $25853 |
| **6/30/2022** | $17403 | $20321 | $23805 |
| **7/31/2022** | $19765 | $22227 | $26662 |
| **8/31/2022** | $20080 | $21397 | $25420 |
| **9/30/2022** | $18038 | $19413 | $22949 |
| **10/31/2022** | $18463 | $21005 | $24290 |
| **11/30/2022** | $18038 | $22102 | $25397 |
| **12/31/2022** | $16123 | $20808 | $23453 |
| **1/31/2023** | $18931 | $22241 | $25407 |
| **2/28/2023** | $18165 | $21721 | $25106 |
| **3/31/2023** | $18803 | $22302 | $26822 |
| **4/30/2023** | $17740 | $22539 | $27086 |
| **5/31/2023** | $19697 | $22627 | $28321 |
| **6/30/2023** | $21356 | $24172 | $30258 |
| **7/31/2023** | $23100 | $25039 | $31277 |
| **8/31/2023** | $21016 | $24555 | $30996 |
| **9/30/2023** | $19910 | $23386 | $29310 |
| **10/31/2023** | $17995 | $22766 | $28893 |
| **11/30/2023** | $21101 | $24888 | $32043 |
| **12/31/2023** | $23653 | $26209 | $33462 |
| **1/31/2024** | $22164 | $26499 | $34296 |
| **2/29/2024** | $24674 | $27933 | $36636 |
| **3/31/2024** | $25185 | $28835 | $37281 |
| **4/30/2024** | $22845 | $27566 | $35700 |
| **5/31/2024** | $22547 | $28868 | $37837 |
| **6/30/2024** | $23696 | $29762 | $40388 |
| **7/31/2024** | $23994 | $30315 | $39701 |
| **8/31/2024** | $25653 | $30975 | $40528 |
| **9/30/2024** | $27142 | $31616 | $41677 |
| **10/31/2024** | $29014 | $31384 | $41539 |
| **11/30/2024** | $35735 | $33471 | $44233 |
| **12/31/2024** | $34119 | $32448 | $44623 |
| **1/31/2025** | $37267 | $33473 | $45506 |
| **2/28/2025** | $34799 | $32831 | $43871 |
| **3/31/2025** | $30545 | $30916 | $40175 |
| **4/30/2025** | $33140 | $30709 | $40887 |
| **5/31/2025** | $37820 | $32655 | $44505 |
| **6/30/2025** | $40372 | $34314 | $47342 |
| **7/31/2025** | $41138 | $35070 | $49129 |
| **8/31/2025** | $42329 | $35881 | $49679 |
| **9/30/2025** | $45137 | $37120 | $52318 |
| **10/31/2025** | $45562 | $37915 | $54218 |
| **11/30/2025** | $40968 | $38019 | $53236 |
| **12/31/2025** | $41010 | $38012 | $52906 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPO1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 20.20% | 0.32% | 15.16% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 18.56% | 15.32% | 18.13% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $184838192 |
| Number of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 66% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1218864 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 43.1% |
| Consumer Discretionary | 16.5 |
| Health Care | 11.9 |
| Financials | 11.3 |
| Industrials | 6.2 |
| Communication Services | 4.6 |
| Real Estate | 0.5 |
| Repurchase Agreements | 6.0 |
| Other Investment Company | 1.4 |
| Options Purchased | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.6) |

---

---

| | |
|:---|:---|
| 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 Morgan Stanley Capital Growth VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cloudflare, Inc., Class A | 12.8% |
| Tesla, Inc. | 8.9 |
| AppLovin Corp., Class A | 7.8 |
| Affirm Holdings, Inc. | 7.1 |
| Royalty Pharma PLC, Class A | 5.4 |
| DoorDash, Inc., Class A | 4.9 |
| Shopify, Inc., Class A | 4.7 |
| ROBLOX Corp., Class A | 4.6 |
| QXO, Inc. | 4.5 |
| Strategy, Inc., Class A | 3.6 |

---

## 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 by 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](g768857g78s24.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 Morgan Stanley Capital Growth VP

Initial Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica Morgan Stanley Global Allocation Managed Risk - Balanced VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Morgan Stanley Global Allocation Managed Risk - Balanced VP (the "Portfolio") seeks to provide capital appreciation and income while seeking to manage volatility. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $50 | 0.47%<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;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned 14.21%. For the same period, the Portfolio's broad-based benchmark, the MSCI All Country World Index, returned 22.34%. The performance benchmark, the Transamerica Morgan Stanley Global Allocation Managed Risk - Balanced VP Blended Benchmark, returned 16.60% over the same period.

* The fiscal year ended December 31, 2025 delivered broadly positive returns across major asset classes, driven by investor risk appetite, monetary policy easing, and growth in technology-related sectors, although markets also experienced bouts of volatility.

* The Portfolio normally invests at least 80% its net assets in Transamerica Morgan Stanley Global Allocation VP (the "Underlying Fund"), which targets a 60/40 split between equities and bonds.

* Additionally, the Portfolio employs the Milliman Managed Risk Strategy ("MMRS"), a dynamic derivative strategy that seeks to manage the Portfolio's return volatility. 

* For the year ended December 31, 2025, the Portfolio underperformed its blended benchmark. Performance of the Underlying Fund was the largest contributor to relative performance, while the futures overlay was the largest detractor from relative performance.

* The futures overlay employed by the MMRS, while seeking to manage return volatility and mitigate losses, may also limit participation in rising markets. The Portfolio's use of derivative instruments to manage the Portfolio's overall risk exposure increased during periods of increased market volatility during the fiscal year, most notably in March and April, and to a lesser extent in January and February of 2025. In the sub-adviser's view, the MMRS was successful in stabilizing the Portfolio's return volatility to the target volatility level during the fiscal year, while the Portfolio participated in a majority of the Underlying Fund's positive return in 2025.

* The views expressed reflect the opinions of Milliman Financial Risk Management LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Morgan Stanley Global Allocation Managed Risk - Balanced VP

Service Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g56k57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **MSCI All Country World Index** | **Transamerica Morgan Stanley Global Allocation Managed Risk - Balanced VP Blended Benchmark** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9739 | $9397 | $9673 |
| **2/29/2016** | $9656 | $9332 | $9719 |
| **3/31/2016** | $9875 | $10024 | $10256 |
| **4/30/2016** | $9937 | $10172 | $10402 |
| **5/31/2016** | $9927 | $10185 | $10354 |
| **6/30/2016** | $9823 | $10123 | $10437 |
| **7/31/2016** | $9990 | $10559 | $10738 |
| **8/31/2016** | $10003 | $10595 | $10739 |
| **9/30/2016** | $10014 | $10660 | $10802 |
| **10/31/2016** | $9924 | $10479 | $10572 |
| **11/30/2016** | $9935 | $10558 | $10453 |
| **12/31/2016** | $10037 | $10786 | $10569 |
| **1/31/2017** | $10196 | $11081 | $10790 |
| **2/28/2017** | $10355 | $11392 | $10992 |
| **3/31/2017** | $10435 | $11532 | $11079 |
| **4/30/2017** | $10559 | $11711 | $11233 |
| **5/31/2017** | $10707 | $11970 | $11451 |
| **6/30/2017** | $10730 | $12024 | $11479 |
| **7/31/2017** | $10923 | $12360 | $11748 |
| **8/31/2017** | $10961 | $12408 | $11822 |
| **9/30/2017** | $11087 | $12910 | $12047 |
| **10/31/2017** | $11224 | $13160 | $12240 |
| **12/31/2017** | $11292 | $13372 | $12375 |
| **1/31/2018** | $11681 | $14127 | $12853 |
| **2/28/2018** | $11269 | $13533 | $12484 |
| **3/31/2018** | $11178 | $13244 | $12377 |
| **4/30/2018** | $11098 | $13370 | $12368 |
| **5/31/2018** | $11064 | $13387 | $12340 |
| **6/30/2018** | $11029 | $13314 | $12278 |
| **7/31/2018** | $11212 | $13716 | $12492 |
| **8/31/2018** | $11237 | $13824 | $12556 |
| **9/30/2018** | $11179 | $13884 | $12546 |
| **10/31/2018** | $10659 | $12843 | $11925 |
| **11/30/2018** | $10716 | $13031 | $12045 |
| **12/31/2018** | $10416 | $12113 | $11633 |
| **1/31/2019** | $10774 | $13070 | $12255 |
| **2/28/2019** | $10867 | $13419 | $12424 |
| **3/31/2019** | $10971 | $13588 | $12580 |
| **4/30/2019** | $11167 | $14047 | $12820 |
| **5/31/2019** | $10867 | $13214 | $12433 |
| **6/30/2019** | $11283 | $14079 | $13032 |
| **7/31/2019** | $11248 | $14120 | $13040 |
| **8/31/2019** | $11245 | $13785 | $12960 |
| **9/30/2019** | $11316 | $14075 | $13071 |
| **10/31/2019** | $11555 | $14460 | $13321 |
| **11/30/2019** | $11686 | $14813 | $13475 |
| **12/31/2019** | $11948 | $15335 | $13792 |
| **1/31/2020** | $11960 | $15166 | $13771 |
| **2/29/2020** | $11507 | $13941 | $13140 |
| **3/31/2020** | $10792 | $12059 | $11958 |
| **4/30/2020** | $11114 | $13351 | $12821 |
| **5/31/2020** | $11257 | $13931 | $13178 |
| **6/30/2020** | $11436 | $14376 | $13477 |
| **7/31/2020** | $11733 | $15137 | $14077 |
| **8/31/2020** | $12030 | $16063 | $14585 |
| **9/30/2020** | $11782 | $15545 | $14282 |
| **10/31/2020** | $11646 | $15167 | $14079 |
| **11/30/2020** | $12401 | $17037 | $15223 |
| **12/31/2020** | $12723 | $17828 | $15729 |
| **1/31/2021** | $12797 | $17747 | $15630 |
| **2/28/2021** | $12909 | $18158 | $15740 |
| **3/31/2021** | $12983 | $18643 | $15871 |
| **4/30/2021** | $13379 | $19458 | $16368 |
| **5/31/2021** | $13614 | $19761 | $16582 |
| **6/30/2021** | $13490 | $20021 | $16655 |
| **7/31/2021** | $13540 | $20159 | $16812 |
| **8/31/2021** | $13623 | $20664 | $17037 |
| **9/30/2021** | $13310 | $19810 | $16493 |
| **10/31/2021** | $13571 | $20821 | $16983 |
| **11/30/2021** | $13388 | $20320 | $16717 |
| **12/31/2021** | $13636 | $21133 | $17109 |
| **1/31/2022** | $13206 | $20095 | $16465 |
| **2/28/2022** | $13049 | $19576 | $16131 |
| **3/31/2022** | $12958 | $20000 | $16144 |
| **4/30/2022** | $12331 | $18399 | $15015 |
| **5/31/2022** | $12384 | $18420 | $15042 |
| **6/30/2022** | $11718 | $16868 | $14088 |
| **7/31/2022** | $11888 | $18046 | $14798 |
| **8/31/2022** | $11563 | $17381 | $14238 |
| **9/30/2022** | $11083 | $15717 | $13128 |
| **10/31/2022** | $11129 | $16666 | $13567 |
| **11/30/2022** | $11423 | $17958 | $14454 |
| **12/31/2022** | $11423 | $17252 | $14144 |
| **1/31/2023** | $11841 | $18488 | $14937 |
| **2/28/2023** | $11547 | $17958 | $14482 |
| **3/31/2023** | $11687 | $18512 | $14933 |
| **4/30/2023** | $11749 | $18778 | $15088 |
| **5/31/2023** | $11578 | $18577 | $14873 |
| **6/30/2023** | $11841 | $19656 | $15391 |
| **7/31/2023** | $12151 | $20375 | $15772 |
| **8/31/2023** | $11917 | $19806 | $15421 |
| **9/30/2023** | $11516 | $18987 | $14858 |
| **10/31/2023** | $11325 | $18416 | $14519 |
| **11/30/2023** | $11936 | $20116 | $15616 |
| **12/31/2023** | $12452 | $21082 | $16326 |
| **1/31/2024** | $12376 | $21206 | $16293 |
| **2/29/2024** | $12509 | $22116 | $16631 |
| **3/31/2024** | $12796 | $22810 | $16980 |
| **4/30/2024** | $12414 | $22057 | $16473 |
| **5/31/2024** | $12777 | $22953 | $16961 |
| **6/30/2024** | $12891 | $23464 | $17197 |
| **7/31/2024** | $13178 | $23843 | $17553 |
| **8/31/2024** | $13312 | $24448 | $17987 |
| **9/30/2024** | $13522 | $25016 | $18360 |
| **10/31/2024** | $13140 | $24455 | $17867 |
| **11/30/2024** | $13445 | $25370 | $18292 |
| **12/31/2024** | $13082 | $24769 | $17875 |
| **1/31/2025** | $13331 | $25600 | $18276 |
| **2/28/2025** | $13388 | $25446 | $18314 |
| **3/31/2025** | $13216 | $24441 | $17925 |
| **4/30/2025** | $13235 | $24669 | $18237 |
| **5/31/2025** | $13560 | $26087 | $18840 |
| **6/30/2025** | $13999 | $27258 | $19490 |
| **7/31/2025** | $13961 | $27628 | $19532 |
| **8/31/2025** | $14274 | $28310 | $19935 |
| **9/30/2025** | $14619 | $29336 | $20421 |
| **10/31/2025** | $14813 | $29992 | $20674 |
| **11/30/2025** | $14813 | $29989 | $20692 |
| **12/31/2025** | $14942 | $30302 | $20843 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4C22 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 14.21% | 3.27% | 4.10% |
| MSCI All Country World Index<sup>Footnote Reference(a)</sup> | 22.34% | 11.19% | 11.72% |
| Transamerica Morgan Stanley Global Allocation Managed Risk - Balanced VP Blended Benchmark<sup>Footnote Reference(b)</sup> | 16.60% | 5.79% | 7.62% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Effective August 31, 2025, Transamerica Morgan Stanley Global Allocation Managed Risk – Balanced VP Blended Benchmark consists of 60% MSCI All Country World Index, and 40% Bloomberg Global Aggregate Index. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. Prior to August 31, 2025, the blended benchmark consisted of 50% MSCI All Country World Index, and 50% Bloomberg Global Aggregate Index. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $188407855 |
| Number of Portfolio Holdings | 2 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $313367 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| International Mixed Allocation Funds | 97.4% |
| Repurchase Agreements | 2.4 |
| 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 Morgan Stanley Global Allocation Managed Risk - Balanced VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Morgan Stanley Global Allocation VP, Initial Class | 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 by 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](g768857g78s24.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 Morgan Stanley Global Allocation Managed Risk - Balanced VP

Service Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica Morgan Stanley Global Allocation VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Morgan Stanley Global Allocation VP (the "Portfolio") seeks high total return. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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**. **This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for the year?
**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 | $82 | 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;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Initial Class shares at NAV returned 17.85%. For the same period, the Portfolio's broad-based benchmark, the MSCI All Country World Index, returned 22.34%. The performance benchmark, the Transamerica Morgan Stanley Global Allocation VP Blended Benchmark, returned 16.60% over the same period.

* For the fiscal year ended December 31, 2025, the Portfolio outperformed its blended benchmark, consisting of the MSCI All Country World Index (60%) and Bloomberg Global Aggregate Index (40%) (the "Blended Benchmark"). 

* Global markets continued to deliver solid returns in 2025. Despite periods of volatility related to trade tensions and political events, markets were supported by stronger-than-expected earnings, declining bond yields, lower policy rates from the Federal Reserve and increased investment related to artificial intelligence. 

* The Portfolio's sub-adviser focused on regional and sector allocations in areas that had previously been out of favor, which contributed to performance. These included overweight positions in international stocks, non-U.S. value stocks and positions benefiting from a weaker U.S. dollar. Select thematic exposures, including emerging market debt, global defense stocks and U.S. stocks expected to benefit from deregulation and policy stimulus, also contributed to performance. 

* During the period, a steady flow of aggressive policy initiatives from the new U.S. administration, together with responses from global trading partners, including changes to trade and tariff policies, other retaliatory or punitive policy measures, and efforts to influence domestic monetary policy, contributed to market volatility. In this environment, the sub-adviser maintained risk exposures at the asset class level generally at or near the Blended Benchmark. This approach limited the impact of major market movements on relative performance, while allowing the Portfolio to take risk through regional, country, sector, and thematic positioning. 

* Within global equities, contributors to performance in 2025 included overweight positions in Europe, emerging markets, and Japanese value stocks relative to growth-oriented stocks within those regions. Additional contributors to performance included overweight positions in European equities, particularly industrial and consumer stocks sensitive to domestic growth conditions, European banks, and a broad Europe ex-U.K. overweight position relative to an underweight position in U.S. equities. Select sector overweight positions, including Japanese real estate investment trusts, global defense stocks and positions linked to U.S. volatility indices, also contributed to performance. 

* Conversely, overweight positions in U.S. cyclical stocks relative to U.S. defensive stocks detracted from returns, as did overweight positions in U.S. small-cap stocks relative to U.S. large-cap stocks. An underweight position in Australian bank stocks and an overweight position in Indonesian equities also detracted from returns. 

* Within global fixed income, an overweight position in emerging markets debt generally contributed to relative returns. An overweight position in Thailand five-year sovereign bonds relative to five-year U.S. Treasuries, a broad overweight in emerging markets core bonds and an overweight position in European liquid high yield bonds also contributed to relative returns. However, overweight positions in South African 10-year sovereign bonds relative to 10-year U.S. Treasuries and Colombian five-year sovereign bonds, held versus five-year U.S. Treasuries detracted from relative performance.

* The views expressed reflect the opinions of Morgan Stanley Investment Management Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Morgan Stanley Global Allocation VP

Initial Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g32d58.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **MSCI All Country World Index** | **Transamerica Morgan Stanley Global Allocation VP Blended Benchmark** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9660 | $9397 | $9731 |
| **2/29/2016** | $9575 | $9332 | $9775 |
| **3/31/2016** | $9988 | $10024 | $10265 |
| **4/30/2016** | $10085 | $10172 | $10377 |
| **5/31/2016** | $10085 | $10185 | $10361 |
| **6/30/2016** | $10073 | $10123 | $10442 |
| **7/31/2016** | $10389 | $10559 | $10719 |
| **8/31/2016** | $10420 | $10595 | $10697 |
| **9/30/2016** | $10457 | $10660 | $10755 |
| **10/31/2016** | $10358 | $10479 | $10551 |
| **11/30/2016** | $10370 | $10558 | $10476 |
| **12/31/2016** | $10494 | $10786 | $10606 |
| **1/31/2017** | $10667 | $11081 | $10794 |
| **2/28/2017** | $10853 | $11392 | $11002 |
| **3/31/2017** | $10939 | $11532 | $11077 |
| **4/30/2017** | $11075 | $11711 | $11226 |
| **5/31/2017** | $11249 | $11970 | $11426 |
| **6/30/2017** | $11273 | $12024 | $11445 |
| **7/31/2017** | $11496 | $12360 | $11679 |
| **8/31/2017** | $11545 | $12408 | $11743 |
| **9/30/2017** | $11696 | $12910 | $11967 |
| **10/31/2017** | $11848 | $13160 | $12158 |
| **12/31/2017** | $11936 | $13372 | $12270 |
| **1/31/2018** | $12366 | $14127 | $12695 |
| **2/28/2018** | $11987 | $13533 | $12365 |
| **3/31/2018** | $11873 | $13244 | $12264 |
| **4/30/2018** | $11835 | $13370 | $12264 |
| **5/31/2018** | $11810 | $13387 | $12273 |
| **6/30/2018** | $11772 | $13314 | $12244 |
| **7/31/2018** | $11987 | $13716 | $12471 |
| **8/31/2018** | $12012 | $13824 | $12567 |
| **9/30/2018** | $11960 | $13884 | $12578 |
| **10/31/2018** | $11381 | $12843 | $11999 |
| **11/30/2018** | $11513 | $13031 | $12121 |
| **12/31/2018** | $11053 | $12113 | $11697 |
| **1/31/2019** | $11618 | $13070 | $12293 |
| **2/28/2019** | $11763 | $13419 | $12464 |
| **3/31/2019** | $11881 | $13588 | $12622 |
| **4/30/2019** | $12104 | $14047 | $12878 |
| **5/31/2019** | $11776 | $13214 | $12518 |
| **6/30/2019** | $12249 | $14079 | $13111 |
| **7/31/2019** | $12223 | $14120 | $13120 |
| **8/31/2019** | $12230 | $13785 | $13074 |
| **9/30/2019** | $12317 | $14075 | $13203 |
| **10/31/2019** | $12590 | $14460 | $13445 |
| **11/30/2019** | $12748 | $14813 | $13601 |
| **12/31/2019** | $13065 | $15335 | $13895 |
| **1/31/2020** | $13079 | $15166 | $13894 |
| **2/29/2020** | $12518 | $13941 | $13257 |
| **3/31/2020** | $11396 | $12059 | $12223 |
| **4/30/2020** | $12288 | $13351 | $13043 |
| **5/31/2020** | $12676 | $13931 | $13406 |
| **6/30/2020** | $13036 | $14376 | $13710 |
| **7/31/2020** | $13626 | $15137 | $14321 |
| **8/31/2020** | $14149 | $16063 | $14838 |
| **9/30/2020** | $13836 | $15545 | $14529 |
| **10/31/2020** | $13664 | $15167 | $14323 |
| **11/30/2020** | $15009 | $17037 | $15486 |
| **12/31/2020** | $15493 | $17828 | $16001 |
| **1/31/2021** | $15587 | $17747 | $15901 |
| **2/28/2021** | $15790 | $18158 | $16012 |
| **3/31/2021** | $15915 | $18643 | $16146 |
| **4/30/2021** | $16416 | $19458 | $16651 |
| **5/31/2021** | $16728 | $19761 | $16869 |
| **6/30/2021** | $16572 | $20021 | $16943 |
| **7/31/2021** | $16650 | $20159 | $17103 |
| **8/31/2021** | $16761 | $20664 | $17332 |
| **9/30/2021** | $16376 | $19810 | $16779 |
| **10/31/2021** | $16706 | $20821 | $17277 |
| **11/30/2021** | $16486 | $20320 | $17007 |
| **12/31/2021** | $16798 | $21133 | $17405 |
| **1/31/2022** | $16302 | $20095 | $16750 |
| **2/28/2022** | $16100 | $19576 | $16411 |
| **3/31/2022** | $16118 | $20000 | $16424 |
| **4/30/2022** | $15052 | $18399 | $15275 |
| **5/31/2022** | $15144 | $18420 | $15303 |
| **6/30/2022** | $13931 | $16868 | $14332 |
| **7/31/2022** | $14501 | $18046 | $15055 |
| **8/31/2022** | $13883 | $17381 | $14484 |
| **9/30/2022** | $12721 | $15717 | $13355 |
| **10/31/2022** | $13196 | $16666 | $13802 |
| **11/30/2022** | $14067 | $17958 | $14704 |
| **12/31/2022** | $13856 | $17252 | $14388 |
| **1/31/2023** | $14727 | $18488 | $15196 |
| **2/28/2023** | $14226 | $17958 | $14733 |
| **3/31/2023** | $14516 | $18512 | $15192 |
| **4/30/2023** | $14622 | $18778 | $15349 |
| **5/31/2023** | $14384 | $18577 | $15131 |
| **6/30/2023** | $14833 | $19656 | $15657 |
| **7/31/2023** | $15281 | $20375 | $16045 |
| **8/31/2023** | $14949 | $19806 | $15688 |
| **9/30/2023** | $14375 | $18987 | $15115 |
| **10/31/2023** | $14059 | $18416 | $14770 |
| **11/30/2023** | $15092 | $20116 | $15886 |
| **12/31/2023** | $15781 | $21082 | $16608 |
| **1/31/2024** | $15723 | $21206 | $16575 |
| **2/29/2024** | $15895 | $22116 | $16918 |
| **3/31/2024** | $16268 | $22810 | $17274 |
| **4/30/2024** | $15781 | $22057 | $16758 |
| **5/31/2024** | $16297 | $22953 | $17254 |
| **6/30/2024** | $16469 | $23464 | $17495 |
| **7/31/2024** | $16842 | $23843 | $17857 |
| **8/31/2024** | $17218 | $24448 | $18298 |
| **9/30/2024** | $17508 | $25016 | $18678 |
| **10/31/2024** | $16992 | $24455 | $18176 |
| **11/30/2024** | $17411 | $25370 | $18609 |
| **12/31/2024** | $16927 | $24769 | $18185 |
| **1/31/2025** | $17314 | $25600 | $18592 |
| **2/28/2025** | $17411 | $25446 | $18631 |
| **3/31/2025** | $17185 | $24441 | $18236 |
| **4/30/2025** | $17508 | $24669 | $18552 |
| **5/31/2025** | $18056 | $26087 | $19166 |
| **6/30/2025** | $18668 | $27258 | $19827 |
| **7/31/2025** | $18636 | $27628 | $19870 |
| **8/31/2025** | $19074 | $28310 | $20280 |
| **9/30/2025** | $19493 | $29336 | $20774 |
| **10/31/2025** | $19759 | $29992 | $21032 |
| **11/30/2025** | $19759 | $29989 | $21050 |
| **12/31/2025** | $19950 | $30302 | $21204 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3DC1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 17.85% | 5.19% | 7.15% |
| MSCI All Country World Index<sup>Footnote Reference(a)</sup> | 22.34% | 11.19% | 11.72% |
| Transamerica Morgan Stanley Global Allocation VP Blended Benchmark<sup>Footnote Reference(b)</sup> | 16.60% | 5.79% | 7.81% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Transamerica Morgan Stanley Global Allocation VP Blended Benchmark consists of 60% MSCI All Country World Index, and 40% Bloomberg Global Aggregate Index. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $894843557 |
| Number of Portfolio Holdings | 1379 |
| Portfolio Turnover Rate | 56% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $5965599 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 47.9% |
| Foreign Government Obligations | 21.5 |
| U.S. Government Obligations | 9.3 |
| Corporate Debt Securities | 6.9 |
| Repurchase Agreements | 4.8 |
| U.S. Government Agency Obligations | 4.3 |
| Mortgage-Backed Securities | 2.4 |
| Short-Term U.S. Government Obligations | 2.2 |
| Asset-Backed Securities | 0.4 |
| Other Investment Company | 0.2 |
| Municipal Government Obligations | 0.0 |
| Preferred Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Convertible Bonds | 0.0<sup>Footnote Reference\*</sup> |
| Warrants | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.1 |

---

---

| | |
|:---|:---|
| 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 Morgan Stanley Global Allocation VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Protected Indexed Notes, 1.88%, 07/15/2035 | 4.8% |
| NVIDIA Corp. | 2.6 |
| Apple, Inc. | 2.3 |
| U.S. Treasury Bills, 3.59%, 02/26/2026 | 2 |
| Microsoft Corp. | 1.9 |
| U.S. Treasury Notes, 4.13%, 08/31/2030 | 1.3 |
| Amazon.com, Inc. | 1.2 |
| China Government Bonds, 3.27%, 11/19/2030 | 1.2 |
| Bundesobligation, 1.30%, 10/15/2027 | 1.1 |
| Federal National Mortgage Association, 3.00%, 01/01/2053 | 1 |

---

## Material Portfolio Changes
This is a summary of certain changes to the Portfolio since January 1, 2025. For more complete information, you may review the Portfolio's prospectus, as supplemented, at www.transamerica.com/financial-pro/annuities/prospectus or upon request at

800-851-9777. The Portfolio's next prospectus will be available by May 1, 2026.

* As discussed in the information statement dated December 29, 2025, the Board of Trustees of Transamerica Series Trust has approved the addition of a sub-sub-adviser for the Portfolio pursuant to a delegation agreement between Morgan Stanley Investment Management Inc., the sub-adviser to the Portfolio, and Morgan Stanley Investment Management Limited ("MSIM Limited"), the new sub-sub-adviser to the Portfolio. MSIM Limited commenced providing sub-sub-advisory services for the Portfolio on October 1, 2025. In connection with the addition of the sub-sub-adviser, changes were made to the Portfolio's portfolio managers. 

## 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 by 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](g768857g78s24.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 Morgan Stanley Global Allocation VP

Initial Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica Morgan Stanley Global Allocation VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Morgan Stanley Global Allocation VP (the "Portfolio") seeks high total return. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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**. **This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for the year?
**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 | $109 | 1.00%<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;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned 17.51%. For the same period, the Portfolio's broad-based benchmark, the MSCI All Country World Index, returned 22.34%. The performance benchmark, the Transamerica Morgan Stanley Global Allocation VP Blended Benchmark, returned 16.60% over the same period.

* For the fiscal year ended December 31, 2025, the Portfolio outperformed its blended benchmark, consisting of the MSCI All Country World Index (60%) and Bloomberg Global Aggregate Index (40%) (the "Blended Benchmark"). 

* Global markets continued to deliver solid returns in 2025. Despite periods of volatility related to trade tensions and political events, markets were supported by stronger-than-expected earnings, declining bond yields, lower policy rates from the Federal Reserve and increased investment related to artificial intelligence. 

* The Portfolio's sub-adviser focused on regional and sector allocations in areas that had previously been out of favor, which contributed to performance. These included overweight positions in international stocks, non-U.S. value stocks and positions benefiting from a weaker U.S. dollar. Select thematic exposures, including emerging market debt, global defense stocks and U.S. stocks expected to benefit from deregulation and policy stimulus, also contributed to performance. 

* During the period, a steady flow of aggressive policy initiatives from the new U.S. administration, together with responses from global trading partners, including changes to trade and tariff policies, other retaliatory or punitive policy measures, and efforts to influence domestic monetary policy, contributed to market volatility. In this environment, the sub-adviser maintained risk exposures at the asset class level generally at or near the Blended Benchmark. This approach limited the impact of major market movements on relative performance, while allowing the Portfolio to take risk through regional, country, sector, and thematic positioning. 

* Within global equities, contributors to performance in 2025 included overweight positions in Europe, emerging markets, and Japanese value stocks relative to growth-oriented stocks within those regions. Additional contributors to performance included overweight positions in European equities, particularly industrial and consumer stocks sensitive to domestic growth conditions, European banks, and a broad Europe ex-U.K. overweight position relative to an underweight position in U.S. equities. Select sector overweight positions, including Japanese real estate investment trusts, global defense stocks and positions linked to U.S. volatility indices, also contributed to performance. 

* Conversely, overweight positions in U.S. cyclical stocks relative to U.S. defensive stocks detracted from returns, as did overweight positions in U.S. small-cap stocks relative to U.S. large-cap stocks. An underweight position in Australian bank stocks and an overweight position in Indonesian equities also detracted from returns. 

* Within global fixed income, an overweight position in emerging markets debt generally contributed to relative returns. An overweight position in Thailand five-year sovereign bonds relative to five-year U.S. Treasuries, a broad overweight in emerging markets core bonds and an overweight position in European liquid high yield bonds also contributed to relative returns. However, overweight positions in South African 10-year sovereign bonds relative to 10-year U.S. Treasuries and Colombian five-year sovereign bonds, held versus five-year U.S. Treasuries detracted from relative performance.

* The views expressed reflect the opinions of Morgan Stanley Investment Management Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Morgan Stanley Global Allocation VP

Service Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g52k12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **MSCI All Country World Index** | **Transamerica Morgan Stanley Global Allocation VP Blended Benchmark** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9649 | $9397 | $9731 |
| **2/29/2016** | $9563 | $9332 | $9775 |
| **3/31/2016** | $9969 | $10024 | $10265 |
| **4/30/2016** | $10070 | $10172 | $10377 |
| **5/31/2016** | $10062 | $10185 | $10361 |
| **6/30/2016** | $10055 | $10123 | $10442 |
| **7/31/2016** | $10367 | $10559 | $10719 |
| **8/31/2016** | $10393 | $10595 | $10697 |
| **9/30/2016** | $10432 | $10660 | $10755 |
| **10/31/2016** | $10322 | $10479 | $10551 |
| **11/30/2016** | $10338 | $10558 | $10476 |
| **12/31/2016** | $10456 | $10786 | $10606 |
| **1/31/2017** | $10629 | $11081 | $10794 |
| **2/28/2017** | $10810 | $11392 | $11002 |
| **3/31/2017** | $10897 | $11532 | $11077 |
| **4/30/2017** | $11031 | $11711 | $11226 |
| **5/31/2017** | $11196 | $11970 | $11426 |
| **6/30/2017** | $11220 | $12024 | $11445 |
| **7/31/2017** | $11440 | $12360 | $11679 |
| **8/31/2017** | $11493 | $12408 | $11743 |
| **9/30/2017** | $11636 | $12910 | $11967 |
| **10/31/2017** | $11779 | $13160 | $12158 |
| **12/31/2017** | $11867 | $13372 | $12270 |
| **1/31/2018** | $12288 | $14127 | $12695 |
| **2/28/2018** | $11906 | $13533 | $12365 |
| **3/31/2018** | $11803 | $13244 | $12264 |
| **4/30/2018** | $11755 | $13370 | $12264 |
| **5/31/2018** | $11731 | $13387 | $12273 |
| **6/30/2018** | $11684 | $13314 | $12244 |
| **7/31/2018** | $11898 | $13716 | $12471 |
| **8/31/2018** | $11923 | $13824 | $12567 |
| **9/30/2018** | $11866 | $13884 | $12578 |
| **10/31/2018** | $11296 | $12843 | $11999 |
| **11/30/2018** | $11426 | $13031 | $12121 |
| **12/31/2018** | $10962 | $12113 | $11697 |
| **1/31/2019** | $11516 | $13070 | $12293 |
| **2/28/2019** | $11654 | $13419 | $12464 |
| **3/31/2019** | $11776 | $13588 | $12622 |
| **4/30/2019** | $11988 | $14047 | $12878 |
| **5/31/2019** | $11662 | $13214 | $12518 |
| **6/30/2019** | $12134 | $14079 | $13111 |
| **7/31/2019** | $12102 | $14120 | $13120 |
| **8/31/2019** | $12104 | $13785 | $13074 |
| **9/30/2019** | $12190 | $14075 | $13203 |
| **10/31/2019** | $12456 | $14460 | $13445 |
| **11/30/2019** | $12619 | $14813 | $13601 |
| **12/31/2019** | $12919 | $15335 | $13895 |
| **1/31/2020** | $12936 | $15166 | $13894 |
| **2/29/2020** | $12379 | $13941 | $13257 |
| **3/31/2020** | $11263 | $12059 | $12223 |
| **4/30/2020** | $12156 | $13351 | $13043 |
| **5/31/2020** | $12524 | $13931 | $13406 |
| **6/30/2020** | $12885 | $14376 | $13710 |
| **7/31/2020** | $13451 | $15137 | $14321 |
| **8/31/2020** | $13967 | $16063 | $14838 |
| **9/30/2020** | $13661 | $15545 | $14529 |
| **10/31/2020** | $13490 | $15167 | $14323 |
| **11/30/2020** | $14803 | $17037 | $15486 |
| **12/31/2020** | $15288 | $17828 | $16001 |
| **1/31/2021** | $15378 | $17747 | $15901 |
| **2/28/2021** | $15576 | $18158 | $16012 |
| **3/31/2021** | $15692 | $18643 | $16146 |
| **4/30/2021** | $16187 | $19458 | $16651 |
| **5/31/2021** | $16483 | $19761 | $16869 |
| **6/30/2021** | $16339 | $20021 | $16943 |
| **7/31/2021** | $16411 | $20159 | $17103 |
| **8/31/2021** | $16518 | $20664 | $17332 |
| **9/30/2021** | $16126 | $19810 | $16779 |
| **10/31/2021** | $16450 | $20821 | $17277 |
| **11/30/2021** | $16224 | $20320 | $17007 |
| **12/31/2021** | $16538 | $21133 | $17405 |
| **1/31/2022** | $16047 | $20095 | $16750 |
| **2/28/2022** | $15851 | $19576 | $16411 |
| **3/31/2022** | $15851 | $20000 | $16424 |
| **4/30/2022** | $14800 | $18399 | $15275 |
| **5/31/2022** | $14888 | $18420 | $15303 |
| **6/30/2022** | $13700 | $16868 | $14332 |
| **7/31/2022** | $14250 | $18046 | $15055 |
| **8/31/2022** | $13647 | $17381 | $14484 |
| **9/30/2022** | $12511 | $15717 | $13355 |
| **10/31/2022** | $12956 | $16666 | $13802 |
| **11/30/2022** | $13800 | $17958 | $14704 |
| **12/31/2022** | $13600 | $17252 | $14388 |
| **1/31/2023** | $14444 | $18488 | $15196 |
| **2/28/2023** | $13964 | $17958 | $14733 |
| **3/31/2023** | $14257 | $18512 | $15192 |
| **4/30/2023** | $14327 | $18778 | $15349 |
| **5/31/2023** | $14104 | $18577 | $15131 |
| **6/30/2023** | $14561 | $19656 | $15657 |
| **7/31/2023** | $14983 | $20375 | $16045 |
| **8/31/2023** | $14660 | $19806 | $15688 |
| **9/30/2023** | $14088 | $18987 | $15115 |
| **10/31/2023** | $13760 | $18416 | $14770 |
| **11/30/2023** | $14781 | $20116 | $15886 |
| **12/31/2023** | $15462 | $21082 | $16608 |
| **1/31/2024** | $15389 | $21206 | $16575 |
| **2/29/2024** | $15559 | $22116 | $16918 |
| **3/31/2024** | $15912 | $22810 | $17274 |
| **4/30/2024** | $15438 | $22057 | $16758 |
| **5/31/2024** | $15948 | $22953 | $17254 |
| **6/30/2024** | $16106 | $23464 | $17495 |
| **7/31/2024** | $16483 | $23843 | $17857 |
| **8/31/2024** | $16816 | $24448 | $18298 |
| **9/30/2024** | $17109 | $25016 | $18678 |
| **10/31/2024** | $16612 | $24455 | $18176 |
| **11/30/2024** | $17007 | $25370 | $18609 |
| **12/31/2024** | $16523 | $24769 | $18185 |
| **1/31/2025** | $16892 | $25600 | $18592 |
| **2/28/2025** | $16994 | $25446 | $18631 |
| **3/31/2025** | $16778 | $24441 | $18236 |
| **4/30/2025** | $17096 | $24669 | $18552 |
| **5/31/2025** | $17618 | $26087 | $19166 |
| **6/30/2025** | $18203 | $27258 | $19827 |
| **7/31/2025** | $18165 | $27628 | $19870 |
| **8/31/2025** | $18591 | $28310 | $20280 |
| **9/30/2025** | $19011 | $29336 | $20774 |
| **10/31/2025** | $19241 | $29992 | $21032 |
| **11/30/2025** | $19254 | $29989 | $21050 |
| **12/31/2025** | $19417 | $30302 | $21204 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3DC2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 17.51% | 4.90% | 6.86% |
| MSCI All Country World Index<sup>Footnote Reference(a)</sup> | 22.34% | 11.19% | 11.72% |
| Transamerica Morgan Stanley Global Allocation VP Blended Benchmark<sup>Footnote Reference(b)</sup> | 16.60% | 5.79% | 7.81% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Transamerica Morgan Stanley Global Allocation VP Blended Benchmark consists of 60% MSCI All Country World Index, and 40% Bloomberg Global Aggregate Index. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $894843557 |
| Number of Portfolio Holdings | 1379 |
| Portfolio Turnover Rate | 56% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $5965599 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 47.9% |
| Foreign Government Obligations | 21.5 |
| U.S. Government Obligations | 9.3 |
| Corporate Debt Securities | 6.9 |
| Repurchase Agreements | 4.8 |
| U.S. Government Agency Obligations | 4.3 |
| Mortgage-Backed Securities | 2.4 |
| Short-Term U.S. Government Obligations | 2.2 |
| Asset-Backed Securities | 0.4 |
| Other Investment Company | 0.2 |
| Municipal Government Obligations | 0.0 |
| Preferred Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Convertible Bonds | 0.0<sup>Footnote Reference\*</sup> |
| Warrants | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.1 |

---

---

| | |
|:---|:---|
| 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 Morgan Stanley Global Allocation VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Protected Indexed Notes, 1.88%, 07/15/2035 | 4.8% |
| NVIDIA Corp. | 2.6 |
| Apple, Inc. | 2.3 |
| U.S. Treasury Bills, 3.59%, 02/26/2026 | 2 |
| Microsoft Corp. | 1.9 |
| U.S. Treasury Notes, 4.13%, 08/31/2030 | 1.3 |
| Amazon.com, Inc. | 1.2 |
| China Government Bonds, 3.27%, 11/19/2030 | 1.2 |
| Bundesobligation, 1.30%, 10/15/2027 | 1.1 |
| Federal National Mortgage Association, 3.00%, 01/01/2053 | 1 |

---

## Material Portfolio Changes
This is a summary of certain changes to the Portfolio since January 1, 2025. For more complete information, you may review the Portfolio's prospectus, as supplemented, at www.transamerica.com/financial-pro/annuities/prospectus or upon request at

800-851-9777. The Portfolio's next prospectus will be available by May 1, 2026.

* As discussed in the information statement dated December 29, 2025, the Board of Trustees of Transamerica Series Trust has approved the addition of a sub-sub-adviser for the Portfolio pursuant to a delegation agreement between Morgan Stanley Investment Management Inc., the sub-adviser to the Portfolio, and Morgan Stanley Investment Management Limited ("MSIM Limited"), the new sub-sub-adviser to the Portfolio. MSIM Limited commenced providing sub-sub-advisory services for the Portfolio on October 1, 2025. In connection with the addition of the sub-sub-adviser, changes were made to the Portfolio's portfolio managers. 

## 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 by 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](g768857g78s24.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 Morgan Stanley Global Allocation VP

Service Class

![Image](g768857g95i10.jpg)

Annual Shareholder Report

# Transamerica MSCI EAFE Index VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica MSCI EAFE Index VP (the "Portfolio") seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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**. **This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for the year?
**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 | $21 | 0.18%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Initial Class shares at NAV returned 31.30%. For the same period, the Portfolio's broad-based benchmark, the MSCI EAFE Index, returned 31.89%.

* The Portfolio seeks an investment return that approximates as closely as practicable, before expenses, the performance of the Portfolio's benchmark, the MSCI EAFE Index (the "Index"). The Index is designed to provide a broad measure of developed market, international large-cap stock performance. It is an unmanaged, market capitalization-weighted index composed of large-capitalization foreign equities. 

* On an asset weighted basis, the financials, industrials, and information technology sectors contributed the most to Portfolio performance during the fiscal year ended December 31, 2025, while communication services, energy and real estate sectors contributed the least.

* At the country level, on an asset weighted basis, Japan, United Kingdom, and Germany contributed the most to Portfolio performance during the fiscal year, while Portugal, New Zealand, and Denmark detracted the most from performance.

* At the stock level, Banco Santander, S.A., HSBC Holdings Plc, and ASML Holding NV contributed the most to Portfolio performance during the fiscal year, while Novo Nordisk A/S Class B, Recruit Holdings Co., Ltd. and CSL Limited detracted the most from Portfolio performance on an asset weighted basis.

* During the fiscal year, the U.S. dollar generally depreciated against many developed market currencies, which positively impacted international stock and Index returns in U.S. dollar terms.

* The primary drivers of tracking difference between the returns of the Portfolio and the returns of the Index during the fiscal year were Portfolio fees and expenses, impacts of tax withholding, mismatches in security weightings relative to the Index, cash, currency, and futures drag, and transaction costs.

* The views expressed reflect the opinions of SSGA Funds Management, Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica MSCI EAFE Index VP

# Initial Class

## Portfolio Overview

### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g52h07.jpg)

---

| | | |
|:---|:---|:---|
| | **Initial Class** | **MSCI EAFE Index** |
| **1/12/2018** | $10000 | $10000 |
| **1/31/2018** | $10060 | $10192 |
| **2/28/2018** | $9552 | $9733 |
| **3/31/2018** | $9483 | $9568 |
| **4/30/2018** | $9647 | $9796 |
| **5/31/2018** | $9440 | $9589 |
| **6/30/2018** | $9328 | $9475 |
| **7/31/2018** | $9552 | $9709 |
| **8/31/2018** | $9340 | $9523 |
| **9/30/2018** | $9436 | $9609 |
| **10/31/2018** | $8664 | $8845 |
| **11/30/2018** | $8673 | $8835 |
| **12/31/2018** | $8257 | $8408 |
| **1/31/2019** | $8777 | $8962 |
| **2/28/2019** | $9002 | $9192 |
| **3/31/2019** | $9072 | $9260 |
| **4/30/2019** | $9340 | $9529 |
| **5/31/2019** | $8872 | $9085 |
| **6/30/2019** | $9401 | $9627 |
| **7/31/2019** | $9210 | $9506 |
| **8/31/2019** | $9034 | $9261 |
| **9/30/2019** | $9289 | $9531 |
| **10/31/2019** | $9631 | $9874 |
| **11/30/2019** | $9728 | $9987 |
| **12/31/2019** | $10018 | $10313 |
| **1/31/2020** | $9763 | $10099 |
| **2/29/2020** | $8972 | $9187 |
| **3/31/2020** | $7698 | $7970 |
| **4/30/2020** | $8208 | $8492 |
| **5/31/2020** | $8612 | $8867 |
| **6/30/2020** | $8946 | $9172 |
| **7/31/2020** | $9122 | $9388 |
| **8/31/2020** | $9570 | $9872 |
| **9/30/2020** | $9346 | $9620 |
| **10/31/2020** | $8970 | $9236 |
| **11/30/2020** | $10322 | $10669 |
| **12/31/2020** | $10832 | $11167 |
| **1/31/2021** | $10680 | $11049 |
| **2/28/2021** | $10912 | $11298 |
| **3/31/2021** | $11190 | $11569 |
| **4/30/2021** | $11539 | $11927 |
| **5/31/2021** | $11978 | $12327 |
| **6/30/2021** | $11790 | $12192 |
| **7/31/2021** | $11897 | $12285 |
| **8/31/2021** | $12088 | $12503 |
| **9/30/2021** | $11678 | $12149 |
| **10/31/2021** | $12024 | $12451 |
| **11/30/2021** | $11497 | $11873 |
| **12/31/2021** | $12051 | $12482 |
| **1/31/2022** | $11587 | $11880 |
| **2/28/2022** | $11260 | $11671 |
| **3/31/2022** | $11224 | $11759 |
| **4/30/2022** | $10487 | $11009 |
| **5/31/2022** | $10687 | $11107 |
| **6/30/2022** | $9732 | $10079 |
| **7/31/2022** | $10232 | $10582 |
| **8/31/2022** | $9625 | $10080 |
| **9/30/2022** | $8721 | $9142 |
| **10/31/2022** | $9230 | $9635 |
| **11/30/2022** | $10500 | $10721 |
| **12/31/2022** | $10330 | $10733 |
| **1/31/2023** | $11196 | $11603 |
| **2/28/2023** | $10867 | $11362 |
| **3/31/2023** | $11196 | $11659 |
| **4/30/2023** | $11506 | $12000 |
| **5/31/2023** | $11055 | $11507 |
| **6/30/2023** | $11544 | $12034 |
| **7/31/2023** | $11845 | $12425 |
| **8/31/2023** | $11419 | $11951 |
| **9/30/2023** | $11014 | $11548 |
| **10/31/2023** | $10648 | $11081 |
| **11/30/2023** | $11535 | $12111 |
| **12/31/2023** | $12181 | $12756 |
| **1/31/2024** | $12114 | $12831 |
| **2/29/2024** | $12471 | $13068 |
| **3/31/2024** | $12866 | $13512 |
| **4/30/2024** | $12461 | $13181 |
| **5/31/2024** | $13107 | $13708 |
| **6/30/2024** | $12828 | $13490 |
| **7/31/2024** | $13194 | $13887 |
| **8/31/2024** | $13643 | $14340 |
| **9/30/2024** | $13713 | $14479 |
| **10/31/2024** | $12981 | $13693 |
| **11/30/2024** | $12962 | $13618 |
| **12/31/2024** | $12586 | $13311 |
| **1/31/2025** | $13199 | $14012 |
| **2/28/2025** | $13604 | $14285 |
| **3/31/2025** | $13574 | $14244 |
| **4/30/2025** | $14088 | $14912 |
| **5/31/2025** | $14780 | $15616 |
| **6/30/2025** | $15145 | $15963 |
| **7/31/2025** | $14849 | $15740 |
| **8/31/2025** | $15466 | $16413 |
| **9/30/2025** | $15799 | $16734 |
| **10/31/2025** | $15981 | $16933 |
| **11/30/2025** | $16092 | $17042 |
| **12/31/2025** | $16526 | $17556 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I9CL1 | **1 Year** | **5 Years** | **Since Inception 1/12/18** |
| Initial Class | 31.30% | 8.82% | 6.51% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 31.89% | 9.47% | 7.32% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $130093248 |
| Number of Portfolio Holdings | 694 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $0 |

---

# Transamerica MSCI EAFE Index VP

# Initial Class

## What did the Portfolio invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 21.8% |
| United Kingdom | 13.9 |
| France | 10.2 |
| Switzerland | 9.9 |
| Germany | 9.5 |
| Australia | 6.2 |
| Netherlands | 5.1 |
| Spain | 3.7 |
| Sweden | 3.6 |
| Italy | 3.1 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 24.8% |
| Industrials | 18.9 |
| Health Care | 11.1 |
| Consumer Discretionary | 9.4 |
| Information Technology | 8.3 |
| Consumer Staples | 7.2 |
| Materials | 5.5 |
| Communication Services | 4.3 |
| Utilities | 3.6 |
| Energy | 3.1 |
| Real Estate | 1.8 |
| Repurchase Agreements | 1.3 |
| Preferred Stocks | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.4 |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| ASML Holding NV | 2.0% |
| Roche Holding AG | 1.4 |
| AstraZeneca PLC | 1.4 |
| HSBC Holdings PLC | 1.3 |
| Novartis AG | 1.3 |
| Nestle SA | 1.2 |
| SAP SE | 1.2 |
| Shell PLC | 1 |
| Siemens AG | 1 |
| Toyota Motor Corp. | 1 |

---

# Transamerica MSCI EAFE Index VP
Initial Class

## Material Portfolio Changes
This is a summary of certain changes to the Portfolio since January 1, 2025. For more complete information, you may review the Portfolio's prospectus, as supplemented, at www.transamerica.com/financial-pro/annuities/prospectus or upon request at

800-851-9777. The Portfolio's next prospectus will be available by May 1, 2026.

Effective November 24, 2025, and as set forth in the Supplement to the Portfolio's prospectus dated November 24, 2025, the following occurred:

* ![Bullet](g768857g22y78.jpg)The Portfolio modified its diversification policy under the Investment Company Act of 1940, as amended (the "1940 Act"), to reflect that the Portfolio intends to be diversified in approximately the same proportion as the Portfolio's benchmark index, the MSCI<sup>®</sup> Europe, Australasia, Far East (MSCI EAFE) Index, is diversified. Shareholder approval will not be sought if the Portfolio becomes "non-diversified," as defined in the 1940 Act, due solely to a change in the relative market capitalization or index weighting of one or more constituents of the MSCI EAFE Index; and 

* ![Bullet](g768857g22y78.jpg)The Portfolio's principal risks were revised to add Non-Diversification risk, to the extent that the Portfolio becomes "non-diversified" for periods of time solely as a result of tracking its index. 

## 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 by 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](g768857g78s24.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 MSCI EAFE Index VP

# Initial Class
![Image](g768857g95i10.jpg)

Annual Shareholder Report

# Transamerica MSCI EAFE Index VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica MSCI EAFE Index VP (the "Portfolio") seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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**. **This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for the year?
**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 | 0.43%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned 30.93%. For the same period, the Portfolio's broad-based benchmark, the MSCI EAFE Index, returned 31.89%.

* The Portfolio seeks an investment return that approximates as closely as practicable, before expenses, the performance of the Portfolio's benchmark, the MSCI EAFE Index (the "Index"). The Index is designed to provide a broad measure of developed market, international large-cap stock performance. It is an unmanaged, market capitalization-weighted index composed of large-capitalization foreign equities. 

* On an asset weighted basis, the financials, industrials, and information technology sectors contributed the most to Portfolio performance during the fiscal year ended December 31, 2025, while communication services, energy and real estate sectors contributed the least.

* At the country level, on an asset weighted basis, Japan, United Kingdom, and Germany contributed the most to Portfolio performance during the fiscal year, while Portugal, New Zealand, and Denmark detracted the most from performance.

* At the stock level, Banco Santander, S.A., HSBC Holdings Plc, and ASML Holding NV contributed the most to Portfolio performance during the fiscal year, while Novo Nordisk A/S Class B, Recruit Holdings Co., Ltd. and CSL Limited detracted the most from Portfolio performance on an asset weighted basis.

* During the fiscal year, the U.S. dollar generally depreciated against many developed market currencies, which positively impacted international stock and Index returns in U.S. dollar terms.

* The primary drivers of tracking difference between the returns of the Portfolio and the returns of the Index during the fiscal year were Portfolio fees and expenses, impacts of tax withholding, mismatches in security weightings relative to the Index, cash, currency, and futures drag, and transaction costs.

* The views expressed reflect the opinions of SSGA Funds Management, Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica MSCI EAFE Index VP

# Service Class

## Portfolio Overview

### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g55g26.jpg)

---

| | | |
|:---|:---|:---|
| | **Service Class** | **MSCI EAFE Index** |
| **5/1/2017** | $10000 | $10000 |
| **6/30/2017** | $10250 | $10381 |
| **7/31/2017** | $10230 | $10365 |
| **8/31/2017** | $10530 | $10665 |
| **9/30/2017** | $10490 | $10662 |
| **10/31/2017** | $10880 | $11099 |
| **11/30/2017** | $10960 | $11217 |
| **12/31/2017** | $11150 | $11399 |
| **1/31/2018** | $11680 | $11971 |
| **2/28/2018** | $11090 | $11433 |
| **3/31/2018** | $11010 | $11238 |
| **4/30/2018** | $11190 | $11507 |
| **5/31/2018** | $10950 | $11264 |
| **6/30/2018** | $10820 | $11129 |
| **7/31/2018** | $11070 | $11404 |
| **8/31/2018** | $10820 | $11185 |
| **9/30/2018** | $10931 | $11287 |
| **10/31/2018** | $10046 | $10390 |
| **11/30/2018** | $10046 | $10378 |
| **12/31/2018** | $9563 | $9876 |
| **1/31/2019** | $10156 | $10527 |
| **2/28/2019** | $10418 | $10797 |
| **3/31/2019** | $10498 | $10876 |
| **4/30/2019** | $10810 | $11193 |
| **5/31/2019** | $10267 | $10671 |
| **6/30/2019** | $10870 | $11308 |
| **7/31/2019** | $10649 | $11165 |
| **8/31/2019** | $10440 | $10878 |
| **9/30/2019** | $10746 | $11195 |
| **10/31/2019** | $11133 | $11598 |
| **11/30/2019** | $11245 | $11731 |
| **12/31/2019** | $11581 | $12114 |
| **1/31/2020** | $11275 | $11862 |
| **2/29/2020** | $10359 | $10791 |
| **3/31/2020** | $8892 | $9362 |
| **4/30/2020** | $9473 | $9974 |
| **5/31/2020** | $9941 | $10415 |
| **6/30/2020** | $10318 | $10773 |
| **7/31/2020** | $10522 | $11027 |
| **8/31/2020** | $11035 | $11595 |
| **9/30/2020** | $10776 | $11299 |
| **10/31/2020** | $10341 | $10849 |
| **11/30/2020** | $11895 | $12532 |
| **12/31/2020** | $12486 | $13117 |
| **1/31/2021** | $12310 | $12978 |
| **2/28/2021** | $12569 | $13271 |
| **3/31/2021** | $12880 | $13589 |
| **4/30/2021** | $13284 | $14009 |
| **5/31/2021** | $13791 | $14479 |
| **6/30/2021** | $13574 | $14320 |
| **7/31/2021** | $13688 | $14430 |
| **8/31/2021** | $13906 | $14685 |
| **9/30/2021** | $13433 | $14270 |
| **10/31/2021** | $13822 | $14624 |
| **11/30/2021** | $13212 | $13946 |
| **12/31/2021** | $13853 | $14661 |
| **1/31/2022** | $13317 | $13954 |
| **2/28/2022** | $12939 | $13709 |
| **3/31/2022** | $12886 | $13812 |
| **4/30/2022** | $12045 | $12931 |
| **5/31/2022** | $12276 | $13046 |
| **6/30/2022** | $11173 | $11838 |
| **7/31/2022** | $11740 | $12429 |
| **8/31/2022** | $11049 | $11840 |
| **9/30/2022** | $9997 | $10738 |
| **10/31/2022** | $10594 | $11317 |
| **11/30/2022** | $12047 | $12593 |
| **12/31/2022** | $11852 | $12607 |
| **1/31/2023** | $12828 | $13629 |
| **2/28/2023** | $12459 | $13346 |
| **3/31/2023** | $12828 | $13694 |
| **4/30/2023** | $13185 | $14095 |
| **5/31/2023** | $12654 | $13517 |
| **6/30/2023** | $13218 | $14136 |
| **7/31/2023** | $13565 | $14595 |
| **8/31/2023** | $13067 | $14037 |
| **9/30/2023** | $12601 | $13564 |
| **10/31/2023** | $12179 | $13015 |
| **11/30/2023** | $13189 | $14225 |
| **12/31/2023** | $13921 | $14984 |
| **1/31/2024** | $13854 | $15071 |
| **2/29/2024** | $14253 | $15349 |
| **3/31/2024** | $14697 | $15872 |
| **4/30/2024** | $14242 | $15482 |
| **5/31/2024** | $14974 | $16101 |
| **6/30/2024** | $14653 | $15845 |
| **7/31/2024** | $15063 | $16312 |
| **8/31/2024** | $15584 | $16844 |
| **9/30/2024** | $15652 | $17006 |
| **10/31/2024** | $14813 | $16084 |
| **11/30/2024** | $14790 | $15995 |
| **12/31/2024** | $14359 | $15635 |
| **1/31/2025** | $15051 | $16458 |
| **2/28/2025** | $15505 | $16779 |
| **3/31/2025** | $15482 | $16730 |
| **4/30/2025** | $16049 | $17515 |
| **5/31/2025** | $16843 | $18342 |
| **6/30/2025** | $17251 | $18750 |
| **7/31/2025** | $16911 | $18489 |
| **8/31/2025** | $17619 | $19279 |
| **9/30/2025** | $17990 | $19656 |
| **10/31/2025** | $18186 | $19890 |
| **11/30/2025** | $18325 | $20017 |
| **12/31/2025** | $18800 | $20621 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I9CL2 | **1 Year** | **5 Years** | **Since Inception 5/1/17** |
| Service Class | 30.93% | 8.53% | 7.55% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 31.89% | 9.47% | 8.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $130093248 |
| Number of Portfolio Holdings | 694 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $0 |

---

# Transamerica MSCI EAFE Index VP

# Service Class

## What did the Portfolio invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 21.8% |
| United Kingdom | 13.9 |
| France | 10.2 |
| Switzerland | 9.9 |
| Germany | 9.5 |
| Australia | 6.2 |
| Netherlands | 5.1 |
| Spain | 3.7 |
| Sweden | 3.6 |
| Italy | 3.1 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 24.8% |
| Industrials | 18.9 |
| Health Care | 11.1 |
| Consumer Discretionary | 9.4 |
| Information Technology | 8.3 |
| Consumer Staples | 7.2 |
| Materials | 5.5 |
| Communication Services | 4.3 |
| Utilities | 3.6 |
| Energy | 3.1 |
| Real Estate | 1.8 |
| Repurchase Agreements | 1.3 |
| Preferred Stocks | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.4 |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| ASML Holding NV | 2.0% |
| Roche Holding AG | 1.4 |
| AstraZeneca PLC | 1.4 |
| HSBC Holdings PLC | 1.3 |
| Novartis AG | 1.3 |
| Nestle SA | 1.2 |
| SAP SE | 1.2 |
| Shell PLC | 1 |
| Siemens AG | 1 |
| Toyota Motor Corp. | 1 |

---

# Transamerica MSCI EAFE Index VP
Service Class

## Material Portfolio Changes
This is a summary of certain changes to the Portfolio since January 1, 2025. For more complete information, you may review the Portfolio's prospectus, as supplemented, at www.transamerica.com/financial-pro/annuities/prospectus or upon request at

800-851-9777. The Portfolio's next prospectus will be available by May 1, 2026.

Effective November 24, 2025, and as set forth in the Supplement to the Portfolio's prospectus dated November 24, 2025, the following occurred:

* ![Bullet](g768857g22y78.jpg)The Portfolio modified its diversification policy under the Investment Company Act of 1940, as amended (the "1940 Act"), to reflect that the Portfolio intends to be diversified in approximately the same proportion as the Portfolio's benchmark index, the MSCI<sup>®</sup> Europe, Australasia, Far East (MSCI EAFE) Index, is diversified. Shareholder approval will not be sought if the Portfolio becomes "non-diversified," as defined in the 1940 Act, due solely to a change in the relative market capitalization or index weighting of one or more constituents of the MSCI EAFE Index; and 

* ![Bullet](g768857g22y78.jpg)The Portfolio's principal risks were revised to add Non-Diversification risk, to the extent that the Portfolio becomes "non-diversified" for periods of time solely as a result of tracking its index. 

## 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 by 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](g768857g78s24.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 MSCI EAFE Index VP

# Service Class
![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica Multi-Managed Balanced VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Multi-Managed Balanced VP (the "Portfolio") seeks to provide a high total investment return through investments in a broadly diversified portfolio of stocks, bonds and money market instruments. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $68 | 0.64%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Initial Class shares at NAV returned 13.06%. For the same period, the S&P 500<sup>®</sup> Index returned 17.88%. The Bloomberg US Aggregate Bond Index returned 7.30% over the same period.

* During the fiscal year ended December 31, 2025, stock selection in the industrial cyclical, health services & systems and basic materials sectors detracted from performance relative to the S&P 500<sup>®</sup> Index (the "Equity Benchmark"), while stock selection in the hardware & semiconductors, financial services and REITs sectors contributed to relative performance.

* At the individual stock level, the top contributors to relative performance during the fiscal year included overweight positions in Seagate Technology Holdings PLC ("Seagate"), Howmet Aerospace, Inc. and Micron Technology, Inc.

* The top detractors from relative performance during the fiscal year included underweight positions in Palantir Technologies, Inc. and GE Aerospace, and an overweight position in ServiceNow, Inc.

* The fixed-income sleeve of the Portfolio maintained an overweight allocation to credit relative to the Bloomberg US Aggregate Bond Index (the "Fixed-Income Benchmark") during the fiscal year ended December 31, 2025, and this positioning contributed to relative returns as the Portfolio generated additional yield compared to the Fixed-Income Benchmark.

* Overall duration positioning was generally managed in line with the Fixed-Income Benchmark, however, an overweight allocation to the 5-to-10-year portion of the yield curve contributed to relative performance due to changes in the yield curve during the period.

* Credit spread and other price-related impacts detracted from relative returns.

* At the sector level, security selection within investment grade corporate credit, an underweight allocation to government securities and a modest off-index allocation to high yield corporate credit were the most significant contributors to relative returns.

* Security selection in government securities detracted from relative performance, reflecting the Portfolio's skew toward longer-duration U.S. Treasury securities to achieve desired overall duration positioning. An overweight allocation to asset-backed securities ("ABS") and positioning in agency residential mortgage-backed securities ("agency RMBS") also detracted from relative performance.

* Within corporate credit, security selection in banking, consumer non-cyclicals and technology contributed the most to relative returns, while allocations to electric utilities, technology and banking detracted.

* Over the period, the Portfolio's sub-adviser adjusted allocations to reflect developments in the economic environment and evolving views on relative value across sectors.

* Investment grade corporate credit remained a core holding in the Portfolio, however, exposures were adjusted during the period to achieve desired sub-sector positioning. Notable sub-sector changes included increased allocations to real estate investment trusts ("REITs"), banking and electric utilities, while allocations to energy, communications and technology were reduced.

* The views expressed reflect the opinions of Aegon USA Investment Management, LLC and J.P. Morgan Investment Management Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Multi-Managed Balanced VP

Initial Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g52y44.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **S&P 500<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9710 | $9504 | $10138 |
| **2/29/2016** | $9687 | $9491 | $10210 |
| **3/31/2016** | $10122 | $10135 | $10303 |
| **4/30/2016** | $10183 | $10174 | $10343 |
| **5/31/2016** | $10313 | $10357 | $10345 |
| **6/30/2016** | $10336 | $10384 | $10531 |
| **7/31/2016** | $10625 | $10766 | $10598 |
| **8/31/2016** | $10636 | $10782 | $10586 |
| **9/30/2016** | $10620 | $10784 | $10580 |
| **10/31/2016** | $10501 | $10587 | $10499 |
| **11/30/2016** | $10676 | $10979 | $10250 |
| **12/31/2016** | $10787 | $11196 | $10265 |
| **1/31/2017** | $10947 | $11408 | $10285 |
| **2/28/2017** | $11233 | $11861 | $10354 |
| **3/31/2017** | $11249 | $11875 | $10349 |
| **4/30/2017** | $11360 | $11997 | $10428 |
| **5/31/2017** | $11464 | $12166 | $10509 |
| **6/30/2017** | $11480 | $12242 | $10498 |
| **7/31/2017** | $11647 | $12494 | $10543 |
| **8/31/2017** | $11720 | $12532 | $10638 |
| **9/30/2017** | $11833 | $12790 | $10587 |
| **10/31/2017** | $11988 | $13089 | $10593 |
| **11/30/2017** | $12207 | $13490 | $10580 |
| **12/31/2017** | $12312 | $13640 | $10628 |
| **1/31/2018** | $12661 | $14421 | $10506 |
| **2/28/2018** | $12296 | $13890 | $10406 |
| **3/31/2018** | $12126 | $13537 | $10473 |
| **4/30/2018** | $12093 | $13589 | $10395 |
| **5/31/2018** | $12280 | $13916 | $10469 |
| **6/30/2018** | $12337 | $14002 | $10456 |
| **7/31/2018** | $12637 | $14523 | $10459 |
| **8/31/2018** | $12890 | $14996 | $10526 |
| **9/30/2018** | $12915 | $15081 | $10458 |
| **10/31/2018** | $12264 | $14050 | $10376 |
| **11/30/2018** | $12470 | $14337 | $10438 |
| **12/31/2018** | $11862 | $13042 | $10629 |
| **1/31/2019** | $12487 | $14087 | $10742 |
| **2/28/2019** | $12710 | $14540 | $10736 |
| **3/31/2019** | $12941 | $14822 | $10942 |
| **4/30/2019** | $13275 | $15422 | $10945 |
| **5/31/2019** | $12821 | $14442 | $11139 |
| **6/30/2019** | $13421 | $15460 | $11279 |
| **7/31/2019** | $13540 | $15682 | $11304 |
| **8/31/2019** | $13514 | $15434 | $11597 |
| **9/30/2019** | $13635 | $15723 | $11535 |
| **10/31/2019** | $13849 | $16063 | $11570 |
| **11/30/2019** | $14165 | $16646 | $11564 |
| **12/31/2019** | $14444 | $17149 | $11556 |
| **1/31/2020** | $14565 | $17142 | $11778 |
| **2/29/2020** | $13988 | $15731 | $11990 |
| **3/31/2020** | $12789 | $13788 | $11920 |
| **4/30/2020** | $13923 | $15555 | $12132 |
| **5/31/2020** | $14388 | $16296 | $12188 |
| **6/30/2020** | $14667 | $16620 | $12265 |
| **7/31/2020** | $15290 | $17558 | $12448 |
| **8/31/2020** | $15964 | $18820 | $12348 |
| **9/30/2020** | $15542 | $18105 | $12341 |
| **10/31/2020** | $15257 | $17623 | $12286 |
| **11/30/2020** | $16337 | $19552 | $12406 |
| **12/31/2020** | $16740 | $20304 | $12423 |
| **1/31/2021** | $16632 | $20099 | $12334 |
| **2/28/2021** | $16779 | $20653 | $12156 |
| **3/31/2021** | $17202 | $21558 | $12005 |
| **4/30/2021** | $17860 | $22708 | $12099 |
| **5/31/2021** | $17958 | $22867 | $12139 |
| **6/30/2021** | $18273 | $23401 | $12224 |
| **7/31/2021** | $18616 | $23956 | $12361 |
| **8/31/2021** | $18911 | $24685 | $12337 |
| **9/30/2021** | $18271 | $23537 | $12230 |
| **10/31/2021** | $19120 | $25186 | $12227 |
| **11/30/2021** | $19078 | $25011 | $12263 |
| **12/31/2021** | $19592 | $26132 | $12232 |
| **1/31/2022** | $18858 | $24780 | $11968 |
| **2/28/2022** | $18449 | $24038 | $11835 |
| **3/31/2022** | $18638 | $24931 | $11506 |
| **4/30/2022** | $17379 | $22757 | $11069 |
| **5/31/2022** | $17411 | $22798 | $11141 |
| **6/30/2022** | $16425 | $20916 | $10966 |
| **7/31/2022** | $17495 | $22845 | $11234 |
| **8/31/2022** | $16873 | $21913 | $10917 |
| **9/30/2022** | $15655 | $19895 | $10445 |
| **10/31/2022** | $16258 | $21506 | $10310 |
| **11/30/2022** | $17054 | $22708 | $10689 |
| **12/31/2022** | $16403 | $21399 | $10641 |
| **1/31/2023** | $17247 | $22744 | $10968 |
| **2/28/2023** | $16849 | $22189 | $10684 |
| **3/31/2023** | $17380 | $23004 | $10956 |
| **4/30/2023** | $17597 | $23363 | $11022 |
| **5/31/2023** | $17597 | $23464 | $10902 |
| **6/30/2023** | $18296 | $25015 | $10863 |
| **7/31/2023** | $18658 | $25818 | $10856 |
| **8/31/2023** | $18474 | $25407 | $10786 |
| **9/30/2023** | $17764 | $24196 | $10512 |
| **10/31/2023** | $17435 | $23687 | $10346 |
| **11/30/2023** | $18689 | $25850 | $10815 |
| **12/31/2023** | $19475 | $27025 | $11229 |
| **1/31/2024** | $19690 | $27479 | $11198 |
| **2/29/2024** | $20235 | $28946 | $11040 |
| **3/31/2024** | $20716 | $29878 | $11142 |
| **4/30/2024** | $20032 | $28657 | $10860 |
| **5/31/2024** | $20767 | $30078 | $11044 |
| **6/30/2024** | $21337 | $31157 | $11149 |
| **7/31/2024** | $21603 | $31537 | $11409 |
| **8/31/2024** | $22074 | $32302 | $11573 |
| **9/30/2024** | $22438 | $32992 | $11728 |
| **10/31/2024** | $22128 | $32692 | $11437 |
| **11/30/2024** | $22937 | $34611 | $11558 |
| **12/31/2024** | $22384 | $33786 | $11369 |
| **1/31/2025** | $22721 | $34727 | $11430 |
| **2/28/2025** | $22748 | $34274 | $11681 |
| **3/31/2025** | $21953 | $32343 | $11685 |
| **4/30/2025** | $21885 | $32124 | $11731 |
| **5/31/2025** | $22681 | $34146 | $11647 |
| **6/30/2025** | $23557 | $35882 | $11826 |
| **7/31/2025** | $23867 | $36687 | $11795 |
| **8/31/2025** | $24270 | $37431 | $11936 |
| **9/30/2025** | $24836 | $38797 | $12067 |
| **10/31/2025** | $25182 | $39706 | $12142 |
| **11/30/2025** | $25292 | $39803 | $12217 |
| **12/31/2025** | $25308 | $39827 | $12199 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBDC1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 13.06% | 8.62% | 9.73% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(b)</sup> | 7.30% | (0.36)% | 2.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange and NASDAQ Stock Market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1345199323 |
| Number of Portfolio Holdings | 648 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $8113078 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 60.5% |
| Corporate Debt Securities | 13.9 |
| U.S. Government Agency Obligations | 9.5 |
| U.S. Government Obligations | 9.4 |
| Commercial Paper | 7.2 |
| Mortgage-Backed Securities | 2.7 |
| Asset-Backed Securities | 2 |
| Repurchase Agreements | 1 |
| Short-Term U.S. Government Obligations | 0.9 |
| Foreign Government Obligations | 0.3 |
| Municipal Government Obligations | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (7.4) |

---

---

| | |
|:---|:---|
| 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 Multi-Managed Balanced VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.0% |
| Apple, Inc. | 4.3 |
| Microsoft Corp. | 4.1 |
| Amazon.com, Inc. | 2.6 |
| Alphabet, Inc., Class A | 1.9 |
| Meta Platforms, Inc., Class A | 1.7 |
| Broadcom, Inc. | 1.7 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 01/01/2055 | 1.6 |
| Alphabet, Inc., Class C | 1.3 |
| Tesla, Inc. | 1.3 |

---

## 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 by 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](g768857g78s24.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 Multi-Managed Balanced VP

Initial Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica Multi-Managed Balanced VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Multi-Managed Balanced VP (the "Portfolio") seeks to provide a high total investment return through investments in a broadly diversified portfolio of stocks, bonds and money market instruments. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $95 | 0.89%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned 12.73%. For the same period, the S&P 500<sup>®</sup> Index returned 17.88%. The Bloomberg US Aggregate Bond Index returned 7.30% over the same period.

* During the fiscal year ended December 31, 2025, stock selection in the industrial cyclical, health services & systems and basic materials sectors detracted from performance relative to the S&P 500<sup>®</sup> Index (the "Equity Benchmark"), while stock selection in the hardware & semiconductors, financial services and REITs sectors contributed to relative performance.

* At the individual stock level, the top contributors to relative performance during the fiscal year included overweight positions in Seagate Technology Holdings PLC ("Seagate"), Howmet Aerospace, Inc. and Micron Technology, Inc.

* The top detractors from relative performance during the fiscal year included underweight positions in Palantir Technologies, Inc. and GE Aerospace, and an overweight position in ServiceNow, Inc.

* The fixed-income sleeve of the Portfolio maintained an overweight allocation to credit relative to the Bloomberg US Aggregate Bond Index (the "Fixed-Income Benchmark") during the fiscal year ended December 31, 2025, and this positioning contributed to relative returns as the Portfolio generated additional yield compared to the Fixed-Income Benchmark.

* Overall duration positioning was generally managed in line with the Fixed-Income Benchmark, however, an overweight allocation to the 5-to-10-year portion of the yield curve contributed to relative performance due to changes in the yield curve during the period.

* Credit spread and other price-related impacts detracted from relative returns.

* At the sector level, security selection within investment grade corporate credit, an underweight allocation to government securities and a modest off-index allocation to high yield corporate credit were the most significant contributors to relative returns.

* Security selection in government securities detracted from relative performance, reflecting the Portfolio's skew toward longer-duration U.S. Treasury securities to achieve desired overall duration positioning. An overweight allocation to asset-backed securities ("ABS") and positioning in agency residential mortgage-backed securities ("agency RMBS") also detracted from relative performance.

* Within corporate credit, security selection in banking, consumer non-cyclicals and technology contributed the most to relative returns, while allocations to electric utilities, technology and banking detracted.

* Over the period, the Portfolio's sub-adviser adjusted allocations to reflect developments in the economic environment and evolving views on relative value across sectors.

* Investment grade corporate credit remained a core holding in the Portfolio, however, exposures were adjusted during the period to achieve desired sub-sector positioning. Notable sub-sector changes included increased allocations to real estate investment trusts ("REITs"), banking and electric utilities, while allocations to energy, communications and technology were reduced.

* The views expressed reflect the opinions of Aegon USA Investment Management, LLC and J.P. Morgan Investment Management Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Multi-Managed Balanced VP

Service Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g30a59.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **S&P 500<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9713 | $9504 | $10138 |
| **2/29/2016** | $9690 | $9491 | $10210 |
| **3/31/2016** | $10116 | $10135 | $10303 |
| **4/30/2016** | $10178 | $10174 | $10343 |
| **5/31/2016** | $10303 | $10357 | $10345 |
| **6/30/2016** | $10326 | $10384 | $10531 |
| **7/31/2016** | $10613 | $10766 | $10598 |
| **8/31/2016** | $10618 | $10782 | $10586 |
| **9/30/2016** | $10602 | $10784 | $10580 |
| **10/31/2016** | $10481 | $10587 | $10499 |
| **11/30/2016** | $10650 | $10979 | $10250 |
| **12/31/2016** | $10764 | $11196 | $10265 |
| **1/31/2017** | $10917 | $11408 | $10285 |
| **2/28/2017** | $11200 | $11861 | $10354 |
| **3/31/2017** | $11217 | $11875 | $10349 |
| **4/30/2017** | $11330 | $11997 | $10428 |
| **5/31/2017** | $11427 | $12166 | $10509 |
| **6/30/2017** | $11443 | $12242 | $10498 |
| **7/31/2017** | $11605 | $12494 | $10543 |
| **8/31/2017** | $11674 | $12532 | $10638 |
| **9/30/2017** | $11781 | $12790 | $10587 |
| **10/31/2017** | $11938 | $13089 | $10593 |
| **11/30/2017** | $12152 | $13490 | $10580 |
| **12/31/2017** | $12251 | $13640 | $10628 |
| **1/31/2018** | $12597 | $14421 | $10506 |
| **2/28/2018** | $12234 | $13890 | $10406 |
| **3/31/2018** | $12053 | $13537 | $10473 |
| **4/30/2018** | $12028 | $13589 | $10395 |
| **5/31/2018** | $12210 | $13916 | $10469 |
| **6/30/2018** | $12259 | $14002 | $10456 |
| **7/31/2018** | $12556 | $14523 | $10459 |
| **8/31/2018** | $12807 | $14996 | $10526 |
| **9/30/2018** | $12833 | $15081 | $10458 |
| **10/31/2018** | $12181 | $14050 | $10376 |
| **11/30/2018** | $12381 | $14337 | $10438 |
| **12/31/2018** | $11773 | $13042 | $10629 |
| **1/31/2019** | $12398 | $14087 | $10742 |
| **2/28/2019** | $12615 | $14540 | $10736 |
| **3/31/2019** | $12841 | $14822 | $10942 |
| **4/30/2019** | $13172 | $15422 | $10945 |
| **5/31/2019** | $12720 | $14442 | $11139 |
| **6/30/2019** | $13311 | $15460 | $11279 |
| **7/31/2019** | $13423 | $15682 | $11304 |
| **8/31/2019** | $13389 | $15434 | $11597 |
| **9/30/2019** | $13512 | $15723 | $11535 |
| **10/31/2019** | $13719 | $16063 | $11570 |
| **11/30/2019** | $14030 | $16646 | $11564 |
| **12/31/2019** | $14303 | $17149 | $11556 |
| **1/31/2020** | $14416 | $17142 | $11778 |
| **2/29/2020** | $13851 | $15731 | $11990 |
| **3/31/2020** | $12654 | $13788 | $11920 |
| **4/30/2020** | $13776 | $15555 | $12132 |
| **5/31/2020** | $14237 | $16296 | $12188 |
| **6/30/2020** | $14501 | $16620 | $12265 |
| **7/31/2020** | $15114 | $17558 | $12448 |
| **8/31/2020** | $15779 | $18820 | $12348 |
| **9/30/2020** | $15361 | $18105 | $12341 |
| **10/31/2020** | $15082 | $17623 | $12286 |
| **11/30/2020** | $16137 | $19552 | $12406 |
| **12/31/2020** | $16535 | $20304 | $12423 |
| **1/31/2021** | $16426 | $20099 | $12334 |
| **2/28/2021** | $16565 | $20653 | $12156 |
| **3/31/2021** | $16983 | $21558 | $12005 |
| **4/30/2021** | $17629 | $22708 | $12099 |
| **5/31/2021** | $17719 | $22867 | $12139 |
| **6/30/2021** | $18027 | $23401 | $12224 |
| **7/31/2021** | $18366 | $23956 | $12361 |
| **8/31/2021** | $18653 | $24685 | $12337 |
| **9/30/2021** | $18016 | $23537 | $12230 |
| **10/31/2021** | $18844 | $25186 | $12227 |
| **11/30/2021** | $18801 | $25011 | $12263 |
| **12/31/2021** | $19311 | $26132 | $12232 |
| **1/31/2022** | $18579 | $24780 | $11968 |
| **2/28/2022** | $18165 | $24038 | $11835 |
| **3/31/2022** | $18345 | $24931 | $11506 |
| **4/30/2022** | $17103 | $22757 | $11069 |
| **5/31/2022** | $17145 | $22798 | $11141 |
| **6/30/2022** | $16158 | $20916 | $10966 |
| **7/31/2022** | $17220 | $22845 | $11234 |
| **8/31/2022** | $16603 | $21913 | $10917 |
| **9/30/2022** | $15394 | $19895 | $10445 |
| **10/31/2022** | $15980 | $21506 | $10310 |
| **11/30/2022** | $16762 | $22708 | $10689 |
| **12/31/2022** | $16127 | $21399 | $10641 |
| **1/31/2023** | $16946 | $22744 | $10968 |
| **2/28/2023** | $16555 | $22189 | $10684 |
| **3/31/2023** | $17068 | $23004 | $10956 |
| **4/30/2023** | $17288 | $23363 | $11022 |
| **5/31/2023** | $17275 | $23464 | $10902 |
| **6/30/2023** | $17960 | $25015 | $10863 |
| **7/31/2023** | $18314 | $25818 | $10856 |
| **8/31/2023** | $18126 | $25407 | $10786 |
| **9/30/2023** | $17421 | $24196 | $10512 |
| **10/31/2023** | $17100 | $23687 | $10346 |
| **11/30/2023** | $18331 | $25850 | $10815 |
| **12/31/2023** | $19100 | $27025 | $11229 |
| **1/31/2024** | $19305 | $27479 | $11198 |
| **2/29/2024** | $19831 | $28946 | $11040 |
| **3/31/2024** | $20292 | $29878 | $11142 |
| **4/30/2024** | $19626 | $28657 | $10860 |
| **5/31/2024** | $20343 | $30078 | $11044 |
| **6/30/2024** | $20882 | $31157 | $11149 |
| **7/31/2024** | $21151 | $31537 | $11409 |
| **8/31/2024** | $21611 | $32302 | $11573 |
| **9/30/2024** | $21965 | $32992 | $11728 |
| **10/31/2024** | $21651 | $32692 | $11437 |
| **11/30/2024** | $22429 | $34611 | $11558 |
| **12/31/2024** | $21897 | $33786 | $11369 |
| **1/31/2025** | $22210 | $34727 | $11430 |
| **2/28/2025** | $22238 | $34274 | $11681 |
| **3/31/2025** | $21461 | $32343 | $11685 |
| **4/30/2025** | $21392 | $32124 | $11731 |
| **5/31/2025** | $22156 | $34146 | $11647 |
| **6/30/2025** | $23015 | $35882 | $11826 |
| **7/31/2025** | $23301 | $36687 | $11795 |
| **8/31/2025** | $23696 | $37431 | $11936 |
| **9/30/2025** | $24238 | $38797 | $12067 |
| **10/31/2025** | $24572 | $39706 | $12142 |
| **11/30/2025** | $24684 | $39803 | $12217 |
| **12/31/2025** | $24684 | $39827 | $12199 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBDC2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 12.73% | 8.34% | 9.46% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(b)</sup> | 7.30% | (0.36)% | 2.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange and NASDAQ Stock Market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1345199323 |
| Number of Portfolio Holdings | 648 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $8113078 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 60.5% |
| Corporate Debt Securities | 13.9 |
| U.S. Government Agency Obligations | 9.5 |
| U.S. Government Obligations | 9.4 |
| Commercial Paper | 7.2 |
| Mortgage-Backed Securities | 2.7 |
| Asset-Backed Securities | 2 |
| Repurchase Agreements | 1 |
| Short-Term U.S. Government Obligations | 0.9 |
| Foreign Government Obligations | 0.3 |
| Municipal Government Obligations | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (7.4) |

---

---

| | |
|:---|:---|
| 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 Multi-Managed Balanced VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.0% |
| Apple, Inc. | 4.3 |
| Microsoft Corp. | 4.1 |
| Amazon.com, Inc. | 2.6 |
| Alphabet, Inc., Class A | 1.9 |
| Meta Platforms, Inc., Class A | 1.7 |
| Broadcom, Inc. | 1.7 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 01/01/2055 | 1.6 |
| Alphabet, Inc., Class C | 1.3 |
| Tesla, Inc. | 1.3 |

---

## 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 by 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](g768857g78s24.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 Multi-Managed Balanced VP

Service Class

![Image](g768857g95i10.jpg)

Annual Shareholder Report

# Transamerica PineBridge Inflation Opportunities VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica PineBridge Inflation Opportunities VP (the "Portfolio") seeks maximum real return, consistent with appreciation of capital. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $58 | 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;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Initial Class shares at NAV returned 5.56%. For the same period, the Portfolio's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 7.58%. The performance benchmark, the Bloomberg US Treasury Inflation Protected Securities Index, returned 7.01% over the same period.

* The primary detractor from the Portfolio's benchmark relative performance during the fiscal year ended December 31, 2025 was yield curve positioning. The sub-adviser positioned the Portfolio in anticipation of increased tariffs early in the fiscal year and with the view that the resulting re-shoring trade deals would lead to higher inflationary pressures over the remainder of the fiscal year and thus slowing the U.S. Federal Reserve's ("Fed") pace of interest rate cuts. However, the expected inflation from tariffs never materialized, and lower inflation levels allowed the Fed to cut interest rates an additional three times during the fiscal year.

* Asset allocation was the largest contributor to benchmark relative performance over the period as the Portfolio's off-benchmark positions outperformed. Corporate industrial and financial bonds outperformed the U.S. Treasury Inflation Protected Securities Index, contributing to relative performance. 

* Other non-U.S. inflation-linked notes also contributed to benchmark relative performance, including positions in Europe, Japan, and Australia. 

* A small off-benchmark position in asset-backed securities and commercial mortgage-backed securities, exposure to New Zealand inflation-linked bonds, and the Portfolio's cash position each detracted slightly from benchmark relative performance. 

* The views expressed reflect the opinions of PineBridge Investments LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica PineBridge Inflation Opportunities VP

# Initial Class

## Portfolio Overview

### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g55s94.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **Bloomberg US Universal Bond Index** | **Bloomberg US Treasury Inflation Protected Securities Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $10052 | $10110 | $10148 |
| **2/29/2016** | $10126 | $10182 | $10262 |
| **3/31/2016** | $10315 | $10307 | $10446 |
| **4/30/2016** | $10378 | $10377 | $10482 |
| **5/31/2016** | $10325 | $10385 | $10408 |
| **6/30/2016** | $10504 | $10568 | $10624 |
| **7/31/2016** | $10577 | $10655 | $10716 |
| **8/31/2016** | $10581 | $10667 | $10668 |
| **9/30/2016** | $10623 | $10669 | $10727 |
| **10/31/2016** | $10581 | $10598 | $10684 |
| **11/30/2016** | $10401 | $10360 | $10479 |
| **12/31/2016** | $10412 | $10391 | $10468 |
| **1/31/2017** | $10496 | $10428 | $10556 |
| **2/28/2017** | $10539 | $10508 | $10606 |
| **3/31/2017** | $10528 | $10505 | $10600 |
| **4/30/2017** | $10602 | $10592 | $10663 |
| **5/31/2017** | $10623 | $10674 | $10659 |
| **6/30/2017** | $10560 | $10664 | $10558 |
| **7/31/2017** | $10613 | $10718 | $10604 |
| **8/31/2017** | $10693 | $10810 | $10717 |
| **9/30/2017** | $10651 | $10772 | $10649 |
| **10/31/2017** | $10683 | $10785 | $10671 |
| **11/30/2017** | $10704 | $10769 | $10685 |
| **12/31/2017** | $10768 | $10816 | $10783 |
| **1/31/2018** | $10736 | $10712 | $10691 |
| **2/28/2018** | $10651 | $10610 | $10587 |
| **3/31/2018** | $10725 | $10664 | $10698 |
| **4/30/2018** | $10704 | $10593 | $10692 |
| **5/31/2018** | $10704 | $10651 | $10738 |
| **6/30/2018** | $10725 | $10635 | $10781 |
| **7/31/2018** | $10725 | $10657 | $10729 |
| **8/31/2018** | $10748 | $10710 | $10806 |
| **9/30/2018** | $10694 | $10664 | $10692 |
| **10/31/2018** | $10575 | $10575 | $10539 |
| **11/30/2018** | $10575 | $10622 | $10589 |
| **12/31/2018** | $10629 | $10789 | $10647 |
| **1/31/2019** | $10791 | $10937 | $10790 |
| **2/28/2019** | $10802 | $10949 | $10789 |
| **3/31/2019** | $11019 | $11147 | $10987 |
| **4/30/2019** | $11063 | $11163 | $11024 |
| **5/31/2019** | $11182 | $11334 | $11206 |
| **6/30/2019** | $11280 | $11494 | $11302 |
| **7/31/2019** | $11355 | $11528 | $11342 |
| **8/31/2019** | $11566 | $11789 | $11612 |
| **9/30/2019** | $11465 | $11738 | $11454 |
| **10/31/2019** | $11477 | $11776 | $11483 |
| **11/30/2019** | $11488 | $11773 | $11501 |
| **12/31/2019** | $11521 | $11791 | $11544 |
| **1/31/2020** | $11744 | $12003 | $11787 |
| **2/29/2020** | $11855 | $12182 | $11950 |
| **3/31/2020** | $11310 | $11944 | $11740 |
| **4/30/2020** | $11688 | $12184 | $12066 |
| **5/31/2020** | $11788 | $12297 | $12103 |
| **6/30/2020** | $11955 | $12400 | $12238 |
| **7/31/2020** | $12233 | $12618 | $12519 |
| **8/31/2020** | $12298 | $12545 | $12656 |
| **9/30/2020** | $12298 | $12522 | $12609 |
| **10/31/2020** | $12242 | $12478 | $12527 |
| **11/30/2020** | $12435 | $12640 | $12668 |
| **12/31/2020** | $12559 | $12684 | $12813 |
| **1/31/2021** | $12559 | $12604 | $12856 |
| **2/28/2021** | $12344 | $12442 | $12649 |
| **3/31/2021** | $12367 | $12297 | $12625 |
| **4/30/2021** | $12514 | $12400 | $12801 |
| **5/31/2021** | $12639 | $12448 | $12957 |
| **6/30/2021** | $12718 | $12538 | $13035 |
| **7/31/2021** | $12967 | $12664 | $13383 |
| **8/31/2021** | $12957 | $12656 | $13359 |
| **9/30/2021** | $12865 | $12548 | $13263 |
| **10/31/2021** | $12968 | $12538 | $13414 |
| **11/30/2021** | $13037 | $12553 | $13534 |
| **12/31/2021** | $13072 | $12544 | $13577 |
| **1/31/2022** | $12842 | $12269 | $13302 |
| **2/28/2022** | $12830 | $12102 | $13416 |
| **3/31/2022** | $12727 | $11777 | $13166 |
| **4/30/2022** | $12428 | $11338 | $12897 |
| **5/31/2022** | $12302 | $11400 | $12769 |
| **6/30/2022** | $11980 | $11173 | $12365 |
| **7/31/2022** | $12382 | $11453 | $12904 |
| **8/31/2022** | $12108 | $11156 | $12560 |
| **9/30/2022** | $11438 | $10675 | $11729 |
| **10/31/2022** | $11533 | $10558 | $11875 |
| **11/30/2022** | $11785 | $10952 | $12092 |
| **12/31/2022** | $11737 | $10914 | $11968 |
| **1/31/2023** | $11977 | $11253 | $12188 |
| **2/28/2023** | $11857 | $10976 | $12020 |
| **3/31/2023** | $12096 | $11234 | $12368 |
| **4/30/2023** | $12108 | $11303 | $12382 |
| **5/31/2023** | $12024 | $11185 | $12233 |
| **6/30/2023** | $12036 | $11168 | $12192 |
| **7/31/2023** | $12060 | $11179 | $12207 |
| **8/31/2023** | $12008 | $11112 | $12099 |
| **9/30/2023** | $11791 | $10847 | $11875 |
| **10/31/2023** | $11715 | $10684 | $11789 |
| **11/30/2023** | $12046 | $11165 | $12108 |
| **12/31/2023** | $12402 | $11588 | $12435 |
| **1/31/2024** | $12390 | $11560 | $12457 |
| **2/29/2024** | $12300 | $11422 | $12323 |
| **3/31/2024** | $12402 | $11534 | $12424 |
| **4/30/2024** | $12199 | $11264 | $12215 |
| **5/31/2024** | $12364 | $11451 | $12425 |
| **6/30/2024** | $12466 | $11556 | $12522 |
| **7/31/2024** | $12632 | $11818 | $12745 |
| **8/31/2024** | $12764 | $11992 | $12845 |
| **9/30/2024** | $12910 | $12157 | $13038 |
| **10/31/2024** | $12751 | $11881 | $12804 |
| **11/30/2024** | $12844 | $12006 | $12866 |
| **12/31/2024** | $12658 | $11824 | $12663 |
| **1/31/2025** | $12764 | $11896 | $12827 |
| **2/28/2025** | $12963 | $12142 | $13106 |
| **3/31/2025** | $12989 | $12139 | $13191 |
| **4/30/2025** | $12989 | $12182 | $13206 |
| **5/31/2025** | $12963 | $12120 | $13128 |
| **6/30/2025** | $13121 | $12309 | $13254 |
| **7/31/2025** | $13135 | $12291 | $13270 |
| **8/31/2025** | $13239 | $12439 | $13474 |
| **9/30/2025** | $13335 | $12571 | $13532 |
| **10/31/2025** | $13404 | $12654 | $13580 |
| **11/30/2025** | $13417 | $12730 | $13606 |
| **12/31/2025** | $13363 | $12721 | $13551 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3CA1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 5.56% | 1.25% | 2.94% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 7.58% | 0.06% | 2.44% |
| Bloomberg US Treasury Inflation Protected Securities Index<sup>Footnote Reference(b)</sup> | 7.01% | 1.13% | 3.09% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the US Aggregate Index, US Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, US Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Treasury Inflation Protected Securities Index is a market value weighted index that tracks inflation-protected securities issued by the U.S. Treasury. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $86938372 |
| Number of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $403289 |
| Average Maturity<sup>Footnote Reference§</sup> | 6.75 years |
| Duration<sup>Footnote Reference†</sup> | 5.93 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 PineBridge Inflation Opportunities VP

# Initial Class

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 52.2% |
| AAA | 6.3 |
| AA | 5.3 |
| A | 17.3 |
| BBB | 17.7 |

---

---

| | |
|:---|:---|
| 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 & 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. |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 52.2% |
| Foreign Government Obligations | 31.6 |
| Corporate Debt Securities | 15.0 |
| Other Investment Company | 0.6 |
| Short-Term Investment Companies | 0.1 |
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Spain Government Inflation-Linked Bonds, 1.00%, 11/30/2030 | 5.1% |
| Australia Government Bonds, 2.50%, 09/20/2030 | 5 |
| Japan Government CPI-Linked Bonds, 0.10%, 03/10/2026 | 4.7 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 1.50%, 02/15/2053 | 3.7 |
| U.K. Inflation-Linked Gilt, 0.13%, 03/22/2029 | 3.6 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.88%, 07/15/2035 | 3.5 |
| Japan Government CPI-Linked Bonds, 0.10%, 03/10/2028 | 3 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.75%, 07/15/2028 | 2.9 |
| Italy Buoni Poliennali Del Tesoro, 0.10%, 05/15/2033 | 2.9 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.88%, 07/15/2034 | 2.9 |

---

# Transamerica PineBridge Inflation Opportunities VP
Initial Class

## 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 by 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](g768857g78s24.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 PineBridge Inflation Opportunities VP

# Initial Class
![Image](g768857g95i10.jpg)

Annual Shareholder Report

# Transamerica PineBridge Inflation Opportunities VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica PineBridge Inflation Opportunities VP (the "Portfolio") seeks maximum real return, consistent with appreciation of capital. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $83 | 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;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned 5.35%. For the same period, the Portfolio's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 7.58%. The performance benchmark, the Bloomberg US Treasury Inflation Protected Securities Index, returned 7.01% over the same period.

* The primary detractor from the Portfolio's benchmark relative performance during the fiscal year ended December 31, 2025 was yield curve positioning. The sub-adviser positioned the Portfolio in anticipation of increased tariffs early in the fiscal year and with the view that the resulting re-shoring trade deals would lead to higher inflationary pressures over the remainder of the fiscal year and thus slowing the U.S. Federal Reserve's ("Fed") pace of interest rate cuts. However, the expected inflation from tariffs never materialized, and lower inflation levels allowed the Fed to cut interest rates an additional three times during the fiscal year.

* Asset allocation was the largest contributor to benchmark relative performance over the period as the Portfolio's off-benchmark positions outperformed. Corporate industrial and financial bonds outperformed the U.S. Treasury Inflation Protected Securities Index, contributing to relative performance. 

* Other non-U.S. inflation-linked notes also contributed to benchmark relative performance, including positions in Europe, Japan, and Australia. 

* A small off-benchmark position in asset-backed securities and commercial mortgage-backed securities, exposure to New Zealand inflation-linked bonds, and the Portfolio's cash position each detracted slightly from benchmark relative performance. 

* The views expressed reflect the opinions of PineBridge Investments LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica PineBridge Inflation Opportunities VP

# Service Class

## Portfolio Overview

### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g99g77.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Bloomberg US Universal Bond Index** | **Bloomberg US Treasury Inflation Protected Securities Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $10041 | $10110 | $10148 |
| **2/29/2016** | $10114 | $10182 | $10262 |
| **3/31/2016** | $10300 | $10307 | $10446 |
| **4/30/2016** | $10373 | $10377 | $10482 |
| **5/31/2016** | $10311 | $10385 | $10408 |
| **6/30/2016** | $10487 | $10568 | $10624 |
| **7/31/2016** | $10559 | $10655 | $10716 |
| **8/31/2016** | $10557 | $10667 | $10668 |
| **9/30/2016** | $10599 | $10669 | $10727 |
| **10/31/2016** | $10557 | $10598 | $10684 |
| **11/30/2016** | $10380 | $10360 | $10479 |
| **12/31/2016** | $10380 | $10391 | $10468 |
| **1/31/2017** | $10464 | $10428 | $10556 |
| **2/28/2017** | $10505 | $10508 | $10606 |
| **3/31/2017** | $10495 | $10505 | $10600 |
| **4/30/2017** | $10568 | $10592 | $10663 |
| **5/31/2017** | $10578 | $10674 | $10659 |
| **6/30/2017** | $10516 | $10664 | $10558 |
| **7/31/2017** | $10568 | $10718 | $10604 |
| **8/31/2017** | $10643 | $10810 | $10717 |
| **9/30/2017** | $10601 | $10772 | $10649 |
| **10/31/2017** | $10632 | $10785 | $10671 |
| **11/30/2017** | $10643 | $10769 | $10685 |
| **12/31/2017** | $10705 | $10816 | $10783 |
| **1/31/2018** | $10674 | $10712 | $10691 |
| **2/28/2018** | $10590 | $10610 | $10587 |
| **3/31/2018** | $10663 | $10664 | $10698 |
| **4/30/2018** | $10643 | $10593 | $10692 |
| **5/31/2018** | $10643 | $10651 | $10738 |
| **6/30/2018** | $10663 | $10635 | $10781 |
| **7/31/2018** | $10653 | $10657 | $10729 |
| **8/31/2018** | $10667 | $10710 | $10806 |
| **9/30/2018** | $10614 | $10664 | $10692 |
| **10/31/2018** | $10497 | $10575 | $10539 |
| **11/30/2018** | $10497 | $10622 | $10589 |
| **12/31/2018** | $10540 | $10789 | $10647 |
| **1/31/2019** | $10710 | $10937 | $10790 |
| **2/28/2019** | $10720 | $10949 | $10789 |
| **3/31/2019** | $10922 | $11147 | $10987 |
| **4/30/2019** | $10975 | $11163 | $11024 |
| **5/31/2019** | $11081 | $11334 | $11206 |
| **6/30/2019** | $11177 | $11494 | $11302 |
| **7/31/2019** | $11251 | $11528 | $11342 |
| **8/31/2019** | $11448 | $11789 | $11612 |
| **9/30/2019** | $11350 | $11738 | $11454 |
| **10/31/2019** | $11361 | $11776 | $11483 |
| **11/30/2019** | $11372 | $11773 | $11501 |
| **12/31/2019** | $11404 | $11791 | $11544 |
| **1/31/2020** | $11621 | $12003 | $11787 |
| **2/29/2020** | $11730 | $12182 | $11950 |
| **3/31/2020** | $11187 | $11944 | $11740 |
| **4/30/2020** | $11567 | $12184 | $12066 |
| **5/31/2020** | $11654 | $12297 | $12103 |
| **6/30/2020** | $11817 | $12400 | $12238 |
| **7/31/2020** | $12077 | $12618 | $12519 |
| **8/31/2020** | $12153 | $12545 | $12656 |
| **9/30/2020** | $12142 | $12522 | $12609 |
| **10/31/2020** | $12087 | $12478 | $12527 |
| **11/30/2020** | $12274 | $12640 | $12668 |
| **12/31/2020** | $12395 | $12684 | $12813 |
| **1/31/2021** | $12395 | $12604 | $12856 |
| **2/28/2021** | $12175 | $12442 | $12649 |
| **3/31/2021** | $12197 | $12297 | $12625 |
| **4/30/2021** | $12340 | $12400 | $12801 |
| **5/31/2021** | $12462 | $12448 | $12957 |
| **6/30/2021** | $12539 | $12538 | $13035 |
| **7/31/2021** | $12781 | $12664 | $13383 |
| **8/31/2021** | $12763 | $12656 | $13359 |
| **9/30/2021** | $12673 | $12548 | $13263 |
| **10/31/2021** | $12763 | $12538 | $13414 |
| **11/30/2021** | $12841 | $12553 | $13534 |
| **12/31/2021** | $12874 | $12544 | $13577 |
| **1/31/2022** | $12640 | $12269 | $13302 |
| **2/28/2022** | $12629 | $12102 | $13416 |
| **3/31/2022** | $12517 | $11777 | $13166 |
| **4/30/2022** | $12216 | $11338 | $12897 |
| **5/31/2022** | $12093 | $11400 | $12769 |
| **6/30/2022** | $11770 | $11173 | $12365 |
| **7/31/2022** | $12171 | $11453 | $12904 |
| **8/31/2022** | $11898 | $11156 | $12560 |
| **9/30/2022** | $11237 | $10675 | $11729 |
| **10/31/2022** | $11330 | $10558 | $11875 |
| **11/30/2022** | $11573 | $10952 | $12092 |
| **12/31/2022** | $11515 | $10914 | $11968 |
| **1/31/2023** | $11759 | $11253 | $12188 |
| **2/28/2023** | $11631 | $10976 | $12020 |
| **3/31/2023** | $11863 | $11234 | $12368 |
| **4/30/2023** | $11886 | $11303 | $12382 |
| **5/31/2023** | $11793 | $11185 | $12233 |
| **6/30/2023** | $11805 | $11168 | $12192 |
| **7/31/2023** | $11828 | $11179 | $12207 |
| **8/31/2023** | $11762 | $11112 | $12099 |
| **9/30/2023** | $11553 | $10847 | $11875 |
| **10/31/2023** | $11480 | $10684 | $11789 |
| **11/30/2023** | $11799 | $11165 | $12108 |
| **12/31/2023** | $12142 | $11588 | $12435 |
| **1/31/2024** | $12130 | $11560 | $12457 |
| **2/29/2024** | $12044 | $11422 | $12323 |
| **3/31/2024** | $12142 | $11534 | $12424 |
| **4/30/2024** | $11934 | $11264 | $12215 |
| **5/31/2024** | $12093 | $11451 | $12425 |
| **6/30/2024** | $12191 | $11556 | $12522 |
| **7/31/2024** | $12351 | $11818 | $12745 |
| **8/31/2024** | $12490 | $11992 | $12845 |
| **9/30/2024** | $12630 | $12157 | $13038 |
| **10/31/2024** | $12465 | $11881 | $12804 |
| **11/30/2024** | $12554 | $12006 | $12866 |
| **12/31/2024** | $12363 | $11824 | $12663 |
| **1/31/2025** | $12465 | $11896 | $12827 |
| **2/28/2025** | $12655 | $12142 | $13106 |
| **3/31/2025** | $12681 | $12139 | $13191 |
| **4/30/2025** | $12681 | $12182 | $13206 |
| **5/31/2025** | $12655 | $12120 | $13128 |
| **6/30/2025** | $12807 | $12309 | $13254 |
| **7/31/2025** | $12820 | $12291 | $13270 |
| **8/31/2025** | $12919 | $12439 | $13474 |
| **9/30/2025** | $13011 | $12571 | $13532 |
| **10/31/2025** | $13077 | $12654 | $13580 |
| **11/30/2025** | $13090 | $12730 | $13606 |
| **12/31/2025** | $13024 | $12721 | $13551 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3CA2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 5.35% | 0.99% | 2.68% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 7.58% | 0.06% | 2.44% |
| Bloomberg US Treasury Inflation Protected Securities Index<sup>Footnote Reference(b)</sup> | 7.01% | 1.13% | 3.09% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the US Aggregate Index, US Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, US Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Treasury Inflation Protected Securities Index is a market value weighted index that tracks inflation-protected securities issued by the U.S. Treasury. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $86938372 |
| Number of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $403289 |
| Average Maturity<sup>Footnote Reference§</sup> | 6.75 years |
| Duration<sup>Footnote Reference†</sup> | 5.93 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 PineBridge Inflation Opportunities VP

# Service Class

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 52.2% |
| AAA | 6.3 |
| AA | 5.3 |
| A | 17.3 |
| BBB | 17.7 |

---

---

| | |
|:---|:---|
| 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 & 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. |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 52.2% |
| Foreign Government Obligations | 31.6 |
| Corporate Debt Securities | 15.0 |
| Other Investment Company | 0.6 |
| Short-Term Investment Companies | 0.1 |
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Spain Government Inflation-Linked Bonds, 1.00%, 11/30/2030 | 5.1% |
| Australia Government Bonds, 2.50%, 09/20/2030 | 5 |
| Japan Government CPI-Linked Bonds, 0.10%, 03/10/2026 | 4.7 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 1.50%, 02/15/2053 | 3.7 |
| U.K. Inflation-Linked Gilt, 0.13%, 03/22/2029 | 3.6 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.88%, 07/15/2035 | 3.5 |
| Japan Government CPI-Linked Bonds, 0.10%, 03/10/2028 | 3 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.75%, 07/15/2028 | 2.9 |
| Italy Buoni Poliennali Del Tesoro, 0.10%, 05/15/2033 | 2.9 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.88%, 07/15/2034 | 2.9 |

---

# Transamerica PineBridge Inflation Opportunities VP
Service Class

## 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 by 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](g768857g78s24.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 PineBridge Inflation Opportunities VP

# Service Class
![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica ProFund UltraBear VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica ProFund UltraBear VP (the "Portfolio") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P 500<sup>®</sup> Index. The Portfolio does not seek to achieve its stated objective over a period of time greater than a single day. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $107 | 1.24%<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;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned -27.61%. For the same period, the Portfolio's broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.88%.

* The S&P 500 Index (the "Index") is designed to provide a broad measure of large-capitalization U.S. stock performance. It is an unmanaged, market capitalization-weighted index composed of large-capitalization U.S. equities. 

* The Portfolio invests in derivatives that the Portfolio's sub-adviser believes, in combination, should have similar daily return characteristics as twice the inverse (-2x) of the daily return of the Index. The Portfolio seeks investment results for a single day, not for longer periods. The return of the Portfolio for periods longer than a single day will be the result of its return for each day compounded over that period. The Portfolio's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from twice the inverse (-2x) of the return of the Index for the same period.

* During the fiscal year ended December 31, 2025, the Portfolio invested in index futures contracts as a substitute for directly shorting stocks in order to seek returns for a single day that are inverse leveraged (-2x) to the returns of the Index for that day. During the fiscal year, these instruments detracted from Portfolio performance.

* The views expressed reflect the opinions of ProFund Advisors LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica ProFund UltraBear VP

Service Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g58x53.jpg)

---

| | | |
|:---|:---|:---|
| | **Service Class** | **S&P 500<sup>®</sup> Index** |
| **12/31/2015** | $10000 | $10000 |
| **1/31/2016** | $10899 | $9504 |
| **2/29/2016** | $10899 | $9491 |
| **3/31/2016** | $9438 | $10135 |
| **4/30/2016** | $9326 | $10174 |
| **5/31/2016** | $8989 | $10357 |
| **6/30/2016** | $8989 | $10384 |
| **7/31/2016** | $8315 | $10766 |
| **8/31/2016** | $8315 | $10782 |
| **9/30/2016** | $8202 | $10784 |
| **10/31/2016** | $8539 | $10587 |
| **11/30/2016** | $7978 | $10979 |
| **12/31/2016** | $7640 | $11196 |
| **1/31/2017** | $7303 | $11408 |
| **2/28/2017** | $6742 | $11861 |
| **3/31/2017** | $6742 | $11875 |
| **4/30/2017** | $6629 | $11997 |
| **5/31/2017** | $6517 | $12166 |
| **6/30/2017** | $6404 | $12242 |
| **7/31/2017** | $6180 | $12494 |
| **8/31/2017** | $6067 | $12532 |
| **9/30/2017** | $5618 | $13089 |
| **10/31/2017** | $5281 | $13490 |
| **12/31/2017** | $5169 | $13640 |
| **1/31/2018** | $4607 | $14421 |
| **2/28/2018** | $4944 | $13890 |
| **3/31/2018** | $5169 | $13537 |
| **4/30/2018** | $5169 | $13589 |
| **5/31/2018** | $4944 | $13916 |
| **6/30/2018** | $4831 | $14002 |
| **7/31/2018** | $4494 | $14523 |
| **8/31/2018** | $4270 | $14996 |
| **9/30/2018** | $4157 | $15081 |
| **10/31/2018** | $4831 | $14050 |
| **11/30/2018** | $4607 | $14337 |
| **12/31/2018** | $5506 | $13042 |
| **1/31/2019** | $4719 | $14087 |
| **2/28/2019** | $4382 | $14540 |
| **3/31/2019** | $4270 | $14822 |
| **4/30/2019** | $3933 | $15422 |
| **5/31/2019** | $4494 | $14442 |
| **6/30/2019** | $3933 | $15460 |
| **7/31/2019** | $3820 | $15682 |
| **8/31/2019** | $3933 | $15434 |
| **9/30/2019** | $3820 | $15723 |
| **10/31/2019** | $3596 | $16063 |
| **11/30/2019** | $3371 | $16646 |
| **12/31/2019** | $3146 | $17149 |
| **1/31/2020** | $3146 | $17142 |
| **2/29/2020** | $3708 | $15731 |
| **3/31/2020** | $3708 | $13788 |
| **4/30/2020** | $2697 | $15555 |
| **5/31/2020** | $2472 | $16296 |
| **6/30/2020** | $2360 | $16620 |
| **7/31/2020** | $2022 | $17558 |
| **8/31/2020** | $1804 | $18820 |
| **9/30/2020** | $1917 | $18105 |
| **10/31/2020** | $2030 | $17623 |
| **11/30/2020** | $1579 | $19552 |
| **12/31/2020** | $1466 | $20304 |
| **1/31/2021** | $1466 | $20099 |
| **2/28/2021** | $1466 | $20653 |
| **3/31/2021** | $1353 | $21558 |
| **4/30/2021** | $1128 | $22708 |
| **5/31/2021** | $1128 | $22867 |
| **6/30/2021** | $1128 | $23401 |
| **7/31/2021** | $1015 | $23956 |
| **8/31/2021** | $1015 | $24685 |
| **9/30/2021** | $1015 | $23537 |
| **10/31/2021** | $902 | $25186 |
| **11/30/2021** | $902 | $25011 |
| **12/31/2021** | $902 | $26132 |
| **1/31/2022** | $944 | $24780 |
| **2/28/2022** | $991 | $24038 |
| **3/31/2022** | $906 | $24931 |
| **4/30/2022** | $1074 | $22757 |
| **5/31/2022** | $1048 | $22798 |
| **6/30/2022** | $1222 | $20916 |
| **7/31/2022** | $1017 | $22845 |
| **8/31/2022** | $1096 | $21913 |
| **9/30/2022** | $1312 | $19895 |
| **10/31/2022** | $1109 | $21506 |
| **11/30/2022** | $986 | $22708 |
| **12/31/2022** | $1110 | $21399 |
| **1/31/2023** | $984 | $22744 |
| **2/28/2023** | $1038 | $22189 |
| **3/31/2023** | $969 | $23004 |
| **4/30/2023** | $944 | $23363 |
| **5/31/2023** | $941 | $23464 |
| **6/30/2023** | $835 | $25015 |
| **7/31/2023** | $790 | $25818 |
| **8/31/2023** | $823 | $25407 |
| **9/30/2023** | $915 | $24196 |
| **10/31/2023** | $962 | $23687 |
| **11/30/2023** | $812 | $25850 |
| **12/31/2023** | $747 | $27025 |
| **1/31/2024** | $731 | $27479 |
| **2/29/2024** | $664 | $28946 |
| **3/31/2024** | $629 | $29878 |
| **4/30/2024** | $687 | $28657 |
| **5/31/2024** | $629 | $30078 |
| **6/30/2024** | $592 | $31157 |
| **7/31/2024** | $582 | $31537 |
| **8/31/2024** | $556 | $32302 |
| **9/30/2024** | $537 | $32992 |
| **10/31/2024** | $550 | $32692 |
| **11/30/2024** | $493 | $34611 |
| **12/31/2024** | $523 | $33786 |
| **1/31/2025** | $499 | $34727 |
| **2/28/2025** | $516 | $34274 |
| **3/31/2025** | $578 | $32343 |
| **4/30/2025** | $559 | $32124 |
| **5/31/2025** | $496 | $34146 |
| **6/30/2025** | $451 | $35882 |
| **7/31/2025** | $435 | $36687 |
| **8/31/2025** | $420 | $37431 |
| **9/30/2025** | $394 | $38797 |
| **10/31/2025** | $377 | $39706 |
| **11/30/2025** | $377 | $39803 |
| **12/31/2025** | $379 | $39827 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IXFRA | **1 Year** | **5 Years** | **10 Years** |
| Service Class | (27.61)% | (23.71)% | (27.92)% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.88% | 14.42% | 14.82% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange and NASDAQ Stock Market. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $9181482 |
| Number of Portfolio Holdings (Including Derivatives) | 6 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $60711 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Short-Term Investment Companies | 68.5% |
| Repurchase Agreements | 17.0 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 14.5 |

---

---

| | |
|:---|:---|
| 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 ProFund UltraBear VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Dreyfus Treasury & Agency Cash Management, 3.65% | 17.3% |
| UBS Select Treasury Preferred Fund, 3.71% | 17.1 |
| BlackRock Liquidity Funds T-Fund, 3.65% | 17.1 |
| State Street Institutional U.S. Government Money Market Fund, 3.74% | 17.1 |

---

## 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 by 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](g768857g78s24.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 ProFund UltraBear VP

Service Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica S&P 500 Index VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica S&P 500 Index VP (the "Portfolio") seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500<sup>®</sup> Index. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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**. **This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for the year?
**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 | $14 | 0.13%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Initial Class shares at NAV returned 17.65%. For the same period, the Portfolio's broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.88%.

* The Portfolio seeks investment results, before fees and expenses, that correspond to the price and yield performance of the S&P 500<sup>®</sup> Index (the "Index"). Under normal circumstances, the Portfolio intends to invest substantially all of its assets in securities of companies included in the Index. The Portfolio's sub-adviser seeks to replicate the returns of the Index by investing in the securities of the Index in approximately their Index weight. 

* The Index is designed to provide a broad measure of large-capitalization U.S. stock performance. It is an unmanaged, market capitalization-weighted index composed of large-capitalization U.S. equities. 

* On an asset weighted basis, the information technology, communication services and financials sectors contributed the most to Portfolio performance during the fiscal year ended December 31, 2025, while the materials, energy and real estate sectors contributed the least. 

* At the stock level, NVIDIA Corporation, Microsoft Corporation, and Alphabet Inc., contributed the most to Portfolio performance during the fiscal year, while UnitedHealth Group Incorporated, Salesforce, Inc. and Fiserv, Inc. detracted the most from Portfolio performance, on an asset weighted basis.

* The primary drivers of tracking difference between the returns of the Portfolio and the returns of the Index during the fiscal year were Portfolio fees and expenses, slight mismatches in security weightings relative to the Index, cash and futures drag, and transaction costs.

* The views expressed reflect the opinions of SSGA Funds Management, Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica S&P 500 Index VP

Initial Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g22w00.jpg)

---

| | | |
|:---|:---|:---|
| | **Initial Class** | **S&P 500<sup>®</sup> Index** |
| **1/12/2018** | $10000 | $10000 |
| **1/31/2018** | $10136 | $10207 |
| **2/28/2018** | $9763 | $9831 |
| **3/31/2018** | $9508 | $9581 |
| **4/30/2018** | $9542 | $9618 |
| **5/31/2018** | $9763 | $9849 |
| **6/30/2018** | $9822 | $9910 |
| **7/31/2018** | $10186 | $10279 |
| **8/31/2018** | $10512 | $10614 |
| **9/30/2018** | $10572 | $10674 |
| **10/31/2018** | $9849 | $9944 |
| **11/30/2018** | $10044 | $10147 |
| **12/31/2018** | $9134 | $9231 |
| **1/31/2019** | $9857 | $9971 |
| **2/28/2019** | $10180 | $10291 |
| **3/31/2019** | $10376 | $10491 |
| **4/30/2019** | $10793 | $10916 |
| **5/31/2019** | $10112 | $10222 |
| **6/30/2019** | $10818 | $10942 |
| **7/31/2019** | $10971 | $11100 |
| **8/31/2019** | $10798 | $10924 |
| **9/30/2019** | $10994 | $11128 |
| **10/31/2019** | $11234 | $11369 |
| **11/30/2019** | $11635 | $11782 |
| **12/31/2019** | $11986 | $12137 |
| **1/31/2020** | $11977 | $12133 |
| **2/29/2020** | $10994 | $11134 |
| **3/31/2020** | $9635 | $9759 |
| **4/30/2020** | $10866 | $11010 |
| **5/31/2020** | $11387 | $11534 |
| **6/30/2020** | $11610 | $11764 |
| **7/31/2020** | $12259 | $12427 |
| **8/31/2020** | $13145 | $13320 |
| **9/30/2020** | $12635 | $12814 |
| **10/31/2020** | $12298 | $12473 |
| **11/30/2020** | $13646 | $13839 |
| **12/31/2020** | $14165 | $14371 |
| **1/31/2021** | $14018 | $14226 |
| **2/28/2021** | $14407 | $14618 |
| **3/31/2021** | $15038 | $15258 |
| **4/30/2021** | $15833 | $16072 |
| **5/31/2021** | $15945 | $16185 |
| **6/30/2021** | $16317 | $16562 |
| **7/31/2021** | $16697 | $16956 |
| **8/31/2021** | $17200 | $17471 |
| **9/30/2021** | $16402 | $16659 |
| **10/31/2021** | $17546 | $17826 |
| **11/30/2021** | $17422 | $17702 |
| **12/31/2021** | $18202 | $18496 |
| **1/31/2022** | $17253 | $17539 |
| **2/28/2022** | $16739 | $17013 |
| **3/31/2022** | $17360 | $17645 |
| **4/30/2022** | $15843 | $16107 |
| **5/31/2022** | $15869 | $16136 |
| **6/30/2022** | $14557 | $14804 |
| **7/31/2022** | $15896 | $16169 |
| **8/31/2022** | $15249 | $15510 |
| **9/30/2022** | $13839 | $14081 |
| **10/31/2022** | $14967 | $15221 |
| **11/30/2022** | $15794 | $16072 |
| **12/31/2022** | $14885 | $15146 |
| **1/31/2023** | $15812 | $16098 |
| **2/28/2023** | $15431 | $15705 |
| **3/31/2023** | $15994 | $16282 |
| **4/30/2023** | $16240 | $16536 |
| **5/31/2023** | $16313 | $16608 |
| **6/30/2023** | $17385 | $17705 |
| **7/31/2023** | $17940 | $18274 |
| **8/31/2023** | $17650 | $17983 |
| **9/30/2023** | $16811 | $17125 |
| **10/31/2023** | $16457 | $16765 |
| **11/30/2023** | $17948 | $18296 |
| **12/31/2023** | $18768 | $19128 |
| **1/31/2024** | $19076 | $19449 |
| **2/29/2024** | $20092 | $20487 |
| **3/31/2024** | $20744 | $21147 |
| **4/30/2024** | $19896 | $20283 |
| **5/31/2024** | $20874 | $21289 |
| **6/30/2024** | $21620 | $22052 |
| **7/31/2024** | $21881 | $22321 |
| **8/31/2024** | $22412 | $22862 |
| **9/30/2024** | $22881 | $23351 |
| **10/31/2024** | $22671 | $23139 |
| **11/30/2024** | $24002 | $24497 |
| **12/31/2024** | $23427 | $23913 |
| **1/31/2025** | $24079 | $24579 |
| **2/28/2025** | $23763 | $24258 |
| **3/31/2025** | $22422 | $22892 |
| **4/30/2025** | $22259 | $22736 |
| **5/31/2025** | $23657 | $24167 |
| **6/30/2025** | $24854 | $25396 |
| **7/31/2025** | $25410 | $25966 |
| **8/31/2025** | $25920 | $26493 |
| **9/30/2025** | $26862 | $27460 |
| **10/31/2025** | $27493 | $28103 |
| **11/30/2025** | $27551 | $28172 |
| **12/31/2025** | $27561 | $28189 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I9CJ1 | **1 Year** | **5 Years** | **Since Inception 1/12/18** |
| Initial Class | 17.65% | 14.24% | 13.57% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.88% | 14.42% | 13.89% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange and NASDAQ Stock Market. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1428079228 |
| Number of Portfolio Holdings | 504 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $997182 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 34.4% |
| Financials | 13.4 |
| Communication Services | 10.6 |
| Consumer Discretionary | 10.4 |
| Health Care | 9.6 |
| Industrials | 8.1 |
| Consumer Staples | 4.7 |
| Energy | 2.8 |
| Utilities | 2.2 |
| Materials | 1.8 |
| Real Estate | 1.8 |
| Repurchase Agreements | 0.1 |
| 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 S&P 500 Index VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.7% |
| Apple, Inc. | 6.9 |
| Microsoft Corp. | 6.1 |
| Amazon.com, Inc. | 3.8 |
| Alphabet, Inc., Class A | 3.1 |
| Broadcom, Inc. | 2.8 |
| Alphabet, Inc., Class C | 2.5 |
| Meta Platforms, Inc., Class A | 2.5 |
| Tesla, Inc. | 2.2 |
| Berkshire Hathaway, Inc., Class B | 1.6 |

---

## Material Portfolio Changes
This is a summary of certain changes to the Portfolio since January 1, 2025. For more complete information, you may review the Portfolio's prospectus, as supplemented, at www.transamerica.com/financial-pro/annuities/prospectus or upon request at

800-851-9777. The Portfolio's next prospectus will be available by May 1, 2026.

Effective November 24, 2025, and as set forth in the Supplement to the Portfolio's prospectus dated November 24, 2025, the following occurred:

* The Portfolio modified its diversification policy under the Investment Company Act of 1940, as amended (the "1940 Act"), to reflect that the Portfolio intends to be diversified in approximately the same proportion as the Portfolio's benchmark index, the S&P 500<sup>®</sup> Index, is diversified. Shareholder approval will not be sought if the Portfolio becomes "non-diversified," as defined in the 1940 Act, due solely to a change in the relative market capitalization or index weighting of one or more constituents of the S&P 500<sup>®</sup> Index; and

* The Portfolio's principal risks were revised to add Non-Diversification risk, to the extent that the Portfolio becomes "non-diversified" for periods of time solely as a result of tracking its index. 

## 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 by 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](g768857g78s24.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 S&P 500 Index VP

Initial Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica S&P 500 Index VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica S&P 500 Index VP (the "Portfolio") seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500<sup>®</sup> Index. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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**. **This report describes changes to the Portfolio that occurred during the reporting period.**

## What were the Portfolio costs for the year?
**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 | 0.38%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned 17.37%. For the same period, the Portfolio's broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.88%.

* The Portfolio seeks investment results, before fees and expenses, that correspond to the price and yield performance of the S&P 500<sup>®</sup> Index (the "Index"). Under normal circumstances, the Portfolio intends to invest substantially all of its assets in securities of companies included in the Index. The Portfolio's sub-adviser seeks to replicate the returns of the Index by investing in the securities of the Index in approximately their Index weight. 

* The Index is designed to provide a broad measure of large-capitalization U.S. stock performance. It is an unmanaged, market capitalization-weighted index composed of large-capitalization U.S. equities. 

* On an asset weighted basis, the information technology, communication services and financials sectors contributed the most to Portfolio performance during the fiscal year ended December 31, 2025, while the materials, energy and real estate sectors contributed the least. 

* At the stock level, NVIDIA Corporation, Microsoft Corporation, and Alphabet Inc., contributed the most to Portfolio performance during the fiscal year, while UnitedHealth Group Incorporated, Salesforce, Inc. and Fiserv, Inc. detracted the most from Portfolio performance, on an asset weighted basis.

* The primary drivers of tracking difference between the returns of the Portfolio and the returns of the Index during the fiscal year were Portfolio fees and expenses, slight mismatches in security weightings relative to the Index, cash and futures drag, and transaction costs.

* The views expressed reflect the opinions of SSGA Funds Management, Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica S&P 500 Index VP

Service Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g62o35.jpg)

---

| | | |
|:---|:---|:---|
| | **Service Class** | **S&P 500<sup>®</sup> Index** |
| **5/1/2017** | $10000 | $10000 |
| **6/30/2017** | $10140 | $10141 |
| **7/31/2017** | $10190 | $10204 |
| **8/31/2017** | $10390 | $10414 |
| **9/30/2017** | $10420 | $10446 |
| **10/31/2017** | $10890 | $10910 |
| **11/30/2017** | $11210 | $11245 |
| **12/31/2017** | $11320 | $11370 |
| **1/31/2018** | $11960 | $12021 |
| **2/28/2018** | $11510 | $11578 |
| **3/31/2018** | $11220 | $11283 |
| **4/30/2018** | $11260 | $11327 |
| **5/31/2018** | $11520 | $11599 |
| **6/30/2018** | $11590 | $11671 |
| **7/31/2018** | $12010 | $12105 |
| **8/31/2018** | $12391 | $12500 |
| **9/30/2018** | $12461 | $12571 |
| **10/31/2018** | $11598 | $11711 |
| **11/30/2018** | $11829 | $11950 |
| **12/31/2018** | $10755 | $10871 |
| **1/31/2019** | $11608 | $11742 |
| **2/28/2019** | $11989 | $12119 |
| **3/31/2019** | $12220 | $12355 |
| **4/30/2019** | $12702 | $12855 |
| **5/31/2019** | $11899 | $12038 |
| **6/30/2019** | $12722 | $12887 |
| **7/31/2019** | $12902 | $13072 |
| **8/31/2019** | $12698 | $12865 |
| **9/30/2019** | $12930 | $13105 |
| **10/31/2019** | $13202 | $13389 |
| **11/30/2019** | $13675 | $13875 |
| **12/31/2019** | $14078 | $14294 |
| **1/31/2020** | $14068 | $14288 |
| **2/29/2020** | $12909 | $13112 |
| **3/31/2020** | $11307 | $11493 |
| **4/30/2020** | $12758 | $12966 |
| **5/31/2020** | $13363 | $13584 |
| **6/30/2020** | $13625 | $13854 |
| **7/31/2020** | $14391 | $14635 |
| **8/31/2020** | $15418 | $15687 |
| **9/30/2020** | $14818 | $15091 |
| **10/31/2020** | $14421 | $14689 |
| **11/30/2020** | $15999 | $16297 |
| **12/31/2020** | $16609 | $16924 |
| **1/31/2021** | $16426 | $16753 |
| **2/28/2021** | $16884 | $17215 |
| **3/31/2021** | $17607 | $17969 |
| **4/30/2021** | $18543 | $18928 |
| **5/31/2021** | $18665 | $19060 |
| **6/30/2021** | $19092 | $19505 |
| **7/31/2021** | $19540 | $19969 |
| **8/31/2021** | $20124 | $20576 |
| **9/30/2021** | $19185 | $19619 |
| **10/31/2021** | $20521 | $20993 |
| **11/30/2021** | $20375 | $20848 |
| **12/31/2021** | $21282 | $21782 |
| **1/31/2022** | $20166 | $20655 |
| **2/28/2022** | $19561 | $20036 |
| **3/31/2022** | $20281 | $20780 |
| **4/30/2022** | $18507 | $18968 |
| **5/31/2022** | $18539 | $19003 |
| **6/30/2022** | $16995 | $17435 |
| **7/31/2022** | $18559 | $19042 |
| **8/31/2022** | $17796 | $18266 |
| **9/30/2022** | $16153 | $16583 |
| **10/31/2022** | $17455 | $17926 |
| **11/30/2022** | $18426 | $18928 |
| **12/31/2022** | $17359 | $17837 |
| **1/31/2023** | $18436 | $18958 |
| **2/28/2023** | $17988 | $18495 |
| **3/31/2023** | $18639 | $19174 |
| **4/30/2023** | $18916 | $19474 |
| **5/31/2023** | $19002 | $19558 |
| **6/30/2023** | $20250 | $20851 |
| **7/31/2023** | $20890 | $21521 |
| **8/31/2023** | $20549 | $21178 |
| **9/30/2023** | $19567 | $20168 |
| **10/31/2023** | $19141 | $19744 |
| **11/30/2023** | $20887 | $21547 |
| **12/31/2023** | $21826 | $22526 |
| **1/31/2024** | $22186 | $22905 |
| **2/29/2024** | $23365 | $24128 |
| **3/31/2024** | $24107 | $24904 |
| **4/30/2024** | $23114 | $23887 |
| **5/31/2024** | $24249 | $25071 |
| **6/30/2024** | $25122 | $25971 |
| **7/31/2024** | $25416 | $26287 |
| **8/31/2024** | $26018 | $26925 |
| **9/30/2024** | $26567 | $27500 |
| **10/31/2024** | $26320 | $27250 |
| **11/30/2024** | $27855 | $28850 |
| **12/31/2024** | $27183 | $28162 |
| **1/31/2025** | $27933 | $28946 |
| **2/28/2025** | $27564 | $28569 |
| **3/31/2025** | $25996 | $26959 |
| **4/30/2025** | $25805 | $26776 |
| **5/31/2025** | $27418 | $28462 |
| **6/30/2025** | $28796 | $29909 |
| **7/31/2025** | $29434 | $30580 |
| **8/31/2025** | $30022 | $31200 |
| **9/30/2025** | $31110 | $32339 |
| **10/31/2025** | $31824 | $33096 |
| **11/30/2025** | $31892 | $33177 |
| **12/31/2025** | $31903 | $33197 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I9CJ2 | **1 Year** | **5 Years** | **Since Inception 5/1/17** |
| Service Class | 17.37% | 13.95% | 14.32% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.88% | 14.42% | 14.84% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange and NASDAQ Stock Market. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1428079228 |
| Number of Portfolio Holdings | 504 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $997182 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 34.4% |
| Financials | 13.4 |
| Communication Services | 10.6 |
| Consumer Discretionary | 10.4 |
| Health Care | 9.6 |
| Industrials | 8.1 |
| Consumer Staples | 4.7 |
| Energy | 2.8 |
| Utilities | 2.2 |
| Materials | 1.8 |
| Real Estate | 1.8 |
| Repurchase Agreements | 0.1 |
| 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 S&P 500 Index VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.7% |
| Apple, Inc. | 6.9 |
| Microsoft Corp. | 6.1 |
| Amazon.com, Inc. | 3.8 |
| Alphabet, Inc., Class A | 3.1 |
| Broadcom, Inc. | 2.8 |
| Alphabet, Inc., Class C | 2.5 |
| Meta Platforms, Inc., Class A | 2.5 |
| Tesla, Inc. | 2.2 |
| Berkshire Hathaway, Inc., Class B | 1.6 |

---

## Material Portfolio Changes
This is a summary of certain changes to the Portfolio since January 1, 2025. For more complete information, you may review the Portfolio's prospectus, as supplemented, at www.transamerica.com/financial-pro/annuities/prospectus or upon request at

800-851-9777. The Portfolio's next prospectus will be available by May 1, 2026.

Effective November 24, 2025, and as set forth in the Supplement to the Portfolio's prospectus dated November 24, 2025, the following occurred:

* The Portfolio modified its diversification policy under the Investment Company Act of 1940, as amended (the "1940 Act"), to reflect that the Portfolio intends to be diversified in approximately the same proportion as the Portfolio's benchmark index, the S&P 500<sup>®</sup> Index, is diversified. Shareholder approval will not be sought if the Portfolio becomes "non-diversified," as defined in the 1940 Act, due solely to a change in the relative market capitalization or index weighting of one or more constituents of the S&P 500<sup>®</sup> Index; and

* The Portfolio's principal risks were revised to add Non-Diversification risk, to the extent that the Portfolio becomes "non-diversified" for periods of time solely as a result of tracking its index. 

## 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 by 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](g768857g78s24.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 S&P 500 Index VP

Service Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica Small/Mid Cap Value VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Small/Mid Cap Value VP (the "Portfolio") seeks to maximize total return. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $85 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Initial Class shares at NAV returned 9.81%. For the same period, the Portfolio's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%. The performance benchmark, the Russell 2500™ Value Index, returned 12.73% over the same period.

* For the fiscal year ended December 31, 2025, the Portfolio underperformed the Russell 2500<sup>TM</sup> Value Index, a benchmark of the Portfolio.

* The small cap sleeve's top contributors to relative performance during the fiscal year included companies that support the artificial intelligence ("AI") supply chain. Comfort Systems USA and EMCOR Group benefitted from growing backlogs related to the development of data centers and semiconductor factories. Tower Semiconductor also contributed to relative performance, reflecting increased demand for optical connectivity used in data centers implementing AI.

* The most significant detractor from relative performance in the small cap sleeve was Columbus McKinnon, which was sold from the Portfolio following the announcement that it would increase leverage to acquire Kito Crosby Ltd. Perrigo Co., an over-the-counter drug provider, and Progress Software, which provides software development and data integration platforms, also detracted from relative performance. Perrigo underperformed due to weaker sales following prior quality issues. Progress Software underperformed due to market concerns about competitive disruption from AI. 

* The mid-cap sleeve's primary contributors to relative performance during the fiscal year were real estate and utilities. Within real estate, the mid-cap sleeve's underweight allocation was the primary contributor to relative returns. The mid-cap sleeve's position in JBG Smith Properties, a Washington, D.C.-based real estate developer and operator, was the primary contributor to relative performance, driven by improved operating results and share repurchase activity. Within utilities, the mid-cap sleeve's overweight allocation and positive security selection contributed to relative performance, led by a position in National Fuel Gas Company.

* The primary detractors from relative performance in the mid-cap sleeve were healthcare and technology. Within healthcare, an overweight allocation and positions in Perrigo Co., a manufacturer of over-the-counter drugs, and Baxter International, a manufacturer of medical products and equipment, were the primary detractors from relative performance. Within technology, an underweight allocation to hardware and software and position in Clarivate were the primary detractors from relative performance. 

* The views expressed reflect the opinions of Systematic Financial Management, L.P. and Thompson, Siegel & Walmsley LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Small/Mid Cap Value VP

Initial Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g65p70.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Value Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9275 | $9436 | $9387 |
| **2/29/2016** | $9228 | $9433 | $9488 |
| **3/31/2016** | $10115 | $10097 | $10333 |
| **4/30/2016** | $10219 | $10159 | $10534 |
| **5/31/2016** | $10459 | $10341 | $10720 |
| **6/30/2016** | $10324 | $10362 | $10784 |
| **7/31/2016** | $10778 | $10774 | $11275 |
| **8/31/2016** | $10969 | $10801 | $11376 |
| **9/30/2016** | $10986 | $10818 | $11451 |
| **10/31/2016** | $10701 | $10584 | $11108 |
| **11/30/2016** | $11797 | $11058 | $12173 |
| **12/31/2016** | $12113 | $11274 | $12520 |
| **1/31/2017** | $12288 | $11486 | $12589 |
| **2/28/2017** | $12649 | $11913 | $12823 |
| **3/31/2017** | $12708 | $11921 | $12723 |
| **4/30/2017** | $12795 | $12047 | $12710 |
| **5/31/2017** | $12789 | $12171 | $12434 |
| **6/30/2017** | $12994 | $12280 | $12765 |
| **7/31/2017** | $13215 | $12512 | $12864 |
| **8/31/2017** | $12871 | $12536 | $12641 |
| **9/30/2017** | $13255 | $12842 | $13254 |
| **10/31/2017** | $13339 | $13122 | $13326 |
| **11/30/2017** | $13938 | $13521 | $13762 |
| **12/31/2017** | $13996 | $13656 | $13817 |
| **1/31/2018** | $14296 | $14375 | $13991 |
| **2/28/2018** | $13743 | $13846 | $13304 |
| **3/31/2018** | $13821 | $13568 | $13451 |
| **4/30/2018** | $13788 | $13619 | $13597 |
| **5/31/2018** | $14048 | $14004 | $14156 |
| **6/30/2018** | $14302 | $14095 | $14231 |
| **7/31/2018** | $14660 | $14563 | $14514 |
| **8/31/2018** | $14978 | $15074 | $14844 |
| **9/30/2018** | $14761 | $15099 | $14611 |
| **10/31/2018** | $13696 | $13988 | $13362 |
| **11/30/2018** | $13935 | $14268 | $13615 |
| **12/31/2018** | $12393 | $12940 | $12110 |
| **1/31/2019** | $13689 | $14051 | $13463 |
| **2/28/2019** | $14131 | $14545 | $13883 |
| **3/31/2019** | $14015 | $14757 | $13698 |
| **4/30/2019** | $14580 | $15346 | $14178 |
| **5/31/2019** | $13588 | $14353 | $13109 |
| **6/30/2019** | $14464 | $15361 | $13957 |
| **7/31/2019** | $14602 | $15590 | $14048 |
| **8/31/2019** | $13918 | $15272 | $13364 |
| **9/30/2019** | $14626 | $15540 | $13975 |
| **10/31/2019** | $14793 | $15874 | $14177 |
| **11/30/2019** | $15128 | $16478 | $14525 |
| **12/31/2019** | $15525 | $16954 | $14963 |
| **1/31/2020** | $15104 | $16935 | $14418 |
| **2/29/2020** | $13600 | $15549 | $13028 |
| **3/31/2020** | $10393 | $13410 | $9780 |
| **4/30/2020** | $11738 | $15187 | $11073 |
| **5/31/2020** | $12318 | $15999 | $11579 |
| **6/30/2020** | $12446 | $16364 | $11794 |
| **7/31/2020** | $12820 | $17294 | $12149 |
| **8/31/2020** | $13308 | $18546 | $12701 |
| **9/30/2020** | $12870 | $17871 | $12212 |
| **10/31/2020** | $13165 | $17485 | $12488 |
| **11/30/2020** | $15227 | $19613 | $14673 |
| **12/31/2020** | $16153 | $20495 | $15693 |
| **1/31/2021** | $16296 | $20404 | $16040 |
| **2/28/2021** | $17567 | $21042 | $17467 |
| **3/31/2021** | $18711 | $21796 | $18334 |
| **4/30/2021** | $19494 | $22919 | $19121 |
| **5/31/2021** | $19949 | $23024 | $19509 |
| **6/30/2021** | $19612 | $23592 | $19252 |
| **7/31/2021** | $19452 | $23991 | $18970 |
| **8/31/2021** | $19882 | $24675 | $19370 |
| **9/30/2021** | $19332 | $23568 | $18853 |
| **10/31/2021** | $20026 | $25161 | $19749 |
| **11/30/2021** | $19484 | $24778 | $19061 |
| **12/31/2021** | $20695 | $25754 | $20053 |
| **1/31/2022** | $20136 | $24239 | $19034 |
| **2/28/2022** | $20229 | $23628 | $19344 |
| **3/31/2022** | $20518 | $24395 | $19752 |
| **4/30/2022** | $19476 | $22206 | $18413 |
| **5/31/2022** | $20289 | $22176 | $18765 |
| **6/30/2022** | $18400 | $20321 | $16712 |
| **7/31/2022** | $19772 | $22227 | $18329 |
| **8/31/2022** | $19066 | $21397 | $17754 |
| **9/30/2022** | $17192 | $19413 | $15959 |
| **10/31/2022** | $18915 | $21005 | $17644 |
| **11/30/2022** | $19893 | $22102 | $18530 |
| **12/31/2022** | $18976 | $20808 | $17429 |
| **1/31/2023** | $20447 | $22241 | $19170 |
| **2/28/2023** | $19863 | $21721 | $18628 |
| **3/31/2023** | $19167 | $22302 | $17672 |
| **4/30/2023** | $19097 | $22539 | $17437 |
| **5/31/2023** | $18432 | $22627 | $16939 |
| **6/30/2023** | $19822 | $24172 | $18445 |
| **7/31/2023** | $20790 | $25039 | $19526 |
| **8/31/2023** | $20417 | $24555 | $18774 |
| **9/30/2023** | $19596 | $23386 | $17769 |
| **10/31/2023** | $18741 | $22766 | $16772 |
| **11/30/2023** | $19945 | $24888 | $18294 |
| **12/31/2023** | $21328 | $26209 | $20214 |
| **1/31/2024** | $21081 | $26499 | $19647 |
| **2/29/2024** | $21801 | $27933 | $20435 |
| **3/31/2024** | $22892 | $28835 | $21441 |
| **4/30/2024** | $21722 | $27566 | $20093 |
| **5/31/2024** | $22363 | $28868 | $20940 |
| **6/30/2024** | $21789 | $29762 | $20518 |
| **7/31/2024** | $23657 | $30315 | $22180 |
| **8/31/2024** | $23534 | $30975 | $22179 |
| **9/30/2024** | $23534 | $31616 | $22494 |
| **10/31/2024** | $23229 | $31384 | $22210 |
| **11/30/2024** | $24846 | $33471 | $24170 |
| **12/31/2024** | $23218 | $32448 | $22434 |
| **1/31/2025** | $23803 | $33473 | $23198 |
| **2/28/2025** | $23323 | $32831 | $22340 |
| **3/31/2025** | $22679 | $30916 | $21126 |
| **4/30/2025** | $21952 | $30709 | $20515 |
| **5/31/2025** | $22655 | $32655 | $21686 |
| **6/30/2025** | $23417 | $34314 | $22666 |
| **7/31/2025** | $23581 | $35070 | $23060 |
| **8/31/2025** | $24981 | $35881 | $24270 |
| **9/30/2025** | $24928 | $37120 | $24519 |
| **10/31/2025** | $24466 | $37915 | $24455 |
| **11/30/2025** | $25205 | $38019 | $25159 |
| **12/31/2025** | $25496 | $38012 | $25291 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I9DC1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 9.81% | 9.56% | 9.81% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 14.29% |
| Russell 2500™ Value Index<sup>Footnote Reference(b)</sup> | 12.73% | 10.02% | 9.72% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell 2500™ Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe, and is comprised of Russell 2500™ Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500™ Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $531331934 |
| Number of Portfolio Holdings | 222 |
| Portfolio Turnover Rate | 47% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $3906518 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 15.0% |
| Health Care | 13.9 |
| Industrials | 13.2 |
| Consumer Staples | 10.3 |
| Information Technology | 8.0 |
| Materials | 7.7 |
| Consumer Discretionary | 6.8 |
| Communication Services | 6.6 |
| Energy | 6.4 |
| Utilities | 4.6 |
| Real Estate | 4.3 |
| Repurchase Agreements | 3.2 |
| Other Investment Company | 0.3 |
| 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 Small/Mid Cap Value VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| First Citizens BancShares, Inc., Class A | 1.7% |
| Kraft Heinz Co. | 1.5 |
| LKQ Corp. | 1.5 |
| Graphic Packaging Holding Co. | 1.5 |
| Dominion Energy, Inc. | 1.4 |
| Evergy, Inc. | 1.3 |
| Gaming & Leisure Properties, Inc. | 1.3 |
| Conagra Brands, Inc. | 1.3 |
| Perrigo Co. PLC | 1.3 |
| Jazz Pharmaceuticals PLC | 1.3 |

---

## 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 by 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](g768857g78s24.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 Small/Mid Cap Value VP

Initial Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica Small/Mid Cap Value VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Small/Mid Cap Value VP (the "Portfolio") seeks to maximize total return. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $111 | 1.06%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned 9.51%. For the same period, the Portfolio's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%. The performance benchmark, the Russell 2500™ Value Index, returned 12.73% over the same period.

* For the fiscal year ended December 31, 2025, the Portfolio underperformed the Russell 2500<sup>TM</sup> Value Index, a benchmark of the Portfolio.

* The small cap sleeve's top contributors to relative performance during the fiscal year included companies that support the artificial intelligence ("AI") supply chain. Comfort Systems USA and EMCOR Group benefitted from growing backlogs related to the development of data centers and semiconductor factories. Tower Semiconductor also contributed to relative performance, reflecting increased demand for optical connectivity used in data centers implementing AI.

* The most significant detractor from relative performance in the small cap sleeve was Columbus McKinnon, which was sold from the Portfolio following the announcement that it would increase leverage to acquire Kito Crosby Ltd. Perrigo Co., an over-the-counter drug provider, and Progress Software, which provides software development and data integration platforms, also detracted from relative performance. Perrigo underperformed due to weaker sales following prior quality issues. Progress Software underperformed due to market concerns about competitive disruption from AI. 

* The mid-cap sleeve's primary contributors to relative performance during the fiscal year were real estate and utilities. Within real estate, the mid-cap sleeve's underweight allocation was the primary contributor to relative returns. The mid-cap sleeve's position in JBG Smith Properties, a Washington, D.C.-based real estate developer and operator, was the primary contributor to relative performance, driven by improved operating results and share repurchase activity. Within utilities, the mid-cap sleeve's overweight allocation and positive security selection contributed to relative performance, led by a position in National Fuel Gas Company.

* The primary detractors from relative performance in the mid-cap sleeve were healthcare and technology. Within healthcare, an overweight allocation and positions in Perrigo Co., a manufacturer of over-the-counter drugs, and Baxter International, a manufacturer of medical products and equipment, were the primary detractors from relative performance. Within technology, an underweight allocation to hardware and software and position in Clarivate were the primary detractors from relative performance. 

* The views expressed reflect the opinions of Systematic Financial Management, L.P. and Thompson, Siegel & Walmsley LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Small/Mid Cap Value VP

Service Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g83y78.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Value Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9270 | $9436 | $9387 |
| **2/29/2016** | $9223 | $9433 | $9488 |
| **3/31/2016** | $10106 | $10097 | $10333 |
| **4/30/2016** | $10213 | $10159 | $10534 |
| **5/31/2016** | $10447 | $10341 | $10720 |
| **6/30/2016** | $10309 | $10362 | $10784 |
| **7/31/2016** | $10767 | $10774 | $11275 |
| **8/31/2016** | $10950 | $10801 | $11376 |
| **9/30/2016** | $10968 | $10818 | $11451 |
| **10/31/2016** | $10676 | $10584 | $11108 |
| **11/30/2016** | $11771 | $11058 | $12173 |
| **12/31/2016** | $12080 | $11274 | $12520 |
| **1/31/2017** | $12253 | $11486 | $12589 |
| **2/28/2017** | $12610 | $11913 | $12823 |
| **3/31/2017** | $12670 | $11921 | $12723 |
| **4/30/2017** | $12753 | $12047 | $12710 |
| **5/31/2017** | $12747 | $12171 | $12434 |
| **6/30/2017** | $12943 | $12280 | $12765 |
| **7/31/2017** | $13158 | $12512 | $12864 |
| **8/31/2017** | $12815 | $12536 | $12641 |
| **9/30/2017** | $13200 | $12842 | $13254 |
| **10/31/2017** | $13280 | $13122 | $13326 |
| **11/30/2017** | $13871 | $13521 | $13762 |
| **12/31/2017** | $13924 | $13656 | $13817 |
| **1/31/2018** | $14222 | $14375 | $13991 |
| **2/28/2018** | $13671 | $13846 | $13304 |
| **3/31/2018** | $13744 | $13568 | $13451 |
| **4/30/2018** | $13711 | $13619 | $13597 |
| **5/31/2018** | $13964 | $14004 | $14156 |
| **6/30/2018** | $14216 | $14095 | $14231 |
| **7/31/2018** | $14568 | $14563 | $14514 |
| **8/31/2018** | $14876 | $15074 | $14844 |
| **9/30/2018** | $14662 | $15099 | $14611 |
| **10/31/2018** | $13597 | $13988 | $13362 |
| **11/30/2018** | $13834 | $14268 | $13615 |
| **12/31/2018** | $12303 | $12940 | $12110 |
| **1/31/2019** | $13583 | $14051 | $13463 |
| **2/28/2019** | $14019 | $14545 | $13883 |
| **3/31/2019** | $13900 | $14757 | $13698 |
| **4/30/2019** | $14455 | $15346 | $14178 |
| **5/31/2019** | $13472 | $14353 | $13109 |
| **6/30/2019** | $14337 | $15361 | $13957 |
| **7/31/2019** | $14477 | $15590 | $14048 |
| **8/31/2019** | $13788 | $15272 | $13364 |
| **9/30/2019** | $14486 | $15540 | $13975 |
| **10/31/2019** | $14649 | $15874 | $14177 |
| **11/30/2019** | $14982 | $16478 | $14525 |
| **12/31/2019** | $15372 | $16954 | $14963 |
| **1/31/2020** | $14949 | $16935 | $14418 |
| **2/29/2020** | $13463 | $15549 | $13028 |
| **3/31/2020** | $10278 | $13410 | $9780 |
| **4/30/2020** | $11610 | $15187 | $11073 |
| **5/31/2020** | $12187 | $15999 | $11579 |
| **6/30/2020** | $12309 | $16364 | $11794 |
| **7/31/2020** | $12674 | $17294 | $12149 |
| **8/31/2020** | $13156 | $18546 | $12701 |
| **9/30/2020** | $12709 | $17871 | $12212 |
| **10/31/2020** | $13010 | $17485 | $12488 |
| **11/30/2020** | $15036 | $19613 | $14673 |
| **12/31/2020** | $15947 | $20495 | $15693 |
| **1/31/2021** | $16093 | $20404 | $16040 |
| **2/28/2021** | $17338 | $21042 | $17467 |
| **3/31/2021** | $18471 | $21796 | $18334 |
| **4/30/2021** | $19236 | $22919 | $19121 |
| **5/31/2021** | $19682 | $23024 | $19509 |
| **6/30/2021** | $19347 | $23592 | $19252 |
| **7/31/2021** | $19184 | $23991 | $18970 |
| **8/31/2021** | $19597 | $24675 | $19370 |
| **9/30/2021** | $19053 | $23568 | $18853 |
| **10/31/2021** | $19735 | $25161 | $19749 |
| **11/30/2021** | $19191 | $24778 | $19061 |
| **12/31/2021** | $20382 | $25754 | $20053 |
| **1/31/2022** | $19830 | $24239 | $19034 |
| **2/28/2022** | $19916 | $23628 | $19344 |
| **3/31/2022** | $20201 | $24395 | $19752 |
| **4/30/2022** | $19166 | $22206 | $18413 |
| **5/31/2022** | $19968 | $22176 | $18765 |
| **6/30/2022** | $18104 | $20321 | $16712 |
| **7/31/2022** | $19450 | $22227 | $18329 |
| **8/31/2022** | $18757 | $21397 | $17754 |
| **9/30/2022** | $16903 | $19413 | $15959 |
| **10/31/2022** | $18593 | $21005 | $17644 |
| **11/30/2022** | $19551 | $22102 | $18530 |
| **12/31/2022** | $18644 | $20808 | $17429 |
| **1/31/2023** | $20086 | $22241 | $19170 |
| **2/28/2023** | $19509 | $21721 | $18628 |
| **3/31/2023** | $18830 | $22302 | $17672 |
| **4/30/2023** | $18747 | $22539 | $17437 |
| **5/31/2023** | $18088 | $22627 | $16939 |
| **6/30/2023** | $19458 | $24172 | $18445 |
| **7/31/2023** | $20395 | $25039 | $19526 |
| **8/31/2023** | $20034 | $24555 | $18774 |
| **9/30/2023** | $19216 | $23386 | $17769 |
| **10/31/2023** | $18375 | $22766 | $16772 |
| **11/30/2023** | $19550 | $24888 | $18294 |
| **12/31/2023** | $20909 | $26209 | $20214 |
| **1/31/2024** | $20667 | $26499 | $19647 |
| **2/29/2024** | $21359 | $27933 | $20435 |
| **3/31/2024** | $22430 | $28835 | $21441 |
| **4/30/2024** | $21278 | $27566 | $20093 |
| **5/31/2024** | $21888 | $28868 | $20940 |
| **6/30/2024** | $21336 | $29762 | $20518 |
| **7/31/2024** | $23144 | $30315 | $22180 |
| **8/31/2024** | $23023 | $30975 | $22179 |
| **9/30/2024** | $23023 | $31616 | $22494 |
| **10/31/2024** | $22724 | $31384 | $22210 |
| **11/30/2024** | $24295 | $33471 | $24170 |
| **12/31/2024** | $22700 | $32448 | $22434 |
| **1/31/2025** | $23263 | $33473 | $23198 |
| **2/28/2025** | $22796 | $32831 | $22340 |
| **3/31/2025** | $22160 | $30916 | $21126 |
| **4/30/2025** | $21441 | $30709 | $20515 |
| **5/31/2025** | $22124 | $32655 | $21686 |
| **6/30/2025** | $22868 | $34314 | $22666 |
| **7/31/2025** | $23023 | $35070 | $23060 |
| **8/31/2025** | $24384 | $35881 | $24270 |
| **9/30/2025** | $24317 | $37120 | $24519 |
| **10/31/2025** | $23869 | $37915 | $24455 |
| **11/30/2025** | $24588 | $38019 | $25159 |
| **12/31/2025** | $24859 | $38012 | $25291 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I9DC2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 9.51% | 9.29% | 9.53% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 14.29% |
| Russell 2500™ Value Index<sup>Footnote Reference(b)</sup> | 12.73% | 10.02% | 9.72% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell 2500™ Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe, and is comprised of Russell 2500™ Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500™ Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $531331934 |
| Number of Portfolio Holdings | 222 |
| Portfolio Turnover Rate | 47% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $3906518 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 15.0% |
| Health Care | 13.9 |
| Industrials | 13.2 |
| Consumer Staples | 10.3 |
| Information Technology | 8.0 |
| Materials | 7.7 |
| Consumer Discretionary | 6.8 |
| Communication Services | 6.6 |
| Energy | 6.4 |
| Utilities | 4.6 |
| Real Estate | 4.3 |
| Repurchase Agreements | 3.2 |
| Other Investment Company | 0.3 |
| 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 Small/Mid Cap Value VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| First Citizens BancShares, Inc., Class A | 1.7% |
| Kraft Heinz Co. | 1.5 |
| LKQ Corp. | 1.5 |
| Graphic Packaging Holding Co. | 1.5 |
| Dominion Energy, Inc. | 1.4 |
| Evergy, Inc. | 1.3 |
| Gaming & Leisure Properties, Inc. | 1.3 |
| Conagra Brands, Inc. | 1.3 |
| Perrigo Co. PLC | 1.3 |
| Jazz Pharmaceuticals PLC | 1.3 |

---

## 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 by 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](g768857g78s24.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 Small/Mid Cap Value VP

Service Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica T. Rowe Price Small Cap VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica T. Rowe Price Small Cap VP (the "Portfolio") seeks long-term growth of capital by investing primarily in common stocks of small growth companies. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $87 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Initial Class shares at NAV returned 10.27%. For the same period, the Portfolio's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%. The performance benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 13.01% over the same period.

* For the fiscal year ended December 31, 2025, the Portfolio underperformed the Russell 2000<sup>®</sup> Growth Index, a benchmark of the Portfolio. 

* Major U.S. equity market indexes grew in 2025. After experiencing volatility earlier in the fiscal year, equity markets advanced as the year progressed, supported by improving U.S. and China trade relations, favorable corporate earnings, continued investor interest in artificial intelligence-related businesses and other high-growth companies, and the passage of U.S. tax legislation that market participants viewed as supportive of the economy. 

* The Portfolio's relative underperformance versus the Russell 2000<sup>®</sup> Growth Index during the fiscal year was driven by security selection and sector allocation. Materials, industrials and business services, and information technology detracted from relative performance, while health care and financials contributed to relative performance.

* Security selection in materials detracted from relative performance. Shares of RPM International, a family-run coatings, sealings, and construction materials company whose growth strategy focuses on small-scale acquisitions of strong brands in niche end markets, detracted from relative performance. The company's shares fell toward the end of the fiscal year after reporting adjusted earnings that fell short of expectations. 

* Security selection in industrial and business services also detracted from relative returns. Bloom Energy produces solid-oxide fuel cells used to generate electricity for data centers, semiconductor manufacturing, industrials, and large utilities. The company performed well in 2025, particularly in the second half of the year, benefiting from data center demand for power. However, the Portfolio's underweight position in Bloom Energy during the fiscal year limited participation in those gains.

* Security selection in health care contributed to relative performance.

* Security selection in financials also contributed to relative performance. Holdings included StoneX Group, a financial services company that facilitates access to global financial markets for its clients by providing clearing, execution, and hedging services. The company also has a global payments business that specializes in cross-border business-to-business payments with a dominant position in frontier markets. 

* The views expressed reflect the opinions of T. Rowe Price Associates, Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica T. Rowe Price Small Cap VP

Initial Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g93t10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9148 | $9436 | $8917 |
| **2/29/2016** | $9177 | $9433 | $8853 |
| **3/31/2016** | $9755 | $10097 | $9532 |
| **4/30/2016** | $9827 | $10159 | $9627 |
| **5/31/2016** | $10144 | $10341 | $9886 |
| **6/30/2016** | $10130 | $10362 | $9841 |
| **7/31/2016** | $10628 | $10774 | $10484 |
| **8/31/2016** | $10696 | $10801 | $10596 |
| **9/30/2016** | $10721 | $10818 | $10748 |
| **10/31/2016** | $10304 | $10584 | $10080 |
| **11/30/2016** | $11073 | $11058 | $10982 |
| **12/31/2016** | $11122 | $11274 | $11132 |
| **1/31/2017** | $11449 | $11486 | $11313 |
| **2/28/2017** | $11736 | $11913 | $11590 |
| **3/31/2017** | $11867 | $11921 | $11727 |
| **4/30/2017** | $12071 | $12047 | $11943 |
| **5/31/2017** | $12137 | $12171 | $11835 |
| **6/30/2017** | $12317 | $12280 | $12242 |
| **7/31/2017** | $12456 | $12512 | $12346 |
| **8/31/2017** | $12390 | $12536 | $12332 |
| **9/30/2017** | $13132 | $13122 | $13205 |
| **10/31/2017** | $13595 | $13521 | $13584 |
| **12/31/2017** | $13612 | $13656 | $13599 |
| **1/31/2018** | $14311 | $14375 | $14129 |
| **2/28/2018** | $13804 | $13846 | $13727 |
| **3/31/2018** | $13892 | $13568 | $13912 |
| **4/30/2018** | $13813 | $13619 | $13926 |
| **5/31/2018** | $14477 | $14004 | $14802 |
| **6/30/2018** | $14651 | $14095 | $14918 |
| **7/31/2018** | $14939 | $14563 | $15175 |
| **8/31/2018** | $15831 | $15074 | $16119 |
| **9/30/2018** | $15703 | $15099 | $15742 |
| **10/31/2018** | $14024 | $13988 | $13750 |
| **11/30/2018** | $14290 | $14268 | $13965 |
| **12/31/2018** | $12648 | $12940 | $12334 |
| **1/31/2019** | $13987 | $14051 | $13758 |
| **2/28/2019** | $14785 | $14545 | $14646 |
| **3/31/2019** | $14840 | $14757 | $14448 |
| **4/30/2019** | $15354 | $15346 | $14888 |
| **5/31/2019** | $14446 | $14353 | $13784 |
| **6/30/2019** | $15620 | $15361 | $14845 |
| **7/31/2019** | $15831 | $15590 | $14990 |
| **8/31/2019** | $15586 | $15272 | $14343 |
| **9/30/2019** | $15464 | $15540 | $14226 |
| **10/31/2019** | $15678 | $15874 | $14630 |
| **11/30/2019** | $16476 | $16478 | $15492 |
| **12/31/2019** | $16793 | $16954 | $15847 |
| **1/31/2020** | $16640 | $16935 | $15672 |
| **2/29/2020** | $15290 | $15549 | $14541 |
| **3/31/2020** | $12764 | $13410 | $11764 |
| **4/30/2020** | $14533 | $15187 | $13516 |
| **5/31/2020** | $15811 | $15999 | $14793 |
| **6/30/2020** | $15832 | $16364 | $15362 |
| **7/31/2020** | $16701 | $17294 | $15889 |
| **8/31/2020** | $17306 | $18546 | $16822 |
| **9/30/2020** | $16966 | $17871 | $16461 |
| **10/31/2020** | $17251 | $17485 | $16586 |
| **11/30/2020** | $19445 | $19613 | $19511 |
| **12/31/2020** | $20750 | $20495 | $21335 |
| **1/31/2021** | $20651 | $20404 | $22363 |
| **2/28/2021** | $21627 | $21042 | $23102 |
| **3/31/2021** | $21638 | $21796 | $22375 |
| **4/30/2021** | $22461 | $22919 | $22863 |
| **5/31/2021** | $21781 | $23024 | $22210 |
| **6/30/2021** | $22176 | $23592 | $23251 |
| **7/31/2021** | $22230 | $23991 | $22404 |
| **8/31/2021** | $22879 | $24675 | $22812 |
| **9/30/2021** | $22247 | $23568 | $21937 |
| **10/31/2021** | $23341 | $25161 | $22964 |
| **11/30/2021** | $22235 | $24778 | $21843 |
| **12/31/2021** | $23110 | $25754 | $21939 |
| **1/31/2022** | $20448 | $24239 | $18999 |
| **2/28/2022** | $20460 | $23628 | $19082 |
| **3/31/2022** | $20423 | $24395 | $19169 |
| **4/30/2022** | $18466 | $22206 | $16817 |
| **5/31/2022** | $18162 | $22176 | $16500 |
| **6/30/2022** | $16971 | $20321 | $15478 |
| **7/31/2022** | $18831 | $22227 | $17211 |
| **8/31/2022** | $18156 | $21397 | $17049 |
| **9/30/2022** | $16708 | $19413 | $15516 |
| **10/31/2022** | $18156 | $21005 | $16988 |
| **11/30/2022** | $18963 | $22102 | $17265 |
| **12/31/2022** | $17936 | $20808 | $16157 |
| **1/31/2023** | $19550 | $22241 | $17764 |
| **2/28/2023** | $19385 | $21721 | $17571 |
| **3/31/2023** | $19220 | $22302 | $17138 |
| **4/30/2023** | $19183 | $22539 | $16939 |
| **5/31/2023** | $18945 | $22627 | $16942 |
| **6/30/2023** | $20449 | $24172 | $18347 |
| **7/31/2023** | $20834 | $25039 | $19204 |
| **8/31/2023** | $20402 | $24555 | $18205 |
| **9/30/2023** | $19295 | $23386 | $17004 |
| **10/31/2023** | $18169 | $22766 | $15692 |
| **11/30/2023** | $19811 | $24888 | $17121 |
| **12/31/2023** | $21738 | $26209 | $19171 |
| **1/31/2024** | $21395 | $26499 | $18556 |
| **2/29/2024** | $23017 | $27933 | $20064 |
| **3/31/2024** | $23704 | $28835 | $20625 |
| **4/30/2024** | $22215 | $27566 | $19037 |
| **5/31/2024** | $23246 | $28868 | $20056 |
| **6/30/2024** | $23380 | $29762 | $20023 |
| **7/31/2024** | $24677 | $30315 | $21662 |
| **8/31/2024** | $24952 | $30975 | $21422 |
| **9/30/2024** | $25149 | $31616 | $21707 |
| **10/31/2024** | $24694 | $31384 | $21419 |
| **11/30/2024** | $26869 | $33471 | $24045 |
| **12/31/2024** | $24517 | $32448 | $22077 |
| **1/31/2025** | $25525 | $33473 | $22775 |
| **2/28/2025** | $24082 | $32831 | $21233 |
| **3/31/2025** | $22520 | $30916 | $19623 |
| **4/30/2025** | $22599 | $30709 | $19497 |
| **5/31/2025** | $23568 | $32655 | $20749 |
| **6/30/2025** | $24596 | $34314 | $21971 |
| **7/31/2025** | $25011 | $35070 | $22345 |
| **8/31/2025** | $26057 | $35881 | $23666 |
| **9/30/2025** | $26639 | $37120 | $24650 |
| **10/31/2025** | $27011 | $37915 | $25447 |
| **11/30/2025** | $27313 | $38019 | $25273 |
| **12/31/2025** | $27034 | $38012 | $24949 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPN1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 10.27% | 5.43% | 10.46% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 13.01% | 3.18% | 9.57% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 2000<sup>®</sup> Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe, and is comprised of Russell 2000<sup>®</sup> Index companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $657358422 |
| Number of Portfolio Holdings | 342 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $4970713 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 24.5% |
| Industrials | 23.0 |
| Information Technology | 21.7 |
| Consumer Discretionary | 9.4 |
| Financials | 9.2 |
| Energy | 3.8 |
| Materials | 3.7 |
| Consumer Staples | 1.7 |
| Communication Services | 1.5 |
| Real Estate | 1.1 |
| Repurchase Agreements | 0.5 |
| Other Investment Company | 0.2 |
| 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 T. Rowe Price Small Cap VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Fabrinet | 1.7% |
| Rambus, Inc. | 1.4 |
| InterDigital, Inc. | 1.2 |
| Credo Technology Group Holding Ltd. | 1 |
| Nextpower, Inc., Class A | 1 |
| SPX Technologies, Inc. | 0.9 |
| Ensign Group, Inc. | 0.9 |
| Sterling Infrastructure, Inc. | 0.9 |
| StoneX Group, Inc. | 0.9 |
| Bridgebio Pharma, Inc. | 0.9 |

---

## 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 by 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](g768857g78s24.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 T. Rowe Price Small Cap VP

Initial Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica T. Rowe Price Small Cap VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica T. Rowe Price Small Cap VP (the "Portfolio") seeks long-term growth of capital by investing primarily in common stocks of small growth companies. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $113 | 1.08%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned 9.93%. For the same period, the Portfolio's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%. The performance benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 13.01% over the same period.

* For the fiscal year ended December 31, 2025, the Portfolio underperformed the Russell 2000<sup>®</sup> Growth Index, a benchmark of the Portfolio. 

* Major U.S. equity market indexes grew in 2025. After experiencing volatility earlier in the fiscal year, equity markets advanced as the year progressed, supported by improving U.S. and China trade relations, favorable corporate earnings, continued investor interest in artificial intelligence-related businesses and other high-growth companies, and the passage of U.S. tax legislation that market participants viewed as supportive of the economy. 

* The Portfolio's relative underperformance versus the Russell 2000<sup>®</sup> Growth Index during the fiscal year was driven by security selection and sector allocation. Materials, industrials and business services, and information technology detracted from relative performance, while health care and financials contributed to relative performance.

* Security selection in materials detracted from relative performance. Shares of RPM International, a family-run coatings, sealings, and construction materials company whose growth strategy focuses on small-scale acquisitions of strong brands in niche end markets, detracted from relative performance. The company's shares fell toward the end of the fiscal year after reporting adjusted earnings that fell short of expectations. 

* Security selection in industrial and business services also detracted from relative returns. Bloom Energy produces solid-oxide fuel cells used to generate electricity for data centers, semiconductor manufacturing, industrials, and large utilities. The company performed well in 2025, particularly in the second half of the year, benefiting from data center demand for power. However, the Portfolio's underweight position in Bloom Energy during the fiscal year limited participation in those gains.

* Security selection in health care contributed to relative performance.

* Security selection in financials also contributed to relative performance. Holdings included StoneX Group, a financial services company that facilitates access to global financial markets for its clients by providing clearing, execution, and hedging services. The company also has a global payments business that specializes in cross-border business-to-business payments with a dominant position in frontier markets. 

* The views expressed reflect the opinions of T. Rowe Price Associates, Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica T. Rowe Price Small Cap VP

Service Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g40h72.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9143 | $9436 | $8917 |
| **2/29/2016** | $9173 | $9433 | $8853 |
| **3/31/2016** | $9752 | $10097 | $9532 |
| **4/30/2016** | $9820 | $10159 | $9627 |
| **5/31/2016** | $10143 | $10341 | $9886 |
| **6/30/2016** | $10120 | $10362 | $9841 |
| **7/31/2016** | $10617 | $10774 | $10484 |
| **8/31/2016** | $10680 | $10801 | $10596 |
| **9/30/2016** | $10697 | $10818 | $10748 |
| **10/31/2016** | $10286 | $10584 | $10080 |
| **11/30/2016** | $11057 | $11058 | $10982 |
| **12/31/2016** | $11100 | $11274 | $11132 |
| **1/31/2017** | $11417 | $11486 | $11313 |
| **2/28/2017** | $11700 | $11913 | $11590 |
| **3/31/2017** | $11837 | $11921 | $11727 |
| **4/30/2017** | $12026 | $12047 | $11943 |
| **5/31/2017** | $12094 | $12171 | $11835 |
| **6/30/2017** | $12274 | $12280 | $12242 |
| **7/31/2017** | $12412 | $12512 | $12346 |
| **8/31/2017** | $12342 | $12536 | $12332 |
| **9/30/2017** | $13076 | $13122 | $13205 |
| **10/31/2017** | $13535 | $13521 | $13584 |
| **12/31/2017** | $13544 | $13656 | $13599 |
| **1/31/2018** | $14242 | $14375 | $14129 |
| **2/28/2018** | $13728 | $13846 | $13727 |
| **3/31/2018** | $13811 | $13568 | $13912 |
| **4/30/2018** | $13737 | $13619 | $13926 |
| **5/31/2018** | $14389 | $14004 | $14802 |
| **6/30/2018** | $14563 | $14095 | $14918 |
| **7/31/2018** | $14848 | $14563 | $15175 |
| **8/31/2018** | $15729 | $15074 | $16119 |
| **9/30/2018** | $15594 | $15099 | $15742 |
| **10/31/2018** | $13931 | $13988 | $13750 |
| **11/30/2018** | $14192 | $14268 | $13965 |
| **12/31/2018** | $12558 | $12940 | $12334 |
| **1/31/2019** | $13883 | $14051 | $13758 |
| **2/28/2019** | $14666 | $14545 | $14646 |
| **3/31/2019** | $14724 | $14757 | $14448 |
| **4/30/2019** | $15227 | $15346 | $14888 |
| **5/31/2019** | $14328 | $14353 | $13784 |
| **6/30/2019** | $15488 | $15361 | $14845 |
| **7/31/2019** | $15691 | $15590 | $14990 |
| **8/31/2019** | $15453 | $15272 | $14343 |
| **9/30/2019** | $15323 | $15540 | $14226 |
| **10/31/2019** | $15540 | $15874 | $14630 |
| **11/30/2019** | $16322 | $16478 | $15492 |
| **12/31/2019** | $16626 | $16954 | $15847 |
| **1/31/2020** | $16474 | $16935 | $15672 |
| **2/29/2020** | $15138 | $15549 | $14541 |
| **3/31/2020** | $12630 | $13410 | $11764 |
| **4/30/2020** | $14378 | $15187 | $13516 |
| **5/31/2020** | $15638 | $15999 | $14793 |
| **6/30/2020** | $15660 | $16364 | $15362 |
| **7/31/2020** | $16517 | $17294 | $15889 |
| **8/31/2020** | $17117 | $18546 | $16822 |
| **9/30/2020** | $16766 | $17871 | $16461 |
| **10/31/2020** | $17047 | $17485 | $16586 |
| **11/30/2020** | $19213 | $19613 | $19511 |
| **12/31/2020** | $20500 | $20495 | $21335 |
| **1/31/2021** | $20395 | $20404 | $22363 |
| **2/28/2021** | $21355 | $21042 | $23102 |
| **3/31/2021** | $21355 | $21796 | $22375 |
| **4/30/2021** | $22163 | $22919 | $22863 |
| **5/31/2021** | $21496 | $23024 | $22210 |
| **6/30/2021** | $21882 | $23592 | $23251 |
| **7/31/2021** | $21929 | $23991 | $22404 |
| **8/31/2021** | $22563 | $24675 | $22812 |
| **9/30/2021** | $21934 | $23568 | $21937 |
| **10/31/2021** | $23008 | $25161 | $22964 |
| **11/30/2021** | $21921 | $24778 | $21843 |
| **12/31/2021** | $22772 | $25754 | $21939 |
| **1/31/2022** | $20153 | $24239 | $18999 |
| **2/28/2022** | $20153 | $23628 | $19082 |
| **3/31/2022** | $20114 | $24395 | $19169 |
| **4/30/2022** | $18176 | $22206 | $16817 |
| **5/31/2022** | $17875 | $22176 | $16500 |
| **6/30/2022** | $16696 | $20321 | $15478 |
| **7/31/2022** | $18529 | $22227 | $17211 |
| **8/31/2022** | $17854 | $21397 | $17049 |
| **9/30/2022** | $16443 | $19413 | $15516 |
| **10/31/2022** | $17854 | $21005 | $16988 |
| **11/30/2022** | $18643 | $22102 | $17265 |
| **12/31/2022** | $17626 | $20808 | $16157 |
| **1/31/2023** | $19204 | $22241 | $17764 |
| **2/28/2023** | $19038 | $21721 | $17571 |
| **3/31/2023** | $18872 | $22302 | $17138 |
| **4/30/2023** | $18851 | $22539 | $16939 |
| **5/31/2023** | $18602 | $22627 | $16942 |
| **6/30/2023** | $20076 | $24172 | $18347 |
| **7/31/2023** | $20449 | $25039 | $19204 |
| **8/31/2023** | $20001 | $24555 | $18205 |
| **9/30/2023** | $18936 | $23386 | $17004 |
| **10/31/2023** | $17827 | $22766 | $15692 |
| **11/30/2023** | $19414 | $24888 | $17121 |
| **12/31/2023** | $21306 | $26209 | $19171 |
| **1/31/2024** | $20958 | $26499 | $18556 |
| **2/29/2024** | $22567 | $27933 | $20064 |
| **3/31/2024** | $23219 | $28835 | $20625 |
| **4/30/2024** | $21762 | $27566 | $19037 |
| **5/31/2024** | $22762 | $28868 | $20056 |
| **6/30/2024** | $22893 | $29762 | $20023 |
| **7/31/2024** | $24154 | $30315 | $21662 |
| **8/31/2024** | $24423 | $30975 | $21422 |
| **9/30/2024** | $24627 | $31616 | $21707 |
| **10/31/2024** | $24151 | $31384 | $21419 |
| **11/30/2024** | $26281 | $33471 | $24045 |
| **12/31/2024** | $23992 | $32448 | $22077 |
| **1/31/2025** | $24967 | $33473 | $22775 |
| **2/28/2025** | $23539 | $32831 | $21233 |
| **3/31/2025** | $22021 | $30916 | $19623 |
| **4/30/2025** | $22089 | $30709 | $19497 |
| **5/31/2025** | $23018 | $32655 | $20749 |
| **6/30/2025** | $24015 | $34314 | $21971 |
| **7/31/2025** | $24423 | $35070 | $22345 |
| **8/31/2025** | $25441 | $35881 | $23666 |
| **9/30/2025** | $26018 | $37120 | $24650 |
| **10/31/2025** | $26376 | $37915 | $25447 |
| **11/30/2025** | $26651 | $38019 | $25273 |
| **12/31/2025** | $26376 | $38012 | $24949 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPN2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 9.93% | 5.17% | 10.18% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 13.01% | 3.18% | 9.57% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 2000<sup>®</sup> Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe, and is comprised of Russell 2000<sup>®</sup> Index companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $657358422 |
| Number of Portfolio Holdings | 342 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $4970713 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 24.5% |
| Industrials | 23.0 |
| Information Technology | 21.7 |
| Consumer Discretionary | 9.4 |
| Financials | 9.2 |
| Energy | 3.8 |
| Materials | 3.7 |
| Consumer Staples | 1.7 |
| Communication Services | 1.5 |
| Real Estate | 1.1 |
| Repurchase Agreements | 0.5 |
| Other Investment Company | 0.2 |
| 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 T. Rowe Price Small Cap VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Fabrinet | 1.7% |
| Rambus, Inc. | 1.4 |
| InterDigital, Inc. | 1.2 |
| Credo Technology Group Holding Ltd. | 1 |
| Nextpower, Inc., Class A | 1 |
| SPX Technologies, Inc. | 0.9 |
| Ensign Group, Inc. | 0.9 |
| Sterling Infrastructure, Inc. | 0.9 |
| StoneX Group, Inc. | 0.9 |
| Bridgebio Pharma, Inc. | 0.9 |

---

## 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 by 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](g768857g78s24.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 T. Rowe Price Small Cap VP

Service Class

![Image](g768857g95i10.jpg)

Annual Shareholder Report

# Transamerica TSW International Equity VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica TSW International Equity VP (the "Portfolio") seeks maximum long-term total return, consistent with reasonable risk to principal, by investing in a diversified portfolio of common stocks of primarily non-U.S. issuers. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $100 | 0.86%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Initial Class shares at NAV returned 31.86%. For the same period, the Portfolio's broad-based benchmark, the MSCI EAFE Index, returned 31.89%.

* During the fiscal year ended December 31, 2025, the Portfolio performed in line with the MSCI EAFE Index (the "Benchmark").

* The period was characterized by signs of moderating inflation and continued investor interest in artificial intelligence, which supported equity markets, offset by periods of global trade and geopolitical uncertainty.

* Among regions represented in the Benchmark, the market environment proved most favorable for European equities, while stocks in Asia ex-Japan underperformed.

* Among sectors represented in the Benchmark, financials achieved the highest average returns, while consumer discretionary had the lowest. 

* Among regions represented in the Portfolio, holdings in Europe contributed the most to relative performance. Contributors included leading cement producer Heidelberg Materials, financial services company Societe Generale, and Irish bank AIB Group.

* From a sector perspective, financials represented the top-performing sector for the Portfolio. An improving economic backdrop served as a tailwind for the Portfolio's bank holdings (particularly in Europe), and company-specific initiatives, including increased capital return to shareholders and improved capital profiles, resulted in strong gains for several holdings, such as Societe Generale, AIB Group, and Lloyds.

* Stock selection and positioning within the U.K. detracted the most from relative returns. The Portfolio's lack of exposure to larger regional Benchmark constituents, such as HSBC and Rolls Royce Holdings, detracted from relative performance. 

* Industrial holdings detracted the most from relative returns at the sector level. While the Portfolio's industrial holdings produced double-digit returns on average, its underweight exposure to the rally among aerospace and defense companies detracted from relative performance.

* At period end, the Portfolio's sub-adviser believed the outlook for non-U.S. equities remained generally positive. Valuation, interest rates, and investor sentiment were broadly supportive of this view, though U.S. trade policy continued to be a source of uncertainty. The Portfolio continued to emphasize a combination of attractive valuations and improving business fundamentals across a variety of sectors and industry groups, which the Portfolio's sub-adviser believes should be favorable over time. 

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica TSW International Equity VP

# Initial Class

## Portfolio Overview

### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g67r70.jpg)

---

| | | |
|:---|:---|:---|
| | **Initial Class** | **MSCI EAFE Index** |
| **12/31/2015** | $10000 | $10000 |
| **1/31/2016** | $9393 | $9278 |
| **2/29/2016** | $9098 | $9111 |
| **3/31/2016** | $9811 | $9712 |
| **4/30/2016** | $9934 | $10004 |
| **5/31/2016** | $9934 | $9925 |
| **6/30/2016** | $9492 | $9596 |
| **7/31/2016** | $10008 | $10083 |
| **8/31/2016** | $10150 | $10092 |
| **9/30/2016** | $10234 | $10220 |
| **10/31/2016** | $10099 | $10012 |
| **11/30/2016** | $9847 | $9814 |
| **12/31/2016** | $10108 | $10151 |
| **1/31/2017** | $10369 | $10446 |
| **2/28/2017** | $10478 | $10597 |
| **3/31/2017** | $10857 | $10901 |
| **4/30/2017** | $11169 | $11187 |
| **5/31/2017** | $11540 | $11613 |
| **6/30/2017** | $11506 | $11595 |
| **7/31/2017** | $11759 | $11930 |
| **8/31/2017** | $11657 | $11927 |
| **9/30/2017** | $12070 | $12416 |
| **10/31/2017** | $12234 | $12548 |
| **12/31/2017** | $12423 | $12752 |
| **1/31/2018** | $13052 | $13392 |
| **2/28/2018** | $12458 | $12789 |
| **3/31/2018** | $12372 | $12571 |
| **4/30/2018** | $12552 | $12872 |
| **5/31/2018** | $12277 | $12600 |
| **6/30/2018** | $12096 | $12450 |
| **7/31/2018** | $12389 | $12757 |
| **8/31/2018** | $12180 | $12512 |
| **9/30/2018** | $12215 | $12626 |
| **10/31/2018** | $11183 | $11622 |
| **11/30/2018** | $11165 | $11609 |
| **12/31/2018** | $10495 | $11048 |
| **1/31/2019** | $11227 | $11776 |
| **2/28/2019** | $11359 | $12078 |
| **3/31/2019** | $11351 | $12167 |
| **4/30/2019** | $11774 | $12521 |
| **5/31/2019** | $10945 | $11938 |
| **6/30/2019** | $11615 | $12650 |
| **7/31/2019** | $11377 | $12490 |
| **8/31/2019** | $11139 | $12168 |
| **9/30/2019** | $11585 | $12523 |
| **10/31/2019** | $12068 | $12974 |
| **11/30/2019** | $12241 | $13123 |
| **12/31/2019** | $12706 | $13551 |
| **1/31/2020** | $12259 | $13269 |
| **2/29/2020** | $11267 | $12072 |
| **3/31/2020** | $9308 | $10473 |
| **4/30/2020** | $10083 | $11158 |
| **5/31/2020** | $10538 | $11651 |
| **6/30/2020** | $10993 | $12052 |
| **7/31/2020** | $11212 | $12335 |
| **8/31/2020** | $11769 | $12971 |
| **9/30/2020** | $11544 | $12640 |
| **10/31/2020** | $11027 | $12136 |
| **11/30/2020** | $12822 | $14019 |
| **12/31/2020** | $13537 | $14673 |
| **1/31/2021** | $13462 | $14518 |
| **2/28/2021** | $13875 | $14846 |
| **3/31/2021** | $14373 | $15201 |
| **4/30/2021** | $14806 | $15671 |
| **5/31/2021** | $15351 | $16197 |
| **6/30/2021** | $15050 | $16019 |
| **7/31/2021** | $15078 | $16142 |
| **8/31/2021** | $15275 | $16428 |
| **9/30/2021** | $14720 | $15963 |
| **10/31/2021** | $15180 | $16360 |
| **11/30/2021** | $14500 | $15601 |
| **12/31/2021** | $15352 | $16401 |
| **1/31/2022** | $15065 | $15610 |
| **2/28/2022** | $14605 | $15335 |
| **3/31/2022** | $14309 | $15451 |
| **4/30/2022** | $13505 | $14465 |
| **5/31/2022** | $13859 | $14594 |
| **6/30/2022** | $12442 | $13243 |
| **7/31/2022** | $13045 | $13904 |
| **8/31/2022** | $12144 | $13245 |
| **9/30/2022** | $10991 | $12012 |
| **10/31/2022** | $11791 | $12659 |
| **11/30/2022** | $13339 | $14087 |
| **12/31/2022** | $13141 | $14103 |
| **1/31/2023** | $14222 | $15246 |
| **2/28/2023** | $13848 | $14930 |
| **3/31/2023** | $14128 | $15319 |
| **4/30/2023** | $14513 | $15767 |
| **5/31/2023** | $13952 | $15120 |
| **6/30/2023** | $14471 | $15813 |
| **7/31/2023** | $14866 | $16326 |
| **8/31/2023** | $14314 | $15703 |
| **9/30/2023** | $13831 | $15173 |
| **10/31/2023** | $13348 | $14560 |
| **11/30/2023** | $14335 | $15913 |
| **12/31/2023** | $15175 | $16761 |
| **1/31/2024** | $15028 | $16859 |
| **2/29/2024** | $15259 | $17170 |
| **3/31/2024** | $15700 | $17755 |
| **4/30/2024** | $15238 | $17319 |
| **5/31/2024** | $16047 | $18012 |
| **6/30/2024** | $15669 | $17725 |
| **7/31/2024** | $16278 | $18247 |
| **8/31/2024** | $16791 | $18843 |
| **9/30/2024** | $16953 | $19024 |
| **10/31/2024** | $16024 | $17992 |
| **11/30/2024** | $16099 | $17893 |
| **12/31/2024** | $15689 | $17490 |
| **1/31/2025** | $16467 | $18411 |
| **2/28/2025** | $17147 | $18770 |
| **3/31/2025** | $17158 | $18716 |
| **4/30/2025** | $17526 | $19593 |
| **5/31/2025** | $18433 | $20518 |
| **6/30/2025** | $18898 | $20975 |
| **7/31/2025** | $18379 | $20682 |
| **8/31/2025** | $19050 | $21566 |
| **9/30/2025** | $19329 | $21988 |
| **10/31/2025** | $19561 | $22250 |
| **11/30/2025** | $20037 | $22392 |
| **12/31/2025** | $20687 | $23067 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBDE1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 31.86% | 8.85% | 7.54% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 31.89% | 9.47% | 8.72% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $210553333 |
| Number of Portfolio Holdings | 110 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1521919 |

---

# Transamerica TSW International Equity VP

# Initial Class

## What did the Portfolio invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 18.5% |
| United Kingdom | 13.5 |
| Germany | 11.8 |
| France | 11.3 |
| Switzerland | 7.0 |
| Ireland | 5.3 |
| Netherlands | 4.9 |
| Hong Kong | 3.1 |
| Sweden | 2.6 |
| Norway | 2.3 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 25.6% |
| Industrials | 13.9 |
| Information Technology | 11.7 |
| Consumer Discretionary | 10.2 |
| Health Care | 9.3 |
| Consumer Staples | 6.8 |
| Materials | 5.7 |
| Energy | 5.2 |
| Utilities | 1.7 |
| Communication Services | 1.2 |
| Real Estate | 0.6 |
| Repurchase Agreements | 0.9 |
| Preferred Stocks | 0.6 |
| Other Investment Company | 0.6 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 6.0 |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Societe Generale SA | 2.3% |
| ASML Holding NV | 2.2 |
| Roche Holding AG | 2.2 |
| Sony Group Corp. | 2.0 |
| Lloyds Banking Group PLC | 1.9 |
| Sumitomo Mitsui Financial Group, Inc. | 1.9 |
| Hitachi Ltd. | 1.8 |
| Samsung Electronics Co. Ltd. | 1.7 |
| Veolia Environnement SA | 1.7 |
| ORIX Corp. | 1.7 |

---

# Transamerica TSW International Equity VP
Initial Class

## 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 by 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](g768857g78s24.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 TSW International Equity VP

# Initial Class
![Image](g768857g95i10.jpg)

Annual Shareholder Report

# Transamerica TSW International Equity VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica TSW International Equity VP (the "Portfolio") seeks maximum long-term total return, consistent with reasonable risk to principal, by investing in a diversified portfolio of common stocks of primarily non-U.S. issuers. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $128 | 1.11%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned 31.42%. For the same period, the Portfolio's broad-based benchmark, the MSCI EAFE Index, returned 31.89%.

* During the fiscal year ended December 31, 2025, the Portfolio performed in line with the MSCI EAFE Index (the "Benchmark").

* The period was characterized by signs of moderating inflation and continued investor interest in artificial intelligence, which supported equity markets, offset by periods of global trade and geopolitical uncertainty.

* Among regions represented in the Benchmark, the market environment proved most favorable for European equities, while stocks in Asia ex-Japan underperformed.

* Among sectors represented in the Benchmark, financials achieved the highest average returns, while consumer discretionary had the lowest. 

* Among regions represented in the Portfolio, holdings in Europe contributed the most to relative performance. Contributors included leading cement producer Heidelberg Materials, financial services company Societe Generale, and Irish bank AIB Group.

* From a sector perspective, financials represented the top-performing sector for the Portfolio. An improving economic backdrop served as a tailwind for the Portfolio's bank holdings (particularly in Europe), and company-specific initiatives, including increased capital return to shareholders and improved capital profiles, resulted in strong gains for several holdings, such as Societe Generale, AIB Group, and Lloyds.

* Stock selection and positioning within the U.K. detracted the most from relative returns. The Portfolio's lack of exposure to larger regional Benchmark constituents, such as HSBC and Rolls Royce Holdings, detracted from relative performance. 

* Industrial holdings detracted the most from relative returns at the sector level. While the Portfolio's industrial holdings produced double-digit returns on average, its underweight exposure to the rally among aerospace and defense companies detracted from relative performance.

* At period end, the Portfolio's sub-adviser believed the outlook for non-U.S. equities remained generally positive. Valuation, interest rates, and investor sentiment were broadly supportive of this view, though U.S. trade policy continued to be a source of uncertainty. The Portfolio continued to emphasize a combination of attractive valuations and improving business fundamentals across a variety of sectors and industry groups, which the Portfolio's sub-adviser believes should be favorable over time. 

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica TSW International Equity VP

# Service Class

## Portfolio Overview

### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g99p55.jpg)

---

| | | |
|:---|:---|:---|
| | **Service Class** | **MSCI EAFE Index** |
| **12/31/2015** | $10000 | $10000 |
| **1/31/2016** | $9397 | $9278 |
| **2/29/2016** | $9100 | $9111 |
| **3/31/2016** | $9802 | $9712 |
| **4/30/2016** | $9926 | $10004 |
| **5/31/2016** | $9926 | $9925 |
| **6/30/2016** | $9480 | $9596 |
| **7/31/2016** | $10000 | $10083 |
| **8/31/2016** | $10136 | $10092 |
| **9/30/2016** | $10220 | $10220 |
| **10/31/2016** | $10077 | $10012 |
| **11/30/2016** | $9823 | $9814 |
| **12/31/2016** | $10077 | $10151 |
| **1/31/2017** | $10348 | $10446 |
| **2/28/2017** | $10449 | $10597 |
| **3/31/2017** | $10822 | $10901 |
| **4/30/2017** | $11127 | $11187 |
| **5/31/2017** | $11499 | $11613 |
| **6/30/2017** | $11465 | $11595 |
| **7/31/2017** | $11719 | $11930 |
| **8/31/2017** | $11608 | $11927 |
| **9/30/2017** | $12014 | $12416 |
| **10/31/2017** | $12170 | $12548 |
| **12/31/2017** | $12360 | $12752 |
| **1/31/2018** | $12990 | $13392 |
| **2/28/2018** | $12394 | $12789 |
| **3/31/2018** | $12299 | $12571 |
| **4/30/2018** | $12481 | $12872 |
| **5/31/2018** | $12204 | $12600 |
| **6/30/2018** | $12023 | $12450 |
| **7/31/2018** | $12317 | $12757 |
| **8/31/2018** | $12098 | $12512 |
| **9/30/2018** | $12133 | $12626 |
| **10/31/2018** | $11100 | $11622 |
| **11/30/2018** | $11082 | $11609 |
| **12/31/2018** | $10420 | $11048 |
| **1/31/2019** | $11135 | $11776 |
| **2/28/2019** | $11267 | $12078 |
| **3/31/2019** | $11259 | $12167 |
| **4/30/2019** | $11674 | $12521 |
| **5/31/2019** | $10844 | $11938 |
| **6/30/2019** | $11515 | $12650 |
| **7/31/2019** | $11276 | $12490 |
| **8/31/2019** | $11034 | $12168 |
| **9/30/2019** | $11480 | $12523 |
| **10/31/2019** | $11953 | $12974 |
| **11/30/2019** | $12126 | $13123 |
| **12/31/2019** | $12580 | $13551 |
| **1/31/2020** | $12126 | $13269 |
| **2/29/2020** | $11143 | $12072 |
| **3/31/2020** | $9215 | $10473 |
| **4/30/2020** | $9970 | $11158 |
| **5/31/2020** | $10425 | $11651 |
| **6/30/2020** | $10870 | $12052 |
| **7/31/2020** | $11080 | $12335 |
| **8/31/2020** | $11627 | $12971 |
| **9/30/2020** | $11412 | $12640 |
| **10/31/2020** | $10887 | $12136 |
| **11/30/2020** | $12667 | $14019 |
| **12/31/2020** | $13361 | $14673 |
| **1/31/2021** | $13295 | $14518 |
| **2/28/2021** | $13698 | $14846 |
| **3/31/2021** | $14185 | $15201 |
| **4/30/2021** | $14607 | $15671 |
| **5/31/2021** | $15150 | $16197 |
| **6/30/2021** | $14841 | $16019 |
| **7/31/2021** | $14869 | $16142 |
| **8/31/2021** | $15058 | $16428 |
| **9/30/2021** | $14505 | $15963 |
| **10/31/2021** | $14953 | $16360 |
| **11/30/2021** | $14286 | $15601 |
| **12/31/2021** | $15125 | $16401 |
| **1/31/2022** | $14839 | $15610 |
| **2/28/2022** | $14382 | $15335 |
| **3/31/2022** | $14077 | $15451 |
| **4/30/2022** | $13286 | $14465 |
| **5/31/2022** | $13639 | $14594 |
| **6/30/2022** | $12239 | $13243 |
| **7/31/2022** | $12829 | $13904 |
| **8/31/2022** | $11942 | $13245 |
| **9/30/2022** | $10807 | $12012 |
| **10/31/2022** | $11581 | $12659 |
| **11/30/2022** | $13107 | $14087 |
| **12/31/2022** | $12911 | $14103 |
| **1/31/2023** | $13963 | $15246 |
| **2/28/2023** | $13602 | $14930 |
| **3/31/2023** | $13870 | $15319 |
| **4/30/2023** | $14252 | $15767 |
| **5/31/2023** | $13695 | $15120 |
| **6/30/2023** | $14200 | $15813 |
| **7/31/2023** | $14592 | $16326 |
| **8/31/2023** | $14049 | $15703 |
| **9/30/2023** | $13560 | $15173 |
| **10/31/2023** | $13082 | $14560 |
| **11/30/2023** | $14060 | $15913 |
| **12/31/2023** | $14881 | $16761 |
| **1/31/2024** | $14725 | $16859 |
| **2/29/2024** | $14954 | $17170 |
| **3/31/2024** | $15380 | $17755 |
| **4/30/2024** | $14923 | $17319 |
| **5/31/2024** | $15713 | $18012 |
| **6/30/2024** | $15339 | $17725 |
| **7/31/2024** | $15931 | $18247 |
| **8/31/2024** | $16434 | $18843 |
| **9/30/2024** | $16583 | $19024 |
| **10/31/2024** | $15665 | $17992 |
| **11/30/2024** | $15740 | $17893 |
| **12/31/2024** | $15345 | $17490 |
| **1/31/2025** | $16092 | $18411 |
| **2/28/2025** | $16754 | $18770 |
| **3/31/2025** | $16765 | $18716 |
| **4/30/2025** | $17128 | $19593 |
| **5/31/2025** | $17993 | $20518 |
| **6/30/2025** | $18452 | $20975 |
| **7/31/2025** | $17939 | $20682 |
| **8/31/2025** | $18585 | $21566 |
| **9/30/2025** | $18860 | $21988 |
| **10/31/2025** | $19077 | $22250 |
| **11/30/2025** | $19536 | $22392 |
| **12/31/2025** | $20166 | $23067 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBDE2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 31.42% | 8.58% | 7.27% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 31.89% | 9.47% | 8.72% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $210553333 |
| Number of Portfolio Holdings | 110 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1521919 |

---

# Transamerica TSW International Equity VP

# Service Class

## What did the Portfolio invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 18.5% |
| United Kingdom | 13.5 |
| Germany | 11.8 |
| France | 11.3 |
| Switzerland | 7.0 |
| Ireland | 5.3 |
| Netherlands | 4.9 |
| Hong Kong | 3.1 |
| Sweden | 2.6 |
| Norway | 2.3 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 25.6% |
| Industrials | 13.9 |
| Information Technology | 11.7 |
| Consumer Discretionary | 10.2 |
| Health Care | 9.3 |
| Consumer Staples | 6.8 |
| Materials | 5.7 |
| Energy | 5.2 |
| Utilities | 1.7 |
| Communication Services | 1.2 |
| Real Estate | 0.6 |
| Repurchase Agreements | 0.9 |
| Preferred Stocks | 0.6 |
| Other Investment Company | 0.6 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 6.0 |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Societe Generale SA | 2.3% |
| ASML Holding NV | 2.2 |
| Roche Holding AG | 2.2 |
| Sony Group Corp. | 2.0 |
| Lloyds Banking Group PLC | 1.9 |
| Sumitomo Mitsui Financial Group, Inc. | 1.9 |
| Hitachi Ltd. | 1.8 |
| Samsung Electronics Co. Ltd. | 1.7 |
| Veolia Environnement SA | 1.7 |
| ORIX Corp. | 1.7 |

---

# Transamerica TSW International Equity VP
Service Class

## 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 by 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](g768857g78s24.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 TSW International Equity VP

# Service Class
![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica TSW Mid Cap Value Opportunities VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica TSW Mid Cap Value Opportunities VP (the "Portfolio") seeks to provide investors with long-term capital growth. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $80 | 0.76%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Initial Class shares at NAV returned 9.56%. For the same period, the Portfolio's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%. The performance benchmark, the Russell Midcap<sup>®</sup> Value Index, returned 11.05% over the same period.

* On a sector basis, the primary detractors from benchmark relative performance during the fiscal year ended December 31, 2025 were health care and technology. Within health care, the Portfolio's overweight sector allocation detracted from relative performance, as did an overweight position in Perrigo Co., a manufacturer of over-the-counter drugs, and Baxter International, a manufacturer of medical products and equipment. Perrigo Co. was negatively impacted following its announcement that it was likely to exit the infant formula business. Baxter was adversely impacted by a recall in its infusion pump business, a dividend cut announced by its new CEO, and overall macro headwinds impacting the health care sector. 

* Within the technology sector, an underweight allocation to the hardware and software industries detracted from relative performance during the fiscal year, as did an overweight position in Clarivate PLC. With respect to the Portfolio's holding in Clarivate PLC, a provider of information, analytics and workflow solutions, shares have been impacted by sentiment related to academic and health science spending and perceived headwinds from artificial intelligence.

* On a sector basis, the primary contributors to benchmark relative performance during the fiscal year were real estate and utilities. Within real estate, the Portfolio's underweight allocation was the primary driver of benchmark relative returns. Within the sector, the position in JBG Smith Properties, a real estate developer and operator, was the primary stock level contributor, driven by improved operating results and share repurchase activity. 

* Within utilities, the Portfolio benefited from an overweight allocation to the sector, and positive stock selection led by a position in Evergy, Inc., an electric utility. Evergy, Inc. benefited from increased electricity demand driven by data center growth.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica TSW Mid Cap Value Opportunities VP

Initial Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g93b42.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9525 | $9436 | $9447 |
| **2/29/2016** | $9588 | $9433 | $9514 |
| **3/31/2016** | $10397 | $10097 | $10392 |
| **4/30/2016** | $10465 | $10159 | $10615 |
| **5/31/2016** | $10578 | $10341 | $10789 |
| **6/30/2016** | $10661 | $10362 | $10887 |
| **7/31/2016** | $10936 | $10774 | $11348 |
| **8/31/2016** | $11016 | $10801 | $11324 |
| **9/30/2016** | $10975 | $10818 | $11372 |
| **10/31/2016** | $10733 | $10584 | $11096 |
| **11/30/2016** | $11406 | $11058 | $11790 |
| **12/31/2016** | $11459 | $11274 | $12000 |
| **1/31/2017** | $11619 | $11486 | $12202 |
| **2/28/2017** | $11973 | $11913 | $12543 |
| **3/31/2017** | $11896 | $11921 | $12451 |
| **4/30/2017** | $11938 | $12047 | $12475 |
| **5/31/2017** | $11991 | $12171 | $12436 |
| **6/30/2017** | $12168 | $12280 | $12621 |
| **7/31/2017** | $12392 | $12512 | $12788 |
| **8/31/2017** | $12148 | $12536 | $12549 |
| **9/30/2017** | $12533 | $13122 | $12995 |
| **10/31/2017** | $12949 | $13521 | $13435 |
| **12/31/2017** | $13003 | $13656 | $13601 |
| **1/31/2018** | $13342 | $14375 | $13913 |
| **2/28/2018** | $12764 | $13846 | $13228 |
| **3/31/2018** | $12780 | $13568 | $13261 |
| **4/30/2018** | $12803 | $13619 | $13326 |
| **5/31/2018** | $12811 | $14004 | $13471 |
| **6/30/2018** | $12972 | $14095 | $13580 |
| **7/31/2018** | $13327 | $14563 | $13949 |
| **8/31/2018** | $13612 | $15074 | $14139 |
| **9/30/2018** | $13469 | $15099 | $14027 |
| **10/31/2018** | $12485 | $13988 | $13017 |
| **11/30/2018** | $12739 | $14268 | $13329 |
| **12/31/2018** | $11468 | $12940 | $11930 |
| **1/31/2019** | $12596 | $14051 | $13158 |
| **2/28/2019** | $13056 | $14545 | $13576 |
| **3/31/2019** | $13144 | $14757 | $13644 |
| **4/30/2019** | $13692 | $15346 | $14094 |
| **5/31/2019** | $12794 | $14353 | $13189 |
| **6/30/2019** | $13549 | $15361 | $14080 |
| **7/31/2019** | $13604 | $15590 | $14197 |
| **8/31/2019** | $13158 | $15272 | $13696 |
| **9/30/2019** | $13691 | $15540 | $14252 |
| **10/31/2019** | $13798 | $15874 | $14328 |
| **11/30/2019** | $14091 | $16478 | $14710 |
| **12/31/2019** | $14474 | $16954 | $15158 |
| **1/31/2020** | $14082 | $16935 | $14863 |
| **2/29/2020** | $12802 | $15549 | $13391 |
| **3/31/2020** | $9966 | $13410 | $10352 |
| **4/30/2020** | $11282 | $15187 | $11734 |
| **5/31/2020** | $11602 | $15999 | $12278 |
| **6/30/2020** | $11744 | $16364 | $12417 |
| **7/31/2020** | $12162 | $17294 | $13003 |
| **8/31/2020** | $12568 | $18546 | $13518 |
| **9/30/2020** | $12259 | $17871 | $13211 |
| **10/31/2020** | $12409 | $17485 | $13334 |
| **11/30/2020** | $14116 | $19613 | $15207 |
| **12/31/2020** | $14669 | $20495 | $15910 |
| **1/31/2021** | $14688 | $20404 | $15874 |
| **2/28/2021** | $15719 | $21042 | $17104 |
| **3/31/2021** | $16873 | $21796 | $17987 |
| **4/30/2021** | $17867 | $22919 | $18857 |
| **5/31/2021** | $18139 | $23024 | $19229 |
| **6/30/2021** | $17764 | $23592 | $19005 |
| **7/31/2021** | $17839 | $23991 | $19123 |
| **8/31/2021** | $18183 | $24675 | $19532 |
| **9/30/2021** | $17530 | $23568 | $18813 |
| **10/31/2021** | $18404 | $25161 | $19815 |
| **11/30/2021** | $17828 | $24778 | $19213 |
| **12/31/2021** | $18951 | $25754 | $20419 |
| **1/31/2022** | $18586 | $24239 | $19547 |
| **2/28/2022** | $18586 | $23628 | $19456 |
| **3/31/2022** | $18778 | $24395 | $20047 |
| **4/30/2022** | $18010 | $22206 | $18856 |
| **5/31/2022** | $18250 | $22176 | $19218 |
| **6/30/2022** | $16436 | $20321 | $17105 |
| **7/31/2022** | $17722 | $22227 | $18578 |
| **8/31/2022** | $17260 | $21397 | $18009 |
| **9/30/2022** | $15773 | $19413 | $16262 |
| **10/31/2022** | $17236 | $21005 | $17799 |
| **11/30/2022** | $18283 | $22102 | $18924 |
| **12/31/2022** | $17391 | $20808 | $17962 |
| **1/31/2023** | $18640 | $22241 | $19413 |
| **2/28/2023** | $18057 | $21721 | $18791 |
| **3/31/2023** | $17355 | $22302 | $18199 |
| **4/30/2023** | $17320 | $22539 | $18201 |
| **5/31/2023** | $16618 | $22627 | $17393 |
| **6/30/2023** | $18033 | $24172 | $18902 |
| **7/31/2023** | $18569 | $25039 | $19725 |
| **8/31/2023** | $17913 | $24555 | $19027 |
| **9/30/2023** | $17195 | $23386 | $18059 |
| **10/31/2023** | $16582 | $22766 | $17164 |
| **11/30/2023** | $18073 | $24888 | $18783 |
| **12/31/2023** | $19271 | $26209 | $20246 |
| **1/31/2024** | $19191 | $26499 | $19884 |
| **2/29/2024** | $20056 | $27933 | $20833 |
| **3/31/2024** | $21054 | $28835 | $21911 |
| **4/30/2024** | $19923 | $27566 | $20765 |
| **5/31/2024** | $20109 | $28868 | $21510 |
| **6/30/2024** | $19577 | $29762 | $21166 |
| **7/31/2024** | $21161 | $30315 | $22445 |
| **8/31/2024** | $21337 | $30975 | $22868 |
| **9/30/2024** | $21241 | $31616 | $23299 |
| **10/31/2024** | $20985 | $31384 | $23006 |
| **11/30/2024** | $22267 | $33471 | $24699 |
| **12/31/2024** | $20905 | $32448 | $22892 |
| **1/31/2025** | $21594 | $33473 | $23697 |
| **2/28/2025** | $21562 | $32831 | $23265 |
| **3/31/2025** | $21321 | $30916 | $22409 |
| **4/30/2025** | $20745 | $30709 | $21853 |
| **5/31/2025** | $21145 | $32655 | $22806 |
| **6/30/2025** | $21770 | $34314 | $23607 |
| **7/31/2025** | $21834 | $35070 | $24030 |
| **8/31/2025** | $22925 | $35881 | $24751 |
| **9/30/2025** | $22709 | $37120 | $25066 |
| **10/31/2025** | $22189 | $37915 | $24814 |
| **11/30/2025** | $22730 | $38019 | $25406 |
| **12/31/2025** | $22904 | $38012 | $25421 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3B81 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 9.56% | 9.32% | 8.64% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 11.05% | 9.83% | 9.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell Midcap<sup>®</sup> Value Index measures the performance of the mid-cap value segment of the U.S. equity universe, and is comprised of Russell Midcap<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap<sup>®</sup> Index measures the performance of the mid-cap segment of the U.S. equity universe. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $234344260 |
| Number of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 67% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1636198 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 16.7% |
| Consumer Staples | 15.6 |
| Materials | 10.9 |
| Financials | 10.4 |
| Industrials | 10.1 |
| Communication Services | 9.1 |
| Energy | 6.5 |
| Utilities | 5.9 |
| Information Technology | 4.4 |
| Consumer Discretionary | 3.5 |
| Real Estate | 2.2 |
| Repurchase Agreements | 4.7 |
| 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 TSW Mid Cap Value Opportunities VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| LKQ Corp. | 2.6% |
| Kraft Heinz Co. | 2.6 |
| Graphic Packaging Holding Co. | 2.5 |
| First Citizens BancShares, Inc., Class A | 2.4 |
| Dominion Energy, Inc. | 2.4 |
| Gaming & Leisure Properties, Inc. | 2.3 |
| Conagra Brands, Inc. | 2.3 |
| Evergy, Inc. | 2.2 |
| IAC, Inc. | 2.0 |
| Mosaic Co. | 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 by 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](g768857g78s24.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 TSW Mid Cap Value Opportunities VP

Initial Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica TSW Mid Cap Value Opportunities VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica TSW Mid Cap Value Opportunities VP (the "Portfolio") seeks to provide investors with long-term capital growth. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $106 | 1.01%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned 9.36%. For the same period, the Portfolio's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%. The performance benchmark, the Russell Midcap<sup>®</sup> Value Index, returned 11.05% over the same period.

* On a sector basis, the primary detractors from benchmark relative performance during the fiscal year ended December 31, 2025 were health care and technology. Within health care, the Portfolio's overweight sector allocation detracted from relative performance, as did an overweight position in Perrigo Co., a manufacturer of over-the-counter drugs, and Baxter International, a manufacturer of medical products and equipment. Perrigo Co. was negatively impacted following its announcement that it was likely to exit the infant formula business. Baxter was adversely impacted by a recall in its infusion pump business, a dividend cut announced by its new CEO, and overall macro headwinds impacting the health care sector. 

* Within the technology sector, an underweight allocation to the hardware and software industries detracted from relative performance during the fiscal year, as did an overweight position in Clarivate PLC. With respect to the Portfolio's holding in Clarivate PLC, a provider of information, analytics and workflow solutions, shares have been impacted by sentiment related to academic and health science spending and perceived headwinds from artificial intelligence.

* On a sector basis, the primary contributors to benchmark relative performance during the fiscal year were real estate and utilities. Within real estate, the Portfolio's underweight allocation was the primary driver of benchmark relative returns. Within the sector, the position in JBG Smith Properties, a real estate developer and operator, was the primary stock level contributor, driven by improved operating results and share repurchase activity. 

* Within utilities, the Portfolio benefited from an overweight allocation to the sector, and positive stock selection led by a position in Evergy, Inc., an electric utility. Evergy, Inc. benefited from increased electricity demand driven by data center growth.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica TSW Mid Cap Value Opportunities VP

Service Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g28s45.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9520 | $9436 | $9447 |
| **2/29/2016** | $9579 | $9433 | $9514 |
| **3/31/2016** | $10386 | $10097 | $10392 |
| **4/30/2016** | $10450 | $10159 | $10615 |
| **5/31/2016** | $10559 | $10341 | $10789 |
| **6/30/2016** | $10643 | $10362 | $10887 |
| **7/31/2016** | $10915 | $10774 | $11348 |
| **8/31/2016** | $10992 | $10801 | $11324 |
| **9/30/2016** | $10950 | $10818 | $11372 |
| **10/31/2016** | $10706 | $10584 | $11096 |
| **11/30/2016** | $11374 | $11058 | $11790 |
| **12/31/2016** | $11428 | $11274 | $12000 |
| **1/31/2017** | $11583 | $11486 | $12202 |
| **2/28/2017** | $11929 | $11913 | $12543 |
| **3/31/2017** | $11851 | $11921 | $12451 |
| **4/30/2017** | $11893 | $12047 | $12475 |
| **5/31/2017** | $11941 | $12171 | $12436 |
| **6/30/2017** | $12114 | $12280 | $12621 |
| **7/31/2017** | $12334 | $12512 | $12788 |
| **8/31/2017** | $12093 | $12536 | $12549 |
| **9/30/2017** | $12467 | $13122 | $12995 |
| **10/31/2017** | $12880 | $13521 | $13435 |
| **12/31/2017** | $12935 | $13656 | $13601 |
| **1/31/2018** | $13270 | $14375 | $13913 |
| **2/28/2018** | $12685 | $13846 | $13228 |
| **3/31/2018** | $12701 | $13568 | $13261 |
| **4/30/2018** | $12716 | $13619 | $13326 |
| **5/31/2018** | $12724 | $14004 | $13471 |
| **6/30/2018** | $12888 | $14095 | $13580 |
| **7/31/2018** | $13238 | $14563 | $13949 |
| **8/31/2018** | $13511 | $15074 | $14139 |
| **9/30/2018** | $13367 | $15099 | $14027 |
| **10/31/2018** | $12389 | $13988 | $13017 |
| **11/30/2018** | $12645 | $14268 | $13329 |
| **12/31/2018** | $11370 | $12940 | $11930 |
| **1/31/2019** | $12493 | $14051 | $13158 |
| **2/28/2019** | $12950 | $14545 | $13576 |
| **3/31/2019** | $13030 | $14757 | $13644 |
| **4/30/2019** | $13567 | $15346 | $14094 |
| **5/31/2019** | $12677 | $14353 | $13189 |
| **6/30/2019** | $13423 | $15361 | $14080 |
| **7/31/2019** | $13479 | $15590 | $14197 |
| **8/31/2019** | $13034 | $15272 | $13696 |
| **9/30/2019** | $13554 | $15540 | $14252 |
| **10/31/2019** | $13662 | $15874 | $14328 |
| **11/30/2019** | $13949 | $16478 | $14710 |
| **12/31/2019** | $14326 | $16954 | $15158 |
| **1/31/2020** | $13931 | $16935 | $14863 |
| **2/29/2020** | $12666 | $15549 | $13391 |
| **3/31/2020** | $9859 | $13410 | $10352 |
| **4/30/2020** | $11150 | $15187 | $11734 |
| **5/31/2020** | $11473 | $15999 | $12278 |
| **6/30/2020** | $11599 | $16364 | $12417 |
| **7/31/2020** | $12011 | $17294 | $13003 |
| **8/31/2020** | $12414 | $18546 | $13518 |
| **9/30/2020** | $12112 | $17871 | $13211 |
| **10/31/2020** | $12244 | $17485 | $13334 |
| **11/30/2020** | $13936 | $19613 | $15207 |
| **12/31/2020** | $14474 | $20495 | $15910 |
| **1/31/2021** | $14493 | $20404 | $15874 |
| **2/28/2021** | $15504 | $21042 | $17104 |
| **3/31/2021** | $16638 | $21796 | $17987 |
| **4/30/2021** | $17620 | $22919 | $18857 |
| **5/31/2021** | $17885 | $23024 | $19229 |
| **6/30/2021** | $17516 | $23592 | $19005 |
| **7/31/2021** | $17582 | $23991 | $19123 |
| **8/31/2021** | $17915 | $24675 | $19532 |
| **9/30/2021** | $17268 | $23568 | $18813 |
| **10/31/2021** | $18128 | $25161 | $19815 |
| **11/30/2021** | $17558 | $24778 | $19213 |
| **12/31/2021** | $18649 | $25754 | $20419 |
| **1/31/2022** | $18292 | $24239 | $19547 |
| **2/28/2022** | $18292 | $23628 | $19456 |
| **3/31/2022** | $18475 | $24395 | $20047 |
| **4/30/2022** | $17712 | $22206 | $18856 |
| **5/31/2022** | $17954 | $22176 | $19218 |
| **6/30/2022** | $16167 | $20321 | $17105 |
| **7/31/2022** | $17423 | $22227 | $18578 |
| **8/31/2022** | $16969 | $21397 | $18009 |
| **9/30/2022** | $15494 | $19413 | $16262 |
| **10/31/2022** | $16933 | $21005 | $17799 |
| **11/30/2022** | $17953 | $22102 | $18924 |
| **12/31/2022** | $17077 | $20808 | $17962 |
| **1/31/2023** | $18301 | $22241 | $19413 |
| **2/28/2023** | $17725 | $21721 | $18791 |
| **3/31/2023** | $17041 | $22302 | $18199 |
| **4/30/2023** | $16993 | $22539 | $18201 |
| **5/31/2023** | $16310 | $22627 | $17393 |
| **6/30/2023** | $17689 | $24172 | $18902 |
| **7/31/2023** | $18205 | $25039 | $19725 |
| **8/31/2023** | $17554 | $24555 | $19027 |
| **9/30/2023** | $16856 | $23386 | $18059 |
| **10/31/2023** | $16252 | $22766 | $17164 |
| **11/30/2023** | $17701 | $24888 | $18783 |
| **12/31/2023** | $18882 | $26209 | $20246 |
| **1/31/2024** | $18788 | $26499 | $19884 |
| **2/29/2024** | $19634 | $27933 | $20833 |
| **3/31/2024** | $20614 | $28835 | $21911 |
| **4/30/2024** | $19500 | $27566 | $20765 |
| **5/31/2024** | $19674 | $28868 | $21510 |
| **6/30/2024** | $19151 | $29762 | $21166 |
| **7/31/2024** | $20694 | $30315 | $22445 |
| **8/31/2024** | $20863 | $30975 | $22868 |
| **9/30/2024** | $20766 | $31616 | $23299 |
| **10/31/2024** | $20506 | $31384 | $23006 |
| **11/30/2024** | $21755 | $33471 | $24699 |
| **12/31/2024** | $20409 | $32448 | $22892 |
| **1/31/2025** | $21090 | $33473 | $23697 |
| **2/28/2025** | $21041 | $32831 | $23265 |
| **3/31/2025** | $20798 | $30916 | $22409 |
| **4/30/2025** | $20231 | $30709 | $21853 |
| **5/31/2025** | $20620 | $32655 | $22806 |
| **6/30/2025** | $21236 | $34314 | $23607 |
| **7/31/2025** | $21284 | $35070 | $24030 |
| **8/31/2025** | $22342 | $35881 | $24751 |
| **9/30/2025** | $22142 | $37120 | $25066 |
| **10/31/2025** | $21633 | $37915 | $24814 |
| **11/30/2025** | $22164 | $38019 | $25406 |
| **12/31/2025** | $22319 | $38012 | $25421 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3B82 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 9.36% | 9.05% | 8.36% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 11.05% | 9.83% | 9.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell Midcap<sup>®</sup> Value Index measures the performance of the mid-cap value segment of the U.S. equity universe, and is comprised of Russell Midcap<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap<sup>®</sup> Index measures the performance of the mid-cap segment of the U.S. equity universe. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $234344260 |
| Number of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 67% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1636198 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 16.7% |
| Consumer Staples | 15.6 |
| Materials | 10.9 |
| Financials | 10.4 |
| Industrials | 10.1 |
| Communication Services | 9.1 |
| Energy | 6.5 |
| Utilities | 5.9 |
| Information Technology | 4.4 |
| Consumer Discretionary | 3.5 |
| Real Estate | 2.2 |
| Repurchase Agreements | 4.7 |
| 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 TSW Mid Cap Value Opportunities VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| LKQ Corp. | 2.6% |
| Kraft Heinz Co. | 2.6 |
| Graphic Packaging Holding Co. | 2.5 |
| First Citizens BancShares, Inc., Class A | 2.4 |
| Dominion Energy, Inc. | 2.4 |
| Gaming & Leisure Properties, Inc. | 2.3 |
| Conagra Brands, Inc. | 2.3 |
| Evergy, Inc. | 2.2 |
| IAC, Inc. | 2.0 |
| Mosaic Co. | 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 by 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](g768857g78s24.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 TSW Mid Cap Value Opportunities VP

Service Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica WMC US Growth VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica WMC US Growth VP (the "Portfolio") seeks to maximize long-term growth. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $70 | 0.64%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Initial Class shares at NAV returned 17.76%. For the same period, the Portfolio's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%. The performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 18.56% over the same period.

* For the fiscal year ended December 31, 2025, the Portfolio underperformed the Russell 1000<sup>®</sup> Growth Index, a benchmark of the Portfolio.

* U.S. equities rose during the period. Market gains were driven largely by continued investor interest in artificial intelligence ("AI") and strength in mega capitalization technology stocks, even as inflation remained above the U.S. Federal Reserve's 2% target. Overall, the period reflected a combination of strong returns in AI related sectors, elevated valuations, and monetary stimulus, which outweighed inflationary pressures.

* During the period, sector allocation resulting from the Portfolio's bottom-up stock selection process was the primary driver of relative underperformance. The Portfolio's underweight allocations to consumer staples and health care and overweight allocation to financials detracted the most from relative performance. These effects were offset by underweight allocations to consumer discretionary and industrials and an overweight allocation to communication services, which contributed to relative performance.

* Security selection contributed to relative performance during the period. Positive security selection within communication services, industrials, and consumer staples was partially offset by weaker selection in consumer discretionary, real estate, and financials. 

* The Portfolio's largest relative detractors during the period included overweight positions in Chipotle, a casual Mexican fast-food chain, ServiceNow, an automation platform for digital businesses, and BJ's Wholesale Club, a wholesale retail company. 

* The Portfolio's largest relative contributors during the period included an underweight position in Alphabet, a U.S.-based software company, and overweight positions in Coherent, a global photonics leader, and KLA, a U.S.-based wafer fab equipment manufacturer.

* The views expressed reflect the opinions of Wellington Management Company LLP as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica WMC US Growth VP

Initial Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g43b49.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9380 | $9436 | $9442 |
| **2/29/2016** | $9300 | $9433 | $9438 |
| **3/31/2016** | $9949 | $10097 | $10074 |
| **4/30/2016** | $9886 | $10159 | $9982 |
| **5/31/2016** | $10164 | $10341 | $10176 |
| **6/30/2016** | $10097 | $10362 | $10136 |
| **7/31/2016** | $10544 | $10774 | $10615 |
| **8/31/2016** | $10422 | $10801 | $10562 |
| **9/30/2016** | $10400 | $10818 | $10600 |
| **10/31/2016** | $10140 | $10584 | $10351 |
| **11/30/2016** | $10246 | $11058 | $10577 |
| **12/31/2016** | $10281 | $11274 | $10708 |
| **1/31/2017** | $10674 | $11486 | $11068 |
| **2/28/2017** | $11128 | $11913 | $11528 |
| **3/31/2017** | $11265 | $11921 | $11662 |
| **4/30/2017** | $11561 | $12047 | $11928 |
| **5/31/2017** | $11931 | $12171 | $12238 |
| **6/30/2017** | $11803 | $12280 | $12206 |
| **7/31/2017** | $12143 | $12512 | $12531 |
| **8/31/2017** | $12265 | $12536 | $12760 |
| **9/30/2017** | $12801 | $13122 | $13427 |
| **10/31/2017** | $13169 | $13521 | $13835 |
| **12/31/2017** | $13283 | $13656 | $13943 |
| **1/31/2018** | $14295 | $14375 | $14930 |
| **2/28/2018** | $13977 | $13846 | $14539 |
| **3/31/2018** | $13664 | $13568 | $14140 |
| **4/30/2018** | $13714 | $13619 | $14189 |
| **5/31/2018** | $14368 | $14004 | $14811 |
| **6/30/2018** | $14600 | $14095 | $14954 |
| **7/31/2018** | $14972 | $14563 | $15393 |
| **8/31/2018** | $15833 | $15074 | $16235 |
| **9/30/2018** | $15893 | $15099 | $16325 |
| **10/31/2018** | $14366 | $13988 | $14865 |
| **11/30/2018** | $14579 | $14268 | $15023 |
| **12/31/2018** | $13311 | $12940 | $13732 |
| **1/31/2019** | $14693 | $14051 | $14966 |
| **2/28/2019** | $15338 | $14545 | $15501 |
| **3/31/2019** | $15650 | $14757 | $15943 |
| **4/30/2019** | $16497 | $15346 | $16663 |
| **5/31/2019** | $15476 | $14353 | $15610 |
| **6/30/2019** | $16497 | $15361 | $16682 |
| **7/31/2019** | $16819 | $15590 | $17059 |
| **8/31/2019** | $16454 | $15272 | $16928 |
| **9/30/2019** | $16644 | $15540 | $16930 |
| **10/31/2019** | $17187 | $15874 | $17408 |
| **11/30/2019** | $18060 | $16478 | $18180 |
| **12/31/2019** | $18641 | $16954 | $18729 |
| **1/31/2020** | $19081 | $16935 | $19147 |
| **2/29/2020** | $17664 | $15549 | $17843 |
| **3/31/2020** | $15841 | $13410 | $16088 |
| **4/30/2020** | $18207 | $15187 | $18468 |
| **5/31/2020** | $19471 | $15999 | $19708 |
| **6/30/2020** | $20274 | $16364 | $20567 |
| **7/31/2020** | $21647 | $17294 | $22149 |
| **8/31/2020** | $23796 | $18546 | $24434 |
| **9/30/2020** | $22877 | $17871 | $23285 |
| **10/31/2020** | $22022 | $17485 | $22494 |
| **11/30/2020** | $24452 | $19613 | $24797 |
| **12/31/2020** | $25594 | $20495 | $25938 |
| **1/31/2021** | $25254 | $20404 | $25746 |
| **2/28/2021** | $25465 | $21042 | $25740 |
| **3/31/2021** | $25921 | $21796 | $26182 |
| **4/30/2021** | $27508 | $22919 | $27963 |
| **5/31/2021** | $27063 | $23024 | $27577 |
| **6/30/2021** | $28527 | $23592 | $29307 |
| **7/31/2021** | $29341 | $23991 | $30273 |
| **8/31/2021** | $30319 | $24675 | $31404 |
| **9/30/2021** | $28627 | $23568 | $29646 |
| **10/31/2021** | $30692 | $25161 | $32213 |
| **11/30/2021** | $30325 | $24778 | $32410 |
| **12/31/2021** | $30883 | $25754 | $33096 |
| **1/31/2022** | $28267 | $24239 | $30255 |
| **2/28/2022** | $26895 | $23628 | $28970 |
| **3/31/2022** | $27826 | $24395 | $30103 |
| **4/30/2022** | $24639 | $22206 | $26468 |
| **5/31/2022** | $23940 | $22176 | $25853 |
| **6/30/2022** | $21759 | $20321 | $23805 |
| **7/31/2022** | $24388 | $22227 | $26662 |
| **8/31/2022** | $23221 | $21397 | $25420 |
| **9/30/2022** | $20875 | $19413 | $22949 |
| **10/31/2022** | $21897 | $21005 | $24290 |
| **11/30/2022** | $22837 | $22102 | $25397 |
| **12/31/2022** | $21202 | $20808 | $23453 |
| **1/31/2023** | $23147 | $22241 | $25407 |
| **2/28/2023** | $22673 | $21721 | $25106 |
| **3/31/2023** | $24251 | $22302 | $26822 |
| **4/30/2023** | $24512 | $22539 | $27086 |
| **5/31/2023** | $25624 | $22627 | $28321 |
| **6/30/2023** | $27487 | $24172 | $30258 |
| **7/31/2023** | $28158 | $25039 | $31277 |
| **8/31/2023** | $27813 | $24555 | $30996 |
| **9/30/2023** | $26309 | $23386 | $29310 |
| **10/31/2023** | $25990 | $22766 | $28893 |
| **11/30/2023** | $28712 | $24888 | $32043 |
| **12/31/2023** | $30124 | $26209 | $33462 |
| **1/31/2024** | $31090 | $26499 | $34296 |
| **2/29/2024** | $33586 | $27933 | $36636 |
| **3/31/2024** | $34174 | $28835 | $37281 |
| **4/30/2024** | $32552 | $27566 | $35700 |
| **5/31/2024** | $33821 | $28868 | $37837 |
| **6/30/2024** | $35863 | $29762 | $40388 |
| **7/31/2024** | $35182 | $30315 | $39701 |
| **8/31/2024** | $36059 | $30975 | $40528 |
| **9/30/2024** | $36982 | $31616 | $41677 |
| **10/31/2024** | $36548 | $31384 | $41539 |
| **11/30/2024** | $38645 | $33471 | $44233 |
| **12/31/2024** | $38858 | $32448 | $44623 |
| **1/31/2025** | $39902 | $33473 | $45506 |
| **2/28/2025** | $38063 | $32831 | $43871 |
| **3/31/2025** | $34627 | $30916 | $40175 |
| **4/30/2025** | $35449 | $30709 | $40887 |
| **5/31/2025** | $38387 | $32655 | $44505 |
| **6/30/2025** | $41001 | $34314 | $47342 |
| **7/31/2025** | $42553 | $35070 | $49129 |
| **8/31/2025** | $42862 | $35881 | $49679 |
| **9/30/2025** | $45015 | $37120 | $52318 |
| **10/31/2025** | $46928 | $37915 | $54218 |
| **11/30/2025** | $46086 | $38019 | $53236 |
| **12/31/2025** | $45758 | $38012 | $52906 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBDA1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 17.76% | 12.32% | 16.43% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 18.56% | 15.32% | 18.13% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $6078755233 |
| Number of Portfolio Holdings | 59 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $34828186 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 50.1% |
| Communication Services | 13.8 |
| Consumer Discretionary | 13.1 |
| Financials | 6.9 |
| Industrials | 6.8 |
| Health Care | 6.3 |
| Consumer Staples | 1.7 |
| Materials | 0.9 |
| Repurchase Agreements | 0.3 |
| 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 WMC US Growth VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.7% |
| Apple, Inc. | 9.0 |
| Microsoft Corp. | 7.4 |
| Alphabet, Inc., Class A | 7.4 |
| Broadcom, Inc. | 5.9 |
| Amazon.com, Inc. | 5.5 |
| Meta Platforms, Inc., Class A | 3.8 |
| Eli Lilly & Co. | 3.8 |
| Mastercard, Inc., Class A | 2.8 |
| Tesla, Inc. | 2.5 |

---

## 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 by 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](g768857g78s24.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 WMC US Growth VP

Initial Class

![Image](g768857g06x64.jpg)

Annual Shareholder Report

# Transamerica WMC US Growth VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica WMC US Growth VP (the "Portfolio") seeks to maximize long-term growth. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 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 year?
**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 | $97 | 0.89%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. |

---

## How did the Portfolio perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Portfolio's Service Class shares at NAV returned 17.47%. For the same period, the Portfolio's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%. The performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 18.56% over the same period.

* For the fiscal year ended December 31, 2025, the Portfolio underperformed the Russell 1000<sup>®</sup> Growth Index, a benchmark of the Portfolio.

* U.S. equities rose during the period. Market gains were driven largely by continued investor interest in artificial intelligence ("AI") and strength in mega capitalization technology stocks, even as inflation remained above the U.S. Federal Reserve's 2% target. Overall, the period reflected a combination of strong returns in AI related sectors, elevated valuations, and monetary stimulus, which outweighed inflationary pressures.

* During the period, sector allocation resulting from the Portfolio's bottom-up stock selection process was the primary driver of relative underperformance. The Portfolio's underweight allocations to consumer staples and health care and overweight allocation to financials detracted the most from relative performance. These effects were offset by underweight allocations to consumer discretionary and industrials and an overweight allocation to communication services, which contributed to relative performance.

* Security selection contributed to relative performance during the period. Positive security selection within communication services, industrials, and consumer staples was partially offset by weaker selection in consumer discretionary, real estate, and financials. 

* The Portfolio's largest relative detractors during the period included overweight positions in Chipotle, a casual Mexican fast-food chain, ServiceNow, an automation platform for digital businesses, and BJ's Wholesale Club, a wholesale retail company. 

* The Portfolio's largest relative contributors during the period included an underweight position in Alphabet, a U.S.-based software company, and overweight positions in Coherent, a global photonics leader, and KLA, a U.S.-based wafer fab equipment manufacturer.

* The views expressed reflect the opinions of Wellington Management Company LLP as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica WMC US Growth VP

Service Class

## Portfolio Overview

#### Portfolio Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g768857g33i67.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9376 | $9436 | $9442 |
| **2/29/2016** | $9295 | $9433 | $9438 |
| **3/31/2016** | $9940 | $10097 | $10074 |
| **4/30/2016** | $9875 | $10159 | $9982 |
| **5/31/2016** | $10151 | $10341 | $10176 |
| **6/30/2016** | $10082 | $10362 | $10136 |
| **7/31/2016** | $10529 | $10774 | $10615 |
| **8/31/2016** | $10402 | $10801 | $10562 |
| **9/30/2016** | $10375 | $10818 | $10600 |
| **10/31/2016** | $10115 | $10584 | $10351 |
| **11/30/2016** | $10218 | $11058 | $10577 |
| **12/31/2016** | $10254 | $11274 | $10708 |
| **1/31/2017** | $10645 | $11486 | $11068 |
| **2/28/2017** | $11094 | $11913 | $11528 |
| **3/31/2017** | $11225 | $11921 | $11662 |
| **4/30/2017** | $11517 | $12047 | $11928 |
| **5/31/2017** | $11885 | $12171 | $12238 |
| **6/30/2017** | $11755 | $12280 | $12206 |
| **7/31/2017** | $12092 | $12512 | $12531 |
| **8/31/2017** | $12212 | $12536 | $12760 |
| **9/30/2017** | $12738 | $13122 | $13427 |
| **10/31/2017** | $13103 | $13521 | $13835 |
| **12/31/2017** | $13213 | $13656 | $13943 |
| **1/31/2018** | $14215 | $14375 | $14930 |
| **2/28/2018** | $13901 | $13846 | $14539 |
| **3/31/2018** | $13583 | $13568 | $14140 |
| **4/30/2018** | $13634 | $13619 | $14189 |
| **5/31/2018** | $14280 | $14004 | $14811 |
| **6/30/2018** | $14506 | $14095 | $14954 |
| **7/31/2018** | $14871 | $14563 | $15393 |
| **8/31/2018** | $15723 | $15074 | $16235 |
| **9/30/2018** | $15778 | $15099 | $16325 |
| **10/31/2018** | $14262 | $13988 | $14865 |
| **11/30/2018** | $14468 | $14268 | $15023 |
| **12/31/2018** | $13209 | $12940 | $13732 |
| **1/31/2019** | $14574 | $14051 | $14966 |
| **2/28/2019** | $15214 | $14545 | $15501 |
| **3/31/2019** | $15516 | $14757 | $15943 |
| **4/30/2019** | $16358 | $15346 | $16663 |
| **5/31/2019** | $15340 | $14353 | $15610 |
| **6/30/2019** | $16348 | $15361 | $16682 |
| **7/31/2019** | $16665 | $15590 | $17059 |
| **8/31/2019** | $16296 | $15272 | $16928 |
| **9/30/2019** | $16484 | $15540 | $16930 |
| **10/31/2019** | $17020 | $15874 | $17408 |
| **11/30/2019** | $17881 | $16478 | $18180 |
| **12/31/2019** | $18450 | $16954 | $18729 |
| **1/31/2020** | $18881 | $16935 | $19147 |
| **2/29/2020** | $17478 | $15549 | $17843 |
| **3/31/2020** | $15667 | $13410 | $16088 |
| **4/30/2020** | $18008 | $15187 | $18468 |
| **5/31/2020** | $19256 | $15999 | $19708 |
| **6/30/2020** | $20046 | $16364 | $20567 |
| **7/31/2020** | $21399 | $17294 | $22149 |
| **8/31/2020** | $23511 | $18546 | $24434 |
| **9/30/2020** | $22599 | $17871 | $23285 |
| **10/31/2020** | $21751 | $17485 | $22494 |
| **11/30/2020** | $24144 | $19613 | $24797 |
| **12/31/2020** | $25265 | $20495 | $25938 |
| **1/31/2021** | $24931 | $20404 | $25746 |
| **2/28/2021** | $25128 | $21042 | $25740 |
| **3/31/2021** | $25576 | $21796 | $26182 |
| **4/30/2021** | $27139 | $22919 | $27963 |
| **5/31/2021** | $26691 | $23024 | $27577 |
| **6/30/2021** | $28135 | $23592 | $29307 |
| **7/31/2021** | $28922 | $23991 | $30273 |
| **8/31/2021** | $29884 | $24675 | $31404 |
| **9/30/2021** | $28208 | $23568 | $29646 |
| **10/31/2021** | $30238 | $25161 | $32213 |
| **11/30/2021** | $29870 | $24778 | $32410 |
| **12/31/2021** | $30412 | $25754 | $33096 |
| **1/31/2022** | $27833 | $24239 | $30255 |
| **2/28/2022** | $26477 | $23628 | $28970 |
| **3/31/2022** | $27388 | $24395 | $30103 |
| **4/30/2022** | $24245 | $22206 | $26468 |
| **5/31/2022** | $23550 | $22176 | $25853 |
| **6/30/2022** | $21401 | $20321 | $23805 |
| **7/31/2022** | $23988 | $22227 | $26662 |
| **8/31/2022** | $22827 | $21397 | $25420 |
| **9/30/2022** | $20524 | $19413 | $22949 |
| **10/31/2022** | $21519 | $21005 | $24290 |
| **11/30/2022** | $22439 | $22102 | $25397 |
| **12/31/2022** | $20828 | $20808 | $23453 |
| **1/31/2023** | $22734 | $22241 | $25407 |
| **2/28/2023** | $22262 | $21721 | $25106 |
| **3/31/2023** | $23814 | $22302 | $26822 |
| **4/30/2023** | $24059 | $22539 | $27086 |
| **5/31/2023** | $25138 | $22627 | $28321 |
| **6/30/2023** | $26969 | $24172 | $30258 |
| **7/31/2023** | $27627 | $25039 | $31277 |
| **8/31/2023** | $27277 | $24555 | $30996 |
| **9/30/2023** | $25793 | $23386 | $29310 |
| **10/31/2023** | $25480 | $22766 | $28893 |
| **11/30/2023** | $28137 | $24888 | $32043 |
| **12/31/2023** | $29517 | $26209 | $33462 |
| **1/31/2024** | $30455 | $26499 | $34296 |
| **2/29/2024** | $32894 | $27933 | $36636 |
| **3/31/2024** | $33467 | $28835 | $37281 |
| **4/30/2024** | $31870 | $27566 | $35700 |
| **5/31/2024** | $33102 | $28868 | $37837 |
| **6/30/2024** | $35090 | $29762 | $40388 |
| **7/31/2024** | $34422 | $30315 | $39701 |
| **8/31/2024** | $35270 | $30975 | $40528 |
| **9/30/2024** | $36172 | $31616 | $41677 |
| **10/31/2024** | $35741 | $31384 | $41539 |
| **11/30/2024** | $37775 | $33471 | $44233 |
| **12/31/2024** | $37986 | $32448 | $44623 |
| **1/31/2025** | $38994 | $33473 | $45506 |
| **2/28/2025** | $37190 | $32831 | $43871 |
| **3/31/2025** | $33821 | $30916 | $40175 |
| **4/30/2025** | $34618 | $30709 | $40887 |
| **5/31/2025** | $37478 | $32655 | $44505 |
| **6/30/2025** | $40021 | $34314 | $47342 |
| **7/31/2025** | $41537 | $35070 | $49129 |
| **8/31/2025** | $41830 | $35881 | $49679 |
| **9/30/2025** | $43910 | $37120 | $52318 |
| **10/31/2025** | $45771 | $37915 | $54218 |
| **11/30/2025** | $44944 | $38019 | $53236 |
| **12/31/2025** | $44622 | $38012 | $52906 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBDA2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 17.47% | 12.05% | 16.13% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 18.56% | 15.32% | 18.13% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or redemptions of Portfolio shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $6078755233 |
| Number of Portfolio Holdings | 59 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $34828186 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 50.1% |
| Communication Services | 13.8 |
| Consumer Discretionary | 13.1 |
| Financials | 6.9 |
| Industrials | 6.8 |
| Health Care | 6.3 |
| Consumer Staples | 1.7 |
| Materials | 0.9 |
| Repurchase Agreements | 0.3 |
| 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 WMC US Growth VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.7% |
| Apple, Inc. | 9.0 |
| Microsoft Corp. | 7.4 |
| Alphabet, Inc., Class A | 7.4 |
| Broadcom, Inc. | 5.9 |
| Amazon.com, Inc. | 5.5 |
| Meta Platforms, Inc., Class A | 3.8 |
| Eli Lilly & Co. | 3.8 |
| Mastercard, Inc., Class A | 2.8 |
| Tesla, Inc. | 2.5 |

---

## 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 by 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](g768857g78s24.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 WMC US Growth VP

Service Class

------

(b) Not Applicable.

---

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

---

(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other officers who serve a similar function.

(b) The registrant's code of ethics is reasonably designed as described in Item 2(b) of Form N-CSR.

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

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

(e) Not Applicable.

(f) The registrant has filed this code of ethics as an exhibit hereto pursuant to Item 19(a)(1) of Form N-CSR.

---

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

---

The registrant's Board of Trustees has determined that Sandra N. Bane, and John W. Waechter are "audit committee financial experts," as such term is defined in Item 3 of Form N-CSR. Ms. Bane, and Mr. Waechter are "independent" under the standards set forth in Item 3 of Form N-CSR. The designation of Ms. Bane, and Mr. Waechter as "audit committee financial experts" pursuant to Item 3 of Form N-CSR does not (i) deem either of them an "expert" for any purpose, including without limitation for purposes of Section 11 of the Securities Act of 1933, (ii) impose upon either of them any duties, obligations, or liability that are greater than the duties, obligations and liability imposed upon them as a member of the registrant's audit committee or Board of Trustees in the absence of such designation; or (iii) affect the duties, obligations or liabilities of any other member of the registrant's audit committee or Board of Trustees.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year Ended 12/31 <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year Ended 12/31 <br>(in thousands) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
| (a) | Audit Fees | $1130 | $1076 |
| (b) | Audit Related Fees<sup>(1)</sup> | $115 | $115 |
| (c) | Tax Fees<sup>(2)</sup> | $173 | $165 |
| (d) | All Other Fees<sup>(3)</sup> | $21 | $29 |

---

<sup>(1)</sup> Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements including review of documents and issuances of consents related to Securities and Exchange Commission Form N-1A filing of the funds comprising the registrant. 

<sup>(2)</sup> Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the review of the distributions for excise tax purposes, fiscal year end taxable income calculations and certain fiscal year end shareholder reporting items on behalf of the funds comprising the registrant. 

<sup>(3)</sup> All Other Fees represent service fees for analysis of potential Passive Foreign Investment Company and N-14 merger items.

------

---

| | |
|:---|:---|
| (e)(1) | <u>Audit Committee Pre-Approval Policies and Procedures</u>. Generally, the registrant's Audit Committee must pre-approve (i) all audit and non-audit services performed for the registrant by the independent accountant and (ii) all non-audit services performed by the registrant's independent accountant for the registrant's investment adviser, and certain of the adviser's affiliates that provide ongoing services to the registrant, if the services to be provided by the accountant relate directly to the operations and financial reporting of the registrant.  |

---

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

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

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

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

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in paragraphs (b) through (d) of this Item that were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X for fiscal years ended 2025 and 2024 was zero.  |

---

(f) Not Applicable.

(g) Not Applicable.

(h) The registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the registrant's Adviser, and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not Applicable.

(j) Not Applicable.

---

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

---

(a) Not Applicable.

(b) Not Applicable.

---

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

---

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

(b) Not Applicable to the registrant.

------

---

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

---

(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

![](g768862img65c01b971.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica Janus Balanced VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img3ee7aacc2.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_ddd77b7f-4a07-4ddd-89a8-4766ca1bfef6_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_ddd77b7f-4a07-4ddd-89a8-4766ca1bfef6_SOI-RunningFooter-234_1) | 2 |
| [Statement of Assets and Liabilities](#xx_ddd77b7f-4a07-4ddd-89a8-4766ca1bfef6_FS-RunningFooter-234_1) | 14 |
| [Statement of Operations](#xx_ddd77b7f-4a07-4ddd-89a8-4766ca1bfef6_FS-RunningFooter-234_1) | 14 |
| [Statement of Changes in Net Assets](#xx_ddd77b7f-4a07-4ddd-89a8-4766ca1bfef6_FS-RunningFooter-234_2) | 15 |
| [Financial Highlights](#xx_ddd77b7f-4a07-4ddd-89a8-4766ca1bfef6_SCF-RunningFooter-234_1) | 16 |
| [Notes to Financial Statements](#xx_ddd77b7f-4a07-4ddd-89a8-4766ca1bfef6_NTF-RunningFooter-234_1) | 17 |
| **[Report of Independent Registered Public Accounting Firm](#xx_ddd77b7f-4a07-4ddd-89a8-4766ca1bfef6_AUD-RunningFooter-234_1)** | 28 |
| **[Supplemental Information](#xx_ddd77b7f-4a07-4ddd-89a8-4766ca1bfef6_STI-RunningFooter-234_1)** | 29 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_ddd77b7f-4a07-4ddd-89a8-4766ca1bfef6_DWA-RunningFooter-234_1)**<br> **[Companies](#xx_ddd77b7f-4a07-4ddd-89a8-4766ca1bfef6_DWA-RunningFooter-234_1)**<br>| 30 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_ddd77b7f-4a07-4ddd-89a8-4766ca1bfef6_PD-RunningFooter-234_1)** | 31 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_ddd77b7f-4a07-4ddd-89a8-4766ca1bfef6_DTO-RunningFooter-234_1)**<br> **[Companies](#xx_ddd77b7f-4a07-4ddd-89a8-4766ca1bfef6_DTO-RunningFooter-234_1)**<br>| 32 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_ddd77b7f-4a07-4ddd-89a8-4766ca1bfef6_Mgmtagmt-RunningFooter-234_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.***

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Janus Balanced VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 59.6%**  | **COMMON STOCKS - 59.6%**  | **COMMON STOCKS - 59.6%**  |
| **Aerospace & Defense - 1.3%**  | **Aerospace & Defense - 1.3%**  | **Aerospace & Defense - 1.3%**  |
| General Electric Co. | 21438 | $6603547 |
| Howmet Aerospace, Inc. | 19206 | 3937614 |
|  |  | 10541161 |
| **Banks - 1.8%**  | **Banks - 1.8%**  | **Banks - 1.8%**  |
| JPMorgan Chase & Co. | 33700 | 10858814 |
| PNC Financial Services Group, Inc. | 19904 | 4154562 |
|  |  | 15013376 |
| **Beverages - 0.5%**  | **Beverages - 0.5%**  | **Beverages - 0.5%**  |
| Monster Beverage Corp. <sup>(A)</sup> <br>| 53225 | 4080761 |
| **Biotechnology - 1.7%**  | **Biotechnology - 1.7%**  | **Biotechnology - 1.7%**  |
| AbbVie, Inc. | 24134 | 5514377 |
| Amgen, Inc. | 11984 | 3922483 |
| Vertex Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 10944 | 4961572 |
|  |  | 14398432 |
| **Broadline Retail - 3.0%**  | **Broadline Retail - 3.0%**  | **Broadline Retail - 3.0%**  |
| Amazon.com, Inc. <sup>(A)</sup> <br>| 108974 | 25153379 |
| **Building Products - 0.5%**  | **Building Products - 0.5%**  | **Building Products - 0.5%**  |
| Trane Technologies PLC | 11234 | 4372273 |
| **Capital Markets - 4.0%**  | **Capital Markets - 4.0%**  | **Capital Markets - 4.0%**  |
| Charles Schwab Corp. | 57710 | 5765806 |
| CME Group, Inc. | 17912 | 4891409 |
| Coinbase Global, Inc., Class A <sup>(A)</sup> <br>| 2157 | 487784 |
| Goldman Sachs Group, Inc. | 7547 | 6633813 |
| Intercontinental Exchange, Inc. | 34086 | 5520568 |
| Moody's Corp. | 7648 | 3906981 |
| Morgan Stanley | 35530 | 6307641 |
|  |  | 33514002 |
| **Chemicals - 0.3%**  | **Chemicals - 0.3%**  | **Chemicals - 0.3%**  |
| Ecolab, Inc. | 10041 | 2635963 |
| **Communications Equipment - 0.5%**  | **Communications Equipment - 0.5%**  | **Communications Equipment - 0.5%**  |
| Motorola Solutions, Inc. | 11385 | 4364098 |
| **Consumer Finance - 1.2%**  | **Consumer Finance - 1.2%**  | **Consumer Finance - 1.2%**  |
| American Express Co. | 27670 | 10236516 |
| **Consumer Staples Distribution & Retail - 0.4%**  | **Consumer Staples Distribution & Retail - 0.4%**  | **Consumer Staples Distribution & Retail - 0.4%**  |
| Costco Wholesale Corp. | 4061 | 3501963 |
| **Electrical Equipment - 0.7%**  | **Electrical Equipment - 0.7%**  | **Electrical Equipment - 0.7%**  |
| Eaton Corp. PLC | 15987 | 5092020 |
| Emerson Electric Co. | 7460 | 990091 |
|  |  | 6082111 |
| **Electronic Equipment, Instruments & Components - 0.9%**  | **Electronic Equipment, Instruments & Components - 0.9%**  | **Electronic Equipment, Instruments & Components - 0.9%**  |
| Amphenol Corp., Class A | 53378 | 7213503 |
| **Entertainment - 1.7%**  | **Entertainment - 1.7%**  | **Entertainment - 1.7%**  |
| Netflix, Inc. <sup>(A)</sup> <br>| 65621 | 6152625 |
| Walt Disney Co. | 68445 | 7786988 |
|  |  | 13939613 |
| **Financial Services - 1.7%**  | **Financial Services - 1.7%**  | **Financial Services - 1.7%**  |
| Mastercard, Inc., Class A | 24872 | 14198927 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Ground Transportation - 1.2%**  | **Ground Transportation - 1.2%**  | **Ground Transportation - 1.2%**  |
| Uber Technologies, Inc. <sup>(A)</sup> <br>| 77690 | $6348050 |
| Union Pacific Corp. | 16920 | 3913934 |
|  |  | 10261984 |
| **Health Care Equipment & Supplies - 1.9%**  | **Health Care Equipment & Supplies - 1.9%**  | **Health Care Equipment & Supplies - 1.9%**  |
| Abbott Laboratories | 47531 | 5955159 |
| Intuitive Surgical, Inc. <sup>(A)</sup> <br>| 7035 | 3984343 |
| Stryker Corp. | 17400 | 6115578 |
|  |  | 16055080 |
| **Health Care Providers & Services - 0.3%**  | **Health Care Providers & Services - 0.3%**  | **Health Care Providers & Services - 0.3%**  |
| HCA Healthcare, Inc. | 6351 | 2965028 |
| **Hotels, Restaurants & Leisure - 2.1%**  | **Hotels, Restaurants & Leisure - 2.1%**  | **Hotels, Restaurants & Leisure - 2.1%**  |
| Booking Holdings, Inc. | 1438 | 7700965 |
| Hilton Worldwide Holdings, Inc. | 12417 | 3566783 |
| Royal Caribbean Cruises Ltd. | 21846 | 6093286 |
|  |  | 17361034 |
| **Independent Power & Renewable Electricity Producers - 0.2%**  | **Independent Power & Renewable Electricity Producers - 0.2%**  | **Independent Power & Renewable Electricity Producers - 0.2%**  |
| Vistra Corp. | 12157 | 1961289 |
| **Insurance - 1.0%**  | **Insurance - 1.0%**  | **Insurance - 1.0%**  |
| Progressive Corp. | 36547 | 8322483 |
| **Interactive Media & Services - 5.7%**  | **Interactive Media & Services - 5.7%**  | **Interactive Media & Services - 5.7%**  |
| Alphabet, Inc., Class C | 104096 | 32665325 |
| Meta Platforms, Inc., Class A | 23087 | 15239498 |
|  |  | 47904823 |
| **IT Services - 0.1%**  | **IT Services - 0.1%**  | **IT Services - 0.1%**  |
| Accenture PLC, Class A | 4116 | 1104323 |
| **Life Sciences Tools & Services - 1.2%**  | **Life Sciences Tools & Services - 1.2%**  | **Life Sciences Tools & Services - 1.2%**  |
| Danaher Corp. | 22431 | 5134904 |
| Thermo Fisher Scientific, Inc. | 8051 | 4665152 |
|  |  | 9800056 |
| **Machinery - 0.3%**  | **Machinery - 0.3%**  | **Machinery - 0.3%**  |
| Deere & Co. | 5452 | 2538288 |
| **Oil, Gas & Consumable Fuels - 0.6%**  | **Oil, Gas & Consumable Fuels - 0.6%**  | **Oil, Gas & Consumable Fuels - 0.6%**  |
| Chevron Corp. | 35058 | 5343190 |
| **Pharmaceuticals - 3.0%**  | **Pharmaceuticals - 3.0%**  | **Pharmaceuticals - 3.0%**  |
| Eli Lilly & Co. | 11746 | 12623191 |
| Johnson & Johnson | 34787 | 7199170 |
| Zoetis, Inc. | 42201 | 5309730 |
|  |  | 25132091 |
| **Semiconductors & Semiconductor Equipment - 9.5%**  | **Semiconductors & Semiconductor Equipment - 9.5%**  | **Semiconductors & Semiconductor Equipment - 9.5%**  |
| Broadcom, Inc. | 54280 | 18786308 |
| KLA Corp. | 5580 | 6780146 |
| Lam Research Corp. | 42592 | 7290899 |
| NVIDIA Corp. | 250716 | 46758534 |
|  |  | 79615887 |
| **Software - 6.7%**  | **Software - 6.7%**  | **Software - 6.7%**  |
| Adobe, Inc. <sup>(A)</sup> <br>| 9436 | 3302506 |
| Cadence Design Systems, Inc. <sup>(A)</sup> <br>| 11239 | 3513087 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Janus Balanced VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Intuit, Inc. | 8103 | $5367589 |
| Microsoft Corp. | 75886 | 36699987 |
| Oracle Corp. | 21827 | 4254300 |
| ServiceNow, Inc. <sup>(A)</sup> <br>| 19477 | 2983682 |
|  |  | 56121151 |
| **Specialty Retail - 1.0%**  | **Specialty Retail - 1.0%**  | **Specialty Retail - 1.0%**  |
| Home Depot, Inc. | 15499 | 5333206 |
| TJX Cos., Inc. | 22795 | 3501540 |
|  |  | 8834746 |
| **Technology Hardware, Storage & Peripherals - 3.1%**  | **Technology Hardware, Storage & Peripherals - 3.1%**  | **Technology Hardware, Storage & Peripherals - 3.1%**  |
| Apple, Inc. | 86418 | 23493597 |
| Dell Technologies, Inc., Class C | 18934 | 2383412 |
|  |  | 25877009 |
| **Textiles, Apparel & Luxury Goods - 0.5%**  | **Textiles, Apparel & Luxury Goods - 0.5%**  | **Textiles, Apparel & Luxury Goods - 0.5%**  |
| NIKE, Inc., Class B | 67375 | 4292461 |
| **Tobacco - 1.0%**  | **Tobacco - 1.0%**  | **Tobacco - 1.0%**  |
| Philip Morris International, Inc. | 50536 | 8105974 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $299,924,251)**<br>|  | 500842975 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 9.8%**  | **CORPORATE DEBT SECURITIES - 9.8%**  | **CORPORATE DEBT SECURITIES - 9.8%**  |
| **Aerospace & Defense - 0.1%**  | **Aerospace & Defense - 0.1%**  | **Aerospace & Defense - 0.1%**  |
| TransDigm, Inc. |  |  |
| 6.25%, 01/31/2034 <sup>(B)</sup> <br>| $108000 | 112070 |
| 6.75%, 01/31/2034 <sup>(B)</sup> <br>| 371000 | 386465 |
|  |  | 498535 |
| **Automobile Components - 0.0% \*** | **Automobile Components - 0.0% \*** | **Automobile Components - 0.0% \*** |
| Qnity Electronics, Inc. |  |  |
| 5.75%, 08/15/2032 <sup>(B)</sup> <br>| 361000 | 369103 |
| **Automobiles - 0.1%**  | **Automobiles - 0.1%**  | **Automobiles - 0.1%**  |
| Ford Motor Credit Co. LLC |  |  |
| 7.12%, 11/07/2033 | 474000 | 509106 |
| **Banks - 2.0%**  | **Banks - 2.0%**  | **Banks - 2.0%**  |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 02/12/2035, <br>5.74% <sup>(C)</sup>, 02/12/2036<br>| 2959000 | 3083271 |
| &nbsp;&nbsp; Fixed until 09/15/2033, <br>5.87% <sup>(C)</sup>, 09/15/2034<br>| 799000 | 852656 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 09/11/2030, <br>4.50% <sup>(C)</sup>, 09/11/2031<br>| 346000 | 347071 |
| &nbsp;&nbsp; Fixed until 09/11/2035, <br>5.17% <sup>(C)</sup>, 09/11/2036<br>| 298000 | 300785 |
| &nbsp;&nbsp; Fixed until 02/13/2034, <br>5.83% <sup>(C)</sup>, 02/13/2035<br>| 2098000 | 2180261 |
| &nbsp;&nbsp; Fixed until 02/15/2031 <sup>(D)</sup>, <br>6.63% <sup>(C)</sup> <br>| 462000 | 469518 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 01/28/2035, <br>5.54% <sup>(C)</sup>, 01/28/2036<br>| 830000 | 861437 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 01/24/2035, <br>5.50% <sup>(C)</sup>, 01/24/2036<br>| $761000 | $795335 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 01/21/2032, <br>2.94% <sup>(C)</sup>, 01/21/2033<br>| 676000 | 616980 |
| &nbsp;&nbsp; Fixed until 07/19/2034, <br>5.32% <sup>(C)</sup>, 07/19/2035<br>| 968000 | 996461 |
| &nbsp;&nbsp; Fixed until 07/21/2033, <br>5.42% <sup>(C)</sup>, 07/21/2034<br>| 774000 | 805205 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/23/2034, <br>5.40% <sup>(C)</sup>, 07/23/2035<br>| 910000 | 941261 |
| &nbsp;&nbsp; Fixed until 10/20/2033, <br>6.88% <sup>(C)</sup>, 10/20/2034<br>| 950000 | 1075046 |
| Societe Generale SA |  |  |
| &nbsp;&nbsp; Fixed until 04/13/2032, <br>6.10% <sup>(C)</sup>, 04/13/2033 <sup>(B)</sup> <br>| 1300000 | 1373605 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp; Fixed until 11/03/2031, <br>2.49% <sup>(C)</sup>, 11/03/2036<br>| 857000 | 747965 |
| &nbsp;&nbsp; Fixed until 02/12/2030, <br>5.05% <sup>(C)</sup>, 02/12/2031<br>| 783000 | 804259 |
| &nbsp;&nbsp; Fixed until 02/12/2035, <br>5.42% <sup>(C)</sup>, 02/12/2036 <sup>(E)</sup> <br>| 862000 | 895903 |
|  |  | 17147019 |
| **Building Products - 0.1%**  | **Building Products - 0.1%**  | **Building Products - 0.1%**  |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/2032 <sup>(B)</sup> <br>| 608000 | 632855 |
| **Capital Markets - 0.1%**  | **Capital Markets - 0.1%**  | **Capital Markets - 0.1%**  |
| Blackstone Private Credit Fund |  |  |
| 7.30%, 11/27/2028 | 604000 | 640680 |
| Blue Owl Credit Income Corp. |  |  |
| 4.70%, 02/08/2027 | 113000 | 112556 |
| 7.95%, 06/13/2028 | 371000 | 392287 |
|  |  | 1145523 |
| **Diversified REITs - 0.1%**  | **Diversified REITs - 0.1%**  | **Diversified REITs - 0.1%**  |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 5.63%, 09/15/2034 | 1220000 | 1237749 |
| 5.30%, 01/15/2029 | 73000 | 74271 |
|  |  | 1312020 |
| **Electric Utilities - 0.9%**  | **Electric Utilities - 0.9%**  | **Electric Utilities - 0.9%**  |
| Alpha Generation LLC |  |  |
| 6.25%, 01/15/2034 <sup>(B)</sup> <br>| 991000 | 999896 |
| American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp; Fixed until 12/15/2030, <br>5.80% <sup>(C)</sup>, 03/15/2056<br>| 364000 | 361365 |
| &nbsp;&nbsp; Fixed until 12/15/2035, <br>6.05% <sup>(C)</sup>, 03/15/2056<br>| 291000 | 285916 |
| Duke Energy Corp. |  |  |
| 5.45%, 06/15/2034 <sup>(E)</sup> <br>| 1332000 | 1387002 |
| Exelon Corp. |  |  |
| 5.45%, 03/15/2034 | 679000 | 705969 |
| NRG Energy, Inc. |  |  |
| 4.73%, 10/15/2030 <sup>(B)</sup> <br>| 760000 | 760963 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Janus Balanced VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| NRG Energy, Inc. (continued) |  |  |
| 5.75%, 01/15/2034 <sup>(B)</sup> <br>| $409000 | $413159 |
| 6.00%, 01/15/2036 <sup>(B)</sup> <br>| 767000 | 777158 |
| Talen Energy Supply LLC |  |  |
| 6.25%, 02/01/2034 <sup>(B)</sup> <br>| 688000 | 701701 |
| 6.50%, 02/01/2036 <sup>(B)</sup> <br>| 1129000 | 1167487 |
| Xcel Energy, Inc. |  |  |
| 5.60%, 04/15/2035 | 438000 | 453578 |
|  |  | 8014194 |
| **Financial Services - 1.4%**  | **Financial Services - 1.4%**  | **Financial Services - 1.4%**  |
| Atlas Warehouse Lending Co. LP |  |  |
| 4.63%, 11/15/2028 <sup>(B)</sup> <br>| 374000 | 375404 |
| 4.95%, 11/15/2030 <sup>(B)</sup> <br>| 334000 | 335110 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/26/2034, <br>5.88% <sup>(C)</sup>, 07/26/2035<br>| 944000 | 993566 |
| &nbsp;&nbsp; Fixed until 01/30/2035, <br>6.18% <sup>(C)</sup>, 01/30/2036<br>| 688000 | 718191 |
| &nbsp;&nbsp; Fixed until 10/30/2030, <br>7.62% <sup>(C)</sup>, 10/30/2031<br>| 726000 | 820486 |
| &nbsp;&nbsp; Fixed until 11/02/2033, <br>7.96% <sup>(C)</sup>, 11/02/2034<br>| 1157000 | 1364098 |
| Jane Street Group/JSG Finance, Inc. |  |  |
| 6.13%, 11/01/2032 <sup>(B)</sup> <br>| 1326000 | 1349284 |
| 6.75%, 05/01/2033 <sup>(B)</sup> <br>| 1032000 | 1077198 |
| 7.13%, 04/30/2031 <sup>(B)</sup> <br>| 528000 | 554805 |
| LPL Holdings, Inc. |  |  |
| 5.15%, 06/15/2030 | 490000 | 499709 |
| 5.75%, 06/15/2035 | 608000 | 625602 |
| 6.00%, 05/20/2034 <sup>(E)</sup> <br>| 787000 | 827600 |
| Rocket Cos., Inc. |  |  |
| 6.13%, 08/01/2030 <sup>(B)</sup> <br>| 374000 | 386596 |
| 6.38%, 08/01/2033 <sup>(B)</sup> <br>| 1565000 | 1631699 |
|  |  | 11559348 |
| **Health Care Equipment & Supplies - 0.4%**  | **Health Care Equipment & Supplies - 0.4%**  | **Health Care Equipment & Supplies - 0.4%**  |
| Solventum Corp. |  |  |
| 5.45%, 03/13/2031 | 1292000 | 1347712 |
| 5.60%, 03/23/2034 | 1703000 | 1771958 |
|  |  | 3119670 |
| **Health Care Providers & Services - 0.6%**  | **Health Care Providers & Services - 0.6%**  | **Health Care Providers & Services - 0.6%**  |
| Elevance Health, Inc. |  |  |
| 5.20%, 02/15/2035 | 499000 | 509699 |
| HCA, Inc. |  |  |
| 3.63%, 03/15/2032 | 450000 | 425038 |
| 5.60%, 04/01/2034 | 690000 | 719615 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co. |  |  |
| 2.20%, 06/01/2030 <sup>(B)</sup> <br>| 510000 | 463081 |
| 5.20%, 06/15/2029 <sup>(B)</sup> <br>| 575000 | 589378 |
| 5.45%, 06/15/2034 <sup>(B)</sup> <br>| 1297000 | 1327836 |
| Humana, Inc. |  |  |
| 5.88%, 03/01/2033 | 220000 | 231092 |
| 5.95%, 03/15/2034 | 544000 | 570507 |
|  |  | 4836246 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Hotels, Restaurants & Leisure - 0.4%**  | **Hotels, Restaurants & Leisure - 0.4%**  | **Hotels, Restaurants & Leisure - 0.4%**  |
| Carnival Corp. |  |  |
| 5.75%, 08/01/2032 <sup>(B)</sup> <br>| $670000 | $687608 |
| Flutter Treasury DAC |  |  |
| 5.88%, 06/04/2031 <sup>(B)</sup> <br>| 389000 | 394407 |
| NCL Corp. Ltd. |  |  |
| 5.88%, 01/15/2031 <sup>(B)</sup> <br>| 1355000 | 1349873 |
| 6.25%, 09/15/2033 <sup>(B)</sup> <br>| 840000 | 839647 |
|  |  | 3271535 |
| **Insurance - 0.4%**  | **Insurance - 0.4%**  | **Insurance - 0.4%**  |
| Aon North America, Inc. |  |  |
| 5.45%, 03/01/2034 | 1584000 | 1646118 |
| Asurion LLC & Asurion Co-Issuer, Inc. |  |  |
| 8.00%, 12/31/2032 <sup>(B)</sup> <br>| 550000 | 570686 |
| Athene Global Funding |  |  |
| 2.65%, 10/04/2031 <sup>(B)</sup> <br>| 712000 | 629615 |
| Brown & Brown, Inc. |  |  |
| 4.90%, 06/23/2030 | 206000 | 208849 |
| 5.25%, 06/23/2032 | 91000 | 93059 |
|  |  | 3148327 |
| **Internet & Catalog Retail - 0.2%**  | **Internet & Catalog Retail - 0.2%**  | **Internet & Catalog Retail - 0.2%**  |
| AppLovin Corp. |  |  |
| 5.38%, 12/01/2031 | 721000 | 747655 |
| 5.50%, 12/01/2034 | 831000 | 853813 |
|  |  | 1601468 |
| **IT Services - 0.3%**  | **IT Services - 0.3%**  | **IT Services - 0.3%**  |
| Booz Allen Hamilton, Inc. |  |  |
| 5.95%, 08/04/2033 - 04/15/2035 <sup>(E)</sup> <br>| 2174000 | 2257713 |
| CACI International, Inc. |  |  |
| 6.38%, 06/15/2033 <sup>(B)</sup> <br>| 319000 | 330062 |
|  |  | 2587775 |
| **Media - 0.1%**  | **Media - 0.1%**  | **Media - 0.1%**  |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 6.65%, 02/01/2034 | 1013000 | 1067135 |
| **Oil, Gas & Consumable Fuels - 1.3%**  | **Oil, Gas & Consumable Fuels - 1.3%**  | **Oil, Gas & Consumable Fuels - 1.3%**  |
| Civitas Resources, Inc. |  |  |
| 8.63%, 11/01/2030 <sup>(B)</sup> <br>| 204000 | 213804 |
| 8.75%, 07/01/2031 <sup>(B)</sup> <br>| 378000 | 392138 |
| 9.63%, 06/15/2033 <sup>(B)</sup> <br>| 732000 | 790280 |
| Columbia Pipelines Operating Co. LLC |  |  |
| 6.04%, 11/15/2033 <sup>(B)</sup> <br>| 510000 | 545933 |
| 6.50%, 08/15/2043 <sup>(B)</sup> <br>| 103000 | 108810 |
| 6.54%, 11/15/2053 <sup>(B)</sup> <br>| 532000 | 566481 |
| DT Midstream, Inc. |  |  |
| 4.13%, 06/15/2029 <sup>(B)</sup> <br>| 959000 | 946357 |
| 4.30%, 04/15/2032 <sup>(B)</sup> <br>| 288000 | 278194 |
| 4.38%, 06/15/2031 <sup>(B)</sup> <br>| 1628000 | 1593880 |
| Hess Midstream Operations LP |  |  |
| 4.25%, 02/15/2030 <sup>(B)</sup> <br>| 556000 | 543816 |
| 5.13%, 06/15/2028 <sup>(B)</sup> <br>| 460000 | 461857 |
| Occidental Petroleum Corp. |  |  |
| 6.13%, 01/01/2031 | 534000 | 564399 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Janus Balanced VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Occidental Petroleum Corp. (continued) |  |  |
| 6.63%, 09/01/2030 | $296000 | $318663 |
| 8.88%, 07/15/2030 | 420000 | 485647 |
| Sunoco LP |  |  |
| 5.63%, 03/15/2031 <sup>(B)</sup> <br>| 286000 | 288096 |
| 5.88%, 03/15/2034 <sup>(B)</sup> <br>| 485000 | 484957 |
| 7.00%, 05/01/2029 <sup>(B)</sup> <br>| 908000 | 947004 |
| 7.25%, 05/01/2032 <sup>(B)</sup> <br>| 512000 | 541356 |
| Viper Energy Partners LLC |  |  |
| 4.90%, 08/01/2030 | 231000 | 233650 |
| 5.70%, 08/01/2035 | 614000 | 626605 |
|  |  | 10931927 |
| **Pharmaceuticals - 0.6%**  | **Pharmaceuticals - 0.6%**  | **Pharmaceuticals - 0.6%**  |
| CVS Health Corp. |  |  |
| 4.78%, 03/25/2038 | 1214000 | 1145909 |
| 5.00%, 09/15/2032 | 299000 | 305181 |
| 5.25%, 02/21/2033 | 109000 | 112224 |
| 5.45%, 09/15/2035 | 531000 | 543537 |
| 5.70%, 06/01/2034 | 561000 | 587881 |
| 6.20%, 09/15/2055 | 308000 | 312725 |
| Teva Pharmaceutical Finance Co. LLC |  |  |
| 6.15%, 02/01/2036 | 311000 | 326519 |
| Teva Pharmaceutical Finance Netherlands <br> III BV |  |  |
| 6.00%, 12/01/2032 | 1136000 | 1192241 |
| Teva Pharmaceutical Finance Netherlands <br> IV BV |  |  |
| 5.75%, 12/01/2030 | 896000 | 929353 |
|  |  | 5455570 |
| **Semiconductors & Semiconductor Equipment - 0.2%**  | **Semiconductors & Semiconductor Equipment - 0.2%**  | **Semiconductors & Semiconductor Equipment - 0.2%**  |
| Foundry JV Holdco LLC |  |  |
| 5.88%, 01/25/2034 <sup>(B)</sup> <br>| 941000 | 966356 |
| 5.90%, 01/25/2033 <sup>(B)</sup> <br>| 200000 | 209270 |
| 6.25%, 01/25/2035 <sup>(B)</sup> <br>| 200000 | 212078 |
|  |  | 1387704 |
| **Software - 0.5%**  | **Software - 0.5%**  | **Software - 0.5%**  |
| Constellation Software, Inc. |  |  |
| 5.46%, 02/16/2034 <sup>(B)</sup> <br>| 744000 | 749423 |
| CoreWeave, Inc. |  |  |
| 9.00%, 02/01/2031 <sup>(B)</sup> <br>| 322000 | 295120 |
| 9.25%, 06/01/2030 <sup>(B)</sup> <br>| 797000 | 741029 |
| MSCI, Inc. |  |  |
| 4.00%, 11/15/2029 <sup>(B)</sup> <br>| 184000 | 179895 |
| Oracle Corp. |  |  |
| 5.20%, 09/26/2035 | 672000 | 643830 |
| 5.50%, 08/03/2035 | 218000 | 213614 |
| 5.95%, 09/26/2055 | 561000 | 497054 |
| 6.10%, 09/26/2065 | 750000 | 661494 |
|  |  | 3981459 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $80,320,354)**<br>|  | 82576519 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 8.2%**  | **U.S. GOVERNMENT OBLIGATIONS - 8.2%**  | **U.S. GOVERNMENT OBLIGATIONS - 8.2%**  |
| **U.S. Treasury - 8.2%**  | **U.S. Treasury - 8.2%**  | **U.S. Treasury - 8.2%**  |
| U.S. Treasury Bonds |  |  |
| 4.63%, 11/15/2045 | $15070000 | $14726216 |
| 4.75%, 08/15/2055 | 33464000 | 32899295 |
| U.S. Treasury Notes |  |  |
| 3.50%, 12/15/2028 - 11/30/2030 | 6425000 | 6372877 |
| 3.75%, 11/30/2032 | 3158000 | 3121486 |
| 4.00%, 11/15/2035 | 12306400 | 12129495 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $70,330,711)**<br>|  | 69249369 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.2%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.2%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.2%**  |
| BAMLL Re-REMICS Trust |  |  |
| 0.00% <sup>(C)</sup>11/27/2048 <sup>(B)</sup> <br>| 284938 | 283334 |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.50%, 12/01/2033 - 05/01/2052 | 8261050 | 7238997 |
| 3.00%, 05/01/2031 - 06/01/2052 | 1396624 | 1301350 |
| 3.50%, 07/01/2046 - 06/01/2052 | 687458 | 646708 |
| 4.00%, 03/01/2047 - 03/01/2050 | 972438 | 939796 |
| 4.50%, 03/01/2048 - 03/01/2052 | 1359395 | 1340708 |
| 5.00%, 09/01/2048 - 06/01/2053 | 1296573 | 1305693 |
| 5.50%, 09/01/2052 - 12/01/2054 | 2616914 | 2677122 |
| 6.00%, 04/01/2040 - 04/01/2054 | 2126692 | 2213394 |
| 6.50%, 11/01/2053 | 519438 | 554077 |
| Federal Home Loan Mortgage Corp. <br> STACR REMICS Trust |  |  |
| 1-Month SOFR Average + 1.05%, |  |  |
| 4.92% <sup>(C)</sup>, 01/25/2045 <sup>(B)</sup> <br>| 196969 | 196970 |
| 1-Month SOFR Average + 1.10%, |  |  |
| 4.97% <sup>(C)</sup>, 09/25/2045 <sup>(B)</sup> <br>| 130060 | 130271 |
| 1-Month SOFR Average + 1.15%, |  |  |
| 5.02% <sup>(C)</sup>, 02/25/2045 <sup>(B)</sup> <br>| 402614 | 402981 |
| 1-Month SOFR Average + 1.20%, |  |  |
| 5.07% <sup>(C)</sup>, 05/25/2045 <sup>(B)</sup> <br>| 124070 | 124029 |
| 1-Month SOFR Average + 1.30%, |  |  |
| 5.17% <sup>(C)</sup>, 02/25/2042 <sup>(B)</sup> <br>| 41289 | 41304 |
| 1-Month SOFR Average + 1.85%, |  |  |
| 5.72% <sup>(C)</sup>, 11/25/2043 <sup>(B)</sup> <br>| 191459 | 192527 |
| 1-Month SOFR Average + 2.00%, |  |  |
| 5.87% <sup>(C)</sup>, 06/25/2043 <sup>(B)</sup> <br>| 13230 | 13250 |
| 1-Month SOFR Average + 2.10%, |  |  |
| 5.97% <sup>(C)</sup>, 09/25/2041 <sup>(B)</sup> <br>| 194114 | 195664 |
| 5.97% <sup>(C)</sup>, 04/25/2043 <sup>(B)</sup> <br>| 151269 | 153362 |
| 1-Month SOFR Average + 2.35%, |  |  |
| 6.22% <sup>(C)</sup>, 12/25/2041 <sup>(B)</sup> <br>| 258132 | 260337 |
| 1-Month SOFR Average + 3.75%, |  |  |
| 7.62% <sup>(C)</sup>, 02/25/2042 <sup>(B)</sup> <br>| 84114 | 86618 |
| 1-Month SOFR Average + 4.35%, |  |  |
| 8.22% <sup>(C)</sup>, 04/25/2042 <sup>(B)</sup> <br>| 206199 | 214772 |
| 1-Month SOFR Average + 5.25%, |  |  |
| 9.12% <sup>(C)</sup>, 05/25/2042 <sup>(B)</sup> <br>| 59443 | 62763 |
| 1-Month SOFR Average + 5.75%, |  |  |
| 9.62% <sup>(C)</sup>, 09/25/2042 <sup>(B)</sup> <br>| 52857 | 56946 |
| 1-Month SOFR Average + 6.75%, |  |  |
| 10.62% <sup>(C)</sup>, 06/25/2042 <sup>(B)</sup> <br>| 32398 | 34990 |
| Federal National Mortgage Association |  |  |
| 2.00%, 07/01/2051 | 200169 | 162814 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Janus Balanced VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **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>|  |  |
| 2.50%, 11/01/2034 - 03/01/2062 | $16181153 | $13917130 |
| 3.00%, 10/01/2034 - 06/01/2057 | 4647006 | 4157665 |
| 3.50%, 08/01/2047 - 08/01/2056 | 5161081 | 4838032 |
| 4.00%, 05/01/2045 - 05/01/2052 | 881566 | 852293 |
| 4.50%, 11/01/2042 - 08/01/2053 | 2711366 | 2669469 |
| 5.00%, 07/01/2044 - 08/01/2053 | 977108 | 988028 |
| 5.50%, 06/01/2053 - 03/01/2054 | 1816284 | 1872679 |
| 6.00%, 02/01/2037 - 04/01/2054 | 1039374 | 1090054 |
| Federal National Mortgage Association <br> Connecticut Avenue Securities Trust |  |  |
| 1-Month SOFR Average + 1.10%, |  |  |
| 4.97% <sup>(C)</sup>, 01/25/2045 <sup>(B)</sup> <br>| 103768 | 103799 |
| 1-Month SOFR Average + 1.15%, |  |  |
| 5.02% <sup>(C)</sup>, 03/25/2044 - 02/25/2045 <sup>(B)</sup> <br>| 290271 | 290591 |
| 1-Month SOFR Average + 1.20%, |  |  |
| 5.07% <sup>(C)</sup>, 07/25/2045 <sup>(B)</sup> <br>| 295587 | 295971 |
| 1-Month SOFR Average + 1.50%, |  |  |
| 5.37% <sup>(C)</sup>, 10/25/2043 <sup>(B)</sup> <br>| 174412 | 174706 |
| 1-Month SOFR Average + 1.65%, |  |  |
| 5.52% <sup>(C)</sup>, 12/25/2041 <sup>(B)</sup> <br>| 425176 | 427506 |
| 1-Month SOFR Average + 1.70%, |  |  |
| 5.57% <sup>(C)</sup>, 07/25/2043 <sup>(B)</sup> <br>| 216233 | 217081 |
| 1-Month SOFR Average + 2.30%, |  |  |
| 6.17% <sup>(C)</sup>, 05/25/2043 <sup>(B)</sup> <br>| 355637 | 362325 |
| 1-Month SOFR Average + 3.00%, |  |  |
| 6.87% <sup>(C)</sup>, 01/25/2042 - 04/25/2042 <sup>(B)</sup> <br>| 903000 | 920803 |
| Federal National Mortgage Association <br> REMICS |  |  |
| 3.00%, 05/25/2048 - 11/25/2049 | 825078 | 745451 |
| Government National Mortgage <br> Association |  |  |
| 2.50%, 03/20/2051 - 01/20/2052 | 2403703 | 2064753 |
| 3.00%, 11/20/2046 - 08/20/2051 | 4500817 | 4062788 |
| 3.50%, 05/20/2049 | 1404839 | 1298059 |
| 4.00%, 01/15/2045 - 05/20/2048 | 1089341 | 1049983 |
| 4.50%, 08/15/2046 - 05/20/2048 | 554459 | 548871 |
| 5.00%, 08/20/2048 | 139166 | 141461 |
| Seasoned Loans Structured Transaction <br> Trust |  |  |
| 4.75% <sup>(C)</sup>, 09/25/2060 <sup>(B)</sup> <br>| 82299 | 81825 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 3.00%, 01/01/2056 <sup>(F)</sup> <br>| 31000 | 27414 |
| 5.00%, 01/01/2055 <sup>(F)</sup> <br>| 4199000 | 4187190 |
| 5.50%, 01/01/2055 <sup>(F)</sup> <br>| 969000 | 982549 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $70,344,764)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $70,344,764)** | 69199253 |
| **MORTGAGE-BACKED SECURITIES - 6.3%**  | **MORTGAGE-BACKED SECURITIES - 6.3%**  | **MORTGAGE-BACKED SECURITIES - 6.3%**  |
| 280 Park Avenue Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2017-280P, Class A, <br>1-Month Term SOFR + 1.18%, <br>4.96% <sup>(C)</sup>, 09/15/2034 <sup>(B)</sup> <br>| 592515 | 590572 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| A&D Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2024-NQM5, Class A1, <br>5.70%, 11/25/2069 <sup>(B)</sup> <br>| $255414 | $257113 |
| &nbsp;&nbsp; Series 2025-NQM4, Class A1, <br>5.23% <sup>(C)</sup>, 10/25/2070 <sup>(B)</sup> <br>| 274947 | 275648 |
| ALA Trust |  |  |
| &nbsp;&nbsp; Series 2025-OANA, Class A, <br>1-Month Term SOFR + 1.74%, <br>5.49% <sup>(C)</sup>, 06/15/2040 <sup>(B)</sup> <br>| 1333000 | 1337996 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2019-5, Class A1, <br>2.59% <sup>(C)</sup>, 10/25/2049 <sup>(B)</sup> <br>| 18129 | 17952 |
| &nbsp;&nbsp; Series 2019-6, Class A1, <br>2.62% <sup>(C)</sup>, 11/25/2059 <sup>(B)</sup> <br>| 15516 | 15371 |
| &nbsp;&nbsp; Series 2020-3, Class A2, <br>2.41% <sup>(C)</sup>, 04/25/2065 <sup>(B)</sup> <br>| 83863 | 80862 |
| &nbsp;&nbsp; Series 2024-5, Class A1, <br>4.95% <sup>(C)</sup>, 07/25/2068 <sup>(B)</sup> <br>| 832721 | 833612 |
| &nbsp;&nbsp; Series 2025-6, Class A1, <br>5.52% <sup>(C)</sup>, 04/25/2070 <sup>(B)</sup> <br>| 546334 | 551125 |
| BAMLL Re-REMICS Trust |  |  |
| &nbsp;&nbsp; Series 2024-FRR2, Class E, <br>1.27% <sup>(C)</sup>, 07/27/2050 <sup>(B)</sup> <br>| 328000 | 284268 |
| &nbsp;&nbsp; Series 2024-FRR3, Class E, <br>0.49% <sup>(C)</sup>, 01/27/2050 <sup>(B)</sup> <br>| 380014 | 347494 |
| Bayview MSR Opportunity Master Fund <br> Trust |  |  |
| &nbsp;&nbsp; Series 2021-5, Class AF, <br>1-Month SOFR Average + 0.85%, <br>4.72% <sup>(C)</sup>, 11/25/2051 <sup>(B)</sup> <br>| 569744 | 528273 |
| &nbsp;&nbsp; Series 2022-2, Class A1, <br>3.00% <sup>(C)</sup>, 12/25/2051 <sup>(B)</sup> <br>| 423542 | 369590 |
| BLP Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-IND2, Class A, <br>1-Month Term SOFR + 1.50%, <br>5.25% <sup>(C)</sup>, 12/15/2042 <sup>(B)</sup> <br>| 480000 | 480446 |
| BPR Trust |  |  |
| &nbsp;&nbsp; Series 2023-BRK2, Class A, <br>6.90% <sup>(C)</sup>, 10/05/2038 <sup>(B)</sup> <br>| 831000 | 867266 |
| &nbsp;&nbsp; Series 2024-PMDW, Class A, <br>5.36% <sup>(C)</sup>, 11/05/2041 <sup>(B)</sup> <br>| 1191755 | 1219440 |
| &nbsp;&nbsp; Series 2024-PMDW, Class D, <br>5.85% <sup>(C)</sup>, 11/05/2041 <sup>(B)</sup> <br>| 391000 | 390028 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2024-AIR2, Class A, <br>1-Month Term SOFR + 1.49%, <br>5.24% <sup>(C)</sup>, 10/15/2041 <sup>(B)</sup> <br>| 939997 | 941165 |
| &nbsp;&nbsp; Series 2024-AIRC, Class C, <br>1-Month Term SOFR + 2.59%, <br>6.34% <sup>(C)</sup>, 08/15/2041 <sup>(B)</sup> <br>| 399755 | 402727 |
| &nbsp;&nbsp; Series 2024-BRBK, Class A, <br>1-Month Term SOFR + 2.88%, <br>6.61% <sup>(C)</sup>, 10/15/2041 <sup>(B)</sup> <br>| 1070787 | 1076090 |
| &nbsp;&nbsp; Series 2024-GPA3, Class A, <br>1-Month Term SOFR + 1.29%, <br>5.04% <sup>(C)</sup>, 12/15/2039 <sup>(B)</sup> <br>| 490004 | 490004 |
| &nbsp;&nbsp; Series 2024-GPA3, Class B, <br>1-Month Term SOFR + 1.64%, <br>5.39% <sup>(C)</sup>, 12/15/2039 <sup>(B)</sup> <br>| 338722 | 339456 |
| &nbsp;&nbsp; Series 2024-VLT5, Class A, <br>5.41% <sup>(C)</sup>, 11/13/2046 <sup>(B)</sup> <br>| 1217000 | 1232235 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica Janus Balanced VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp; BX Commercial Mortgage <br> Trust (continued)<br>|  |  |
| &nbsp;&nbsp; Series 2024-VLT5, Class B, <br>5.80% <sup>(C)</sup>, 11/13/2046 <sup>(B)</sup> <br>| $281000 | $285488 |
| &nbsp;&nbsp; Series 2024-VLT5, Class C, <br>6.19% <sup>(C)</sup>, 11/13/2046 <sup>(B)</sup> <br>| 220000 | 224549 |
| &nbsp;&nbsp; Series 2025-SPOT, Class A, <br>1-Month Term SOFR + 1.44%, <br>5.19% <sup>(C)</sup>, 04/15/2040 <sup>(B)</sup> <br>| 391669 | 391914 |
| BX Trust |  |  |
| &nbsp;&nbsp; Series 2019-OC11, Class B, <br>3.61%, 12/09/2041 <sup>(B)</sup> <br>| 173000 | 165538 |
| &nbsp;&nbsp; Series 2019-OC11, Class C, <br>3.86%, 12/09/2041 <sup>(B)</sup> <br>| 481000 | 460588 |
| &nbsp;&nbsp; Series 2021-LBA, Class AJV, <br>1-Month Term SOFR + 0.91%, <br>4.67% <sup>(C)</sup>, 02/15/2036 <sup>(B)</sup> <br>| 820000 | 818993 |
| &nbsp;&nbsp; Series 2021-LBA, Class AV, <br>1-Month Term SOFR + 0.91%, <br>4.67% <sup>(C)</sup>, 02/15/2036 <sup>(B)</sup> <br>| 737035 | 736436 |
| &nbsp;&nbsp; Series 2024-VLT4, Class A, <br>1-Month Term SOFR + 1.49%, <br>5.24% <sup>(C)</sup>, 06/15/2041 <sup>(B)</sup> <br>| 939765 | 939471 |
| &nbsp;&nbsp; Series 2025-ARIA, Class A, <br>5.03% <sup>(C)</sup>, 12/13/2042 <sup>(B)</sup> <br>| 928000 | 936412 |
| &nbsp;&nbsp; Series 2025-DIME, Class A, <br>1-Month Term SOFR + 1.15%, <br>4.90% <sup>(C)</sup>, 02/15/2035 <sup>(B)</sup> <br>| 861000 | 858849 |
| &nbsp;&nbsp; Series 2025-GW, Class A, <br>1-Month Term SOFR + 1.60%, <br>5.35% <sup>(C)</sup>, 07/15/2042 <sup>(B)</sup> <br>| 758000 | 759420 |
| &nbsp;&nbsp; Series 2025-ROIC, Class A, <br>1-Month Term SOFR + 1.14%, <br>4.89% <sup>(C)</sup>, 03/15/2030 <sup>(B)</sup> <br>| 1090746 | 1089383 |
| &nbsp;&nbsp; Series 2025-ROIC, Class B, <br>1-Month Term SOFR + 1.39%, <br>5.14% <sup>(C)</sup>, 03/15/2030 <sup>(B)</sup> <br>| 239068 | 238171 |
| &nbsp;&nbsp; Series 2025-VLT7, Class A, <br>1-Month Term SOFR + 1.70%, <br>5.45% <sup>(C)</sup>, 07/15/2044 <sup>(B)</sup> <br>| 1589000 | 1591463 |
| BXHPP Trust |  |  |
| &nbsp;&nbsp; Series 2021-FILM, Class A, <br>1-Month Term SOFR + 0.76%, <br>4.51% <sup>(C)</sup>, 08/15/2036 <sup>(B)</sup> <br>| 201000 | 194024 |
| BXP Trust |  |  |
| &nbsp;&nbsp; Series 2017-GM, Class A, <br>3.38%, 06/13/2039 <sup>(B)</sup> <br>| 324000 | 318128 |
| Chase Mortgage Finance Corp. |  |  |
| &nbsp;&nbsp; Series 2021-CL1, Class M1, <br>1-Month SOFR Average + 1.20%, <br>5.07% <sup>(C)</sup>, 02/25/2050 <sup>(B)</sup> <br>| 568141 | 563210 |
| Citigroup Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2025-LTV1, Class A1, <br>5.24% <sup>(C)</sup>, 12/25/2055 <sup>(B)</sup> <br>| 710632 | 711618 |
| CONE Trust |  |  |
| &nbsp;&nbsp; Series 2024-DFW1, Class A, <br>1-Month Term SOFR + 1.64%, <br>5.39% <sup>(C)</sup>, 08/15/2041 <sup>(B)</sup> <br>| 632000 | 631015 |
| &nbsp;&nbsp; Series 2024-DFW1, Class B, <br>1-Month Term SOFR + 2.29%, <br>6.04% <sup>(C)</sup>, 08/15/2041 <sup>(B)</sup> <br>| 465108 | 465029 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| DATA Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2024-CTR2, Class A, <br>5.30% <sup>(C)</sup>, 05/10/2046 <sup>(B)</sup> <br>| $263256 | $263964 |
| EFMT |  |  |
| &nbsp;&nbsp; Series 2025-RTL1, Class A1, <br>5.22% <sup>(C)</sup>, 11/25/2040 <sup>(B)</sup> <br>| 310000 | 310699 |
| Finance of America Structured Securities <br> Trust |  |  |
| &nbsp;&nbsp; Series 2025-S1, Class A1, <br>3.50%, 02/25/2075 <sup>(B)</sup> <br>| 334844 | 325363 |
| Flagstar Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2021-13IN, Class A2, <br>3.00% <sup>(C)</sup>, 12/30/2051 <sup>(B)</sup> <br>| 1142260 | 999325 |
| FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2023-K511, Class C, <br>5.63% <sup>(C)</sup>, 11/25/2028 <sup>(B)</sup> <br>| 187000 | 176016 |
| GCAT Trust |  |  |
| &nbsp;&nbsp; Series 2023-INV1, Class A1, <br>6.00% <sup>(C)</sup>, 08/25/2053 <sup>(B)</sup> <br>| 671778 | 684164 |
| GS Mortgage Securities Corp. Trust |  |  |
| &nbsp;&nbsp; 1-Month Term SOFR + 2.65%, <br>6.38% <sup>(C)</sup>, 11/25/2041 <sup>(B)</sup> <br>| 1159000 | 1160549 |
| GWT Trust |  |  |
| &nbsp;&nbsp; Series 2024-WLF2, Class A, <br>1-Month Term SOFR + 1.69%, <br>5.44% <sup>(C)</sup>, 05/15/2041 <sup>(B)</sup> <br>| 1141000 | 1144177 |
| Homeward Opportunities Fund Trust |  |  |
| &nbsp;&nbsp; Series 2024-RRTL2, Class A1, <br>5.99% <sup>(C)</sup>, 09/25/2039 <sup>(B)</sup> <br>| 424000 | 425001 |
| &nbsp;&nbsp; Series 2024-RTL1, Class A1, <br>7.12% <sup>(C)</sup>, 07/25/2029 <sup>(B)</sup> <br>| 1020000 | 1021022 |
| &nbsp;&nbsp; Series 2025-RRTL1, Class A1, <br>5.48% <sup>(C)</sup>, 03/25/2040 <sup>(B)</sup> <br>| 566000 | 568624 |
| &nbsp;&nbsp; Series 2025-RRTL2, Class A1, <br>5.24% <sup>(C)</sup>, 09/25/2040 <sup>(B)</sup> <br>| 230000 | 230811 |
| Hudson's Bay Simon JV Trust |  |  |
| &nbsp;&nbsp; Series 2015-HB10, Class A10, <br>4.15%, 08/05/2034 <sup>(B)</sup> <br>| 321959 | 321651 |
| JPMorgan Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-5MPR, Class A1D, <br>5.50% <sup>(C)</sup>, 11/25/2055 <sup>(B)</sup> <br>| 228754 | 229614 |
| KRE Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-AIP4, Class A, <br>1-Month Term SOFR + 1.30%, <br>5.05% <sup>(C)</sup>, 03/15/2042 <sup>(B)</sup> <br>| 749000 | 748065 |
| LEX Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2024-BBG, Class A, <br>4.87% <sup>(C)</sup>, 10/13/2033 <sup>(B)</sup> <br>| 215000 | 216268 |
| LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2024-RTL2, Class A1, <br>7.13% <sup>(C)</sup>, 03/25/2029 <sup>(B)</sup> <br>| 249645 | 251325 |
| &nbsp;&nbsp; Series 2024-RTL3, Class A1, <br>6.90% <sup>(C)</sup>, 05/25/2029 <sup>(B)</sup> <br>| 311653 | 314453 |
| &nbsp;&nbsp; Series 2024-RTL4, Class A1, <br>5.92% <sup>(C)</sup>, 07/25/2039 <sup>(B)</sup> <br>| 920061 | 924551 |
| &nbsp;&nbsp; Series 2025-RTL3, Class A1, <br>5.24% <sup>(C)</sup>, 08/25/2040 <sup>(B)</sup> <br>| 260000 | 260753 |
| Life Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2021-BMR, Class C, <br>1-Month Term SOFR + 1.21%, <br>4.96% <sup>(C)</sup>, 03/15/2038 <sup>(B)</sup> <br>| 80420 | 80077 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Janus Balanced VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| Life Mortgage Trust (continued) |  |  |
| &nbsp;&nbsp; Series 2022-BMR2, Class A1, <br>1-Month Term SOFR + 1.30%, <br>5.05% <sup>(C)</sup>, 05/15/2039 <sup>(B)</sup> <br>| $886000 | $854453 |
| &nbsp;&nbsp; Series 2022-BMR2, Class B, <br>1-Month Term SOFR + 1.79%, <br>5.54% <sup>(C)</sup>, 05/15/2039 <sup>(B)</sup> <br>| 257000 | 232254 |
| Mello Mortgage Capital Acceptance |  |  |
| &nbsp;&nbsp; Series 2021-INV2, Class A11, <br>1-Month SOFR Average + 0.95%, <br>5.00% <sup>(C)</sup>, 08/25/2051 <sup>(B)</sup> <br>| 426170 | 396959 |
| &nbsp;&nbsp; Series 2021-INV3, Class A11, <br>1-Month SOFR Average + 0.95%, <br>5.00% <sup>(C)</sup>, 10/25/2051 <sup>(B)</sup> <br>| 532221 | 495922 |
| &nbsp;&nbsp; Series 2022-INV1, Class A2, <br>3.00% <sup>(C)</sup>, 03/25/2052 <sup>(B)</sup> <br>| 3636 | 3164 |
| &nbsp;&nbsp; Series 2024-SD1, Class A1, <br>4.00% <sup>(C)</sup>, 04/25/2054 <sup>(B)</sup> <br>| 274407 | 269448 |
| MIC Trust |  |  |
| &nbsp;&nbsp; Series 2023-MIC, Class A, <br>8.44% <sup>(C)</sup>, 12/05/2038 <sup>(B)</sup> <br>| 584328 | 632158 |
| Morgan Stanley Residential Mortgage <br> Loan Trust |  |  |
| 4.25% <sup>(C)</sup>, 02/25/2065 <sup>(B)</sup> <br>| 314157 | 307491 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2018-2A, Class A1, <br>4.50% <sup>(C)</sup>, 02/25/2058 <sup>(B)</sup> <br>| 67910 | 67349 |
| &nbsp;&nbsp; Series 2024-NQM2, Class A1, <br>5.12% <sup>(C)</sup>, 09/25/2064 <sup>(B)</sup> <br>| 427136 | 428296 |
| &nbsp;&nbsp; Series 2024-RTL2, Class A1, <br>5.44% <sup>(C)</sup>, 09/25/2039 <sup>(B)</sup> <br>| 343000 | 345557 |
| NRTH Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-PARK, Class A, <br>1-Month Term SOFR + 1.39%, <br>5.14% <sup>(C)</sup>, 10/15/2040 <sup>(B)</sup> <br>| 654000 | 654613 |
| OBX Trust |  |  |
| &nbsp;&nbsp; Series 2022-INV1, Class A1, <br>3.00% <sup>(C)</sup>, 12/25/2051 <sup>(B)</sup> <br>| 177853 | 155197 |
| &nbsp;&nbsp; Series 2022-INV1, Class A18, <br>3.00% <sup>(C)</sup>, 12/25/2051 <sup>(B)</sup> <br>| 471207 | 407649 |
| PRET Trust |  |  |
| &nbsp;&nbsp; Series 2025-RPL1, Class A1, <br>4.00% <sup>(C)</sup>, 07/25/2069 <sup>(B)</sup> <br>| 420259 | 411747 |
| &nbsp;&nbsp; Series 2025-RPL2, Class A1, <br>4.00% <sup>(C)</sup>, 08/25/2064 <sup>(B)</sup> <br>| 441580 | 431777 |
| &nbsp;&nbsp; Series 2025-RPL5, Class A1, <br>4.15% <sup>(C)</sup>, 01/25/2070 <sup>(B)</sup> <br>| 675271 | 664176 |
| PRPM LLC |  |  |
| &nbsp;&nbsp; Series 2024-RCF2, Class A1, <br>3.75% <sup>(C)</sup>, 03/25/2054 <sup>(B)</sup> <br>| 185381 | 182641 |
| &nbsp;&nbsp; Series 2025-RCF4, Class A1, <br>4.50% <sup>(C)</sup>, 08/25/2055 <sup>(B)</sup> <br>| 278079 | 276007 |
| &nbsp;&nbsp; Series 2025-RPL4, Class A1, <br>3.00% <sup>(C)</sup>, 05/25/2055 <sup>(B)</sup> <br>| 562483 | 534864 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2021-3, Class A21, <br>1-Month SOFR Average + 0.80%, <br>4.67% <sup>(C)</sup>, 07/25/2051 <sup>(B)</sup> <br>| 383226 | 354307 |
| &nbsp;&nbsp; Series 2023-CES1, Class A1A, <br>6.52% <sup>(C)</sup>, 06/25/2043 <sup>(B)</sup> <br>| 141174 | 141622 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| RCKT Mortgage Trust (continued) |  |  |
| &nbsp;&nbsp; Series 2024-CES5, Class A1A, <br>5.85% <sup>(C)</sup>, 08/25/2044 <sup>(B)</sup> <br>| $588782 | $594555 |
| &nbsp;&nbsp; Series 2024-CES7, Class A1A, <br>5.16% <sup>(C)</sup>, 10/25/2044 <sup>(B)</sup> <br>| 703217 | 705438 |
| &nbsp;&nbsp; Series 2024-CES9, Class A1A, <br>5.58% <sup>(C)</sup>, 12/25/2044 <sup>(B)</sup> <br>| 111156 | 112294 |
| &nbsp;&nbsp; Series 2025-CES2, Class A1A, <br>5.50% <sup>(C)</sup>, 02/25/2055 <sup>(B)</sup> <br>| 347164 | 350283 |
| &nbsp;&nbsp; Series 2025-CES8, Class A1A, <br>5.15% <sup>(C)</sup>, 08/25/2055 <sup>(B)</sup> <br>| 491160 | 493762 |
| Saluda Grade Alternative Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2024-CES1, Class A1, <br>6.31% <sup>(C)</sup>, 03/25/2054 <sup>(B)</sup> <br>| 218661 | 221271 |
| &nbsp;&nbsp; Series 2024-FIG5, Class A, <br>6.26% <sup>(C)</sup>, 04/25/2054 <sup>(B)</sup> <br>| 318905 | 326588 |
| &nbsp;&nbsp; Series 2024-RTL6, Class A1, <br>7.44% <sup>(C)</sup>, 07/25/2030 <sup>(B)</sup> <br>| 775000 | 779549 |
| Saluds Grade Alternative Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-RRTL1, Class A1, <br>5.32% <sup>(C)</sup>, 10/25/2040 <sup>(B)</sup> <br>| 320000 | 320032 |
| SELF Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2024-STRG, Class A, <br>1-Month Term SOFR + 1.54%, <br>5.29% <sup>(C)</sup>, 11/15/2034 <sup>(B)</sup> <br>| 993000 | 993620 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2013-5, Class A1, <br>2.50% <sup>(C)</sup>, 05/25/2043 <sup>(B)</sup> <br>| 84994 | 75637 |
| &nbsp;&nbsp; Series 2020-2, Class A19, <br>3.50% <sup>(C)</sup>, 03/25/2050 <sup>(B)</sup> <br>| 38547 | 34513 |
| SMRT Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2022-MINI, Class A, <br>1-Month Term SOFR + 1.00%, <br>4.75% <sup>(C)</sup>, 01/15/2039 <sup>(B)</sup> <br>| 451000 | 450999 |
| SREIT Trust |  |  |
| &nbsp;&nbsp; Series 2021-MFP, Class A, <br>1-Month Term SOFR + 0.85%, <br>4.60% <sup>(C)</sup>, 11/15/2038 <sup>(B)</sup> <br>| 83884 | 83833 |
| TEXAS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-TWR, Class A, <br>1-Month Term SOFR + 1.29%, <br>5.04% <sup>(C)</sup>, 04/15/2042 <sup>(B)</sup> <br>| 284000 | 284360 |
| Toorak Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-RRTL1, Class A1, <br>5.52% <sup>(C)</sup>, 02/25/2040 <sup>(B)</sup> <br>| 260000 | 261202 |
| TYSN Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2023-CRNR, Class A, <br>6.58% <sup>(C)</sup>, 12/10/2033 <sup>(B)</sup> <br>| 924755 | 973494 |
| UWM Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2021-INV1, Class A9, <br>1-Month SOFR Average + 0.90%, <br>4.97% <sup>(C)</sup>, 08/25/2051 <sup>(B)</sup> <br>| 520028 | 484119 |
| VASA Trust |  |  |
| &nbsp;&nbsp; Series 2021-VASA, Class A, <br>1-Month Term SOFR + 1.01%, <br>4.77% <sup>(C)</sup>, 07/15/2039 <sup>(B)</sup> <br>| 425000 | 418899 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Janus Balanced VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2021-SAVE, Class A, <br>1-Month Term SOFR + 1.36%, <br>5.12% <sup>(C)</sup>, 02/15/2040 <sup>(B)</sup> <br>| $74081 | $74039 |
| &nbsp;&nbsp; Series 2025-VTT, Class A, <br>5.10% <sup>(C)</sup>, 03/15/2038 <sup>(B)</sup> <br>| 1014000 | 1018684 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>**(Cost $53,293,459)**<br>|  | 53269726 |
| **ASSET-BACKED SECURITIES - 6.2%**  | **ASSET-BACKED SECURITIES - 6.2%**  | **ASSET-BACKED SECURITIES - 6.2%**  |
| AGL CLO 26 Ltd. |  |  |
| &nbsp;&nbsp; Series 2023-26A, Class A1R, <br>3-Month Term SOFR + 1.28%, <br>5.15% <sup>(C)</sup>, 10/21/2038 <sup>(B)</sup> <br>| 1267000 | 1270392 |
| Ansley Park Capital LLC |  |  |
| &nbsp;&nbsp; Series 2025-A, Class A2, <br>4.43%, 04/20/2035 <sup>(B)</sup> <br>| 360000 | 361128 |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp; Series 2021-A, Class A, <br>1.54%, 07/17/2046 <sup>(B)</sup> <br>| 77840 | 71615 |
| Bain Capital Credit CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2023-3A, Class A1R, <br>3-Month Term SOFR + 1.31%, <br>5.18% <sup>(C)</sup>, 10/24/2038 <sup>(B)</sup> <br>| 1747000 | 1751095 |
| Ballyrock CLO 14 Ltd. |  |  |
| &nbsp;&nbsp; Series 2020-14A, Class A1BR, <br>3-Month Term SOFR + 1.58%, <br>5.46% <sup>(C)</sup>, 07/20/2037 <sup>(B)</sup> <br>| 250000 | 250111 |
| Barings Loan Partners CLO Ltd. 5 |  |  |
| &nbsp;&nbsp; Series LP-5A, Class A, <br>3-Month Term SOFR + 1.22%, <br>5.10% <sup>(C)</sup>, 01/20/2035 <sup>(B)</sup> <br>| 895249 | 895407 |
| Bayview Opportunity Master Fund VII LLC |  |  |
| &nbsp;&nbsp; Series 2025-EDU1, Class B, <br>1-Month SOFR Average + 1.70%, <br>5.57% <sup>(C)</sup>, 07/27/2048 <sup>(B)</sup> <br>| 231548 | 231548 |
| Benefit Street Partners CLO 43 Ltd. |  |  |
| &nbsp;&nbsp; Series 2025-43A, Class A, <br>3-Month Term SOFR + 1.27%, <br>5.19% <sup>(C)</sup>, 10/20/2038 <sup>(B)</sup> <br>| 1006000 | 1007639 |
| Benefit Street Partners CLO XV Ltd. |  |  |
| &nbsp;&nbsp; Series 2018-15A, Class A1R, <br>3-Month Term SOFR + 1.39%, <br>5.29% <sup>(C)</sup>, 07/15/2037 <sup>(B)</sup> <br>| 1283000 | 1286278 |
| Carlyle U.S. CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2018-4A, Class A2R, <br>3-Month Term SOFR + 1.56%, <br>5.44% <sup>(C)</sup>, 10/17/2037 <sup>(B)</sup> <br>| 1284000 | 1286537 |
| &nbsp;&nbsp; Series 2023-2A, Class A1R, <br>3-Month Term SOFR + 1.32%, <br>5.20% <sup>(C)</sup>, 07/20/2038 <sup>(B)</sup> <br>| 1132000 | 1135326 |
| CBAM Ltd. |  |  |
| &nbsp;&nbsp; Series 2018-5A, Class A1R, <br>3-Month Term SOFR + 1.34%, <br>5.45% <sup>(C)</sup>, 10/17/2038 <sup>(B)</sup> <br>| 588000 | 588644 |
| CF Hippolyta Issuer LLC |  |  |
| &nbsp;&nbsp; Series 2020-1, Class A1, <br>1.69%, 07/15/2060 <sup>(B)</sup> <br>| 435744 | 366629 |
| &nbsp;&nbsp; Series 2020-1, Class B1, <br>2.28%, 07/15/2060 <sup>(B)</sup> <br>| 89945 | 56079 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| CF Hippolyta Issuer LLC (continued) |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A1, <br>1.53%, 03/15/2061 <sup>(B)</sup> <br>| $769276 | $620974 |
| &nbsp;&nbsp; Series 2021-1A, Class B1, <br>1.98%, 03/15/2061 <sup>(B)</sup> <br>| 199207 | 121259 |
| &nbsp;&nbsp; Series 2022-1A, Class A1, <br>5.97%, 08/15/2062 <sup>(B)</sup> <br>| 716577 | 704904 |
| &nbsp;&nbsp; Series 2022-1A, Class A2, <br>6.11%, 08/15/2062 <sup>(B)</sup> <br>| 2040314 | 1980553 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-7A, Class A1R, <br>3-Month Term SOFR + 1.28%, <br>5.37% <sup>(C)</sup>, 10/19/2038 <sup>(B)</sup> <br>| 829000 | 831321 |
| Compass Datacenters Issuer II LLC |  |  |
| &nbsp;&nbsp; Series 2024-2A, Class A1, <br>5.02%, 08/25/2049 <sup>(B)</sup> <br>| 112000 | 112218 |
| &nbsp;&nbsp; Series 2025-1A, Class A1, <br>5.32%, 05/25/2050 <sup>(B)</sup> <br>| 2006000 | 2024042 |
| Compass Datacenters Issuer III LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>5.66%, 02/25/2050 <sup>(B)</sup> <br>| 731000 | 739429 |
| &nbsp;&nbsp; Series 2025-2A, Class A2, <br>5.84%, 02/25/2050 <sup>(B)</sup> <br>| 455000 | 461783 |
| COOPR Residential Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-CES3, Class A1A, <br>4.84% <sup>(C)</sup>, 09/25/2060 <sup>(B)</sup> <br>| 427392 | 426227 |
| &nbsp;&nbsp; Series 2025-CES4, Class A1A, <br>5.04% <sup>(C)</sup>, 11/25/2060 <sup>(B)</sup> <br>| 173504 | 173816 |
| CP EF Asset Securitization II LLC |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>7.48%, 03/15/2032 <sup>(B)</sup> <br>| 72845 | 73387 |
| Croton Park CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2014-1A, Class A2, <br>3-Month Term SOFR + 1.56%, <br>5.46% <sup>(C)</sup>, 10/15/2036 <sup>(B)</sup> <br>| 594000 | 594531 |
| CyrusOne Data Centers Issuer I LLC |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class B, <br>5.45%, 04/20/2048 <sup>(B)</sup> <br>| 157090 | 154850 |
| &nbsp;&nbsp; Series 2024-1A, Class A2, <br>4.76%, 03/22/2049 <sup>(B)</sup> <br>| 372724 | 367220 |
| &nbsp;&nbsp; Series 2024-2A, Class A2, <br>4.50%, 05/20/2049 <sup>(B)</sup> <br>| 135000 | 131751 |
| &nbsp;&nbsp; Series 2024-3A, Class A2, <br>4.65%, 05/20/2049 <sup>(B)</sup> <br>| 1339000 | 1284851 |
| DB Master Finance LLC |  |  |
| &nbsp;&nbsp; Series 2017-1A, Class A2II, <br>4.03%, 11/20/2047 <sup>(B)</sup> <br>| 166972 | 165861 |
| Diamond Infrastructure Funding LLC |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A, <br>1.76%, 04/15/2049 <sup>(B)</sup> <br>| 821000 | 797910 |
| Elmwood CLO X Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-3A, Class AR2, <br>3-Month Term SOFR + 1.30%, <br>5.18% <sup>(C)</sup>, 07/20/2038 <sup>(B)</sup> <br>| 766000 | 769029 |
| FIGRE Trust |  |  |
| &nbsp;&nbsp; Series 2024-HE2, Class A, <br>6.38% <sup>(C)</sup>, 05/25/2054 <sup>(B)</sup> <br>| 266341 | 273335 |
| &nbsp;&nbsp; Series 2024-HE4, Class A, <br>5.06% <sup>(C)</sup>, 09/25/2054 <sup>(B)</sup> <br>| 306486 | 308287 |
| &nbsp;&nbsp; Series 2025-HE2, Class A, <br>5.78% <sup>(C)</sup>, 03/25/2055 <sup>(B)</sup> <br>| 372184 | 376619 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Janus Balanced VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| FIGRE Trust (continued) |  |  |
| &nbsp;&nbsp; Series 2025-HE3, Class A, <br>5.56% <sup>(C)</sup>, 05/25/2055 <sup>(B)</sup> <br>| $408284 | $412588 |
| &nbsp;&nbsp; Series 2025-HE5, Class A, <br>5.29% <sup>(C)</sup>, 08/25/2055 <sup>(B)</sup> <br>| 276340 | 277410 |
| &nbsp;&nbsp; Series 2025-HE6, Class A, <br>5.04% <sup>(C)</sup>, 09/25/2055 <sup>(B)</sup> <br>| 204888 | 204249 |
| Foundation Finance Trust |  |  |
| &nbsp;&nbsp; Series 2025-3A, Class A, <br>4.56%, 08/15/2052 <sup>(B)</sup> <br>| 393839 | 394887 |
| GoldenTree Loan Management U.S. CLO <br> 17 Ltd. |  |  |
| &nbsp;&nbsp; Series 2023-17A, Class AR, <br>3-Month Term SOFR + 1.28%, <br>5.16% <sup>(C)</sup>, 01/20/2039 <sup>(B)</sup> <br>| 950000 | 951774 |
| Gracie Point International Funding LLC |  |  |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>3-Month SOFR Average + 1.70%, <br>5.89% <sup>(C)</sup>, 03/01/2028 <sup>(B)</sup> <br>| 287000 | 287217 |
| GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp; Series 2025-CES2, Class A1, <br>5.18% <sup>(C)</sup>, 09/25/2055 <sup>(B)</sup> <br>| 559390 | 560775 |
| Hertz Vehicle Financing III LLC |  |  |
| &nbsp;&nbsp; Series 2025-5A, Class A, <br>4.62%, 05/25/2030 <sup>(B)</sup> <br>| 331000 | 331044 |
| Lendbuzz Securitization Trust |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A2, <br>6.92%, 08/15/2028 <sup>(B)</sup> <br>| 82401 | 83241 |
| Libra Solutions LLC |  |  |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.88%, 09/30/2038 <sup>(B)</sup><sup>(G)</sup> <br>| 439000 | 439173 |
| LMDV Issuer Co. LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>5.31%, 12/15/2055 <sup>(B)</sup> <br>| 238000 | 237929 |
| M&T Equipment Notes |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A3, <br>5.74%, 07/15/2030 <sup>(B)</sup> <br>| 106096 | 106722 |
| Madison Park Funding LV Ltd. |  |  |
| &nbsp;&nbsp; Series 2022-55A, Class A1R, <br>3-Month Term SOFR + 1.36%, <br>5.24% <sup>(C)</sup>, 07/18/2037 <sup>(B)</sup> <br>| 1367389 | 1370468 |
| Madison Park Funding LXII Ltd. |  |  |
| &nbsp;&nbsp; Series 2022-62A, Class A1R2, <br>3-Month Term SOFR + 1.30%, <br>5.19% <sup>(C)</sup>, 07/16/2038 <sup>(B)</sup> <br>| 850000 | 850274 |
| Madison Park Funding LXXIII Ltd. |  |  |
| &nbsp;&nbsp; Series 2025-73A, Class A1, <br>3-Month Term SOFR + 1.30%, <br>5.26% <sup>(C)</sup>, 10/17/2038 <sup>(B)</sup> <br>| 872000 | 875069 |
| Madison Park Funding XXXIV Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-34A, Class A2RR, <br>3-Month Term SOFR + 1.60%, <br>5.49% <sup>(C)</sup>, 10/16/2037 <sup>(B)</sup> <br>| 435000 | 435257 |
| Magnetite 50 Ltd. |  |  |
| &nbsp;&nbsp; Series 2025-50A, Class A1, <br>3-Month Term SOFR + 1.28%, <br>5.59% <sup>(C)</sup>, 07/25/2038 <sup>(B)</sup> <br>| 652000 | 652760 |
| Merchants Fleet Funding LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A, <br>4.49%, 01/20/2039 <sup>(B)</sup> <br>| 235000 | 235748 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| MVW LLC |  |  |
| &nbsp;&nbsp; Series 2025-2A, Class A, <br>4.48%, 10/20/2044 <sup>(B)</sup> <br>| $122440 | $122614 |
| Neuberger Berman CLO 32R Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-32RA, Class A, <br>3-Month Term SOFR + 1.31%, <br>5.64% <sup>(C)</sup>, 07/20/2039 <sup>(B)</sup> <br>| 788611 | 789452 |
| New Economy Assets Phase 1 <br> Sponsor LLC |  |  |
| &nbsp;&nbsp; Series 2021-1, Class B1, <br>2.41%, 10/20/2061 <sup>(B)</sup> <br>| 353000 | 216580 |
| NRM FNT1 Excess LLC |  |  |
| &nbsp;&nbsp; Series 2024-FNT1, Class A, <br>7.40% <sup>(C)</sup>, 11/25/2031 <sup>(B)</sup> <br>| 399778 | 406608 |
| NRZ Excess Spread-Collateralized Notes |  |  |
| &nbsp;&nbsp; Series 2021-FHT1, Class A, <br>3.10%, 07/25/2026 <sup>(B)</sup> <br>| 168728 | 166690 |
| Oak Street Investment Grade Net <br> Lease Fund |  |  |
| &nbsp;&nbsp; Series 2020-1A, Class A1, <br>1.85%, 11/20/2050 <sup>(B)</sup> <br>| 555123 | 504840 |
| OCP CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2020-18A, Class A2R2, <br>3-Month Term SOFR + 1.57%, <br>5.45% <sup>(C)</sup>, 07/20/2037 <sup>(B)</sup> <br>| 337764 | 337967 |
| &nbsp;&nbsp; Series 2025-44A, Class A, <br>3-Month Term SOFR + 1.30%, <br>5.56% <sup>(C)</sup>, 10/24/2038 <sup>(B)</sup> <br>| 455000 | 456141 |
| OHA Credit Funding 7 Ltd. |  |  |
| &nbsp;&nbsp; Series 2020-7A, Class A1R2, <br>3-Month Term SOFR + 1.28%, <br>5.16% <sup>(C)</sup>, 07/19/2038 <sup>(B)</sup> <br>| 812000 | 811553 |
| OHA Credit Funding 9 Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-9A, Class A2R, <br>3-Month Term SOFR + 1.58%, <br>5.46% <sup>(C)</sup>, 10/19/2037 <sup>(B)</sup> <br>| 630000 | 631981 |
| QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>5.44%, 05/25/2055 <sup>(B)</sup> <br>| 1472000 | 1482008 |
| QTS Issuer ABS II LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>5.04%, 10/05/2055 <sup>(B)</sup> <br>| 840000 | 832588 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2024-CES1, Class A1A, <br>6.03% <sup>(C)</sup>, 02/25/2044 <sup>(B)</sup> <br>| 205636 | 207325 |
| &nbsp;&nbsp; Series 2024-CES2, Class A1A, <br>6.14% <sup>(C)</sup>, 04/25/2044 <sup>(B)</sup> <br>| 642832 | 649549 |
| &nbsp;&nbsp; Series 2024-CES6, Class A1A, <br>5.34% <sup>(C)</sup>, 09/25/2044 <sup>(B)</sup> <br>| 464255 | 466276 |
| &nbsp;&nbsp; Series 2025-CES10, Class A1A, <br>4.89% <sup>(C)</sup>, 11/25/2055 <sup>(B)</sup> <br>| 284926 | 285210 |
| &nbsp;&nbsp; Series 2025-CES7, Class A1A, <br>5.38% <sup>(C)</sup>, 07/25/2055 <sup>(B)</sup> <br>| 191669 | 193519 |
| Saluda Grade Alternative Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2023-FIG3, Class A, <br>7.07% <sup>(C)</sup>, 08/25/2053 <sup>(B)</sup> <br>| 793578 | 819184 |
| &nbsp;&nbsp; Series 2023-FIG4, Class A, <br>6.72% <sup>(C)</sup>, 11/25/2053 <sup>(B)</sup> <br>| 417271 | 432550 |
| &nbsp;&nbsp; Series 2025-LOC5, Class A1A, <br>1-Month Term SOFR + 1.60%, <br>5.55% <sup>(C)</sup>, 10/25/2055 <sup>(B)</sup> <br>| 524233 | 525766 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Janus Balanced VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Santander Bank Auto Credit-Linked Notes |  |  |
| &nbsp;&nbsp; Series 2022-B, Class A2, <br>5.59%, 08/16/2032 <sup>(B)</sup> <br>| $38864 | $39074 |
| SCF Equipment Leasing LLC |  |  |
| &nbsp;&nbsp; Series 2025-2A, Class A2, <br>4.26%, 12/22/2031 <sup>(B)</sup> <br>| 192000 | 192265 |
| SF ABS Issuer LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>5.38%, 11/25/2055 <sup>(B)</sup> <br>| 1172000 | 1146490 |
| Sixth Street CLO IX Ltd. |  |  |
| &nbsp;&nbsp; Series 2017-9A, Class AR, <br>3-Month Term SOFR + 1.38%, <br>5.25% <sup>(C)</sup>, 07/21/2037 <sup>(B)</sup> <br>| 957000 | 959405 |
| Taco Bell Funding LLC |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A2II, <br>2.29%, 08/25/2051 <sup>(B)</sup> <br>| 205342 | 191428 |
| Texas Debt Capital CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2023-2A, Class A1R, <br>3-Month Term SOFR + 1.37%, <br>5.24% <sup>(C)</sup>, 10/21/2037 <sup>(B)</sup> <br>| 934000 | 936712 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-FIX2, Class A1, <br>5.25% <sup>(C)</sup>, 10/25/2065 <sup>(B)</sup> <br>| 629502 | 630839 |
| UPG HI Issuer Trust |  |  |
| &nbsp;&nbsp; Series 2025-2, Class A, <br>5.00%, 09/25/2047 <sup>(B)</sup> <br>| 239000 | 238898 |
| Vantage Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A2, <br>2.17%, 10/15/2046 <sup>(B)</sup> <br>| 1953558 | 1913768 |
| Vantage Data Centers LLC |  |  |
| &nbsp;&nbsp; Series 2020-2A, Class A2, <br>1.99%, 09/15/2045 <sup>(B)</sup> <br>| 596000 | 567454 |
| Voya CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2024-4A, Class A2, <br>3-Month Term SOFR + 1.55%, <br>5.43% <sup>(C)</sup>, 07/20/2037 <sup>(B)</sup> <br>| 386336 | 386385 |
| Wendy's Funding LLC |  |  |
| &nbsp;&nbsp; Series 2018-1A, Class A2II, <br>3.88%, 03/15/2048 <sup>(B)</sup> <br>| 469060 | 461039 |
| &nbsp;&nbsp; Series 2021-1A, Class A2I, <br>2.37%, 06/15/2051 <sup>(B)</sup> <br>| 132631 | 123607 |
| &nbsp;&nbsp; Series 2021-1A, Class A2II, <br>2.78%, 06/15/2051 <sup>(B)</sup> <br>| 352392 | 314231 |
| &nbsp;&nbsp; Series 2022-1A, Class A2II, <br>4.54%, 03/15/2052 <sup>(B)</sup> <br>| 69464 | 67431 |
| &nbsp;&nbsp; Series 2025-1A, Class A2I, <br>5.42%, 12/15/2055 <sup>(B)</sup> <br>| 953000 | 950183 |
| Westgate Resorts LLC |  |  |
| &nbsp;&nbsp; Series 2022-1A, Class A, <br>1.79%, 08/20/2036 <sup>(B)</sup> <br>| 28236 | 28054 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $52,330,878)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $52,330,878)** | 52244834 |
| **LOAN ASSIGNMENTS - 1.0%**  | **LOAN ASSIGNMENTS - 1.0%**  | **LOAN ASSIGNMENTS - 1.0%**  |
| **Aerospace & Defense - 0.1%**  | **Aerospace & Defense - 0.1%**  | **Aerospace & Defense - 0.1%**  |
| &nbsp;&nbsp; TransDigm, Inc. <br>Term Loan M, <br>1-Month Term SOFR + 2.50%, <br>6.22% <sup>(C)</sup>, 08/19/2032<br>| 672315 | 675023 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Building Products - 0.2%**  | **Building Products - 0.2%**  | **Building Products - 0.2%**  |
| EMRLD Borrower LP |  |  |
| &nbsp;&nbsp; Term Loan B, <br>3-Month Term SOFR + 2.25%, <br>6.07% <sup>(C)</sup>, 05/31/2030<br>| $290342 | $290903 |
| &nbsp;&nbsp; Term Loan B, <br>6-Month Term SOFR + 2.25%, <br>6.12% <sup>(C)</sup>, 08/04/2031<br>| 1586748 | 1589326 |
|  |  | 1880229 |
| **Chemicals - 0.0% \*** | **Chemicals - 0.0% \*** | **Chemicals - 0.0% \*** |
| &nbsp;&nbsp; Qnity Electronics, Inc. <br>Term Loan B, <br>6-Month Term SOFR + 2.00%, <br>5.80% <sup>(C)</sup>, 11/01/2032<br>| 290000 | 291087 |
| **Commercial Services & Supplies - 0.1%**  | **Commercial Services & Supplies - 0.1%**  | **Commercial Services & Supplies - 0.1%**  |
| &nbsp;&nbsp; Belron Finance LLC <br>Repriced Term Loan B, <br>3-Month Term SOFR + 2.25%, <br>6.12% <sup>(C)</sup>, 10/16/2031<br>| 474018 | 476388 |
| **Electric Utilities - 0.3%**  | **Electric Utilities - 0.3%**  | **Electric Utilities - 0.3%**  |
| &nbsp;&nbsp; Alpha Generation LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.00%, <br>5.72% <sup>(C)</sup>, 09/30/2031<br>| 552013 | 553461 |
| &nbsp;&nbsp; Lightning Power LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.25%, <br>5.97% <sup>(C)</sup>, 08/18/2031<br>| 1051687 | 1056453 |
| &nbsp;&nbsp; Talen Energy Supply LLC <br>Term Loan B, <br>Prime Rate + 1.00%, <br>8.00% <sup>(C)</sup>, 11/25/2032<br>| 666241 | 666935 |
|  |  | 2276849 |
| **Health Care Equipment & Supplies - 0.1%**  | **Health Care Equipment & Supplies - 0.1%**  | **Health Care Equipment & Supplies - 0.1%**  |
| &nbsp;&nbsp; Medline Borrower LP <br>Term Loan B, <br>TBD, 10/23/2028 <sup>(H)</sup> <br>| 915767 | 918231 |
| **Transportation Infrastructure - 0.2%**  | **Transportation Infrastructure - 0.2%**  | **Transportation Infrastructure - 0.2%**  |
| &nbsp;&nbsp; Genesee & Wyoming, Inc. <br>Term Loan, <br>3-Month Term SOFR + 1.75%, <br>5.42% <sup>(C)</sup>, 04/10/2031<br>| 1503587 | 1503353 |
| &nbsp;&nbsp; **Total Loan Assignments** <br>**(Cost $7,984,909)**<br>|  | 8021160 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **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> 3.79% <sup>(I)</sup> <br>| 4289465 | 4289465 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $4,289,465)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $4,289,465)** | 4289465 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Janus Balanced VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.1%**  | **REPURCHASE AGREEMENT - 1.1%**  | **REPURCHASE AGREEMENT - 1.1%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(I)</sup>, dated 12/31/2025, to be <br> repurchased at $9,187,027 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 04/30/2027, and <br> with a value of $9,370,209.<br>| $9186338 | $9186338 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $9,186,338)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $9,186,338)** | 9186338 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $648,005,129)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $648,005,129)** | 848879639 |
| **Net Other Assets (Liabilities) - (0.9)%** | **Net Other Assets (Liabilities) - (0.9)%** | (7672097) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$841207542** |

---

**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** |  |  |  |  |
| Common Stocks | $500842975 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $500842975 |
| Corporate Debt Securities |  | &nbsp;&nbsp; 82576519 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82576519 |
| U.S. Government Obligations |  | &nbsp;&nbsp; 69249369 | &nbsp;&nbsp; — | &nbsp;&nbsp; 69249369 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 69199253 | &nbsp;&nbsp; — | &nbsp;&nbsp; 69199253 |
| Mortgage-Backed Securities |  | &nbsp;&nbsp; 53269726 | &nbsp;&nbsp; — | &nbsp;&nbsp; 53269726 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 52244834 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52244834 |
| Loan Assignments |  | &nbsp;&nbsp; 8021160 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8021160 |
| Other Investment Company | 4289465 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4289465 |
| Repurchase Agreement |  | &nbsp;&nbsp; 9186338 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9186338 |
| **Total Investments** | **$505132440** | &nbsp;&nbsp; **$343747199** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$848879639** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</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 December 31, 2025, the total value of 144A securities is $143,482,170, representing 17.1% of* *the Portfolio's net assets.* 

<sup>(C)</sup> *Floating or variable rate security. The rate disclosed is as of December 31, 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> *Perpetual maturity. The date displayed is the next call date.*

<sup>(E)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $4,200,991, collateralized by cash collateral of $4,289,465. 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> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after December 31, 2025.* *Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(G)</sup> *Restricted security. At December 31, 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>|
| Asset-Backed Securities | Libra Solutions LLC <br>Series 2024-1A, Class A <br>5.88%, 09/30/2038<br>| 09/24/2024 | &nbsp;&nbsp; $438931 | &nbsp;&nbsp; $439173 | 0.1<br> %<br>|

---

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

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica Janus Balanced VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

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

<sup>(H)</sup> *All or a portion of the security represents an unsettled loan commitment at December 31, 2025 where the rate will be determined at time of settlement.*

<sup>(I)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(J)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 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):** 

---

| | |
|:---|:---|
| *Prime Rate* | *Interest rate charged by banks to their most credit worthy customers* |
| *REIT* | *Real Estate Investment Trust* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *STACR* | *Structured Agency Credit Risk* |
| *TBA* | *To Be Announced* |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica Janus Balanced VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $638,818,791) (including <br> securities loaned of $4,200,991)<br>| &nbsp;&nbsp; $839693301 |
| Repurchase agreement, at value (cost $9,186,338) | &nbsp;&nbsp; 9186338 |
| Cash | &nbsp;&nbsp; 14870 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 8417 |
| Net income from securities lending | &nbsp;&nbsp; 5256 |
| Dividends  | &nbsp;&nbsp; 260381 |
| Interest | &nbsp;&nbsp; 2739900 |
| Total assets | &nbsp;&nbsp; 851908463 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 4289465 |
| Payables and other liabilities: |  |
| When-issued, delayed-delivery, forward and TBA <br> commitments purchased<br>| &nbsp;&nbsp; 5195526 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 384577 |
| Investment management fees | &nbsp;&nbsp; 529560 |
| Distribution and service fees | &nbsp;&nbsp; 187420 |
| Transfer agent costs | &nbsp;&nbsp; 869 |
| Trustee and CCO fees | &nbsp;&nbsp; 284 |
| Audit and tax fees  | &nbsp;&nbsp; 35022 |
| Custody fees | &nbsp;&nbsp; 34240 |
| Legal fees | &nbsp;&nbsp; 6702 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 25958 |
| Other accrued expenses | &nbsp;&nbsp; 11298 |
| Total liabilities | &nbsp;&nbsp; 10700921 |
| **Net assets**  | &nbsp;&nbsp; $841207542 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $490600 |
| Additional paid-in capital | &nbsp;&nbsp; 534518052 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 306198890 |
| **Net assets** | &nbsp;&nbsp; $841207542 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $18082927 |
| Service Class | &nbsp;&nbsp; 823124615 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 1030321 |
| Service Class | &nbsp;&nbsp; 48029715 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $17.55 |
| Service Class | 17.14 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $4902582 |
| Interest income | &nbsp;&nbsp; 18216018 |
| Net income from securities lending | &nbsp;&nbsp; 35261 |
| Total investment income  | &nbsp;&nbsp; 23153861 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 5999286 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 2130885 |
| Transfer agent costs | &nbsp;&nbsp; 9621 |
| Trustee and CCO fees | &nbsp;&nbsp; 44679 |
| Audit and tax fees | &nbsp;&nbsp; 42844 |
| Custody fees | &nbsp;&nbsp; 135110 |
| Legal fees | &nbsp;&nbsp; 80162 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 82596 |
| Other | &nbsp;&nbsp; 50652 |
| Total expenses | &nbsp;&nbsp; 8575835 |
| **Net investment income (loss)** | &nbsp;&nbsp; 14578026 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 91494339 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 2845068 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 94339407 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $108917433 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica Janus Balanced VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $14578026 | &nbsp;&nbsp; $16079731 |
| Net realized gain (loss) | &nbsp;&nbsp; 91494339 | &nbsp;&nbsp; 106618735 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 2845068 | &nbsp;&nbsp; 9381819 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 108917433 | &nbsp;&nbsp; 132080285 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (2417124)<br>| &nbsp;&nbsp; (683743)<br>|
| Service Class | &nbsp;&nbsp; (119577444)<br>| &nbsp;&nbsp; (37312107)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (121994568)<br>| &nbsp;&nbsp; (37995850)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 1514054 | &nbsp;&nbsp; 1285148 |
| Service Class | &nbsp;&nbsp; 5034075 | &nbsp;&nbsp; 18997342 |
|  | &nbsp;&nbsp; 6548129 | &nbsp;&nbsp; 20282490 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 2417124 | &nbsp;&nbsp; 683743 |
| Service Class | &nbsp;&nbsp; 119577444 | &nbsp;&nbsp; 37312107 |
|  | &nbsp;&nbsp; 121994568 | &nbsp;&nbsp; 37995850 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (2129753)<br>| &nbsp;&nbsp; (1670839)<br>|
| Service Class | &nbsp;&nbsp; (183680160)<br>| &nbsp;&nbsp; (187745936)<br>|
|  | &nbsp;&nbsp; (185809913)<br>| &nbsp;&nbsp; (189416775)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (57267216)<br>| &nbsp;&nbsp; (131138435)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (70344351)<br>| &nbsp;&nbsp; (37054000)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 911551893 | &nbsp;&nbsp; 948605893 |
| End of year | &nbsp;&nbsp; $841207542 | &nbsp;&nbsp; $911551893 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 82541 | &nbsp;&nbsp; 72806 |
| Service Class | &nbsp;&nbsp; 288826 | &nbsp;&nbsp; 1118484 |
|  | &nbsp;&nbsp; 371367 | &nbsp;&nbsp; 1191290 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 142267 | &nbsp;&nbsp; 39093 |
| Service Class | &nbsp;&nbsp; 7203461 | &nbsp;&nbsp; 2175633 |
|  | &nbsp;&nbsp; 7345728 | &nbsp;&nbsp; 2214726 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (118129)<br>| &nbsp;&nbsp; (95172)<br>|
| Service Class | &nbsp;&nbsp; (10452576)<br>| &nbsp;&nbsp; (10950583)<br>|
|  | &nbsp;&nbsp; (10570705)<br>| &nbsp;&nbsp; (11045755)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; 106679 | &nbsp;&nbsp; 16727 |
| Service Class | &nbsp;&nbsp; (2960289)<br>| &nbsp;&nbsp; (7656466)<br>|
|  | &nbsp;&nbsp; (2853610)<br>| &nbsp;&nbsp; (7639739)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 15**

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**Transamerica Janus Balanced VP**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $17.92 | &nbsp;&nbsp; $16.24 | &nbsp;&nbsp; $14.70 | &nbsp;&nbsp; $20.24 | &nbsp;&nbsp; $18.48 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.34 | 0.34 | 0.30 | 0.21 | 0.17 |
| Net realized and unrealized gain (loss) | 2.03 | 2.10 | 1.92 | &nbsp;&nbsp; (3.46)<br>| 2.70 |
| Total investment operations | 2.37 | 2.44 | 2.22 | &nbsp;&nbsp; (3.25)<br>| 2.87 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.27)<br>|
| Net realized gains | &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp; (0.84)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (2.74)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp; (1.11)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $17.55 | &nbsp;&nbsp; $17.92 | &nbsp;&nbsp; $16.24 | &nbsp;&nbsp; $14.70 | &nbsp;&nbsp; $20.24 |
| **Total return**<sup>(B)</sup> <br>| 13.72<br> %<br>| 15.16<br> %<br>| 15.24<br> %<br>| &nbsp;&nbsp; (16.51)%<br>| 15.71<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $18083 | &nbsp;&nbsp; $16552 | &nbsp;&nbsp; $14732 | &nbsp;&nbsp; $12537 | &nbsp;&nbsp; $15647 |
| Expenses to average net assets | 0.74<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>| 0.75<br> %<br>|
| Net investment income (loss) to average net assets | 1.92<br> %<br>| 1.94<br> %<br>| 1.95<br> %<br>| 1.24<br> %<br>| 0.86<br> %<br>|
| Portfolio turnover rate<sup>(C)</sup> <br>| &nbsp;&nbsp; 82<br> %<br>| &nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp; 80<br> %<br>| &nbsp;&nbsp; 90<br> %<br>| &nbsp;&nbsp; 65<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> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 90%, 104%, 137%, 188% and 119%,* *for the years ended December 31, 2025, December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021, respectively.* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $17.55 | &nbsp;&nbsp; $15.92 | &nbsp;&nbsp; $14.42 | &nbsp;&nbsp; $19.89 | &nbsp;&nbsp; $18.18 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.29 | 0.29 | 0.26 | 0.16 | 0.12 |
| Net realized and unrealized gain (loss) | 1.99 | 2.05 | 1.88 | &nbsp;&nbsp; (3.39)<br>| 2.65 |
| Total investment operations | 2.28 | 2.34 | 2.14 | &nbsp;&nbsp; (3.23)<br>| 2.77 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.22)<br>|
| Net realized gains | &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp; (0.84)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp; (1.06)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $17.14 | &nbsp;&nbsp; $17.55 | &nbsp;&nbsp; $15.92 | &nbsp;&nbsp; $14.42 | &nbsp;&nbsp; $19.89 |
| **Total return**<sup>(B)</sup> <br>| 13.46<br> %<br>| 14.85<br> %<br>| 15.01<br> %<br>| &nbsp;&nbsp; (16.77)%<br>| 15.44<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $823125 | &nbsp;&nbsp; $895000 | &nbsp;&nbsp; $933874 | &nbsp;&nbsp; $919426 | &nbsp;&nbsp; $1264435 |
| Expenses to average net assets | 0.99<br> %<br>| 0.99<br> %<br>| 0.99<br> %<br>| 0.99<br> %<br>| 1.00<br> %<br>|
| Net investment income (loss) to average net assets | 1.67<br> %<br>| 1.69<br> %<br>| 1.69<br> %<br>| 0.98<br> %<br>| 0.61<br> %<br>|
| Portfolio turnover rate<sup>(C)</sup> <br>| &nbsp;&nbsp; 82<br> %<br>| &nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp; 80<br> %<br>| &nbsp;&nbsp; 90<br> %<br>| &nbsp;&nbsp; 65<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> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 90%, 104%, 137%, 188% and 119%,* *for the years ended December 31, 2025, 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**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica Janus Balanced VP**

------

**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 Janus 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 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 management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2025,

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica Janus Balanced VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**1. ORGANIZATION (continued)**

(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.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended December 31, 2025, commissions recaptured are $140.

**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.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 December 31, 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.

*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.

*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

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**3. INVESTMENT VALUATION (continued)**

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.

*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**

**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.

**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 December 31, 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 December 31, 2025, if any, are identified within the Schedule of Investments.

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**Page 20**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

**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. 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 year ended December 31, 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.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 December 31, 2025, or at any time during the year 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 December 31, 2025.

Repurchase agreements at December 31, 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 December 31, 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 December 31, 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 | $4289465 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4289465 |
| **Total Borrowings** | **$4289465** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$4289465** |

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 class allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset class 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 is incorrect. The Portfolio's balance between equity and debt securities limits its potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.

**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.

**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.

**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

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**6. 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.

**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.

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 December 31, 2025**

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

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

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

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $250 million | 0.735<br> % <br>|
| Over $250 million up to $500 million | 0.705 |
| Over $500 million up to $1 billion | 0.650 |
| Over $1 billion | 0.630 |

---

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 | 0.79<br> % <br>| May 1, 2026 |
| Service Class | 1.04 | 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 year ended December 31, 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 December 31, 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 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica Janus Balanced VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

**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 year ended December 31, 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 year ended December 31, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 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** |
| $258271073 | &nbsp;&nbsp; $453212985 | &nbsp;&nbsp; $403750174 | &nbsp;&nbsp; $464998463 |

---

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

As of December 31, 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>|
| $649557963 | &nbsp;&nbsp; $208462184 | &nbsp;&nbsp; $(9140508)<br>| &nbsp;&nbsp; $199321676 |

---

As of December 31, 2025, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2025, the Portfolio did not utilize any capital loss carryforwards.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 26**

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**Transamerica Janus Balanced VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $20912113 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $101082455 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $16112678 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $21883172 | &nbsp;&nbsp;&nbsp; $— |

---

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $14629156 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $92248058 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $199321676 |

---

**10. OPERATING SEGMENTS**

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**

**Annual Financial Statements 2025**

**Page 27**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Janus Balanced VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Janus Balanced VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862img434b64fe3.gif)

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

Boston, Massachusetts

February 25, 2026

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 28**

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**Transamerica Janus Balanced VP**

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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $101,082,455 for the year ended December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 29**

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**Transamerica Janus 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**

**Annual Financial Statements 2025**

**Page 30**

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**Transamerica Janus 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**

**Annual Financial Statements 2025**

**Page 31**

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**Transamerica Janus 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**

**Annual Financial Statements 2025**

**Page 32**

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**Transamerica Janus Balanced VP** 

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 33**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862imga09828a54.gif)

Visit **transamerica.com**

![](g768862imgbfd49d445.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img59ca6a586.gif)

------

![](g768862imgae0a6b961.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica Janus Mid-Cap Growth VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imgb7d903582.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_c596c9c1-93cb-4052-b292-eeef61f9d087_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_c596c9c1-93cb-4052-b292-eeef61f9d087_SOI-RunningFooter-223_1) | 2 |
| [Statement of Assets and Liabilities](#xx_c596c9c1-93cb-4052-b292-eeef61f9d087_FS-RunningFooter-223_1) | 5 |
| [Statement of Operations](#xx_c596c9c1-93cb-4052-b292-eeef61f9d087_FS-RunningFooter-223_1) | 5 |
| [Statement of Changes in Net Assets](#xx_c596c9c1-93cb-4052-b292-eeef61f9d087_FS-RunningFooter-223_2) | 6 |
| [Financial Highlights](#xx_c596c9c1-93cb-4052-b292-eeef61f9d087_FS-RunningFooter-223_3) | 7 |
| [Notes to Financial Statements](#xx_c596c9c1-93cb-4052-b292-eeef61f9d087_NTF-RunningFooter-223_1) | 8 |
| **[Report of Independent Registered Public Accounting Firm](#xx_c596c9c1-93cb-4052-b292-eeef61f9d087_AUD-RunningFooter-223_1)** | 17 |
| **[Supplemental Information](#xx_c596c9c1-93cb-4052-b292-eeef61f9d087_STI-RunningFooter-223_1)** | 18 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_c596c9c1-93cb-4052-b292-eeef61f9d087_DWA-RunningFooter-223_1)**<br> **[Companies](#xx_c596c9c1-93cb-4052-b292-eeef61f9d087_DWA-RunningFooter-223_1)**<br>| 19 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_c596c9c1-93cb-4052-b292-eeef61f9d087_PD-RunningFooter-223_1)** | 20 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_c596c9c1-93cb-4052-b292-eeef61f9d087_DTO-RunningFooter-223_1)**<br> **[Companies](#xx_c596c9c1-93cb-4052-b292-eeef61f9d087_DTO-RunningFooter-223_1)**<br>| 21 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_c596c9c1-93cb-4052-b292-eeef61f9d087_Mgmtagmt-RunningFooter-223_1)** | 22 |

---

***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 Janus Mid-Cap Growth VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 97.1%**  | **COMMON STOCKS - 97.1%**  | **COMMON STOCKS - 97.1%**  |
| **Aerospace & Defense - 0.7%**  | **Aerospace & Defense - 0.7%**  | **Aerospace & Defense - 0.7%**  |
| StandardAero, Inc. <sup>(A)</sup> <br>| 220117 | $6312956 |
| **Biotechnology - 3.7%**  | **Biotechnology - 3.7%**  | **Biotechnology - 3.7%**  |
| Argenx SE, ADR <sup>(A)</sup> <br>| 13299 | 11183794 |
| Ascendis Pharma AS, ADR <sup>(A)</sup> <br>| 31270 | 6668015 |
| Bridgebio Pharma, Inc. <sup>(A)</sup> <br>| 55373 | 4235481 |
| Revolution Medicines, Inc. <sup>(A)</sup> <br>| 83758 | 6671325 |
| Vaxcyte, Inc. <sup>(A)</sup> <br>| 120446 | 5557378 |
|  |  | 34315993 |
| **Capital Markets - 4.0%**  | **Capital Markets - 4.0%**  | **Capital Markets - 4.0%**  |
| Cboe Global Markets, Inc. | 26234 | 6584734 |
| Charles Schwab Corp. | 61926 | 6187027 |
| LPL Financial Holdings, Inc. | 67872 | 24241842 |
|  |  | 37013603 |
| **Chemicals - 1.4%**  | **Chemicals - 1.4%**  | **Chemicals - 1.4%**  |
| Corteva, Inc. | 197200 | 13218316 |
| **Commercial Services & Supplies - 5.3%**  | **Commercial Services & Supplies - 5.3%**  | **Commercial Services & Supplies - 5.3%**  |
| Cimpress PLC <sup>(A)</sup> <br>| 87147 | 5803119 |
| Clean Harbors, Inc. <sup>(A)</sup> <br>| 57140 | 13398187 |
| RB Global, Inc. | 111071 | 11425874 |
| Rentokil Initial PLC | 690319 | 4118782 |
| Rentokil Initial PLC, ADR <sup>(B)</sup> <br>| 261403 | 7700932 |
| Veralto Corp. | 57804 | 5767683 |
|  |  | 48214577 |
| **Construction & Engineering - 2.1%**  | **Construction & Engineering - 2.1%**  | **Construction & Engineering - 2.1%**  |
| API Group Corp. <sup>(A)</sup> <br>| 506943 | 19395639 |
| **Consumer Staples Distribution & Retail - 0.6%**  | **Consumer Staples Distribution & Retail - 0.6%**  | **Consumer Staples Distribution & Retail - 0.6%**  |
| Dollar Tree, Inc. <sup>(A)</sup> <br>| 45070 | 5544061 |
| **Electric Utilities - 2.1%**  | **Electric Utilities - 2.1%**  | **Electric Utilities - 2.1%**  |
| Alliant Energy Corp. | 289272 | 18805573 |
| **Electrical Equipment - 1.4%**  | **Electrical Equipment - 1.4%**  | **Electrical Equipment - 1.4%**  |
| Sensata Technologies Holding PLC | 376749 | 12541974 |
| **Electronic Equipment, Instruments & Components - 7.0%**  | **Electronic Equipment, Instruments & Components - 7.0%**  | **Electronic Equipment, Instruments & Components - 7.0%**  |
| CDW Corp. | 53040 | 7224048 |
| Flex Ltd. <sup>(A)</sup> <br>| 486460 | 29391913 |
| TE Connectivity PLC | 32711 | 7442080 |
| Teledyne Technologies, Inc. <sup>(A)</sup> <br>| 39921 | 20388852 |
|  |  | 64446893 |
| **Entertainment - 2.4%**  | **Entertainment - 2.4%**  | **Entertainment - 2.4%**  |
| &nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One, <br> Class C <sup>(A)</sup> <br>| 194133 | 19124042 |
| &nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One, <br> Class A <sup>(A)</sup> <br>| 28541 | 2550994 |
|  |  | 21675036 |
| **Financial Services - 1.9%**  | **Financial Services - 1.9%**  | **Financial Services - 1.9%**  |
| WEX, Inc. <sup>(A)</sup> <br>| 117908 | 17565934 |
| **Ground Transportation - 4.4%**  | **Ground Transportation - 4.4%**  | **Ground Transportation - 4.4%**  |
| Canadian Pacific Kansas City Ltd. <sup>(B)</sup> <br>| 143759 | 10584975 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** |
| JB Hunt Transport Services, Inc. | 114062 | $22166809 |
| TFI International, Inc. <sup>(B)</sup> <br>| 74608 | 7710737 |
|  |  | 40462521 |
| **Health Care Equipment & Supplies - 7.8%**  | **Health Care Equipment & Supplies - 7.8%**  | **Health Care Equipment & Supplies - 7.8%**  |
| Boston Scientific Corp. <sup>(A)</sup> <br>| 218225 | 20807754 |
| Cooper Cos., Inc. <sup>(A)</sup> <br>| 67589 | 5539594 |
| Globus Medical, Inc., Class A <sup>(A)</sup> <br>| 86723 | 7571785 |
| ICU Medical, Inc. <sup>(A)</sup> <br>| 54615 | 7791922 |
| Lantheus Holdings, Inc. <sup>(A)</sup> <br>| 45180 | 3006729 |
| Medline, Inc., Class A <sup>(A)</sup> <br>| 108904 | 4573968 |
| STERIS PLC | 29676 | 7523460 |
| Teleflex, Inc. | 119041 | 14527764 |
|  |  | 71342976 |
| **Hotels, Restaurants & Leisure - 3.9%**  | **Hotels, Restaurants & Leisure - 3.9%**  | **Hotels, Restaurants & Leisure - 3.9%**  |
| Aramark | 402030 | 14818825 |
| DoorDash, Inc., Class A <sup>(A)</sup> <br>| 73064 | 16547535 |
| Entain PLC | 467761 | 4808232 |
|  |  | 36174592 |
| **Insurance - 3.9%**  | **Insurance - 3.9%**  | **Insurance - 3.9%**  |
| Intact Financial Corp. | 99412 | 20695050 |
| W.R. Berkley Corp. | 96554 | 6770366 |
| Willis Towers Watson PLC | 25210 | 8284006 |
|  |  | 35749422 |
| **Interactive Media & Services - 0.3%**  | **Interactive Media & Services - 0.3%**  | **Interactive Media & Services - 0.3%**  |
| Ziff Davis, Inc. <sup>(A)</sup> <br>| 65288 | 2294873 |
| **Life Sciences Tools & Services - 4.7%**  | **Life Sciences Tools & Services - 4.7%**  | **Life Sciences Tools & Services - 4.7%**  |
| Illumina, Inc. <sup>(A)</sup> <br>| 50023 | 6561017 |
| Revvity, Inc. | 225608 | 21827574 |
| Waters Corp. <sup>(A)</sup> <br>| 38051 | 14452911 |
|  |  | 42841502 |
| **Machinery - 1.6%**  | **Machinery - 1.6%**  | **Machinery - 1.6%**  |
| Ingersoll Rand, Inc. | 187192 | 14829350 |
| **Multi-Utilities - 2.7%**  | **Multi-Utilities - 2.7%**  | **Multi-Utilities - 2.7%**  |
| Ameren Corp. | 137172 | 13697996 |
| DTE Energy Co. | 88426 | 11405185 |
|  |  | 25103181 |
| **Oil, Gas & Consumable Fuels - 0.4%**  | **Oil, Gas & Consumable Fuels - 0.4%**  | **Oil, Gas & Consumable Fuels - 0.4%**  |
| ONEOK, Inc. | 47055 | 3458543 |
| **Passenger Airlines - 1.7%**  | **Passenger Airlines - 1.7%**  | **Passenger Airlines - 1.7%**  |
| Ryanair Holdings PLC, ADR | 213560 | 15416896 |
| **Professional Services - 7.4%**  | **Professional Services - 7.4%**  | **Professional Services - 7.4%**  |
| Broadridge Financial Solutions, Inc., ADR | 59319 | 13238221 |
| Dayforce, Inc. <sup>(A)</sup> <br>| 238763 | 16512849 |
| SS&C Technologies Holdings, Inc. | 296765 | 25943197 |
| TransUnion | 84295 | 7228296 |
| UL Solutions, Inc., Class A | 57234 | 4513473 |
|  |  | 67436036 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

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**Transamerica Janus Mid-Cap Growth VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Real Estate Management & Development - 2.1%**  | **Real Estate Management & Development - 2.1%**  | **Real Estate Management & Development - 2.1%**  |
| CoStar Group, Inc. <sup>(A)</sup> <br>| 211803 | $14241634 |
| FirstService Corp. | 34111 | 5305284 |
|  |  | 19546918 |
| **Semiconductors & Semiconductor Equipment - 4.8%**  | **Semiconductors & Semiconductor Equipment - 4.8%**  | **Semiconductors & Semiconductor Equipment - 4.8%**  |
| KLA Corp. | 8643 | 10501936 |
| NXP Semiconductors NV | 78083 | 16948696 |
| ON Semiconductor Corp. <sup>(A)</sup> <br>| 310450 | 16810868 |
|  |  | 44261500 |
| **Software - 10.8%**  | **Software - 10.8%**  | **Software - 10.8%**  |
| AppLovin Corp., Class A <sup>(A)</sup> <br>| 54965 | 37036516 |
| Constellation Software, Inc. | 9118 | 21931562 |
| Descartes Systems Group, Inc. <sup>(A)</sup> <br>| 54597 | 4785973 |
| Dynatrace, Inc. <sup>(A)</sup> <br>| 103314 | 4477629 |
| PTC, Inc. <sup>(A)</sup> <br>| 97997 | 17072057 |
| Topicus.com, Inc. <sup>(A)</sup> <br>| 41010 | 3799076 |
| Workday, Inc., Class A <sup>(A)</sup> <br>| 46824 | 10056859 |
|  |  | 99159672 |
| **Specialized REITs - 0.9%**  | **Specialized REITs - 0.9%**  | **Specialized REITs - 0.9%**  |
| Lamar Advertising Co., Class A | 61994 | 7847201 |
| **Specialty Retail - 2.2%**  | **Specialty Retail - 2.2%**  | **Specialty Retail - 2.2%**  |
| Burlington Stores, Inc. <sup>(A)</sup> <br>| 22756 | 6573071 |
| CarMax, Inc. <sup>(A)</sup> <br>| 134818 | 5209367 |
| Wayfair, Inc., Class A <sup>(A)</sup> <br>| 87100 | 8745711 |
|  |  | 20528149 |
| **Textiles, Apparel & Luxury Goods - 1.9%**  | **Textiles, Apparel & Luxury Goods - 1.9%**  | **Textiles, Apparel & Luxury Goods - 1.9%**  |
| Gildan Activewear, Inc. | 276053 | 17242270 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Trading Companies & Distributors - 3.0%**  | **Trading Companies & Distributors - 3.0%**  | **Trading Companies & Distributors - 3.0%**  |
| Ferguson Enterprises, Inc. | 124800 | $27784224 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $712,136,473)**<br>|  | 890530381 |
| **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> 3.79% <sup>(C)</sup> <br>| 4970794 | 4970794 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $4,970,794)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $4,970,794)** | 4970794 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.9%**  | **REPURCHASE AGREEMENT - 2.9%**  | **REPURCHASE AGREEMENT - 2.9%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(C)</sup>, dated 12/31/2025, to be <br> repurchased at $26,773,296 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 04/30/2027, and <br> with a value of $27,306,778.<br>| $26771288 | 26771288 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $26,771,288)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $26,771,288)** | 26771288 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $743,878,555)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $743,878,555)** | 922272463 |
| **Net Other Assets (Liabilities) - (0.6)%** | **Net Other Assets (Liabilities) - (0.6)%** | (5632973) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$916639490** |

---

**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** |  |  |  |  |
| Common Stocks | $881603367 | &nbsp;&nbsp; $8927014 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $890530381 |
| Other Investment Company | 4970794 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4970794 |
| Repurchase Agreement |  | &nbsp;&nbsp; 26771288 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26771288 |
| **Total Investments** | **$886574161** | &nbsp;&nbsp; **$35698302** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$922272463** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $14,723,001, collateralized by cash collateral of $4,970,794 and* *non-cash collateral, such as U.S. government securities of $10,077,812. 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 December 31, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 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**

**Annual Financial Statements 2025**

**Page 3**

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**Transamerica Janus Mid-Cap Growth VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**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**

**Annual Financial Statements 2025**

**Page 4**

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**Transamerica Janus Mid-Cap Growth VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $717,107,267) (including <br> securities loaned of $14,723,001)<br>| &nbsp;&nbsp; $895501175 |
| Repurchase agreement, at value (cost $26,771,288) | &nbsp;&nbsp; 26771288 |
| Foreign currency, at value (cost $84,255) | &nbsp;&nbsp; 83992 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 4016 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 15865 |
| Dividends  | &nbsp;&nbsp; 326731 |
| Interest | &nbsp;&nbsp; 1004 |
| Total assets | &nbsp;&nbsp; 922704071 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 4970794 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 255441 |
| Investment management fees | &nbsp;&nbsp; 644718 |
| Distribution and service fees | &nbsp;&nbsp; 50682 |
| Transfer agent costs | &nbsp;&nbsp; 914 |
| Trustee and CCO fees | &nbsp;&nbsp; 299 |
| Audit and tax fees  | &nbsp;&nbsp; 21565 |
| Custody fees | &nbsp;&nbsp; 16930 |
| Legal fees | &nbsp;&nbsp; 6832 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 83740 |
| Other accrued expenses | &nbsp;&nbsp; 12666 |
| Total liabilities | &nbsp;&nbsp; 6064581 |
| **Net assets**  | &nbsp;&nbsp; $916639490 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $299153 |
| Additional paid-in capital | &nbsp;&nbsp; 670123487 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 246216850 |
| **Net assets** | &nbsp;&nbsp; $916639490 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $694864977 |
| Service Class | &nbsp;&nbsp; 221774513 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 22007236 |
| Service Class | &nbsp;&nbsp; 7908036 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $31.57 |
| Service Class | 28.04 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $7335806 |
| Interest income | &nbsp;&nbsp; 246278 |
| Net income from securities lending | &nbsp;&nbsp; 26882 |
| Withholding taxes on foreign income | &nbsp;&nbsp; (210507)<br>|
| Total investment income  | &nbsp;&nbsp; 7398459 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 6969414 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 548369 |
| Transfer agent costs | &nbsp;&nbsp; 10007 |
| Trustee and CCO fees | &nbsp;&nbsp; 46803 |
| Audit and tax fees | &nbsp;&nbsp; 29641 |
| Custody fees | &nbsp;&nbsp; 69100 |
| Legal fees | &nbsp;&nbsp; 83094 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 297170 |
| Other | &nbsp;&nbsp; 57472 |
| Total expenses | &nbsp;&nbsp; 8111070 |
| **Net investment income (loss)** | &nbsp;&nbsp; (712611)<br>|
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 73514313 |
| Foreign currency transactions | &nbsp;&nbsp; (251)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 73514062 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; (2753817)<br>|
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; (183)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (2754000)<br>|
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 70760062 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $70047451 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica Janus Mid-Cap Growth VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(712611)<br>| &nbsp;&nbsp; $110475 |
| Net realized gain (loss) | &nbsp;&nbsp; 73514062 | &nbsp;&nbsp; 102071803 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (2754000)<br>| &nbsp;&nbsp; 24680723 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 70047451 | &nbsp;&nbsp; 126863001 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (78600305)<br>| &nbsp;&nbsp; (41044497)<br>|
| Service Class | &nbsp;&nbsp; (27912351)<br>| &nbsp;&nbsp; (14461681)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (106512656)<br>| &nbsp;&nbsp; (55506178)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 8910654 | &nbsp;&nbsp; 9537977 |
| Service Class | &nbsp;&nbsp; 7755472 | &nbsp;&nbsp; 14387592 |
|  | &nbsp;&nbsp; 16666126 | &nbsp;&nbsp; 23925569 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 78600305 | &nbsp;&nbsp; 41044497 |
| Service Class | &nbsp;&nbsp; 27912351 | &nbsp;&nbsp; 14461681 |
|  | &nbsp;&nbsp; 106512656 | &nbsp;&nbsp; 55506178 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (62289612)<br>| &nbsp;&nbsp; (216236987)<br>|
| Service Class | &nbsp;&nbsp; (26077223)<br>| &nbsp;&nbsp; (33344710)<br>|
|  | &nbsp;&nbsp; (88366835)<br>| &nbsp;&nbsp; (249581697)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; 34811947 | &nbsp;&nbsp; (170149950)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (1653258)<br>| &nbsp;&nbsp; (98793127)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 918292748 | &nbsp;&nbsp; 1017085875 |
| End of year | &nbsp;&nbsp; $916639490 | &nbsp;&nbsp; $918292748 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 268282 | &nbsp;&nbsp; 291866 |
| Service Class | &nbsp;&nbsp; 266042 | &nbsp;&nbsp; 486416 |
|  | &nbsp;&nbsp; 534324 | &nbsp;&nbsp; 778282 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 2528967 | &nbsp;&nbsp; 1254800 |
| Service Class | &nbsp;&nbsp; 1010219 | &nbsp;&nbsp; 489397 |
|  | &nbsp;&nbsp; 3539186 | &nbsp;&nbsp; 1744197 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (1915144)<br>| &nbsp;&nbsp; (6752715)<br>|
| Service Class | &nbsp;&nbsp; (896379)<br>| &nbsp;&nbsp; (1124804)<br>|
|  | &nbsp;&nbsp; (2811523)<br>| &nbsp;&nbsp; (7877519)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; 882105 | &nbsp;&nbsp; (5206049)<br>|
| Service Class | &nbsp;&nbsp; 379882 | &nbsp;&nbsp; (148991)<br>|
|  | &nbsp;&nbsp; 1261987 | &nbsp;&nbsp; (5355040)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica Janus Mid-Cap Growth VP**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $32.89 | &nbsp;&nbsp; $30.53 | &nbsp;&nbsp; $31.45 | &nbsp;&nbsp; $44.53 | &nbsp;&nbsp; $43.28 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| &nbsp;&nbsp; (0.01)<br>| 0.02 | 0.05 | &nbsp;&nbsp; (0.00 )<sup>(B)</sup><br>| &nbsp;&nbsp; (0.01)<br>|
| Net realized and unrealized gain (loss) | 2.61 | 4.36 | 5.02 | &nbsp;&nbsp; (7.20)<br>| 7.25 |
| Total investment operations | 2.60 | 4.38 | 5.07 | &nbsp;&nbsp; (7.20)<br>| 7.24 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.00 )<sup>(B)</sup><br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13)<br>|
| Net realized gains | &nbsp;&nbsp; (3.92)<br>| &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp; (5.99)<br>| &nbsp;&nbsp; (5.88)<br>| &nbsp;&nbsp; (5.86)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (3.92)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (5.99)<br>| &nbsp;&nbsp; (5.88)<br>| &nbsp;&nbsp; (5.99)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $31.57 | &nbsp;&nbsp; $32.89 | &nbsp;&nbsp; $30.53 | &nbsp;&nbsp; $31.45 | &nbsp;&nbsp; $44.53 |
| **Total return**<sup>(C)</sup> <br>| 8.11<br> %<br>| 14.39<br> %<br>| 17.04<br> %<br>| &nbsp;&nbsp; (16.72)%<br>| 17.30<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $694865 | &nbsp;&nbsp; $694770 | &nbsp;&nbsp; $803925 | &nbsp;&nbsp; $715712 | &nbsp;&nbsp; $1160263 |
| Expenses to average net assets | 0.84<br> %<br>| 0.84<br> %<br>| 0.86<br> %<br>| 0.81<br> %<br>| 0.82<br> %<br>|
| Net investment income (loss) to average net assets | &nbsp;&nbsp; (0.02)%<br>| 0.07<br> %<br>| 0.15<br> %<br>| &nbsp;&nbsp; (0.00 )%<sup>(D)</sup><br>| &nbsp;&nbsp; (0.03)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 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> *Rounds to less than 0.01% or (0.01)%.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $29.69 | &nbsp;&nbsp; $27.77 | &nbsp;&nbsp; $29.15 | &nbsp;&nbsp; $41.87 | &nbsp;&nbsp; $41.04 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.07)<br>|
| Net realized and unrealized gain (loss) | 2.35 | 3.95 | 4.64 | &nbsp;&nbsp; (6.76)<br>| 6.80 |
| Total investment operations | 2.27 | 3.90 | 4.61 | &nbsp;&nbsp; (6.84)<br>| 6.73 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Net realized gains | &nbsp;&nbsp; (3.92)<br>| &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp; (5.99)<br>| &nbsp;&nbsp; (5.88)<br>| &nbsp;&nbsp; (5.86)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (3.92)<br>| &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp; (5.99)<br>| &nbsp;&nbsp; (5.88)<br>| &nbsp;&nbsp; (5.90)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $28.04 | &nbsp;&nbsp; $29.69 | &nbsp;&nbsp; $27.77 | &nbsp;&nbsp; $29.15 | &nbsp;&nbsp; $41.87 |
| **Total return**<sup>(B)</sup> <br>| 7.85<br> %<br>| 14.07<br> %<br>| 16.80<br> %<br>| &nbsp;&nbsp; (16.93)%<br>| 16.99<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $221774 | &nbsp;&nbsp; $223523 | &nbsp;&nbsp; $213161 | &nbsp;&nbsp; $196429 | &nbsp;&nbsp; $271568 |
| Expenses to average net assets | 1.09<br> %<br>| 1.09<br> %<br>| 1.11<br> %<br>| 1.06<br> %<br>| 1.07<br> %<br>|
| Net investment income (loss) to average net assets | &nbsp;&nbsp; (0.27)%<br>| &nbsp;&nbsp; (0.17)%<br>| &nbsp;&nbsp; (0.10)%<br>| &nbsp;&nbsp; (0.24)%<br>| &nbsp;&nbsp; (0.16)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 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> *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.* 

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica Janus Mid-Cap Growth VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 Janus Mid-Cap 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 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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**Annual Financial Statements 2025**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 year ended December 31, 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 year ended December 31, 2025 by the Portfolio.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 December 31, 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.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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. 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 December 31, 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 year ended December 31, 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 December 31, 2025, or at any time during the year 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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**Annual Financial Statements 2025**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 December 31, 2025.

Repurchase agreements at December 31, 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 December 31, 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 December 31, 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 | $4970794 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4970794 |
| **Total Borrowings** | **$4970794** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$4970794** |

---

**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 December 31, 2025**

&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.

**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.

**Medium capitalization companies risk:** The Portfolio will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Small capitalization companies risk:** The Portfolio will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**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.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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.

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 $250 million | 0.805<br> % <br>|
| Over $250 million up to $750 million | 0.760 |
| Over $750 million up to $1 billion | 0.750 |
| Over $1 billion up to $2 billion | 0.690 |
| Over $2 billion | 0.680 |

---

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 year ended December 31, 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 December 31, 2025, there are no amounts available for recapture by TAM.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Janus Mid-Cap Growth VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

**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 year ended December 31, 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 year ended December 31, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 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** |
| $168482817 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $247096716 | &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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 15**

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**Transamerica Janus Mid-Cap Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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

As of December 31, 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>|
| $748112897 | &nbsp;&nbsp; $246270989 | &nbsp;&nbsp; $(72111423)<br>| &nbsp;&nbsp; $174159566 |

---

As of December 31, 2025, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2025, the Portfolio did not utilize any capital loss carryforwards.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $2711615 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $103801041 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1461346 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $54044832 | &nbsp;&nbsp;&nbsp; $— |

---

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $393526 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $71664042 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $174159282 |

---

**10. OPERATING SEGMENTS**

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**

**Annual Financial Statements 2025**

**Page 16**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Janus Mid-Cap Growth VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Janus Mid-Cap Growth VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862imgab0e36743.gif)

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

Boston, Massachusetts

February 25, 2026

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica Janus Mid-Cap Growth VP**

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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $103,801,041 for the year ended December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica Janus Mid-Cap 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**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica Janus Mid-Cap Growth 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**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica Janus Mid-Cap Growth VP** 

------

**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**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica Janus Mid-Cap Growth VP** 

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img2550dbf64.gif)

Visit **transamerica.com**

![](g768862imgfa7c85dc5.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img531747be6.gif)

------

![](g768862img4456d2e51.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica JPMorgan Asset Allocation - Conservative VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img1b86ce102.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_84010d89-4e49-40c7-86e1-16ea617ed75a_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_84010d89-4e49-40c7-86e1-16ea617ed75a_SOI-RunningFooter-228_1) | 2 |
| [Statement of Assets and Liabilities](#xx_84010d89-4e49-40c7-86e1-16ea617ed75a_FS-RunningFooter-228_1) | 5 |
| [Statement of Operations](#xx_84010d89-4e49-40c7-86e1-16ea617ed75a_FS-RunningFooter-228_1) | 5 |
| [Statement of Changes in Net Assets](#xx_84010d89-4e49-40c7-86e1-16ea617ed75a_FS-RunningFooter-228_2) | 6 |
| [Financial Highlights](#xx_84010d89-4e49-40c7-86e1-16ea617ed75a_FS-RunningFooter-228_3) | 7 |
| [Notes to Financial Statements](#xx_84010d89-4e49-40c7-86e1-16ea617ed75a_NTF-RunningFooter-228_1) | 8 |
| **[Report of Independent Registered Public Accounting Firm](#xx_84010d89-4e49-40c7-86e1-16ea617ed75a_AUD-RunningFooter-228_1)** | 20 |
| **[Supplemental Information](#xx_84010d89-4e49-40c7-86e1-16ea617ed75a_STI-RunningFooter-228_1)** | 21 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_84010d89-4e49-40c7-86e1-16ea617ed75a_DWA-RunningFooter-228_1)**<br> **[Companies](#xx_84010d89-4e49-40c7-86e1-16ea617ed75a_DWA-RunningFooter-228_1)**<br>| 22 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_84010d89-4e49-40c7-86e1-16ea617ed75a_PD-RunningFooter-228_1)** | 23 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_84010d89-4e49-40c7-86e1-16ea617ed75a_DTO-RunningFooter-228_1)**<br> **[Companies](#xx_84010d89-4e49-40c7-86e1-16ea617ed75a_DTO-RunningFooter-228_1)**<br>| 24 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_84010d89-4e49-40c7-86e1-16ea617ed75a_Mgmtagmt-RunningFooter-228_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.***

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica JPMorgan Asset Allocation - Conservative VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 96.4%**  | **INVESTMENT COMPANIES - 96.4%**  | **INVESTMENT COMPANIES - 96.4%**  |
| **International Equity Funds - 8.1%**  | **International Equity Funds - 8.1%**  | **International Equity Funds - 8.1%**  |
| &nbsp;&nbsp; Transamerica BlackRock Real Estate <br> Securities VP, Initial Class <sup>(A)</sup> <br>| 191102 | $1981723 |
| &nbsp;&nbsp; Transamerica Emerging Markets Equity, <br> Class I2 <sup>(A)</sup> <br>| 1035586 | 11184329 |
| &nbsp;&nbsp; Transamerica International Equity, <br> Class I2 <sup>(A)</sup> <br>| 614699 | 15336749 |
| &nbsp;&nbsp; Transamerica International Focus, <br> Class I2 <sup>(A)</sup> <br>| 1532187 | 10480159 |
| &nbsp;&nbsp; Transamerica International Small Cap Value, <br> Class I2 <sup>(A)</sup> <br>| 443862 | 7807527 |
| &nbsp;&nbsp; Transamerica International Stock, <br> Class I2 <sup>(A)</sup> <br>| 754434 | 11286338 |
|  |  | 58076825 |
| **International Mixed Allocation Fund - 21.9%**  | **International Mixed Allocation Fund - 21.9%**  | **International Mixed Allocation Fund - 21.9%**  |
| &nbsp;&nbsp; Transamerica Aegon Bond VP, Initial <br> Class <sup>(A)</sup> <br>| 16510728 | 156851917 |
| **U.S. Equity Funds - 24.5%**  | **U.S. Equity Funds - 24.5%**  | **U.S. Equity Funds - 24.5%**  |
| &nbsp;&nbsp; Transamerica Janus Mid-Cap Growth VP, <br> Initial Class <sup>(A)</sup> <br>| 3464 | 109369 |
| &nbsp;&nbsp; Transamerica JPMorgan Enhanced Index <br> VP, Initial Class <sup>(A)</sup> <br>| 2739979 | 80089601 |
| Transamerica Large Cap Value, Class I2 <sup>(A)</sup> <br>| 2060176 | 35455622 |
| Transamerica Mid Cap Growth, Class I2 <sup>(A)</sup> <br>| 16294 | 143710 |
| &nbsp;&nbsp; Transamerica Mid Cap Value Opportunities, <br> Class I2 <sup>(A)</sup> <br>| 1113 | 11048 |
| Transamerica Small Cap Value, Class I2 <sup>(A)</sup> <br>| 73770 | 379179 |
| &nbsp;&nbsp; Transamerica T. Rowe Price Small Cap VP, <br> Initial Class <sup>(A)</sup> <br>| 23247 | 270130 |
| &nbsp;&nbsp; Transamerica WMC US Growth VP, Initial <br> Class <sup>(A)</sup> <br>| 1414730 | 59220583 |
|  |  | 175679242 |
| **U.S. Fixed Income Funds - 41.9%**  | **U.S. Fixed Income Funds - 41.9%**  | **U.S. Fixed Income Funds - 41.9%**  |
| &nbsp;&nbsp; Transamerica Aegon Core Bond VP, Initial <br> Class <sup>(A)</sup> <br>| 9210077 | 100942445 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds (continued)** | **U.S. Fixed Income Funds (continued)** | **U.S. Fixed Income Funds (continued)** |
| Transamerica Core Bond, Class I2 <sup>(A)</sup> <br>| 15278881 | $132620687 |
| Transamerica Floating Rate, Class I2 <sup>(A)</sup> <br>| 851689 | 7511900 |
| Transamerica High Yield Bond, Class I2 <sup>(A)</sup> <br>| 4623418 | 38328133 |
| Transamerica Long Credit, Class I2 <sup>(A)</sup> <br>| 1167683 | 11011246 |
| Transamerica Strategic Income, Class I2 <sup>(A)</sup> <br>| 1089497 | 9554891 |
|  |  | 299969302 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $664,991,925)**<br>|  | 690577286 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATION - 2.2%**  | **U.S. GOVERNMENT OBLIGATION - 2.2%**  | **U.S. GOVERNMENT OBLIGATION - 2.2%**  |
| **U.S. Treasury - 2.2%**  | **U.S. Treasury - 2.2%**  | **U.S. Treasury - 2.2%**  |
| U.S. Treasury Notes |  |  |
| 4.13%, 01/31/2027 <sup>(B)</sup> <br>| $15785400 | 15883442 |
| &nbsp;&nbsp; **Total U.S. Government Obligation** <br>**(Cost $15,878,841)**<br>|  | 15883442 |
| **REPURCHASE AGREEMENT - 1.5%**  | **REPURCHASE AGREEMENT - 1.5%**  | **REPURCHASE AGREEMENT - 1.5%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(C)</sup>, dated 12/31/2025, to be <br> repurchased at $10,995,004 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 04/30/2027, and <br> with a value of $11,214,246.<br>| 10994179 | 10994179 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $10,994,179)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $10,994,179)** | 10994179 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $691,864,945)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $691,864,945)** | 717454907 |
| **Net Other Assets (Liabilities) - (0.1)%** | **Net Other Assets (Liabilities) - (0.1)%** | (791322) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$716663585** |

---

**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 | 412 | &nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp; $45169325 | &nbsp;&nbsp;&nbsp; $45033532 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(135793)<br>|
| 10-Year Canadian Government Bonds | 182 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 16167908 | &nbsp;&nbsp;&nbsp; 16032655 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (135253)<br>|
| 10-Year Japan Government Bonds | 15 | &nbsp;&nbsp;&nbsp; 03/13/2026 | &nbsp;&nbsp;&nbsp; 12793719 | &nbsp;&nbsp;&nbsp; 12679711 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (114008)<br>|
| CAD Currency | 94 | &nbsp;&nbsp;&nbsp; 03/17/2026 | &nbsp;&nbsp;&nbsp; 6814294 | &nbsp;&nbsp;&nbsp; 6873280 | &nbsp;&nbsp;&nbsp; 58986 | &nbsp;&nbsp;&nbsp; — |
| E-Mini Russell 2000<sup>®</sup> Index | 129 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 16497462 | &nbsp;&nbsp;&nbsp; 16112100 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (385362)<br>|
| Euro-BTP Italy Government Bonds | 169 | &nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp; 23906812 | &nbsp;&nbsp;&nbsp; 23868805 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (38007)<br>|
| FTSE 100 Index | 50 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 6601992 | &nbsp;&nbsp;&nbsp; 6699988 | &nbsp;&nbsp;&nbsp; 97996 | &nbsp;&nbsp;&nbsp; — |
| Hong Kong Hang Seng Index | 106 | &nbsp;&nbsp;&nbsp; 01/29/2026 | &nbsp;&nbsp;&nbsp; 17638298 | &nbsp;&nbsp;&nbsp; 17466226 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (172072)<br>|
| MSCI EAFE Index | 93 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 13479603 | &nbsp;&nbsp;&nbsp; 13494765 | &nbsp;&nbsp;&nbsp; 15162 | &nbsp;&nbsp;&nbsp; — |
| MSCI Emerging Markets Index | 307 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 21352838 | &nbsp;&nbsp;&nbsp; 21664990 | &nbsp;&nbsp;&nbsp; 312152 | &nbsp;&nbsp;&nbsp; — |
| S&P 500<sup>®</sup> E-Mini Index | 83 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 28592436 | &nbsp;&nbsp;&nbsp; 28603875 | &nbsp;&nbsp;&nbsp; 11439 | &nbsp;&nbsp;&nbsp; — |
| S&P Midcap 400<sup>®</sup> E-Mini Index | 31 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 10468771 | &nbsp;&nbsp;&nbsp; 10308120 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (160651)<br>|
| S&P/TSX 60 Index | 42 | &nbsp;&nbsp;&nbsp; 03/19/2026 | &nbsp;&nbsp;&nbsp; 11374868 | &nbsp;&nbsp;&nbsp; 11394820 | &nbsp;&nbsp;&nbsp; 19952 | &nbsp;&nbsp;&nbsp; — |
| TOPIX Index | 42 | &nbsp;&nbsp;&nbsp; 03/12/2026 | &nbsp;&nbsp;&nbsp; 9039228 | &nbsp;&nbsp;&nbsp; 9152643 | &nbsp;&nbsp;&nbsp; 113415 | &nbsp;&nbsp;&nbsp; — |
| U.K. Gilt | 46 | &nbsp;&nbsp;&nbsp; 03/27/2026 | &nbsp;&nbsp;&nbsp; 5650828 | &nbsp;&nbsp;&nbsp; 5665463 | &nbsp;&nbsp;&nbsp; 14635 | &nbsp;&nbsp;&nbsp; — |
| **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$643737** | &nbsp;&nbsp;&nbsp; **$(1141146)**<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica JPMorgan Asset Allocation - Conservative VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**FUTURES CONTRACTS (continued):**

------

&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 Australia Treasury Bonds | (63)<br>| &nbsp;&nbsp;&nbsp; 03/16/2026 | &nbsp;&nbsp;&nbsp; $(4590996)<br>| &nbsp;&nbsp;&nbsp; $(4603044)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(12048)<br>|
| 10-Year U.S. Treasury Notes | (123)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (13828019)<br>| &nbsp;&nbsp;&nbsp; (13829812)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1793)<br>|
| 30-Year Euro BUXL | (71)<br>| &nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp; (9323129)<br>| &nbsp;&nbsp;&nbsp; (9188325)<br>| &nbsp;&nbsp;&nbsp; 134804 | &nbsp;&nbsp;&nbsp; — |
| EURO STOXX 50<sup>®</sup> Index | (348)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (23641515)<br>| &nbsp;&nbsp;&nbsp; (23887914)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (246399)<br>|
| German Euro Bund | (15)<br>| &nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp; (2265181)<br>| &nbsp;&nbsp;&nbsp; (2248804)<br>| &nbsp;&nbsp;&nbsp; 16377 | &nbsp;&nbsp;&nbsp; — |
| S&P/ASX 200 Index | (82)<br>| &nbsp;&nbsp;&nbsp; 03/19/2026 | &nbsp;&nbsp;&nbsp; (11809063)<br>| &nbsp;&nbsp;&nbsp; (11869354)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (60291)<br>|
| **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$151181** | &nbsp;&nbsp;&nbsp; **$(320531)**<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp; **$794918** | &nbsp;&nbsp;&nbsp; **$(1461677)**<br>|

---

**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** |  |  |  |  |
| Investment Companies | $690577286 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $690577286 |
| U.S. Government Obligation |  | &nbsp;&nbsp; 15883442 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15883442 |
| Repurchase Agreement |  | &nbsp;&nbsp; 10994179 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10994179 |
| **Total Investments** | **$690577286** | &nbsp;&nbsp; **$26877621** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$717454907** |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(E)</sup> <br>| $794918 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $794918 |
| **Total Other Financial Instruments** | **$794918** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$794918** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(E)</sup> <br>| $(1461677)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1461677)<br>|
| **Total Other Financial Instruments** | **$(1461677)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(1461677)**<br>|

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Affiliated investment in another fund within Transamerica Funds, and/or a liquidating trust of a former Transamerica Fund and/or affiliated investment* *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>**December 31,** <br>**2025**<br>| **Shares as of** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Aegon Bond <br> VP, Initial Class<br>| $182373275 | $10163932 | $(37015541)<br>| $(5749369)<br>| $7079620 | $156851917 | 16510728 | $10163933 | $— |
| Transamerica Aegon Core <br> Bond VP, Initial Class<br>|  | 100957392 |  |  | (14947)<br>| 100942445 | 9210077 | 735102 |  |
| Transamerica BlackRock <br> Real Estate Securities VP, <br> Initial Class<br>| 15454460 | 264125 | (14924284)<br>| 137060 | 1050362 | 1981723 | 191102 | 264126 |  |
| Transamerica Core Bond, <br> Class I2<br>| 162496428 | 5868628 | (38982645)<br>| (2043435)<br>| 5281711 | 132620687 | 15278881 | 5868629 |  |
| Transamerica Emerging <br> Markets Equity, Class I2<br>| 1715046 | 8700244 |  |  | 769039 | 11184329 | 1035586 | 113143 |  |
| Transamerica Floating Rate, <br> Class I2<br>| 8954598 | 655500 | (1894800)<br>| (110027)<br>| (93371)<br>| 7511900 | 851689 | 655499 |  |
| Transamerica High Yield <br> Bond, Class I2<br>| 64311235 | 3904070 | (30649500)<br>| 1411470 | (649142)<br>| 38328133 | 4623418 | 3904069 |  |
| Transamerica International <br> Equity, Class I2<br>| 19268628 | 1104529 | (9892700)<br>| 3229810 | 1626482 | 15336749 | 614699 | 570752 | 533776 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica JPMorgan Asset Allocation - Conservative VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**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> **December 31,**<br> **2025**<br>| **Shares as of**<br> **December 31,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Net Capital**<br> **Gain**<br> **Distributions**<br>|
| Transamerica International <br> Focus, Class I2<br>| $23015430 | $142202 | $(14490248)<br>| $(1851888)<br>| $3664663 | $10480159 | 1532187 | $56972 | $85231 |
| Transamerica International <br> Small Cap Value, Class I2<br>| 15560096 | 338960 | (12204118)<br>| 2771120 | 1341469 | 7807527 | 443862 | 319865 | 19095 |
| Transamerica International <br> Stock, Class I2<br>|  | 11151537 |  |  | 134801 | 11286338 | 754434 | 211886 | 97619 |
| Transamerica Janus Mid-<br> Cap Growth VP, Initial <br> Class<br>| 101165 | 12075 |  |  | (3871)<br>| 109369 | 3464 | 310 | 11764 |
| Transamerica JPMorgan <br> Enhanced Index VP, Initial <br> Class<br>| 39576562 | 39206827 |  |  | 1306212 | 80089601 | 2739979 | 814526 | 4424901 |
| Transamerica Large Cap <br> Value, Class I2<br>| 61870354 | 1632142 | (38694985)<br>| 8489422 | 2158689 | 35455622 | 2060176 | 597644 | 1034498 |
| Transamerica Long Credit, <br> Class I2<br>| 43061651 | 2097261 | (35287106)<br>| 673760 | 465680 | 11011246 | 1167683 | 2097261 |  |
| Transamerica Mid Cap <br> Growth, Class I2<br>| 133681 | 28089 |  |  | (18060)<br>| 143710 | 16294 | 9780 | 18309 |
| Transamerica Mid Cap <br> Value Opportunities, <br> Class I2<br>| 10051 | 1657 |  |  | (660)<br>| 11048 | 1113 | 302 | 1355 |
| Transamerica Small Cap <br> Value, Class I2<br>| 345857 | 19470 |  |  | 13852 | 379179 | 73770 | 5496 | 13975 |
| Transamerica Strategic <br> Income, Class I2<br>| 8842348 | 577147 |  |  | 135396 | 9554891 | 1089497 | 577147 |  |
| Transamerica T. Rowe Price <br> Small Cap VP, Initial Class<br>| 244973 | 39484 |  |  | (14327)<br>| 270130 | 23247 | 7280 | 32204 |
| Transamerica WMC US <br> Growth VP, Initial Class<br>| 103325455 | 16888562 | (60969213)<br>| 13624430 | (13648651)<br>| 59220583 | 1414730 | 832435 | 16056127 |
| **Total** | **$750661293** | **$203753833** | **$(295005140)**<br>| **$20582353** | **$10584947** | **$690577286** | **59636616** | **$27806157** | **$22328854** |

---

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

<sup>(B)</sup> *All or a portion of the security has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total* *value of the securities is $12,503,177.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 2025. Please reference the Investment Valuation section of the Notes* *to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(E)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**CURRENCY ABBREVIATION(S):** 

*CAD* *Canadian Dollar*

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *ASX* | *Australian Securities Exchange* |
| *BTP* | *Buoni del Tesoro Poliennali (Italian Treasury Bonds)* |
| *BUXL* | *Bundesanleihen (German Long-Term Debt)* |
| *EAFE* | *Europe, Australasia and Far East* |
| *FTSE* | *Financial Times Stock Exchange* |
| *STOXX* | *Deutsche Börse Group & SIX Group Index* |
| *TOPIX* | *Tokyo Price Index* |
| *TSX* | *Toronto Stock Exchange* |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

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**Transamerica JPMorgan Asset Allocation - Conservative VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $664,991,925) | &nbsp;&nbsp; $690577286 |
| Unaffiliated investments, at value (cost $15,878,841) | &nbsp;&nbsp; 15883442 |
| Repurchase agreement, at value (cost $10,994,179) | &nbsp;&nbsp; 10994179 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 1667 |
| Dividends from affiliated investments | &nbsp;&nbsp; 934562 |
| Interest | &nbsp;&nbsp; 272903 |
| Total assets | &nbsp;&nbsp; 718664039 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 934562 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 80749 |
| Due to custodian  | &nbsp;&nbsp; 514 |
| Investment management fees | &nbsp;&nbsp; 63537 |
| Distribution and service fees | &nbsp;&nbsp; 127273 |
| Transfer agent costs | &nbsp;&nbsp; 735 |
| Trustee and CCO fees | &nbsp;&nbsp; 240 |
| Audit and tax fees  | &nbsp;&nbsp; 17890 |
| Custody fees | &nbsp;&nbsp; 10350 |
| Legal fees | &nbsp;&nbsp; 5672 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 23841 |
| Other accrued expenses | &nbsp;&nbsp; 21414 |
| Variation margin payable on futures contracts | &nbsp;&nbsp; 713677 |
| Total liabilities | &nbsp;&nbsp; 2000454 |
| **Net assets**  | &nbsp;&nbsp; $716663585 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $763773 |
| Additional paid-in capital | &nbsp;&nbsp; 747154698 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (31254886)<br>|
| **Net assets** | &nbsp;&nbsp; $716663585 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $157006311 |
| Service Class | &nbsp;&nbsp; 559657274 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 16536444 |
| Service Class | &nbsp;&nbsp; 59840871 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $9.49 |
| Service Class | 9.35 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | &nbsp;&nbsp; $27806157 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 637548 |
| Total investment income  | &nbsp;&nbsp; 28443705 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 837115 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 1446891 |
| Transfer agent costs | &nbsp;&nbsp; 8130 |
| Trustee and CCO fees | &nbsp;&nbsp; 37849 |
| Audit and tax fees | &nbsp;&nbsp; 29322 |
| Custody fees | &nbsp;&nbsp; 50366 |
| Legal fees | &nbsp;&nbsp; 73497 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 81111 |
| Other | &nbsp;&nbsp; 122681 |
| Total expenses | &nbsp;&nbsp; 2686962 |
| **Net investment income (loss)** | &nbsp;&nbsp; 25756743 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | &nbsp;&nbsp; 20582353 |
| Unaffiliated investments  | &nbsp;&nbsp; 4080 |
| Capital gain distributions received from affiliated investment <br> companies<br>| &nbsp;&nbsp; 22328854 |
| Futures contracts | &nbsp;&nbsp; (9231531)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 33683756 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | &nbsp;&nbsp; 10584947 |
| Unaffiliated investments  | &nbsp;&nbsp; 3680 |
| Futures contracts | &nbsp;&nbsp; 2593767 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 17328 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 13199722 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 46883478 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $72640221 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica JPMorgan Asset Allocation - Conservative VP**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $25756743 | &nbsp;&nbsp; $26643814 |
| Net realized gain (loss) | &nbsp;&nbsp; 33683756 | &nbsp;&nbsp; (10736800)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 13199722 | &nbsp;&nbsp; 28666688 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 72640221 | &nbsp;&nbsp; 44573702 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (6227291)<br>| &nbsp;&nbsp; (3282380)<br>|
| Service Class | &nbsp;&nbsp; (21448991)<br>| &nbsp;&nbsp; (11487980)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (27676282)<br>| &nbsp;&nbsp; (14770360)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 9940372 | &nbsp;&nbsp; 11438231 |
| Service Class | &nbsp;&nbsp; 4712575 | &nbsp;&nbsp; 4468504 |
|  | &nbsp;&nbsp; 14652947 | &nbsp;&nbsp; 15906735 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 6227291 | &nbsp;&nbsp; 3282380 |
| Service Class | &nbsp;&nbsp; 21448991 | &nbsp;&nbsp; 11487980 |
|  | &nbsp;&nbsp; 27676282 | &nbsp;&nbsp; 14770360 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (27180375)<br>| &nbsp;&nbsp; (27113459)<br>|
| Service Class | &nbsp;&nbsp; (112529158)<br>| &nbsp;&nbsp; (118106573)<br>|
|  | &nbsp;&nbsp; (139709533)<br>| &nbsp;&nbsp; (145220032)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (97380304)<br>| &nbsp;&nbsp; (114542937)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (52416365)<br>| &nbsp;&nbsp; (84739595)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 769079950 | &nbsp;&nbsp; 853819545 |
| End of year | &nbsp;&nbsp; $716663585 | &nbsp;&nbsp; $769079950 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 1078260 | &nbsp;&nbsp; 1292161 |
| Service Class | &nbsp;&nbsp; 515430 | &nbsp;&nbsp; 515296 |
|  | &nbsp;&nbsp; 1593690 | &nbsp;&nbsp; 1807457 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 679835 | &nbsp;&nbsp; 365929 |
| Service Class | &nbsp;&nbsp; 2375304 | &nbsp;&nbsp; 1299545 |
|  | &nbsp;&nbsp; 3055139 | &nbsp;&nbsp; 1665474 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (2957932)<br>| &nbsp;&nbsp; (3062649)<br>|
| Service Class | &nbsp;&nbsp; (12439244)<br>| &nbsp;&nbsp; (13540516)<br>|
|  | &nbsp;&nbsp; (15397176)<br>| &nbsp;&nbsp; (16603165)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (1199837)<br>| &nbsp;&nbsp; (1404559)<br>|
| Service Class | &nbsp;&nbsp; (9548510)<br>| &nbsp;&nbsp; (11725675)<br>|
|  | &nbsp;&nbsp; (10748347)<br>| &nbsp;&nbsp; (13130234)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica JPMorgan Asset Allocation - Conservative VP**

------

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $8.93 | &nbsp;&nbsp; $8.62 | &nbsp;&nbsp; $8.24 | &nbsp;&nbsp; $11.50 | &nbsp;&nbsp; $11.30 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.34 | 0.31 | 0.20 | 0.20 | 0.50 |
| Net realized and unrealized gain (loss) | 0.60 | 0.18 | 0.37 | &nbsp;&nbsp; (1.93)<br>| 0.16 |
| Total investment operations | 0.94 | 0.49 | 0.57 | &nbsp;&nbsp; (1.73)<br>| 0.66 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.28)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (0.18)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp; (0.46)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $8.93 | &nbsp;&nbsp; $8.62 | &nbsp;&nbsp; $8.24 | &nbsp;&nbsp; $11.50 |
| **Total return**<sup>(B)</sup> <br>| 10.63<br> %<br>| 5.72<br> %<br>| 7.05<br> %<br>| &nbsp;&nbsp; (15.35)%<br>| 5.90<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $157007 | &nbsp;&nbsp; $158423 | &nbsp;&nbsp; $164970 | &nbsp;&nbsp; $169834 | &nbsp;&nbsp; $227524 |
| Expenses to average net assets<sup>(C)</sup> <br>| 0.17<br> %<br>| 0.17<br> %<br>| 0.16<br> %<br>| 0.15<br> %<br>| 0.15<br> %<br>|
| Net investment income (loss) to average net assets | 3.71<br> %<br>| 3.48<br> %<br>| 2.42<br> %<br>| 2.06<br> %<br>| 4.36<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 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> *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> *Does not include expenses of the underlying investments in which the Portfolio invests.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $8.80 | &nbsp;&nbsp; $8.49 | &nbsp;&nbsp; $8.11 | &nbsp;&nbsp; $11.34 | &nbsp;&nbsp; $11.15 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.31 | 0.28 | 0.18 | 0.17 | 0.47 |
| Net realized and unrealized gain (loss) | 0.59 | 0.19 | 0.37 | &nbsp;&nbsp; (1.91)<br>| 0.16 |
| Total investment operations | 0.90 | 0.47 | 0.55 | &nbsp;&nbsp; (1.74)<br>| 0.63 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.26)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (0.18)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (0.44)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $8.80 | &nbsp;&nbsp; $8.49 | &nbsp;&nbsp; $8.11 | &nbsp;&nbsp; $11.34 |
| **Total return**<sup>(B)</sup> <br>| 10.36<br> %<br>| 5.52<br> %<br>| 6.83<br> %<br>| &nbsp;&nbsp; (15.61)%<br>| 5.63<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $559657 | &nbsp;&nbsp; $610657 | &nbsp;&nbsp; $688850 | &nbsp;&nbsp; $757919 | &nbsp;&nbsp; $1039178 |
| Expenses to average net assets<sup>(C)</sup> <br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>|
| Net investment income (loss) to average net assets | 3.44<br> %<br>| 3.21<br> %<br>| 2.15<br> %<br>| 1.80<br> %<br>| 4.14<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 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> *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> *Does not include expenses of the underlying investments in which the Portfolio invests.*

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica JPMorgan Asset Allocation - Conservative VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 JPMorgan 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 broad mix of underlying Transamerica funds that TAM has designated as available for investment by the Portfolio (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**

**Annual Financial Statements 2025**

**Page 8**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 year ended December 31, 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.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica JPMorgan Asset Allocation - Conservative VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 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 December 31, 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.

*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.

*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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica JPMorgan Asset Allocation - Conservative VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**3. INVESTMENT VALUATION (continued)**

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. 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 year ended December 31, 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 year ended December 31, 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 December 31, 2025, or at any time during the year 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 December 31, 2025.

Repurchase agreements at December 31, 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica JPMorgan Asset Allocation - Conservative VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

**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.

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 December 31, 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 December 31, 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>| $165816 | $58986 | $570116 | $— | $— | $794918 |
| **Total** | **$165816** | **$58986** | **$570116** | **$—** | **$—** | **$794918** |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica JPMorgan Asset Allocation - Conservative VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

&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>| $(436902)<br>| $— | $(1024775)<br>| $— | $— | $(1461677)<br>|
| **Total** | **$(436902)**<br>| **$—** | **$(1024775)**<br>| **$—** | **$—** | **$(1461677)**<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.* 

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 December 31, 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  | $188248 | $(902715)<br>| $(8517064)<br>| $— | $— | $(9231531)<br>|
| **Total** | **$188248** | **$(902715)**<br>| **$(8517064)**<br>| **$—** | **$—** | **$(9231531)**<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  | $878333 | $(122523)<br>| $1837957 | $— | $— | $2593767 |
| **Total** | **$878333** | **$(122523)**<br>| **$1837957** | **$—** | **$—** | **$2593767** |

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $256190631 |
| Average notional value of contracts — short | (104648975)<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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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.

**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.

**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.

**Risk management framework risk:** The Portfolio is subject to a multi-factor risk management framework that is intended to dynamically adjust asset class exposures under different market conditions. The framework may determine an asset exposure target for the Portfolio in response to individual asset class momentum signals and a portfolio level volatility signal, and result in an increase or decrease in the level of asset exposure such as the level of equities and bonds. The framework is intended to improve the Portfolio's absolute and risk-adjusted returns but may not work as intended. The framework may result in the Portfolio not achieving its stated asset mix goal or may

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**Annual Financial Statements 2025**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**6. RISK FACTORS (continued)**

cause the Portfolio to underperform, possibly significantly. Because market conditions change, sometimes rapidly and unpredictably, the success of the framework also will be subject to the sub-adviser's ability to implement the framework in a timely and efficient manner. The framework may result in periods of underperformance, may fail to protect against market declines, may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in rising markets, may increase transaction costs at the Portfolio and/or underlying portfolio level and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure in an effort to reduce 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. The framework incorporates quantitative models and signals. If those models or signals prove to be flawed or for other reasons do not produce the desired results, any decisions made in reliance thereon may expose the Portfolio to additional risks and losses. The use of models has inherent risks,and the success of relying on or otherwise using a model depends, among other things, on the accuracy and completeness of the model's development, implementation and maintenance; on the model's assumptions and methodologies; and on the accuracy and reliability of the inputs and output of the model. The framework 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 framework 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 risk management framework. The use of derivatives in connection with the framework may expose the Portfolio to different and potentially greater risks than if it had only invested in underlying portfolios.

**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 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.

**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

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**Annual Financial Statements 2025**

**Page 15**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**6. RISK FACTORS (continued)**

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.

**Tactical asset allocation risk:** Tactical asset allocation is an 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 portfolios, underlying ETFs or individual securities may be incorrect in view of actual market conditions, and may result in owning securities that underperform other securities.

**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.

**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**

**Annual Financial Statements 2025**

**Page 16**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**7. 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** |
| Effective October 1, 2025 |  |
| First $5 billion | 0.0975<br> % <br>|
| Over $5 billion up to $10 billion | 0.0925 |
| Over $10 billion | 0.0875 |
| Prior to October 1, 2025 |  |
| First $5 billion | 0.1075 |
| Over $5 billion up to $10 billion | 0.1025 |
| Over $10 billion | 0.0975 |
| Prior to August 1, 2025 |  |
| First $10 billion | 0.1225 |
| Over $10 billion | 0.1025 |

---

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 | 0.20<br> % <br>| May 1, 2027 |
| Service Class | 0.45 | May 1, 2027 |

---

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 year ended December 31, 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 December 31, 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**

**Annual Financial Statements 2025**

**Page 17**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 year ended December 31, 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 year ended December 31, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 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** |
| $153618823 | &nbsp;&nbsp; $15883327 | &nbsp;&nbsp; $295005140 | &nbsp;&nbsp; $14702543 |

---

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

As of December 31, 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>|
| $697592894 | &nbsp;&nbsp; $21348603 | &nbsp;&nbsp; $(1731594)<br>| &nbsp;&nbsp; $19617009 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 18**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

As of December 31, 2025, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $17466875 | &nbsp;&nbsp;&nbsp;&nbsp; $58900625 |

---

During the year ended December 31, 2025, the capital loss carryforwards utilized are $38,382,393.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $27676282 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $14770360 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $25505944 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(76367500)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4601)<br>| &nbsp;&nbsp; $19611271 |

---

**10. OPERATING SEGMENTS**

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**

**Annual Financial Statements 2025**

**Page 19**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica JPMorgan Asset Allocation – Conservative VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica JPMorgan Asset Allocation – Conservative VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862img62019a9d3.gif)

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

Boston, Massachusetts

February 25, 2026

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 20**

------

**Transamerica JPMorgan Asset Allocation - Conservative VP**

------

**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made no long-term capital gain designations for the year ended December 31, 2025.

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

---

| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $1098244 | $212460 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica JPMorgan Asset Allocation - Conservative 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**

**Annual Financial Statements 2025**

**Page 22**

------

**Transamerica JPMorgan Asset Allocation - Conservative 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**

**Annual Financial Statements 2025**

**Page 23**

------

**Transamerica JPMorgan Asset Allocation - Conservative VP** 

------

**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**

**Annual Financial Statements 2025**

**Page 24**

------

**Transamerica JPMorgan Asset Allocation - Conservative VP** 

------

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862imgbed9d0ab4.gif)

Visit **transamerica.com**

![](g768862img989fed0f5.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862imge4ebfa3b6.gif)

------

![](g768862imgeab58f521.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica JPMorgan Asset Allocation - Moderate Growth VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imgb211920a2.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_2a68afa2-db33-4ad2-806c-83f3f6f1e7df_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_2a68afa2-db33-4ad2-806c-83f3f6f1e7df_SOI-RunningFooter-230_1) | 2 |
| [Statement of Assets and Liabilities](#xx_2a68afa2-db33-4ad2-806c-83f3f6f1e7df_FS-RunningFooter-230_1) | 6 |
| [Statement of Operations](#xx_2a68afa2-db33-4ad2-806c-83f3f6f1e7df_FS-RunningFooter-230_1) | 6 |
| [Statement of Changes in Net Assets](#xx_2a68afa2-db33-4ad2-806c-83f3f6f1e7df_FS-RunningFooter-230_2) | 7 |
| [Financial Highlights](#xx_2a68afa2-db33-4ad2-806c-83f3f6f1e7df_FS-RunningFooter-230_3) | 8 |
| [Notes to Financial Statements](#xx_2a68afa2-db33-4ad2-806c-83f3f6f1e7df_NTF-RunningFooter-230_1) | 9 |
| **[Report of Independent Registered Public Accounting Firm](#xx_2a68afa2-db33-4ad2-806c-83f3f6f1e7df_AUD-RunningFooter-230_1)** | 21 |
| **[Supplemental Information](#xx_2a68afa2-db33-4ad2-806c-83f3f6f1e7df_STI-RunningFooter-230_1)** | 22 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_2a68afa2-db33-4ad2-806c-83f3f6f1e7df_DWA-RunningFooter-230_1)**<br> **[Companies](#xx_2a68afa2-db33-4ad2-806c-83f3f6f1e7df_DWA-RunningFooter-230_1)**<br>| 23 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_2a68afa2-db33-4ad2-806c-83f3f6f1e7df_PD-RunningFooter-230_1)** | 24 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_2a68afa2-db33-4ad2-806c-83f3f6f1e7df_DTO-RunningFooter-230_1)**<br> **[Companies](#xx_2a68afa2-db33-4ad2-806c-83f3f6f1e7df_DTO-RunningFooter-230_1)**<br>| 25 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_2a68afa2-db33-4ad2-806c-83f3f6f1e7df_Mgmtagmt-RunningFooter-230_1)** | 26 |

---

***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 JPMorgan Asset Allocation - Moderate Growth VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 95.6%**  | **INVESTMENT COMPANIES - 95.6%**  | **INVESTMENT COMPANIES - 95.6%**  |
| **International Alternative Fund - 0.0% \*** | **International Alternative Fund - 0.0% \*** | **International Alternative Fund - 0.0% \*** |
| &nbsp;&nbsp; Transamerica Global Allocation Liquidating <br> Trust, Class I2 <sup>(A)(B)(C)(D)</sup> <br>| 11961 | $15130 |
| **International Equity Funds - 17.1%**  | **International Equity Funds - 17.1%**  | **International Equity Funds - 17.1%**  |
| &nbsp;&nbsp; Transamerica BlackRock Real Estate <br> Securities VP, Initial Class <sup>(B)</sup> <br>| 2300643 | 23857672 |
| &nbsp;&nbsp; Transamerica Emerging Markets Equity, <br> Class I2 <sup>(B)</sup> <br>| 9842883 | 106303135 |
| &nbsp;&nbsp; Transamerica International Equity, <br> Class I2 <sup>(B)</sup> <br>| 5320941 | 132757487 |
| &nbsp;&nbsp; Transamerica International Focus, <br> Class I2 <sup>(B)</sup> <br>| 14618152 | 99988158 |
| &nbsp;&nbsp; Transamerica International Small Cap Value, <br> Class I2 <sup>(B)</sup> <br>| 3835992 | 67475104 |
| &nbsp;&nbsp; Transamerica International Stock, <br> Class I2 <sup>(B)</sup> <br>| 7161976 | 107143159 |
|  |  | 537524715 |
| **International Mixed Allocation Fund - 10.7%**  | **International Mixed Allocation Fund - 10.7%**  | **International Mixed Allocation Fund - 10.7%**  |
| &nbsp;&nbsp; Transamerica Aegon Bond VP, Initial <br> Class <sup>(B)</sup> <br>| 35317587 | 335517076 |
| **U.S. Equity Funds - 49.8%**  | **U.S. Equity Funds - 49.8%**  | **U.S. Equity Funds - 49.8%**  |
| &nbsp;&nbsp; Transamerica Janus Mid-Cap Growth VP, <br> Initial Class <sup>(B)</sup> <br>| 650326 | 20530797 |
| &nbsp;&nbsp; Transamerica JPMorgan Enhanced Index <br> VP, Initial Class <sup>(B)</sup> <br>| 25902490 | 757129790 |
| Transamerica Large Cap Value, Class I2 <sup>(B)</sup> <br>| 16986518 | 292337975 |
| Transamerica Mid Cap Growth, Class I2 <sup>(B)</sup> <br>| 2422123 | 21363122 |
| &nbsp;&nbsp; Transamerica Mid Cap Value Opportunities, <br> Class I2 <sup>(B)</sup> <br>| 2016740 | 20026228 |
| Transamerica Small Cap Value, Class I2 <sup>(B)</sup> <br>| 2052944 | 10552130 |
| &nbsp;&nbsp; Transamerica T. Rowe Price Small Cap VP, <br> Initial Class <sup>(B)</sup> <br>| 874151 | 10157632 |
| &nbsp;&nbsp; Transamerica WMC US Growth VP, Initial <br> Class <sup>(B)</sup> <br>| 10289043 | 430699350 |
|  |  | 1562797024 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds - 18.0%**  | **U.S. Fixed Income Funds - 18.0%**  | **U.S. Fixed Income Funds - 18.0%**  |
| &nbsp;&nbsp; Transamerica Aegon Core Bond VP, Initial <br> Class <sup>(B)</sup> <br>| 25826614 | $283059687 |
| Transamerica Core Bond, Class I2 <sup>(B)</sup> <br>| 3188906 | 27679707 |
| Transamerica Floating Rate, Class I2 <sup>(B)</sup> <br>| 3690294 | 32548391 |
| Transamerica High Yield Bond, Class I2 <sup>(B)</sup> <br>| 20025624 | 166012421 |
| Transamerica Long Credit, Class I2 <sup>(B)</sup> <br>| 1803811 | 17009942 |
| Transamerica Strategic Income, Class I2 <sup>(B)</sup> <br>| 4526375 | 39696311 |
|  |  | 566006459 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $2,756,733,573)**<br>|  | 3001860404 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATION - 2.1%**  | **U.S. GOVERNMENT OBLIGATION - 2.1%**  | **U.S. GOVERNMENT OBLIGATION - 2.1%**  |
| **U.S. Treasury - 2.1%**  | **U.S. Treasury - 2.1%**  | **U.S. Treasury - 2.1%**  |
| U.S. Treasury Notes |  |  |
| 4.13%, 01/31/2027 <sup>(E)</sup> <br>| $64492500 | 64893059 |
| &nbsp;&nbsp; **Total U.S. Government Obligation** <br>**(Cost $64,881,124)**<br>|  | 64893059 |
| **REPURCHASE AGREEMENT - 2.4%**  | **REPURCHASE AGREEMENT - 2.4%**  | **REPURCHASE AGREEMENT - 2.4%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(F)</sup>, dated 12/31/2025, to be <br> repurchased at $76,046,305 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 04/30/2027, and <br> with a value of $77,561,428.<br>| 76040602 | 76040602 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $76,040,602)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $76,040,602)** | 76040602 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $2,897,655,299)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $2,897,655,299)** | 3142794065 |
| **Net Other Assets (Liabilities) - (0.1)%** | **Net Other Assets (Liabilities) - (0.1)%** | (2923055) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$3139871010** |

---

**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 | 1814 | &nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp; $198876587 | &nbsp;&nbsp;&nbsp; $198278704 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(597883)<br>|
| 10-Year Canadian Government Bonds | 794 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 70534707 | &nbsp;&nbsp;&nbsp; 69944658 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (590049)<br>|
| 10-Year Japan Government Bonds | 66 | &nbsp;&nbsp;&nbsp; 03/13/2026 | &nbsp;&nbsp;&nbsp; 56292366 | &nbsp;&nbsp;&nbsp; 55790730 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (501636)<br>|
| CAD Currency | 853 | &nbsp;&nbsp;&nbsp; 03/17/2026 | &nbsp;&nbsp;&nbsp; 61866159 | &nbsp;&nbsp;&nbsp; 62371360 | &nbsp;&nbsp;&nbsp; 505201 | &nbsp;&nbsp;&nbsp; — |
| E-Mini Russell 2000<sup>®</sup> Index | 791 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 101118961 | &nbsp;&nbsp;&nbsp; 98795900 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2323061)<br>|
| Euro-BTP Italy Government Bonds | 740 | &nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp; 104680720 | &nbsp;&nbsp;&nbsp; 104514296 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (166424)<br>|
| FTSE 100 Index | 217 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 28652645 | &nbsp;&nbsp;&nbsp; 29077948 | &nbsp;&nbsp;&nbsp; 425303 | &nbsp;&nbsp;&nbsp; — |
| Hong Kong Hang Seng Index | 464 | &nbsp;&nbsp;&nbsp; 01/29/2026 | &nbsp;&nbsp;&nbsp; 77209144 | &nbsp;&nbsp;&nbsp; 76455934 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (753210)<br>|
| MSCI EAFE Index | 390 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 56527368 | &nbsp;&nbsp;&nbsp; 56590950 | &nbsp;&nbsp;&nbsp; 63582 | &nbsp;&nbsp;&nbsp; — |
| MSCI Emerging Markets Index | 2179 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 151556466 | &nbsp;&nbsp;&nbsp; 153772030 | &nbsp;&nbsp;&nbsp; 2215564 | &nbsp;&nbsp;&nbsp; — |
| S&P 500<sup>®</sup> E-Mini Index | 133 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 46064071 | &nbsp;&nbsp;&nbsp; 45835125 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (228946)<br>|
| S&P Midcap 400<sup>®</sup> E-Mini Index | 130 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 43900737 | &nbsp;&nbsp;&nbsp; 43227600 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (673137)<br>|
| S&P/TSX 60 Index | 303 | &nbsp;&nbsp;&nbsp; 03/19/2026 | &nbsp;&nbsp;&nbsp; 81932530 | &nbsp;&nbsp;&nbsp; 82205486 | &nbsp;&nbsp;&nbsp; 272956 | &nbsp;&nbsp;&nbsp; — |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica JPMorgan Asset Allocation - Moderate Growth VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**FUTURES CONTRACTS (continued):**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts (continued)** | **Long Futures Contracts (continued)** | **Long Futures Contracts (continued)** | **Long Futures Contracts (continued)** | **Long Futures Contracts (continued)** | **Long Futures Contracts (continued)** | **Long Futures Contracts (continued)** |
| **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>|
| TOPIX Index | 184 | &nbsp;&nbsp;&nbsp; 03/12/2026 | &nbsp;&nbsp;&nbsp; $39603264 | &nbsp;&nbsp;&nbsp; $40097293 | &nbsp;&nbsp;&nbsp; $494029 | &nbsp;&nbsp;&nbsp; $— |
| U.K. Gilt | 200 | &nbsp;&nbsp;&nbsp; 03/27/2026 | &nbsp;&nbsp;&nbsp; 24568959 | &nbsp;&nbsp;&nbsp; 24632448 | &nbsp;&nbsp;&nbsp; 63489 | &nbsp;&nbsp;&nbsp; — |
| **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$4040124** | &nbsp;&nbsp;&nbsp; **$(5834346)**<br>|

---

&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 Australia Treasury Bonds | (275)<br>| &nbsp;&nbsp;&nbsp; 03/16/2026 | &nbsp;&nbsp;&nbsp; $(20040875)<br>| &nbsp;&nbsp;&nbsp; $(20092653)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(51778)<br>|
| 10-Year U.S. Treasury Notes | (535)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (60213742)<br>| &nbsp;&nbsp;&nbsp; (60154062)<br>| &nbsp;&nbsp;&nbsp; 59680 | &nbsp;&nbsp;&nbsp; — |
| 30-Year Euro BUXL | (309)<br>| &nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp; (40575356)<br>| &nbsp;&nbsp;&nbsp; (39988624)<br>| &nbsp;&nbsp;&nbsp; 586732 | &nbsp;&nbsp;&nbsp; — |
| EURO STOXX 50<sup>®</sup> Index | (1634)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (110965761)<br>| &nbsp;&nbsp;&nbsp; (112163367)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1197606)<br>|
| German Euro Bund | (64)<br>| &nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp; (9664773)<br>| &nbsp;&nbsp;&nbsp; (9594897)<br>| &nbsp;&nbsp;&nbsp; 69876 | &nbsp;&nbsp;&nbsp; — |
| S&P/ASX 200 Index | (358)<br>| &nbsp;&nbsp;&nbsp; 03/19/2026 | &nbsp;&nbsp;&nbsp; (51556642)<br>| &nbsp;&nbsp;&nbsp; (51819863)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (263221)<br>|
| **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$716288** | &nbsp;&nbsp;&nbsp; **$(1512605)**<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp; **$4756412** | &nbsp;&nbsp;&nbsp; **$(7346951)**<br>|

---

**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** |  |  |  |  |
| Investment Companies | $3001845274 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3001845274 |
| U.S. Government Obligation |  | &nbsp;&nbsp; 64893059 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64893059 |
| Repurchase Agreement |  | &nbsp;&nbsp; 76040602 | &nbsp;&nbsp; — | &nbsp;&nbsp; 76040602 |
| **Total** | **$3001845274** | &nbsp;&nbsp; **$140933661** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$3142778935** |
| Investment Companies Measured at Net Asset Value <sup>(C)</sup> <br>|  |  |  | &nbsp;&nbsp; 15130 |
| **Total Investments** |  |  |  | &nbsp;&nbsp; $3142794065 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(H)</sup> <br>| $4756412 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4756412 |
| **Total Other Financial Instruments** | **$4756412** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$4756412** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(H)</sup> <br>| $(7346951)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7346951)<br>|
| **Total Other Financial Instruments** | **$(7346951)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(7346951)**<br>|

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Affiliated investment in another fund within Transamerica Funds, and/or a liquidating trust of a former Transamerica Fund and/or affiliated investment* *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>**December 31,** <br>**2025**<br>| **Shares as of** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Aegon Bond <br> VP, Initial Class<br>| $396319820 | $41760132 | $(105518988)<br>| $1232591 | $1723521 | $335517076 | 35317587 | $19858274 | $— |
| Transamerica Aegon Core <br> Bond VP, Initial Class<br>|  | 283149956 |  |  | (90269)<br>| 283059687 | 25826614 | 2760286 |  |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica JPMorgan Asset Allocation - Moderate Growth VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**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> **December 31,**<br> **2025**<br>| **Shares as of**<br> **December 31,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Net Capital**<br> **Gain**<br> **Distributions**<br>|
| Transamerica BlackRock <br> Real Estate Securities VP, <br> Initial Class<br>| $65361175 | $1132044 | $(47624310)<br>| $698653 | $4290110 | $23857672 | 2300643 | $1132044 | $— |
| Transamerica Core Bond, <br> Class I2<br>| 32977535 | 1234680 | (7258513)<br>| (178071)<br>| 904076 | 27679707 | 3188906 | 1234680 |  |
| Transamerica Emerging <br> Markets Equity, Class I2<br>| 14280221 | 83279490 |  |  | 8743424 | 106303135 | 9842883 | 1075389 |  |
| Transamerica Floating Rate, <br> Class I2<br>| 36101881 | 2708569 | (5403000)<br>| (313740)<br>| (545319)<br>| 32548391 | 3690294 | 2708569 |  |
| Transamerica Global <br> Allocation Liquidating <br> Trust, Class I2<br>| 13500 |  |  |  | 1630 | 15130 | 11961 |  |  |
| Transamerica High Yield <br> Bond, Class I2<br>| 313102880 | 17922125 | (167981988)<br>| 2047180 | 922224 | 166012421 | 20025624 | 17922125 |  |
| Transamerica International <br> Equity, Class I2<br>| 164309456 | 9560991 | (76395054)<br>| 22055269 | 13226825 | 132757487 | 5320941 | 4940527 | 4620464 |
| Transamerica International <br> Focus, Class I2<br>| 189412118 | 1356711 | (105279609)<br>| (15400621)<br>| 29899559 | 99988158 | 14618152 | 543549 | 813162 |
| Transamerica International <br> Small Cap Value, Class I2<br>| 125014273 | 2929398 | (93293771)<br>| 27503268 | 5321936 | 67475104 | 3835992 | 2764372 | 165026 |
| Transamerica International <br> Stock, Class I2<br>|  | 105870523 |  |  | 1272636 | 107143159 | 7161976 | 2011468 | 926710 |
| Transamerica Janus Mid-<br> Cap Growth VP, Initial <br> Class<br>| 18990704 | 2266528 |  |  | (726435)<br>| 20530797 | 650326 | 58144 | 2208384 |
| Transamerica JPMorgan <br> Enhanced Index VP, Initial <br> Class<br>| 979317452 | 119996407 | (364004683)<br>| 46963739 | (25143125)<br>| 757129790 | 25902490 | 18654757 | 101341650 |
| Transamerica Large Cap <br> Value, Class I2<br>| 220566958 | 99901595 | (57450512)<br>| 10484057 | 18835877 | 292337975 | 16986518 | 2346376 | 8529619 |
| Transamerica Long Credit, <br> Class I2<br>| 174314626 | 8590381 | (170593972)<br>| 1546602 | 3152305 | 17009942 | 1803811 | 8590381 |  |
| Transamerica Mid Cap <br> Growth, Class I2<br>| 19872270 | 4175540 |  |  | (2684688)<br>| 21363122 | 2422123 | 1453815 | 2721725 |
| Transamerica Mid Cap <br> Value Opportunities, <br> Class I2<br>| 18218332 | 3003623 |  |  | (1195727)<br>| 20026228 | 2016740 | 546893 | 2456730 |
| Transamerica Small Cap <br> Value, Class I2<br>| 9624811 | 541834 |  |  | 385485 | 10552130 | 2052944 | 152945 | 388889 |
| Transamerica Strategic <br> Income, Class I2<br>| 36736010 | 2397790 |  |  | 562511 | 39696311 | 4526375 | 2397790 |  |
| Transamerica T. Rowe Price <br> Small Cap VP, Initial Class<br>| 9211668 | 1484713 |  |  | (538749)<br>| 10157632 | 874151 | 273750 | 1210963 |
| Transamerica WMC US <br> Growth VP, Initial Class<br>| 366927728 | 127814644 | (57450513)<br>| 8979854 | (15572363)<br>| 430699350 | 10289043 | 2629669 | 50721434 |
| **Total** | **$3190673418** | **$921077674** | **$(1258254913)**<br>| **$105618781** | **$42745444** | **$3001860404** | **198666094** | **$94055803** | **$176104756** |

---

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

<sup>(C)</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.* 

<sup>(D)</sup> *Restricted security. At December 31, 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> Class I2 <br>| 07/31/2014 | &nbsp;&nbsp; $123058 | &nbsp;&nbsp; $15130 | 0.0<br> %\*<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica JPMorgan Asset Allocation - Moderate Growth VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

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

<sup>(E)</sup> *All or a portion of the security has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total* *value of the securities is $55,345,123.* 

<sup>(F)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(G)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 2025. Please reference the Investment Valuation section of the Notes* *to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(H)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**CURRENCY ABBREVIATION(S):** 

*CAD* *Canadian Dollar*

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *ASX* | *Australian Securities Exchange* |
| *BTP* | *Buoni del Tesoro Poliennali (Italian Treasury Bonds)* |
| *BUXL* | *Bundesanleihen (German Long-Term Debt)* |
| *EAFE* | *Europe, Australasia and Far East* |
| *FTSE* | *Financial Times Stock Exchange* |
| *STOXX* | *Deutsche Börse Group & SIX Group Index* |
| *TOPIX* | *Tokyo Price Index* |
| *TSX* | *Toronto Stock Exchange* |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica JPMorgan Asset Allocation - Moderate Growth VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $2,756,733,573) | &nbsp;&nbsp; $3001860404 |
| Unaffiliated investments, at value (cost $64,881,124) | &nbsp;&nbsp; 64893059 |
| Repurchase agreement, at value (cost $76,040,602) | &nbsp;&nbsp; 76040602 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 24544 |
| Dividends from affiliated investments | &nbsp;&nbsp; 1866187 |
| Interest | &nbsp;&nbsp; 1116135 |
| Total assets | &nbsp;&nbsp; 3145800931 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 1866187 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 752033 |
| Investment management fees | &nbsp;&nbsp; 278460 |
| Distribution and service fees | &nbsp;&nbsp; 521942 |
| Transfer agent costs | &nbsp;&nbsp; 3196 |
| Trustee and CCO fees | &nbsp;&nbsp; 1047 |
| Audit and tax fees  | &nbsp;&nbsp; 25698 |
| Custody fees | &nbsp;&nbsp; 37568 |
| Legal fees | &nbsp;&nbsp; 24134 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 72490 |
| Other accrued expenses | &nbsp;&nbsp; 37872 |
| Variation margin payable on futures contracts | &nbsp;&nbsp; 2309294 |
| Total liabilities | &nbsp;&nbsp; 5929921 |
| **Net assets**  | &nbsp;&nbsp; $3139871010 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $2622029 |
| Additional paid-in capital | &nbsp;&nbsp; 2621802363 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 515446618 |
| **Net assets** | &nbsp;&nbsp; $3139871010 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $847408563 |
| Service Class | &nbsp;&nbsp; 2292462447 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 69587742 |
| Service Class | &nbsp;&nbsp; 192615156 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $12.18 |
| Service Class | 11.90 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | &nbsp;&nbsp; $94055803 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 2990848 |
| Total investment income  | &nbsp;&nbsp; 97046651 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 3597136 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 5856937 |
| Transfer agent costs | &nbsp;&nbsp; 34975 |
| Trustee and CCO fees | &nbsp;&nbsp; 163101 |
| Audit and tax fees | &nbsp;&nbsp; 60095 |
| Custody fees | &nbsp;&nbsp; 168657 |
| Legal fees | &nbsp;&nbsp; 296663 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 253830 |
| Other | &nbsp;&nbsp; 334546 |
| Total expenses | &nbsp;&nbsp; 10765940 |
| **Net investment income (loss)** | &nbsp;&nbsp; 86280711 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | &nbsp;&nbsp; 105618781 |
| Unaffiliated investments  | &nbsp;&nbsp; (14141)<br>|
| Capital gain distributions received from affiliated investment <br> companies<br>| &nbsp;&nbsp; 176104756 |
| Futures contracts | &nbsp;&nbsp; (44246794)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 237462602 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | &nbsp;&nbsp; 42745444 |
| Unaffiliated investments  | &nbsp;&nbsp; 7580 |
| Futures contracts | &nbsp;&nbsp; 15054090 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 81376 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 57888490 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 295351092 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $381631803 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica JPMorgan Asset Allocation - Moderate Growth VP**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $86280711 | &nbsp;&nbsp; $75357999 |
| Net realized gain (loss) | &nbsp;&nbsp; 237462602 | &nbsp;&nbsp; 123511938 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 57888490 | &nbsp;&nbsp; 158175235 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 381631803 | &nbsp;&nbsp; 357045172 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (22256449)<br>| &nbsp;&nbsp; (10130318)<br>|
| Service Class | &nbsp;&nbsp; (57421951)<br>| &nbsp;&nbsp; (25083204)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (79678400)<br>| &nbsp;&nbsp; (35213522)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 11323329 | &nbsp;&nbsp; 12028768 |
| Service Class | &nbsp;&nbsp; 2762975 | &nbsp;&nbsp; 8795792 |
|  | &nbsp;&nbsp; 14086304 | &nbsp;&nbsp; 20824560 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 22256449 | &nbsp;&nbsp; 10130318 |
| Service Class | &nbsp;&nbsp; 57421951 | &nbsp;&nbsp; 25083204 |
|  | &nbsp;&nbsp; 79678400 | &nbsp;&nbsp; 35213522 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (89695590)<br>| &nbsp;&nbsp; (94216035)<br>|
| Service Class | &nbsp;&nbsp; (453823647)<br>| &nbsp;&nbsp; (477786417)<br>|
|  | &nbsp;&nbsp; (543519237)<br>| &nbsp;&nbsp; (572002452)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (449754533)<br>| &nbsp;&nbsp; (515964370)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (147801130)<br>| &nbsp;&nbsp; (194132720)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 3287672140 | &nbsp;&nbsp; 3481804860 |
| End of year | &nbsp;&nbsp; $3139871010 | &nbsp;&nbsp; $3287672140 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 992726 | &nbsp;&nbsp; 1127901 |
| Service Class | &nbsp;&nbsp; 245667 | &nbsp;&nbsp; 834235 |
|  | &nbsp;&nbsp; 1238393 | &nbsp;&nbsp; 1962136 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 1912066 | &nbsp;&nbsp; 921776 |
| Service Class | &nbsp;&nbsp; 5045866 | &nbsp;&nbsp; 2333321 |
|  | &nbsp;&nbsp; 6957932 | &nbsp;&nbsp; 3255097 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (7831855)<br>| &nbsp;&nbsp; (8763055)<br>|
| Service Class | &nbsp;&nbsp; (40465768)<br>| &nbsp;&nbsp; (45486729)<br>|
|  | &nbsp;&nbsp; (48297623)<br>| &nbsp;&nbsp; (54249784)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (4927063)<br>| &nbsp;&nbsp; (6713378)<br>|
| Service Class | &nbsp;&nbsp; (35174235)<br>| &nbsp;&nbsp; (42319173)<br>|
|  | &nbsp;&nbsp; (40101298)<br>| &nbsp;&nbsp; (49032551)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica JPMorgan Asset Allocation - Moderate Growth VP**

------

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $11.06 | &nbsp;&nbsp; $10.08 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $14.47 | &nbsp;&nbsp; $13.30 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.34 | 0.26 | 0.17 | 0.22 | 0.61 |
| Net realized and unrealized gain (loss) | 1.10 | 0.85 | 0.96 | &nbsp;&nbsp; (2.68)<br>| 1.23 |
| Total investment operations | 1.44 | 1.11 | 1.13 | &nbsp;&nbsp; (2.46)<br>| 1.84 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.31)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp; (0.36)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp; (0.67)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $12.18 | &nbsp;&nbsp; $11.06 | &nbsp;&nbsp; $10.08 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $14.47 |
| **Total return**<sup>(B)</sup> <br>| 13.13<br> %<br>| 11.05<br> %<br>| 12.21<br> %<br>| &nbsp;&nbsp; (17.35)%<br>| 13.95<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $847409 | &nbsp;&nbsp; $824238 | &nbsp;&nbsp; $818927 | &nbsp;&nbsp; $796606 | &nbsp;&nbsp; $1048517 |
| Expenses to average net assets<sup>(C)</sup> <br>| 0.15<br> %<br>| 0.16<br> %<br>| 0.16<br> %<br>| 0.15<br> %<br>| 0.15<br> %<br>|
| Net investment income (loss) to average net assets | 2.94<br> %<br>| 2.40<br> %<br>| 1.73<br> %<br>| 1.91<br> %<br>| 4.26<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 21<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> *Does not include expenses of the underlying investments in which the Portfolio invests.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $10.81 | &nbsp;&nbsp; $9.86 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $14.21 | &nbsp;&nbsp; $13.07 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.30 | 0.22 | 0.14 | 0.19 | 0.57 |
| Net realized and unrealized gain (loss) | 1.08 | 0.83 | 0.94 | &nbsp;&nbsp; (2.63)<br>| 1.21 |
| Total investment operations | 1.38 | 1.05 | 1.08 | &nbsp;&nbsp; (2.44)<br>| 1.78 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.28)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp; (0.36)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp; (0.64)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $11.90 | &nbsp;&nbsp; $10.81 | &nbsp;&nbsp; $9.86 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $14.21 |
| **Total return**<sup>(B)</sup> <br>| 12.84<br> %<br>| 10.70<br> %<br>| 11.93<br> %<br>| &nbsp;&nbsp; (17.53)%<br>| 13.70<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $2292462 | &nbsp;&nbsp; $2463434 | &nbsp;&nbsp; $2662878 | &nbsp;&nbsp; $2779623 | &nbsp;&nbsp; $3834114 |
| Expenses to average net assets<sup>(C)</sup> <br>| 0.41<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>|
| Net investment income (loss) to average net assets | 2.65<br> %<br>| 2.12<br> %<br>| 1.46<br> %<br>| 1.64<br> %<br>| 4.05<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 21<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> *Does not include expenses of the underlying investments in which the Portfolio invests.*

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica JPMorgan Asset Allocation - Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 JPMorgan 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 broad mix of underlying Transamerica funds that TAM has designated as available for investment by the Portfolio (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**

**Annual Financial Statements 2025**

**Page 9**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 year ended December 31, 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.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**3. INVESTMENT VALUATION (continued)**

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 December 31, 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.

*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.

*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.

*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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**3. INVESTMENT VALUATION (continued)**

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**

**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 December 31, 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 year ended December 31, 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 year ended December 31, 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 December 31, 2025, or at any time during the year 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 December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

Repurchase agreements at December 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**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.

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 December 31, 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica JPMorgan Asset Allocation - Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 Portfolio's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 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>| $779777 | $505201 | $3471434 | $— | $— | $4756412 |
| **Total** | **$779777** | **$505201** | **$3471434** | **$—** | **$—** | **$4756412** |

---

&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>| $(1907770)<br>| $— | $(5439181)<br>| $— | $— | $(7346951)<br>|
| **Total** | **$(1907770)**<br>| **$—** | **$(5439181)**<br>| **$—** | **$—** | **$(7346951)**<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.* 

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 December 31, 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  | $(784029)<br>| $(4277535)<br>| $(39185230)<br>| $— | $— | $(44246794)<br>|
| **Total** | **$(784029)**<br>| **$(4277535)**<br>| **$(39185230)**<br>| **$—** | **$—** | **$(44246794)**<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  | $2833749 | $53093 | $12167248 | $— | $— | $15054090 |
| **Total** | **$2833749** | **$53093** | **$12167248** | **$—** | **$—** | **$15054090** |

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $1158336773 |
| Average notional value of contracts — short | (460877768)<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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 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.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 15**

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**Transamerica JPMorgan Asset Allocation - Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**7. 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.

**Risk management framework risk:** The Portfolio is subject to a multi-factor risk management framework that is intended to dynamically adjust asset class exposures under different market conditions. The framework may determine an asset exposure target for the Portfolio in response to individual asset class momentum signals and a portfolio level volatility signal, and result in an increase or decrease in the level of asset exposure such as the level of equities and bonds. The framework is intended to improve the Portfolio's absolute and risk-adjusted returns but may not work as intended. The framework may result in the Portfolio not achieving its stated asset mix goal or may cause the Portfolio to underperform, possibly significantly. Because market conditions change, sometimes rapidly and unpredictably, the success of the framework also will be subject to the sub-adviser's ability to implement the framework in a timely and efficient manner. The framework may result in periods of underperformance, may fail to protect against market declines, may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in rising markets, may increase transaction costs at the Portfolio and/or underlying portfolio level and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure in an effort to reduce 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. The framework incorporates quantitative models and signals. If those models or signals prove to be flawed or for other reasons do not produce the desired results, any decisions made in reliance thereon may expose the Portfolio to additional risks and losses. The use of models has inherent risks,and the success of relying on or otherwise using a model depends, among other things, on the accuracy and completeness of the model's development, implementation and maintenance; on the model's assumptions and methodologies; and on the accuracy and reliability of the inputs and output of the model. The framework 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 framework 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 risk management framework. The use of derivatives in connection with the framework may expose the Portfolio to different and potentially greater risks than if it had only invested in underlying portfolios.

**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 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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica JPMorgan Asset Allocation - Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**7. RISK FACTORS (continued)**

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.

**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.

**Tactical asset allocation risk:** Tactical asset allocation is an 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 portfolios, underlying ETFs or individual securities may be incorrect in view of actual market conditions, and may result in owning securities that underperform other securities.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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** |
| Effective October 1, 2025 |  |
| First $5 billion | 0.0975<br> % <br>|
| Over $5 billion up to $10 billion | 0.0925 |
| Over $10 billion | 0.0875 |
| Prior to October 1, 2025 |  |
| First $5 billion | 0.1075 |
| Over $5 billion up to $10 billion | 0.1025 |
| Over $10 billion | 0.0975 |
| Prior to August 1, 2025 |  |
| First $10 billion | 0.1225 |
| Over $10 billion | 0.1025 |

---

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 | 0.20<br> % <br>| May 1, 2027 |
| Service Class | 0.45 | May 1, 2027 |

---

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 year ended December 31, 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 December 31, 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**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica JPMorgan Asset Allocation - Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 year ended December 31, 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 year ended December 31, 2025.

**9. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 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** |
| $650917116 | &nbsp;&nbsp; $64898332 | &nbsp;&nbsp; $1258254913 | &nbsp;&nbsp; $72517649 |

---

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

As of December 31, 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>|
| $2905046620 | &nbsp;&nbsp; $242402390 | &nbsp;&nbsp; $(5730761)<br>| &nbsp;&nbsp; $236671629 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica JPMorgan Asset Allocation - Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

As of December 31, 2025, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2025, the capital loss carryforwards utilized are $59,887,144.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $79678400 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $35213522 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $85280731 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $193506069 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11935)<br>| &nbsp;&nbsp; $236671753 |

---

**11. OPERATING SEGMENTS**

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**

**Annual Financial Statements 2025**

**Page 20**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica JPMorgan Asset Allocation - Moderate Growth VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica JPMorgan Asset Allocation - Moderate Growth VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862img010bc3f83.gif)

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

Boston, Massachusetts

February 25, 2026

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 21**

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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made no long-term capital gain designations for the year ended December 31, 2025.

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

---

| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $9787093 | $1955939 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica JPMorgan Asset Allocation - Moderate 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**

**Annual Financial Statements 2025**

**Page 23**

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**Transamerica JPMorgan Asset Allocation - 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 24**

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**Transamerica JPMorgan Asset Allocation - 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica JPMorgan Asset Allocation - Moderate Growth VP** 

------

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 26**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img69103e004.gif)

Visit **transamerica.com**

![](g768862imgf5cefc815.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

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------

![](g768862img2c4ca79d1.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica JPMorgan Asset Allocation - Moderate VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imgab20bc6e2.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_7633bc0d-295a-4f72-a6f5-df9257668563_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_7633bc0d-295a-4f72-a6f5-df9257668563_SOI-RunningFooter-229_1) | 2 |
| [Statement of Assets and Liabilities](#xx_7633bc0d-295a-4f72-a6f5-df9257668563_FS-RunningFooter-229_1) | 6 |
| [Statement of Operations](#xx_7633bc0d-295a-4f72-a6f5-df9257668563_FS-RunningFooter-229_1) | 6 |
| [Statement of Changes in Net Assets](#xx_7633bc0d-295a-4f72-a6f5-df9257668563_FS-RunningFooter-229_2) | 7 |
| [Financial Highlights](#xx_7633bc0d-295a-4f72-a6f5-df9257668563_FS-RunningFooter-229_3) | 8 |
| [Notes to Financial Statements](#xx_7633bc0d-295a-4f72-a6f5-df9257668563_NTF-RunningFooter-229_1) | 9 |
| **[Report of Independent Registered Public Accounting Firm](#xx_7633bc0d-295a-4f72-a6f5-df9257668563_AUD-RunningFooter-229_1)** | 21 |
| **[Supplemental Information](#xx_7633bc0d-295a-4f72-a6f5-df9257668563_STI-RunningFooter-229_1)** | 22 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_7633bc0d-295a-4f72-a6f5-df9257668563_DWA-RunningFooter-229_1)**<br> **[Companies](#xx_7633bc0d-295a-4f72-a6f5-df9257668563_DWA-RunningFooter-229_1)**<br>| 23 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_7633bc0d-295a-4f72-a6f5-df9257668563_PD-RunningFooter-229_1)** | 24 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_7633bc0d-295a-4f72-a6f5-df9257668563_DTO-RunningFooter-229_1)**<br> **[Companies](#xx_7633bc0d-295a-4f72-a6f5-df9257668563_DTO-RunningFooter-229_1)**<br>| 25 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_7633bc0d-295a-4f72-a6f5-df9257668563_Mgmtagmt-RunningFooter-229_1)** | 26 |

---

***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 JPMorgan Asset Allocation - Moderate VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 96.6%**  | **INVESTMENT COMPANIES - 96.6%**  | **INVESTMENT COMPANIES - 96.6%**  |
| **International Alternative Fund - 0.0% \*** | **International Alternative Fund - 0.0% \*** | **International Alternative Fund - 0.0% \*** |
| &nbsp;&nbsp; Transamerica Global Allocation Liquidating <br> Trust, Class I2 <sup>(A)(B)(C)(D)</sup> <br>| 6235 | $7888 |
| **International Equity Funds - 12.2%**  | **International Equity Funds - 12.2%**  | **International Equity Funds - 12.2%**  |
| &nbsp;&nbsp; Transamerica BlackRock Real Estate <br> Securities VP, Initial Class <sup>(B)</sup> <br>| 2300713 | 23858397 |
| &nbsp;&nbsp; Transamerica Emerging Markets Equity, <br> Class I2 <sup>(B)</sup> <br>| 9948651 | 107445436 |
| &nbsp;&nbsp; Transamerica International Equity, <br> Class I2 <sup>(B)</sup> <br>| 5853190 | 146037082 |
| &nbsp;&nbsp; Transamerica International Focus, <br> Class I2 <sup>(B)</sup> <br>| 14798580 | 101222290 |
| &nbsp;&nbsp; Transamerica International Small Cap Value, <br> Class I2 <sup>(B)</sup> <br>| 4236101 | 74513010 |
| &nbsp;&nbsp; Transamerica International Stock, <br> Class I2 <sup>(B)</sup> <br>| 7267470 | 108721347 |
|  |  | 561797562 |
| **International Mixed Allocation Fund - 18.4%**  | **International Mixed Allocation Fund - 18.4%**  | **International Mixed Allocation Fund - 18.4%**  |
| &nbsp;&nbsp; Transamerica Aegon Bond VP, Initial <br> Class <sup>(B)</sup> <br>| 88836588 | 843947580 |
| **U.S. Equity Funds - 36.1%**  | **U.S. Equity Funds - 36.1%**  | **U.S. Equity Funds - 36.1%**  |
| &nbsp;&nbsp; Transamerica Janus Mid-Cap Growth VP, <br> Initial Class <sup>(B)</sup> <br>| 478192 | 15096534 |
| &nbsp;&nbsp; Transamerica JPMorgan Enhanced Index <br> VP, Initial Class <sup>(B)</sup> <br>| 28085463 | 820938084 |
| Transamerica Large Cap Value, Class I2 <sup>(B)</sup> <br>| 18008831 | 309931985 |
| Transamerica Mid Cap Growth, Class I2 <sup>(B)</sup> <br>| 74416 | 656353 |
| &nbsp;&nbsp; Transamerica Mid Cap Value Opportunities, <br> Class I2 <sup>(B)</sup> <br>| 1508632 | 14980716 |
| Transamerica Small Cap Value, Class I2 <sup>(B)</sup> <br>| 39093 | 200935 |
| &nbsp;&nbsp; Transamerica T. Rowe Price Small Cap VP, <br> Initial Class <sup>(B)</sup> <br>| 63347 | 736087 |
| &nbsp;&nbsp; Transamerica WMC US Growth VP, Initial <br> Class <sup>(B)</sup> <br>| 11795363 | 493753905 |
|  |  | 1656294599 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds - 29.9%**  | **U.S. Fixed Income Funds - 29.9%**  | **U.S. Fixed Income Funds - 29.9%**  |
| &nbsp;&nbsp; Transamerica Aegon Core Bond VP, Initial <br> Class <sup>(B)</sup> <br>| 49726009 | $544997056 |
| Transamerica Core Bond, Class I2 <sup>(B)</sup> <br>| 49369589 | 428528030 |
| Transamerica Floating Rate, Class I2 <sup>(B)</sup> <br>| 5426959 | 47865780 |
| Transamerica High Yield Bond, Class I2 <sup>(B)</sup> <br>| 29453544 | 244169877 |
| Transamerica Long Credit, Class I2 <sup>(B)</sup> <br>| 5065193 | 47764770 |
| Transamerica Strategic Income, Class I2 <sup>(B)</sup> <br>| 6687721 | 58651317 |
|  |  | 1371976830 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $4,109,202,561)**<br>|  | 4434024459 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATION - 2.2%**  | **U.S. GOVERNMENT OBLIGATION - 2.2%**  | **U.S. GOVERNMENT OBLIGATION - 2.2%**  |
| **U.S. Treasury - 2.2%**  | **U.S. Treasury - 2.2%**  | **U.S. Treasury - 2.2%**  |
| U.S. Treasury Notes |  |  |
| 4.13%, 01/31/2027 <sup>(E)</sup> <br>| $98711800 | 99324893 |
| &nbsp;&nbsp; **Total U.S. Government Obligation** <br>**(Cost $99,293,362)**<br>|  | 99324893 |
| **REPURCHASE AGREEMENT - 1.3%**  | **REPURCHASE AGREEMENT - 1.3%**  | **REPURCHASE AGREEMENT - 1.3%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(F)</sup>, dated 12/31/2025, to be <br> repurchased at $61,523,768 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 04/30/2027, and <br> with a value of $62,749,673.<br>| 61519154 | 61519154 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $61,519,154)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $61,519,154)** | 61519154 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $4,270,015,077)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $4,270,015,077)** | 4594868506 |
| **Net Other Assets (Liabilities) - (0.1)%** | **Net Other Assets (Liabilities) - (0.1)%** | (5430489) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$4589438017** |

---

**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 | 2592 | &nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp; $284172059 | &nbsp;&nbsp;&nbsp; $283317751 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(854308)<br>|
| 10-Year Canadian Government Bonds | 1164 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 103403518 | &nbsp;&nbsp;&nbsp; 102538516 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (865002)<br>|
| 10-Year Japan Government Bonds | 96 | &nbsp;&nbsp;&nbsp; 03/13/2026 | &nbsp;&nbsp;&nbsp; 81879806 | &nbsp;&nbsp;&nbsp; 81150153 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (729653)<br>|
| CAD Currency | 939 | &nbsp;&nbsp;&nbsp; 03/17/2026 | &nbsp;&nbsp;&nbsp; 68108888 | &nbsp;&nbsp;&nbsp; 68659680 | &nbsp;&nbsp;&nbsp; 550792 | &nbsp;&nbsp;&nbsp; — |
| E-Mini Russell 2000<sup>®</sup> Index | 1453 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 185418061 | &nbsp;&nbsp;&nbsp; 181479700 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3938361)<br>|
| Euro-BTP Italy Government Bonds | 1084 | &nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp; 153343115 | &nbsp;&nbsp;&nbsp; 153099320 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (243795)<br>|
| FTSE 100 Index | 315 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 41592550 | &nbsp;&nbsp;&nbsp; 42209925 | &nbsp;&nbsp;&nbsp; 617375 | &nbsp;&nbsp;&nbsp; — |
| Hong Kong Hang Seng Index | 684 | &nbsp;&nbsp;&nbsp; 01/29/2026 | &nbsp;&nbsp;&nbsp; 113816934 | &nbsp;&nbsp;&nbsp; 112706593 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1110341)<br>|
| MSCI EAFE Index | 639 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 92617919 | &nbsp;&nbsp;&nbsp; 92722095 | &nbsp;&nbsp;&nbsp; 104176 | &nbsp;&nbsp;&nbsp; — |
| MSCI Emerging Markets Index | 2502 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 174022156 | &nbsp;&nbsp;&nbsp; 176566140 | &nbsp;&nbsp;&nbsp; 2543984 | &nbsp;&nbsp;&nbsp; — |
| S&P 500<sup>®</sup> E-Mini Index | 37 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 12746117 | &nbsp;&nbsp;&nbsp; 12751125 | &nbsp;&nbsp;&nbsp; 5008 | &nbsp;&nbsp;&nbsp; — |
| S&P Midcap 400<sup>®</sup> E-Mini Index | 219 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 73953676 | &nbsp;&nbsp;&nbsp; 72821880 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1131796)<br>|
| S&P/TSX 60 Index | 359 | &nbsp;&nbsp;&nbsp; 03/19/2026 | &nbsp;&nbsp;&nbsp; 97134244 | &nbsp;&nbsp;&nbsp; 97398579 | &nbsp;&nbsp;&nbsp; 264335 | &nbsp;&nbsp;&nbsp; — |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica JPMorgan Asset Allocation - Moderate VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**FUTURES CONTRACTS (continued):**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts (continued)** | **Long Futures Contracts (continued)** | **Long Futures Contracts (continued)** | **Long Futures Contracts (continued)** | **Long Futures Contracts (continued)** | **Long Futures Contracts (continued)** | **Long Futures Contracts (continued)** |
| **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>|
| TOPIX Index | 264 | &nbsp;&nbsp;&nbsp; 03/12/2026 | &nbsp;&nbsp;&nbsp; $56816771 | &nbsp;&nbsp;&nbsp; $57530899 | &nbsp;&nbsp;&nbsp; $714128 | &nbsp;&nbsp;&nbsp; $— |
| U.K. Gilt | 294 | &nbsp;&nbsp;&nbsp; 03/27/2026 | &nbsp;&nbsp;&nbsp; 36115917 | &nbsp;&nbsp;&nbsp; 36209698 | &nbsp;&nbsp;&nbsp; 93781 | &nbsp;&nbsp;&nbsp; — |
| **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$4893579** | &nbsp;&nbsp;&nbsp; **$(8873256)**<br>|

---

&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 Australia Treasury Bonds | (403)<br>| &nbsp;&nbsp;&nbsp; 03/16/2026 | &nbsp;&nbsp;&nbsp; $(29368132)<br>| &nbsp;&nbsp;&nbsp; $(29444869)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(76737)<br>|
| 10-Year U.S. Treasury Notes | (786)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (88362320)<br>| &nbsp;&nbsp;&nbsp; (88375875)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (13555)<br>|
| 30-Year Euro BUXL | (453)<br>| &nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp; (59484267)<br>| &nbsp;&nbsp;&nbsp; (58624099)<br>| &nbsp;&nbsp;&nbsp; 860168 | &nbsp;&nbsp;&nbsp; — |
| EURO STOXX 50<sup>®</sup> Index | (2351)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (159618555)<br>| &nbsp;&nbsp;&nbsp; (161380707)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1762152)<br>|
| German Euro Bund | (94)<br>| &nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp; (14195136)<br>| &nbsp;&nbsp;&nbsp; (14092505)<br>| &nbsp;&nbsp;&nbsp; 102631 | &nbsp;&nbsp;&nbsp; — |
| S&P/ASX 200 Index | (525)<br>| &nbsp;&nbsp;&nbsp; 03/19/2026 | &nbsp;&nbsp;&nbsp; (75606809)<br>| &nbsp;&nbsp;&nbsp; (75992817)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (386008)<br>|
| **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$962799** | &nbsp;&nbsp;&nbsp; **$(2238452)**<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp; **$5856378** | &nbsp;&nbsp;&nbsp; **$(11111708)**<br>|

---

**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** |  |  |  |  |
| Investment Companies | $4434016571 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4434016571 |
| U.S. Government Obligation |  | &nbsp;&nbsp; 99324893 | &nbsp;&nbsp; — | &nbsp;&nbsp; 99324893 |
| Repurchase Agreement |  | &nbsp;&nbsp; 61519154 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61519154 |
| **Total** | **$4434016571** | &nbsp;&nbsp; **$160844047** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$4594860618** |
| Investment Companies Measured at Net Asset Value <sup>(C)</sup> <br>|  |  |  | &nbsp;&nbsp; 7888 |
| **Total Investments** |  |  |  | &nbsp;&nbsp; $4594868506 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(H)</sup> <br>| $5856378 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5856378 |
| **Total Other Financial Instruments** | **$5856378** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$5856378** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(H)</sup> <br>| $(11111708)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11111708)<br>|
| **Total Other Financial Instruments** | **$(11111708)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(11111708)**<br>|

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Affiliated investment in another fund within Transamerica Funds, and/or a liquidating trust of a former Transamerica Fund and/or affiliated investment* *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>**December 31,** <br>**2025**<br>| **Shares as of** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Aegon Bond <br> VP, Initial Class<br>| $779144950 | $222732253 | $(162508612)<br>| $2102916 | $2476073 | $843947580 | 88836588 | $41985223 | $— |
| Transamerica Aegon Core <br> Bond VP, Initial Class<br>|  | 545279292 |  |  | (282236)<br>| 544997056 | 49726009 | 5305762 |  |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica JPMorgan Asset Allocation - Moderate VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**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> **December 31,**<br> **2025**<br>| **Shares as of**<br> **December 31,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Net Capital**<br> **Gain**<br> **Distributions**<br>|
| Transamerica BlackRock <br> Real Estate Securities VP, <br> Initial Class<br>| $96382612 | $1671076 | $(81592658)<br>| $910676 | $6486691 | $23858397 | 2300713 | $1671076 | $— |
| Transamerica Core Bond, <br> Class I2<br>| 566787495 | 19972593 | (169292430)<br>| (7967377)<br>| 19027749 | 428528030 | 49369589 | 19972593 |  |
| Transamerica Emerging <br> Markets Equity, Class I2<br>| 13998379 | 86899546 |  |  | 6547511 | 107445436 | 9948651 | 1086946 |  |
| Transamerica Floating Rate, <br> Class I2<br>| 53567771 | 4006473 | (8441200)<br>| (490160)<br>| (777104)<br>| 47865780 | 5426959 | 4006473 |  |
| Transamerica Global <br> Allocation Liquidating <br> Trust, Class I2<br>| 7038 |  |  |  | 850 | 7888 | 6235 |  |  |
| Transamerica High Yield <br> Bond, Class I2<br>| 434964283 | 26040100 | (221918879)<br>| 5073002 | 11371 | 244169877 | 29453544 | 26040100 |  |
| Transamerica International <br> Equity, Class I2<br>| 167633417 | 10517366 | (65772825)<br>| 17522735 | 16136389 | 146037082 | 5853190 | 5434723 | 5082643 |
| Transamerica International <br> Focus, Class I2<br>| 204563523 | 1373456 | (120546237)<br>| (17363320)<br>| 33194868 | 101222290 | 14798580 | 550258 | 823198 |
| Transamerica International <br> Small Cap Value, Class I2<br>| 134958597 | 3234945 | (99237808)<br>| 25554769 | 10002507 | 74513010 | 4236101 | 3052706 | 182239 |
| Transamerica International <br> Stock, Class I2<br>|  | 107429376 |  |  | 1291971 | 108721347 | 7267470 | 2041097 | 940360 |
| Transamerica Janus Mid-<br> Cap Growth VP, Initial <br> Class<br>| 13964086 | 1666605 |  |  | (534157)<br>| 15096534 | 478192 | 42754 | 1623851 |
| Transamerica JPMorgan <br> Enhanced Index VP, Initial <br> Class<br>| 980471139 | 116454075 | (294891384)<br>| 95336019 | (76431765)<br>| 820938084 | 28085463 | 18104063 | 98350012 |
| Transamerica Large Cap <br> Value, Class I2<br>| 338197066 | 12680743 | (100726813)<br>| 20035630 | 39745359 | 309931985 | 18008831 | 3637779 | 9042964 |
| Transamerica Long Credit, <br> Class I2<br>| 259256866 | 13096721 | (231735970)<br>| 3746177 | 3400976 | 47764770 | 5065193 | 13096721 |  |
| Transamerica Mid Cap <br> Growth, Class I2<br>| 610548 | 128288 |  |  | (82483)<br>| 656353 | 74416 | 44666 | 83622 |
| Transamerica Mid Cap <br> Value Opportunities, <br> Class I2<br>| 13628311 | 2246875 |  |  | (894470)<br>| 14980716 | 1508632 | 409106 | 1837769 |
| Transamerica Small Cap <br> Value, Class I2<br>| 183277 | 10318 |  |  | 7340 | 200935 | 39093 | 2912 | 7405 |
| Transamerica Strategic <br> Income, Class I2<br>| 54277471 | 3543332 |  |  | 830514 | 58651317 | 6687721 | 3542736 |  |
| Transamerica T. Rowe Price <br> Small Cap VP, Initial Class<br>| 667537 | 107592 |  |  | (39042)<br>| 736087 | 63347 | 19839 | 87753 |
| Transamerica WMC US <br> Growth VP, Initial Class<br>| 591313338 | 98454458 | (196596252)<br>| 45927350 | (45344989)<br>| 493753905 | 11795363 | 4852807 | 93601651 |
| **Total** | **$4704577704** | **$1277545483** | **$(1753261068)**<br>| **$190388417** | **$14773923** | **$4434024459** | **339029880** | **$154900340** | **$211663467** |

---

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

<sup>(C)</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.* 

<sup>(D)</sup> *Restricted security. At December 31, 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> Class I2 <br>| 07/31/2014 | &nbsp;&nbsp; $64152 | &nbsp;&nbsp; $7888 | 0.0<br> %\*<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

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**Transamerica JPMorgan Asset Allocation - Moderate VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

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

<sup>(E)</sup> *All or a portion of the security has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total* *value of the securities is $77,573,832.* 

<sup>(F)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(G)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 2025. Please reference the Investment Valuation section of the Notes* *to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(H)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**CURRENCY ABBREVIATION(S):** 

*CAD* *Canadian Dollar*

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *ASX* | *Australian Securities Exchange* |
| *BTP* | *Buoni del Tesoro Poliennali (Italian Treasury Bonds)* |
| *BUXL* | *Bundesanleihen (German Long-Term Debt)* |
| *EAFE* | *Europe, Australasia and Far East* |
| *FTSE* | *Financial Times Stock Exchange* |
| *STOXX* | *Deutsche Börse Group & SIX Group Index* |
| *TOPIX* | *Tokyo Price Index* |
| *TSX* | *Toronto Stock Exchange* |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica JPMorgan Asset Allocation - Moderate VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $4,109,202,561) | &nbsp;&nbsp; $4434024459 |
| Unaffiliated investments, at value (cost $99,293,362) | &nbsp;&nbsp; 99324893 |
| Repurchase agreement, at value (cost $61,519,154) | &nbsp;&nbsp; 61519154 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 4674 |
| Dividends from affiliated investments | &nbsp;&nbsp; 4293259 |
| Interest | &nbsp;&nbsp; 1706293 |
| Total assets | &nbsp;&nbsp; 4600872732 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 4293259 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 919646 |
| Due to custodian  | &nbsp;&nbsp; 3809 |
| Investment management fees | &nbsp;&nbsp; 407268 |
| Distribution and service fees | &nbsp;&nbsp; 953155 |
| Transfer agent costs | &nbsp;&nbsp; 4683 |
| Trustee and CCO fees | &nbsp;&nbsp; 1533 |
| Audit and tax fees  | &nbsp;&nbsp; 30523 |
| Custody fees | &nbsp;&nbsp; 53757 |
| Legal fees | &nbsp;&nbsp; 35657 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 90581 |
| Other accrued expenses | &nbsp;&nbsp; 48028 |
| Variation margin payable on futures contracts | &nbsp;&nbsp; 4592816 |
| Total liabilities | &nbsp;&nbsp; 11434715 |
| **Net assets**  | &nbsp;&nbsp; $4589438017 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $3961707 |
| Additional paid-in capital | &nbsp;&nbsp; 4094762695 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 490713615 |
| **Net assets** | &nbsp;&nbsp; $4589438017 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $401592067 |
| Service Class | &nbsp;&nbsp; 4187845950 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 34034190 |
| Service Class | &nbsp;&nbsp; 362136462 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $11.80 |
| Service Class | 11.56 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | &nbsp;&nbsp; $154900340 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 4775100 |
| Total investment income  | &nbsp;&nbsp; 159675440 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 5301427 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 10674556 |
| Transfer agent costs | &nbsp;&nbsp; 51521 |
| Trustee and CCO fees | &nbsp;&nbsp; 240243 |
| Audit and tax fees | &nbsp;&nbsp; 78216 |
| Custody fees | &nbsp;&nbsp; 232666 |
| Legal fees | &nbsp;&nbsp; 434595 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 313862 |
| Other | &nbsp;&nbsp; 502704 |
| Total expenses | &nbsp;&nbsp; 17829790 |
| **Net investment income (loss)** | &nbsp;&nbsp; 141845650 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | &nbsp;&nbsp; 190388417 |
| Unaffiliated investments  | &nbsp;&nbsp; 8268 |
| Capital gain distributions received from affiliated investment <br> companies<br>| &nbsp;&nbsp; 211663467 |
| Futures contracts | &nbsp;&nbsp; (62190572)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 339869580 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | &nbsp;&nbsp; 14773923 |
| Unaffiliated investments  | &nbsp;&nbsp; 25927 |
| Futures contracts | &nbsp;&nbsp; 13950931 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 152887 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 28903668 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 368773248 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $510618898 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica JPMorgan Asset Allocation - Moderate VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $141845650 | &nbsp;&nbsp; $137304705 |
| Net realized gain (loss) | &nbsp;&nbsp; 339869580 | &nbsp;&nbsp; (50556841)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 28903668 | &nbsp;&nbsp; 294679729 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 510618898 | &nbsp;&nbsp; 381427593 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (12971779)<br>| &nbsp;&nbsp; (6383144)<br>|
| Service Class | &nbsp;&nbsp; (130704938)<br>| &nbsp;&nbsp; (62291106)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (143676717)<br>| &nbsp;&nbsp; (68674250)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 16274114 | &nbsp;&nbsp; 17453126 |
| Service Class | &nbsp;&nbsp; 7998959 | &nbsp;&nbsp; 11831853 |
|  | &nbsp;&nbsp; 24273073 | &nbsp;&nbsp; 29284979 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 12971779 | &nbsp;&nbsp; 6383144 |
| Service Class | &nbsp;&nbsp; 130704938 | &nbsp;&nbsp; 62291106 |
|  | &nbsp;&nbsp; 143676717 | &nbsp;&nbsp; 68674250 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (53588093)<br>| &nbsp;&nbsp; (55257928)<br>|
| Service Class | &nbsp;&nbsp; (715488119)<br>| &nbsp;&nbsp; (694539055)<br>|
|  | &nbsp;&nbsp; (769076212)<br>| &nbsp;&nbsp; (749796983)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (601126422)<br>| &nbsp;&nbsp; (651837754)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (234184241)<br>| &nbsp;&nbsp; (339084411)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 4823622258 | &nbsp;&nbsp; 5162706669 |
| End of year | &nbsp;&nbsp; $4589438017 | &nbsp;&nbsp; $4823622258 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 1447980 | &nbsp;&nbsp; 1643385 |
| Service Class | &nbsp;&nbsp; 750193 | &nbsp;&nbsp; 1106493 |
|  | &nbsp;&nbsp; 2198173 | &nbsp;&nbsp; 2749878 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 1143896 | &nbsp;&nbsp; 585610 |
| Service Class | &nbsp;&nbsp; 11754041 | &nbsp;&nbsp; 5821599 |
|  | &nbsp;&nbsp; 12897937 | &nbsp;&nbsp; 6407209 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (4774141)<br>| &nbsp;&nbsp; (5165564)<br>|
| Service Class | &nbsp;&nbsp; (64777285)<br>| &nbsp;&nbsp; (66028756)<br>|
|  | &nbsp;&nbsp; (69551426)<br>| &nbsp;&nbsp; (71194320)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (2182265)<br>| &nbsp;&nbsp; (2936569)<br>|
| Service Class | &nbsp;&nbsp; (52273051)<br>| &nbsp;&nbsp; (59100664)<br>|
|  | &nbsp;&nbsp; (54455316)<br>| &nbsp;&nbsp; (62037233)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica JPMorgan Asset Allocation - Moderate VP**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $10.90 | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp; $9.67 | &nbsp;&nbsp; $13.66 | &nbsp;&nbsp; $12.83 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.37 | 0.32 | 0.20 | 0.23 | 0.56 |
| Net realized and unrealized gain (loss) | 0.91 | 0.50 | 0.67 | &nbsp;&nbsp; (2.39)<br>| 0.62 |
| Total investment operations | 1.28 | 0.82 | 0.87 | &nbsp;&nbsp; (2.16)<br>| 1.18 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.26)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (0.09)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp; (0.35)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $11.80 | &nbsp;&nbsp; $10.90 | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp; $9.67 | &nbsp;&nbsp; $13.66 |
| **Total return**<sup>(B)</sup> <br>| 11.89<br> %<br>| 8.02<br> %<br>| 9.10<br> %<br>| &nbsp;&nbsp; (16.08)%<br>| 9.18<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $401592 | &nbsp;&nbsp; $394762 | &nbsp;&nbsp; $401446 | &nbsp;&nbsp; $402196 | &nbsp;&nbsp; $539029 |
| Expenses to average net assets<sup>(C)</sup> <br>| 0.15<br> %<br>| 0.15<br> %<br>| 0.15<br> %<br>| 0.15<br> %<br>| 0.14<br> %<br>|
| Net investment income (loss) to average net assets | 3.29<br> %<br>| 2.96<br> %<br>| 2.08<br> %<br>| 1.99<br> %<br>| 4.19<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 18<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> *Does not include expenses of the underlying investments in which the Portfolio invests.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $10.69 | &nbsp;&nbsp; $10.06 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $13.43 | &nbsp;&nbsp; $12.62 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.33 | 0.28 | 0.18 | 0.19 | 0.54 |
| Net realized and unrealized gain (loss) | 0.89 | 0.49 | 0.65 | &nbsp;&nbsp; (2.33)<br>| 0.59 |
| Total investment operations | 1.22 | 0.77 | 0.83 | &nbsp;&nbsp; (2.14)<br>| 1.13 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (0.09)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (0.32)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $11.56 | &nbsp;&nbsp; $10.69 | &nbsp;&nbsp; $10.06 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $13.43 |
| **Total return**<sup>(B)</sup> <br>| 11.54<br> %<br>| 7.70<br> %<br>| 8.86<br> %<br>| &nbsp;&nbsp; (16.25)%<br>| 8.93<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $4187846 | &nbsp;&nbsp; $4428860 | &nbsp;&nbsp; $4761261 | &nbsp;&nbsp; $4939133 | &nbsp;&nbsp; $6584121 |
| Expenses to average net assets<sup>(C)</sup> <br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.39<br> %<br>|
| Net investment income (loss) to average net assets | 3.02<br> %<br>| 2.69<br> %<br>| 1.82<br> %<br>| 1.74<br> %<br>| 4.07<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 18<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> *Does not include expenses of the underlying investments in which the Portfolio invests.*

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica JPMorgan Asset Allocation - Moderate VP**

------

**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 JPMorgan 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 broad mix of underlying Transamerica funds that TAM has designated as available for investment by the Portfolio (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**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica JPMorgan Asset Allocation - Moderate VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 year ended December 31, 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.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 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 December 31, 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.

*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.

*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.

*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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**3. INVESTMENT VALUATION (continued)**

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**

**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 December 31, 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 year ended December 31, 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 year ended December 31, 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 December 31, 2025, or at any time during the year 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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 December 31, 2025.

Repurchase agreements at December 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**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.

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 December 31, 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 Portfolio's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 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>| $1056580 | $550792 | $4249006 | $— | $— | $5856378 |
| **Total** | **$1056580** | **$550792** | **$4249006** | **$—** | **$—** | **$5856378** |

---

&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>| $(2783050)<br>| $— | $(8328658)<br>| $— | $— | $(11111708)<br>|
| **Total** | **$(2783050)**<br>| **$—** | **$(8328658)**<br>| **$—** | **$—** | **$(11111708)**<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.* 

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 December 31, 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  | $2425027 | $(6163214)<br>| $(58452385)<br>| $— | $— | $(62190572)<br>|
| **Total** | **$2425027** | **$(6163214)**<br>| **$(58452385)**<br>| **$—** | **$—** | **$(62190572)**<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  | $6300862 | $(300049)<br>| $7950118 | $— | $— | $13950931 |
| **Total** | **$6300862** | **$(300049)**<br>| **$7950118** | **$—** | **$—** | **$13950931** |

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $1757504840 |
| Average notional value of contracts — short | (804517926)<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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 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.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 15**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**7. 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.

**Risk management framework risk:** The Portfolio is subject to a multi-factor risk management framework that is intended to dynamically adjust asset class exposures under different market conditions. The framework may determine an asset exposure target for the Portfolio in response to individual asset class momentum signals and a portfolio level volatility signal, and result in an increase or decrease in the level of asset exposure such as the level of equities and bonds. The framework is intended to improve the Portfolio's absolute and risk-adjusted returns but may not work as intended. The framework may result in the Portfolio not achieving its stated asset mix goal or may cause the Portfolio to underperform, possibly significantly. Because market conditions change, sometimes rapidly and unpredictably, the success of the framework also will be subject to the sub-adviser's ability to implement the framework in a timely and efficient manner. The framework may result in periods of underperformance, may fail to protect against market declines, may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in rising markets, may increase transaction costs at the Portfolio and/or underlying portfolio level and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure in an effort to reduce 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. The framework incorporates quantitative models and signals. If those models or signals prove to be flawed or for other reasons do not produce the desired results, any decisions made in reliance thereon may expose the Portfolio to additional risks and losses. The use of models has inherent risks,and the success of relying on or otherwise using a model depends, among other things, on the accuracy and completeness of the model's development, implementation and maintenance; on the model's assumptions and methodologies; and on the accuracy and reliability of the inputs and output of the model. The framework 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 framework 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 risk management framework. The use of derivatives in connection with the framework may expose the Portfolio to different and potentially greater risks than if it had only invested in underlying portfolios.

**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 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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**7. RISK FACTORS (continued)**

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.

**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.

**Tactical asset allocation risk:** Tactical asset allocation is an 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 portfolios, underlying ETFs or individual securities may be incorrect in view of actual market conditions, and may result in owning securities that underperform other securities.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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** |
| Effective October 1, 2025 |  |
| First $5 billion | 0.0975<br> % <br>|
| Over $5 billion up to $10 billion | 0.0925 |
| Over $10 billion | 0.0875 |
| Prior to October 1, 2025 |  |
| First $5 billion | 0.1075 |
| Over $5 billion up to $10 billion | 0.1025 |
| Over $10 billion | 0.0975 |
| Prior to August 1, 2025 |  |
| First $10 billion | 0.1225 |
| Over $10 billion | 0.1025 |

---

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 | 0.20<br> % <br>| May 1, 2027 |
| Service Class | 0.45 | May 1, 2027 |

---

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 year ended December 31, 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 December 31, 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**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica JPMorgan Asset Allocation - Moderate VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 year ended December 31, 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 year ended December 31, 2025.

**9. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 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** |
| $910981080 | &nbsp;&nbsp; $99321736 | &nbsp;&nbsp; $1753261069 | &nbsp;&nbsp; $90008515 |

---

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

As of December 31, 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>|
| $4296331950 | &nbsp;&nbsp; $304670862 | &nbsp;&nbsp; $(7722916)<br>| &nbsp;&nbsp; $296947946 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 19**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

As of December 31, 2025, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2025, the capital loss carryforwards utilized are $306,880,451.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $143676717 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $68674250 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $140421172 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53368310 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(31531)<br>| &nbsp;&nbsp; $296955664 |

---

**11. OPERATING SEGMENTS**

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**

**Annual Financial Statements 2025**

**Page 20**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica JPMorgan Asset Allocation - Moderate VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica JPMorgan Asset Allocation - Moderate VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862img749011a73.gif)

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

Boston, Massachusetts

February 25, 2026

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 21**

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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made no long-term capital gain designations for the year ended December 31, 2025.

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

---

| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $10497613 | $2036160 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica JPMorgan Asset Allocation - Moderate 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**

**Annual Financial Statements 2025**

**Page 23**

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**Transamerica JPMorgan Asset Allocation - Moderate 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**

**Annual Financial Statements 2025**

**Page 24**

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**Transamerica JPMorgan Asset Allocation - Moderate 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**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica JPMorgan Asset Allocation - Moderate VP** 

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 26**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862imgfc917f1e4.gif)

Visit **transamerica.com**

![](g768862img795ff0845.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img5b4420436.gif)

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![](g768862imgc0d859c61.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica JPMorgan Diversified Equity Allocation VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img302b82a52.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_e1675945-0aa1-47e0-9279-400edd5aea3d_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_e1675945-0aa1-47e0-9279-400edd5aea3d_SOI-RunningFooter-231_1) | 2 |
| [Statement of Assets and Liabilities](#xx_e1675945-0aa1-47e0-9279-400edd5aea3d_FS-RunningFooter-231_1) | 5 |
| [Statement of Operations](#xx_e1675945-0aa1-47e0-9279-400edd5aea3d_FS-RunningFooter-231_1) | 5 |
| [Statement of Changes in Net Assets](#xx_e1675945-0aa1-47e0-9279-400edd5aea3d_FS-RunningFooter-231_2) | 6 |
| [Financial Highlights](#xx_e1675945-0aa1-47e0-9279-400edd5aea3d_FS-RunningFooter-231_3) | 7 |
| [Notes to Financial Statements](#xx_e1675945-0aa1-47e0-9279-400edd5aea3d_NTF-RunningFooter-231_1) | 9 |
| **[Report of Independent Registered Public Accounting Firm](#xx_e1675945-0aa1-47e0-9279-400edd5aea3d_AUD-RunningFooter-231_1)** | 20 |
| **[Supplemental Information](#xx_e1675945-0aa1-47e0-9279-400edd5aea3d_STI-RunningFooter-231_1)** | 21 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_e1675945-0aa1-47e0-9279-400edd5aea3d_DWA-RunningFooter-231_1)**<br> **[Companies](#xx_e1675945-0aa1-47e0-9279-400edd5aea3d_DWA-RunningFooter-231_1)**<br>| 22 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_e1675945-0aa1-47e0-9279-400edd5aea3d_PD-RunningFooter-231_1)** | 23 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_e1675945-0aa1-47e0-9279-400edd5aea3d_DTO-RunningFooter-231_1)**<br> **[Companies](#xx_e1675945-0aa1-47e0-9279-400edd5aea3d_DTO-RunningFooter-231_1)**<br>| 24 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_e1675945-0aa1-47e0-9279-400edd5aea3d_Mgmtagmt-RunningFooter-231_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.***

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica JPMorgan Diversified Equity Allocation VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 96.8%**  | **INVESTMENT COMPANIES - 96.8%**  | **INVESTMENT COMPANIES - 96.8%**  |
| **International Equity Funds - 22.1%**  | **International Equity Funds - 22.1%**  | **International Equity Funds - 22.1%**  |
| &nbsp;&nbsp; Transamerica BlackRock Real Estate <br> Securities VP, Initial Class <sup>(A)</sup> <br>| 1119196 | $11606068 |
| &nbsp;&nbsp; Transamerica Emerging Markets Equity, <br> Class I2 <sup>(A)</sup> <br>| 4887702 | 52787177 |
| &nbsp;&nbsp; Transamerica International Equity, <br> Class I2 <sup>(A)</sup> <br>| 2496742 | 62293711 |
| &nbsp;&nbsp; Transamerica International Focus, <br> Class I2 <sup>(A)</sup> <br>| 6472699 | 44273265 |
| &nbsp;&nbsp; Transamerica International Small Cap Value, <br> Class I2 <sup>(A)</sup> <br>| 1864452 | 32795702 |
| &nbsp;&nbsp; Transamerica International Stock, <br> Class I2 <sup>(A)</sup> <br>| 3163607 | 47327562 |
|  |  | 251083485 |
| **U.S. Equity Funds - 66.6%**  | **U.S. Equity Funds - 66.6%**  | **U.S. Equity Funds - 66.6%**  |
| &nbsp;&nbsp; Transamerica Janus Mid-Cap Growth VP, <br> Initial Class <sup>(A)</sup> <br>| 293655 | 9270675 |
| &nbsp;&nbsp; Transamerica JPMorgan Enhanced Index <br> VP, Initial Class <sup>(A)</sup> <br>| 11833867 | 345903940 |
| Transamerica Large Cap Value, Class I2 <sup>(A)</sup> <br>| 8798169 | 151416494 |
| Transamerica Mid Cap Growth, Class I2 <sup>(A)</sup> <br>| 1102616 | 9725077 |
| &nbsp;&nbsp; Transamerica Mid Cap Value Opportunities, <br> Class I2 <sup>(A)</sup> <br>| 918594 | 9121637 |
| Transamerica Small Cap Value, Class I2 <sup>(A)</sup> <br>| 1269833 | 6526940 |
| &nbsp;&nbsp; Transamerica T. Rowe Price Small Cap VP, <br> Initial Class <sup>(A)</sup> <br>| 524843 | 6098672 |
| &nbsp;&nbsp; Transamerica WMC US Growth VP, Initial <br> Class <sup>(A)</sup> <br>| 5231120 | 218974704 |
|  |  | 757038139 |
| **U.S. Fixed Income Funds - 8.1%**  | **U.S. Fixed Income Funds - 8.1%**  | **U.S. Fixed Income Funds - 8.1%**  |
| &nbsp;&nbsp; Transamerica Aegon High Yield Bond VP, <br> Initial Class <sup>(A)</sup> <br>| 8994345 | 63410133 |
| Transamerica Floating Rate, Class I2 <sup>(A)</sup> <br>| 3273882 | 28875633 |
|  |  | 92285766 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $957,708,416)**<br>|  | 1100407390 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATION - 2.0%**  | **U.S. GOVERNMENT OBLIGATION - 2.0%**  | **U.S. GOVERNMENT OBLIGATION - 2.0%**  |
| **U.S. Treasury - 2.0%**  | **U.S. Treasury - 2.0%**  | **U.S. Treasury - 2.0%**  |
| U.S. Treasury Notes |  |  |
| 4.13%, 01/31/2027 <sup>(B)</sup> <br>| $23096900 | $23240353 |
| &nbsp;&nbsp; **Total U.S. Government Obligation** <br>**(Cost $23,235,773)**<br>|  | 23240353 |
| **REPURCHASE AGREEMENT - 1.2%**  | **REPURCHASE AGREEMENT - 1.2%**  | **REPURCHASE AGREEMENT - 1.2%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(C)</sup>, dated 12/31/2025, to be <br> repurchased at $13,062,435 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 04/30/2027, and <br> with a value of $13,322,771.<br>| 13061456 | 13061456 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $13,061,456)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $13,061,456)** | 13061456 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $994,005,645)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $994,005,645)** | 1136709199 |
| **Net Other Assets (Liabilities) - 0.0%\*** | **Net Other Assets (Liabilities) - 0.0%\*** | 29300 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1136738499** |

---

**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>|
| 10-Year Canadian Government Bonds | 284 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; $25229035 | &nbsp;&nbsp;&nbsp; $25017988 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(211047)<br>|
| 10-Year Japan Government Bonds | 24 | &nbsp;&nbsp;&nbsp; 03/13/2026 | &nbsp;&nbsp;&nbsp; 20469951 | &nbsp;&nbsp;&nbsp; 20287538 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (182413)<br>|
| CAD Currency | 375 | &nbsp;&nbsp;&nbsp; 03/17/2026 | &nbsp;&nbsp;&nbsp; 27184684 | &nbsp;&nbsp;&nbsp; 27420000 | &nbsp;&nbsp;&nbsp; 235316 | &nbsp;&nbsp;&nbsp; — |
| E-Mini Russell 2000<sup>®</sup> Index | 247 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 31734269 | &nbsp;&nbsp;&nbsp; 30850300 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (883969)<br>|
| Euro-BTP Italy Government Bonds | 265 | &nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp; 37486214 | &nbsp;&nbsp;&nbsp; 37427417 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (58797)<br>|
| FTSE 100 Index | 78 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 10299107 | &nbsp;&nbsp;&nbsp; 10451981 | &nbsp;&nbsp;&nbsp; 152874 | &nbsp;&nbsp;&nbsp; — |
| Hong Kong Hang Seng Index | 165 | &nbsp;&nbsp;&nbsp; 01/29/2026 | &nbsp;&nbsp;&nbsp; 27455836 | &nbsp;&nbsp;&nbsp; 27187994 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (267842)<br>|
| MSCI EAFE Index | 176 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 25509787 | &nbsp;&nbsp;&nbsp; 25538480 | &nbsp;&nbsp;&nbsp; 28693 | &nbsp;&nbsp;&nbsp; — |
| MSCI Emerging Markets Index | 854 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 59398450 | &nbsp;&nbsp;&nbsp; 60266780 | &nbsp;&nbsp;&nbsp; 868330 | &nbsp;&nbsp;&nbsp; — |
| S&P Midcap 400<sup>®</sup> E-Mini Index | 85 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 28703236 | &nbsp;&nbsp;&nbsp; 28264200 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (439036)<br>|
| S&P/TSX 60 Index | 133 | &nbsp;&nbsp;&nbsp; 03/19/2026 | &nbsp;&nbsp;&nbsp; 35948807 | &nbsp;&nbsp;&nbsp; 36083596 | &nbsp;&nbsp;&nbsp; 134789 | &nbsp;&nbsp;&nbsp; — |
| TOPIX Index | 66 | &nbsp;&nbsp;&nbsp; 03/12/2026 | &nbsp;&nbsp;&nbsp; 14201177 | &nbsp;&nbsp;&nbsp; 14382725 | &nbsp;&nbsp;&nbsp; 181548 | &nbsp;&nbsp;&nbsp; — |
| U.K. Gilt | 72 | &nbsp;&nbsp;&nbsp; 03/27/2026 | &nbsp;&nbsp;&nbsp; 8845165 | &nbsp;&nbsp;&nbsp; 8867681 | &nbsp;&nbsp;&nbsp; 22516 | &nbsp;&nbsp;&nbsp; — |
| **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$1624066** | &nbsp;&nbsp;&nbsp; **$(2043104)**<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica JPMorgan Diversified Equity Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**FUTURES CONTRACTS (continued):**

------

&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 Australia Treasury Bonds | (99)<br>| &nbsp;&nbsp;&nbsp; 03/16/2026 | &nbsp;&nbsp;&nbsp; $(7214735)<br>| &nbsp;&nbsp;&nbsp; $(7233355)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(18620)<br>|
| 10-Year U.S. Treasury Notes | (192)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (21647689)<br>| &nbsp;&nbsp;&nbsp; (21588000)<br>| &nbsp;&nbsp;&nbsp; 59689 | &nbsp;&nbsp;&nbsp; — |
| 30-Year Euro BUXL | (111)<br>| &nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp; (14575142)<br>| &nbsp;&nbsp;&nbsp; (14364845)<br>| &nbsp;&nbsp;&nbsp; 210297 | &nbsp;&nbsp;&nbsp; — |
| EURO STOXX 50<sup>®</sup> Index | (598)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (40568294)<br>| &nbsp;&nbsp;&nbsp; (41048772)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (480478)<br>|
| German Euro Bund | (23)<br>| &nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp; (3473278)<br>| &nbsp;&nbsp;&nbsp; (3448166)<br>| &nbsp;&nbsp;&nbsp; 25112 | &nbsp;&nbsp;&nbsp; — |
| S&P 500<sup>®</sup> E-Mini Index | (91)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (31074167)<br>| &nbsp;&nbsp;&nbsp; (31360875)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (286708)<br>|
| S&P/ASX 200 Index | (128)<br>| &nbsp;&nbsp;&nbsp; 03/19/2026 | &nbsp;&nbsp;&nbsp; (18433660)<br>| &nbsp;&nbsp;&nbsp; (18527772)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (94112)<br>|
| **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$295098** | &nbsp;&nbsp;&nbsp; **$(879918)**<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp; **$1919164** | &nbsp;&nbsp;&nbsp; **$(2923022)**<br>|

---

**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** |  |  |  |  |
| Investment Companies | $1100407390 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1100407390 |
| U.S. Government Obligation |  | &nbsp;&nbsp; 23240353 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23240353 |
| Repurchase Agreement |  | &nbsp;&nbsp; 13061456 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13061456 |
| **Total Investments** | **$1100407390** | &nbsp;&nbsp; **$36301809** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1136709199** |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(E)</sup> <br>| $1919164 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1919164 |
| **Total Other Financial Instruments** | **$1919164** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1919164** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(E)</sup> <br>| $(2923022)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2923022)<br>|
| **Total Other Financial Instruments** | **$(2923022)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(2923022)**<br>|

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

<sup>(A)</sup> *Affiliated investment in another fund within Transamerica Funds, and/or a liquidating trust of a former Transamerica Fund and/or affiliated investment* *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>**December 31,** <br>**2025**<br>| **Shares as of** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Aegon High <br> Yield Bond VP, Initial Class<br>| $73279041 | $4260839 | $(14953817)<br>| $689090 | $134980 | $63410133 | 8994345 | $4260839 | $— |
| Transamerica BlackRock <br> Real Estate Securities VP, <br> Initial Class<br>| 20084159 | 387933 | (10436360)<br>| 199666 | 1370670 | 11606068 | 1119196 | 387933 |  |
| Transamerica Emerging <br> Markets Equity, Class I2<br>| 4520991 | 45460609 |  |  | 2805577 | 52787177 | 4887702 | 534009 |  |
| Transamerica Floating Rate, <br> Class I2<br>| 29649461 | 2223734 | (2195832)<br>| (60297)<br>| (741433)<br>| 28875633 | 3273882 | 2223734 |  |
| Transamerica International <br> Equity, Class I2<br>| 66140342 | 4486297 | (23998020)<br>| 6584006 | 9081086 | 62293711 | 2496742 | 2318240 | 2168057 |
| Transamerica International <br> Focus, Class I2<br>| 76872206 | 600731 | (38552971)<br>| (9256286)<br>| 14609585 | 44273265 | 6472699 | 240675 | 360056 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica JPMorgan Diversified Equity Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**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> **December 31,**<br> **2025**<br>| **Shares as of**<br> **December 31,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Net Capital**<br> **Gain**<br> **Distributions**<br>|
| Transamerica International <br> Small Cap Value, Class I2<br>| $48311230 | $1423809 | $(29132672)<br>| $8028082 | $4165253 | $32795702 | 1864452 | $1343599 | $80210 |
| Transamerica International <br> Stock, Class I2<br>|  | 46767585 |  |  | 559977 | 47327562 | 3163607 | 888511 | 409349 |
| Transamerica Janus Mid-<br> Cap Growth VP, Initial <br> Class<br>| 8575247 | 1023450 |  |  | (328022)<br>| 9270675 | 293655 | 26255 | 997195 |
| Transamerica JPMorgan <br> Enhanced Index VP, Initial <br> Class<br>| 377840937 | 48910829 | (89852403)<br>| 11059856 | (2055279)<br>| 345903940 | 11833867 | 7603724 | 41307104 |
| Transamerica Large Cap <br> Value, Class I2<br>| 122080797 | 23648141 | (14504092)<br>| 2359658 | 17831990 | 151416494 | 8798169 | 1355704 | 4417916 |
| Transamerica Mid Cap <br> Growth, Class I2<br>| 9046400 | 1900820 |  |  | (1222143)<br>| 9725077 | 1102616 | 661816 | 1239004 |
| Transamerica Mid Cap <br> Value Opportunities, <br> Class I2<br>| 8298168 | 1368104 |  |  | (544635)<br>| 9121637 | 918594 | 249101 | 1119003 |
| Transamerica Small Cap <br> Value, Class I2<br>| 5953355 | 335147 |  |  | 238438 | 6526940 | 1269833 | 94603 | 240544 |
| Transamerica T. Rowe Price <br> Small Cap VP, Initial Class<br>| 5530713 | 891426 |  |  | (323467)<br>| 6098672 | 524843 | 164360 | 727066 |
| Transamerica WMC US <br> Growth VP, Initial Class<br>| 165077645 | 69614556 | (14440132)<br>| 257814 | (1535179)<br>| 218974704 | 5231120 | 1269996 | 24495866 |
| **Total** | **$1021260692** | **$253304010** | **$(238066299)**<br>| **$19861589** | **$44047398** | **$1100407390** | **62245322** | **$23623099** | **$77561370** |

---

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

<sup>(B)</sup> *All or a portion of the security has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total* *value of the securities is $17,887,311.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 2025. Please reference the Investment Valuation section of the Notes* *to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(E)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**CURRENCY ABBREVIATION(S):** 

*CAD* *Canadian Dollar*

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *ASX* | *Australian Securities Exchange* |
| *BTP* | *Buoni del Tesoro Poliennali (Italian Treasury Bonds)* |
| *BUXL* | *Bundesanleihen (German Long-Term Debt)* |
| *EAFE* | *Europe, Australasia and Far East* |
| *FTSE* | *Financial Times Stock Exchange* |
| *STOXX* | *Deutsche Börse Group & SIX Group Index* |
| *TOPIX* | *Tokyo Price Index* |
| *TSX* | *Toronto Stock Exchange* |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica JPMorgan Diversified Equity Allocation VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $957,708,416) | &nbsp;&nbsp; $1100407390 |
| Unaffiliated investments, at value (cost $23,235,773) | &nbsp;&nbsp; 23240353 |
| Repurchase agreement, at value (cost $13,061,456) | &nbsp;&nbsp; 13061456 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 428161 |
| Dividends from affiliated investments | &nbsp;&nbsp; 216715 |
| Interest | &nbsp;&nbsp; 399194 |
| Total assets | &nbsp;&nbsp; 1137753269 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 216715 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 100492 |
| Due to custodian  | &nbsp;&nbsp; 684 |
| Investment management fees | &nbsp;&nbsp; 100282 |
| Distribution and service fees | &nbsp;&nbsp; 69592 |
| Transfer agent costs | &nbsp;&nbsp; 1139 |
| Trustee and CCO fees | &nbsp;&nbsp; 373 |
| Audit and tax fees  | &nbsp;&nbsp; 19055 |
| Custody fees | &nbsp;&nbsp; 14183 |
| Legal fees | &nbsp;&nbsp; 7834 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 31049 |
| Other accrued expenses | &nbsp;&nbsp; 23862 |
| Variation margin payable on futures contracts | &nbsp;&nbsp; 429510 |
| Total liabilities | &nbsp;&nbsp; 1014770 |
| **Net assets**  | &nbsp;&nbsp; $1136738499 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $854026 |
| Additional paid-in capital | &nbsp;&nbsp; 849947484 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 285936989 |
| **Net assets** | &nbsp;&nbsp; $1136738499 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $829919603 |
| Service Class | &nbsp;&nbsp; 306818896 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 62043580 |
| Service Class | &nbsp;&nbsp; 23358971 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $13.38 |
| Service Class | 13.13 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | &nbsp;&nbsp; $23623099 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 1088515 |
| Total investment income  | &nbsp;&nbsp; 24711614 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 1219155 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 737827 |
| Transfer agent costs | &nbsp;&nbsp; 11955 |
| Trustee and CCO fees | &nbsp;&nbsp; 56077 |
| Audit and tax fees | &nbsp;&nbsp; 33522 |
| Custody fees | &nbsp;&nbsp; 65318 |
| Legal fees | &nbsp;&nbsp; 104723 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 110665 |
| Index fees | &nbsp;&nbsp; 17692 |
| Other | &nbsp;&nbsp; 106712 |
| Total expenses | &nbsp;&nbsp; 2463646 |
| **Net investment income (loss)** | &nbsp;&nbsp; 22247968 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | &nbsp;&nbsp; 19861589 |
| Unaffiliated investments  | &nbsp;&nbsp; 19806 |
| Capital gain distributions received from affiliated investment <br> companies<br>| &nbsp;&nbsp; 77561370 |
| Futures contracts | &nbsp;&nbsp; 20891146 |
| Net realized gain (loss) | &nbsp;&nbsp; 118333911 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | &nbsp;&nbsp; 44047398 |
| Unaffiliated investments  | &nbsp;&nbsp; 3274 |
| Futures contracts | &nbsp;&nbsp; 6688662 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; (3849)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 50735485 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 169069396 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $191317364 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica JPMorgan Diversified Equity Allocation VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $22247968 | &nbsp;&nbsp; $15130502 |
| Net realized gain (loss) | &nbsp;&nbsp; 118333911 | &nbsp;&nbsp; 51768261 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 50735485 | &nbsp;&nbsp; 88096544 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 191317364 | &nbsp;&nbsp; 154995307 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (33296899)<br>| &nbsp;&nbsp; (23915687)<br>|
| Service Class | &nbsp;&nbsp; (12007741)<br>| &nbsp;&nbsp; (8887447)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (45304640)<br>| &nbsp;&nbsp; (32803134)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 12075545 | &nbsp;&nbsp; 10532185 |
| Service Class | &nbsp;&nbsp; 8015940 | &nbsp;&nbsp; 14516459 |
|  | &nbsp;&nbsp; 20091485 | &nbsp;&nbsp; 25048644 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 33296899 | &nbsp;&nbsp; 23915687 |
| Service Class | &nbsp;&nbsp; 12007741 | &nbsp;&nbsp; 8887447 |
|  | &nbsp;&nbsp; 45304640 | &nbsp;&nbsp; 32803134 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (78900630)<br>| &nbsp;&nbsp; (69337368)<br>|
| Service Class | &nbsp;&nbsp; (48132246)<br>| &nbsp;&nbsp; (40655421)<br>|
|  | &nbsp;&nbsp; (127032876)<br>| &nbsp;&nbsp; (109992789)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (61636751)<br>| &nbsp;&nbsp; (52141011)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 84375973 | &nbsp;&nbsp; 70051162 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1052362526 | &nbsp;&nbsp; 982311364 |
| End of year | &nbsp;&nbsp; $1136738499 | &nbsp;&nbsp; $1052362526 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 965805 | &nbsp;&nbsp; 927520 |
| Service Class | &nbsp;&nbsp; 653500 | &nbsp;&nbsp; 1309277 |
|  | &nbsp;&nbsp; 1619305 | &nbsp;&nbsp; 2236797 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 2628011 | &nbsp;&nbsp; 2074214 |
| Service Class | &nbsp;&nbsp; 964477 | &nbsp;&nbsp; 783725 |
|  | &nbsp;&nbsp; 3592488 | &nbsp;&nbsp; 2857939 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (6384063)<br>| &nbsp;&nbsp; (6128850)<br>|
| Service Class | &nbsp;&nbsp; (3978141)<br>| &nbsp;&nbsp; (3637735)<br>|
|  | &nbsp;&nbsp; (10362204)<br>| &nbsp;&nbsp; (9766585)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (2790247)<br>| &nbsp;&nbsp; (3127116)<br>|
| Service Class | &nbsp;&nbsp; (2360164)<br>| &nbsp;&nbsp; (1544733)<br>|
|  | &nbsp;&nbsp; (5150411)<br>| &nbsp;&nbsp; (4671849)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica JPMorgan Diversified Equity Allocation VP**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $11.68 | &nbsp;&nbsp; $10.36 | &nbsp;&nbsp; $8.88 | &nbsp;&nbsp; $15.70 | &nbsp;&nbsp; $14.19 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.27 | 0.17 | 0.15 | 0.19 | 0.73 |
| Net realized and unrealized gain (loss) | 1.98 | 1.53 | 1.64 | &nbsp;&nbsp; (3.59)<br>| 2.03 |
| Total investment operations | 2.25 | 1.70 | 1.79 | &nbsp;&nbsp; (3.40)<br>| 2.76 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.27)<br>|
| Net realized gains | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (0.98)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp; (1.25)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $13.38 | &nbsp;&nbsp; $11.68 | &nbsp;&nbsp; $10.36 | &nbsp;&nbsp; $8.88 | &nbsp;&nbsp; $15.70 |
| **Total return**<sup>(B)</sup> <br>| 19.45<br> %<br>| 16.37<br> %<br>| 20.34<br> %<br>| &nbsp;&nbsp; (22.57)%<br>| 19.64<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $829919 | &nbsp;&nbsp; $757180 | &nbsp;&nbsp; $704377 | &nbsp;&nbsp; $624660 | &nbsp;&nbsp; $862525 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.16<br> %<br>| 0.16<br> %<br>| 0.17<br> %<br>| 0.15<br> %<br>| 0.15<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.16<br> %<br>| 0.16<br> %<br>| 0.17 %<sup>(D)</sup><br>| 0.15<br> %<br>| 0.15<br> %<br>|
| Net investment income (loss) to average net assets | 2.14<br> %<br>| 1.52<br> %<br>| 1.52<br> %<br>| 1.64<br> %<br>| 4.68<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 22<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> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(D)</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**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica JPMorgan Diversified Equity Allocation VP**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $11.48 | &nbsp;&nbsp; $10.19 | &nbsp;&nbsp; $8.74 | &nbsp;&nbsp; $15.50 | &nbsp;&nbsp; $14.03 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.23 | 0.14 | 0.12 | 0.16 | 0.69 |
| Net realized and unrealized gain (loss) | 1.94 | 1.50 | 1.61 | &nbsp;&nbsp; (3.55)<br>| 2.00 |
| Total investment operations | 2.17 | 1.64 | 1.73 | &nbsp;&nbsp; (3.39)<br>| 2.69 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.24)<br>|
| Net realized gains | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (0.98)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (3.37)<br>| &nbsp;&nbsp; (1.22)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $13.13 | &nbsp;&nbsp; $11.48 | &nbsp;&nbsp; $10.19 | &nbsp;&nbsp; $8.74 | &nbsp;&nbsp; $15.50 |
| **Total return**<sup>(B)</sup> <br>| 19.06<br> %<br>| 16.10<br> %<br>| 20.00<br> %<br>| &nbsp;&nbsp; (22.74)%<br>| 19.35<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $306819 | &nbsp;&nbsp; $295183 | &nbsp;&nbsp; $277934 | &nbsp;&nbsp; $250328 | &nbsp;&nbsp; $353737 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.41<br> %<br>| 0.41<br> %<br>| 0.42<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.41<br> %<br>| 0.41<br> %<br>| 0.42 %<sup>(D)</sup><br>| 0.40<br> %<br>| 0.40<br> %<br>|
| Net investment income (loss) to average net assets | 1.87<br> %<br>| 1.26<br> %<br>| 1.27<br> %<br>| 1.38<br> %<br>| 4.49<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 22<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> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(D)</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**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica JPMorgan Diversified Equity Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 JPMorgan Diversified Equity Allocation VP (formerly, Transamerica JPMorgan Asset Allocation - 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 broad mix of underlying Transamerica funds that TAM has designated as available for investment by the Portfolio (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**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica JPMorgan Diversified Equity Allocation VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 year ended December 31, 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.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica JPMorgan Diversified Equity Allocation VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 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 December 31, 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.

*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.

*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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica JPMorgan Diversified Equity Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**3. INVESTMENT VALUATION (continued)**

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. 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 year ended December 31, 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 year ended December 31, 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 December 31, 2025, or at any time during the year 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 December 31, 2025.

Repurchase agreements at December 31, 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica JPMorgan Diversified Equity Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

**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.

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 December 31, 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 December 31, 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>| $317614 | $235316 | $1366234 | $— | $— | $1919164 |
| **Total** | **$317614** | **$235316** | **$1366234** | **$—** | **$—** | **$1919164** |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica JPMorgan Diversified Equity Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

&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>| $(470877)<br>| $— | $(2452145)<br>| $— | $— | $(2923022)<br>|
| **Total** | **$(470877)**<br>| **$—** | **$(2452145)**<br>| **$—** | **$—** | **$(2923022)**<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.* 

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 December 31, 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  | $(521983)<br>| $(1511591)<br>| $22924720 | $— | $— | $20891146 |
| **Total** | **$(521983)**<br>| **$(1511591)**<br>| **$22924720** | **$—** | **$—** | **$20891146** |

---

&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  | $(153263)<br>| $307064 | $6534861 | $— | $— | $6688662 |
| **Total** | **$(153263)**<br>| **$307064** | **$6534861** | **$—** | **$—** | **$6688662** |

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $317446920 |
| Average notional value of contracts — short | (102089669)<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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica JPMorgan Diversified Equity Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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.

**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.

**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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 15**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**6. RISK FACTORS (continued)**

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 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.

**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.

**Tactical asset allocation risk:** Tactical asset allocation is an 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 portfolios, underlying ETFs or individual securities may be incorrect in view of actual market conditions, and may result in owning securities that underperform other securities.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica JPMorgan Diversified Equity Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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** |
| Effective October 1, 2025 |  |
| First $5 billion | 0.0975<br> % <br>|
| Over $5 billion up to $10 billion | 0.0925 |
| Over $10 billion | 0.0875 |
| Prior to October 1, 2025 |  |
| First $5 billion | 0.1075 |
| Over $5 billion up to $10 billion | 0.1025 |
| Over $10 billion | 0.0975 |
| Prior to August 1, 2025 |  |
| First $10 billion | 0.1225 |
| Over $10 billion | 0.1025 |

---

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 | 0.20<br> % <br>| May 1, 2027 |
| Service Class | 0.45 | May 1, 2027 |

---

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 year ended December 31, 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 December 31, 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica JPMorgan Diversified Equity Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 year ended December 31, 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 year ended December 31, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 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** |
| $152119541 | &nbsp;&nbsp; $23241808 | &nbsp;&nbsp; $238066299 | &nbsp;&nbsp; $22162652 |

---

**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. These differences are primarily due to different treatment for items including, but not limited to, wash sales, straddle loss deferrals and futures contracts mark-to-market. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica JPMorgan Diversified Equity Allocation VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 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>|
| $997857129 | &nbsp;&nbsp; $141256489 | &nbsp;&nbsp; $(2785858)<br>| &nbsp;&nbsp; $138470631 |

---

As of December 31, 2025, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2025, the Portfolio did not utilize any capital loss carryforwards.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $16155743 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $29148897 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $15165548 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $17637586 | &nbsp;&nbsp;&nbsp; $— |

---

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $37985892 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $109476590 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4580)<br>| &nbsp;&nbsp; $138479087 |

---

**10. OPERATING SEGMENTS**

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**

**Annual Financial Statements 2025**

**Page 19**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica JPMorgan Diversified Equity Allocation VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica JPMorgan Diversified Equity Allocation VP (formerly, Transamerica JPMorgan Asset Allocation – Growth VP) (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862imga4e1f2f13.gif)

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

Boston, Massachusetts

February 25, 2026

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica JPMorgan Diversified Equity Allocation VP**

------

**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $29,148,897 for the year ended December 31, 2025.

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

---

| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $4598946 | $944650 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica JPMorgan Diversified Equity 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**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica JPMorgan Diversified Equity Allocation 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**

**Annual Financial Statements 2025**

**Page 23**

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**Transamerica JPMorgan Diversified Equity 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**

**Annual Financial Statements 2025**

**Page 24**

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**Transamerica JPMorgan Diversified Equity Allocation VP** 

------

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img2e51c85e4.gif)

Visit **transamerica.com**

![](g768862img0e4a321b5.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img17d7838b6.gif)

------

![](g768862imge7b70ccd1.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica JPMorgan Enhanced Index VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img3128ebe72.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_490cfbe3-0eea-47a3-a59b-b325d3c9dcae_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_490cfbe3-0eea-47a3-a59b-b325d3c9dcae_SOI-RunningFooter-218_1) | 2 |
| [Statement of Assets and Liabilities](#xx_490cfbe3-0eea-47a3-a59b-b325d3c9dcae_FS-RunningFooter-218_1) | 6 |
| [Statement of Operations](#xx_490cfbe3-0eea-47a3-a59b-b325d3c9dcae_FS-RunningFooter-218_1) | 6 |
| [Statement of Changes in Net Assets](#xx_490cfbe3-0eea-47a3-a59b-b325d3c9dcae_FS-RunningFooter-218_2) | 7 |
| [Financial Highlights](#xx_490cfbe3-0eea-47a3-a59b-b325d3c9dcae_SCF-RunningFooter-218_1) | 8 |
| [Notes to Financial Statements](#xx_490cfbe3-0eea-47a3-a59b-b325d3c9dcae_NTF-RunningFooter-218_1) | 9 |
| **[Report of Independent Registered Public Accounting Firm](#xx_490cfbe3-0eea-47a3-a59b-b325d3c9dcae_AUD-RunningFooter-218_1)** | 20 |
| **[Supplemental Information](#xx_490cfbe3-0eea-47a3-a59b-b325d3c9dcae_STI-RunningFooter-218_1)** | 21 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_490cfbe3-0eea-47a3-a59b-b325d3c9dcae_DWA-RunningFooter-218_1)**<br> **[Companies](#xx_490cfbe3-0eea-47a3-a59b-b325d3c9dcae_DWA-RunningFooter-218_1)**<br>| 22 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_490cfbe3-0eea-47a3-a59b-b325d3c9dcae_PD-RunningFooter-218_1)** | 23 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_490cfbe3-0eea-47a3-a59b-b325d3c9dcae_DTO-RunningFooter-218_1)**<br> **[Companies](#xx_490cfbe3-0eea-47a3-a59b-b325d3c9dcae_DTO-RunningFooter-218_1)**<br>| 24 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_490cfbe3-0eea-47a3-a59b-b325d3c9dcae_Mgmtagmt-RunningFooter-218_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.***

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica JPMorgan Enhanced Index VP**

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**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 97.6%**  | **COMMON STOCKS - 97.6%**  | **COMMON STOCKS - 97.6%**  |
| **Aerospace & Defense - 2.4%**  | **Aerospace & Defense - 2.4%**  | **Aerospace & Defense - 2.4%**  |
| Boeing Co. <sup>(A)</sup> <br>| 19510 | $4236011 |
| Howmet Aerospace, Inc. | 126840 | 26004737 |
| RTX Corp. | 117694 | 21585080 |
| Textron, Inc. | 54097 | 4715635 |
| TransDigm Group, Inc. | 8845 | 11762523 |
|  |  | 68303986 |
| **Air Freight & Logistics - 0.3%**  | **Air Freight & Logistics - 0.3%**  | **Air Freight & Logistics - 0.3%**  |
| FedEx Corp. | 27740 | 8012976 |
| **Automobile Components - 0.1%**  | **Automobile Components - 0.1%**  | **Automobile Components - 0.1%**  |
| Aptiv PLC <sup>(A)</sup> <br>| 23694 | 1802877 |
| **Automobiles - 2.0%**  | **Automobiles - 2.0%**  | **Automobiles - 2.0%**  |
| Tesla, Inc. <sup>(A)</sup> <br>| 127384 | 57287133 |
| **Banks - 3.8%**  | **Banks - 3.8%**  | **Banks - 3.8%**  |
| Bank of America Corp. | 615268 | 33839740 |
| Citigroup, Inc. | 87921 | 10259501 |
| Fifth Third Bancorp | 192507 | 9011253 |
| Regions Financial Corp. | 158475 | 4294673 |
| Truist Financial Corp. | 141016 | 6939397 |
| U.S. Bancorp | 209769 | 11193274 |
| Wells Fargo & Co. | 342295 | 31901894 |
|  |  | 107439732 |
| **Beverages - 1.4%**  | **Beverages - 1.4%**  | **Beverages - 1.4%**  |
| Coca-Cola Co. | 74549 | 5211721 |
| Keurig Dr. Pepper, Inc. | 360955 | 10110349 |
| PepsiCo, Inc. | 164183 | 23563544 |
|  |  | 38885614 |
| **Biotechnology - 2.0%**  | **Biotechnology - 2.0%**  | **Biotechnology - 2.0%**  |
| AbbVie, Inc. | 143848 | 32867829 |
| Neurocrine Biosciences, Inc. <sup>(A)</sup> <br>| 14768 | 2094545 |
| Regeneron Pharmaceuticals, Inc. | 15995 | 12346061 |
| Vertex Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 21085 | 9559096 |
|  |  | 56867531 |
| **Broadline Retail - 4.1%**  | **Broadline Retail - 4.1%**  | **Broadline Retail - 4.1%**  |
| Amazon.com, Inc. <sup>(A)</sup> <br>| 505580 | 116697976 |
| **Building Products - 1.3%**  | **Building Products - 1.3%**  | **Building Products - 1.3%**  |
| Carrier Global Corp. | 154799 | 8179579 |
| Masco Corp. | 82495 | 5235133 |
| Trane Technologies PLC | 61012 | 23745870 |
|  |  | 37160582 |
| **Capital Markets - 1.9%**  | **Capital Markets - 1.9%**  | **Capital Markets - 1.9%**  |
| Ameriprise Financial, Inc. | 13775 | 6754434 |
| Charles Schwab Corp. | 263797 | 26355958 |
| CME Group, Inc. | 41601 | 11360401 |
| LPL Financial Holdings, Inc. | 8114 | 2898077 |
| Raymond James Financial, Inc. | 11632 | 1867983 |
| State Street Corp. | 35009 | 4516511 |
|  |  | 53753364 |
| **Chemicals - 1.3%**  | **Chemicals - 1.3%**  | **Chemicals - 1.3%**  |
| Ecolab, Inc. | 70957 | 18627632 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Linde PLC | 29000 | $12365310 |
| PPG Industries, Inc. | 53573 | 5489089 |
|  |  | 36482031 |
| **Communications Equipment - 0.5%**  | **Communications Equipment - 0.5%**  | **Communications Equipment - 0.5%**  |
| Arista Networks, Inc. <sup>(A)</sup> <br>| 76286 | 9995754 |
| Motorola Solutions, Inc. | 7987 | 3061577 |
|  |  | 13057331 |
| **Construction Materials - 0.4%**  | **Construction Materials - 0.4%**  | **Construction Materials - 0.4%**  |
| Martin Marietta Materials, Inc. | 8438 | 5254005 |
| Vulcan Materials Co. | 19926 | 5683294 |
|  |  | 10937299 |
| **Consumer Finance - 0.8%**  | **Consumer Finance - 0.8%**  | **Consumer Finance - 0.8%**  |
| American Express Co. | 30203 | 11173600 |
| Capital One Financial Corp. | 52696 | 12771402 |
|  |  | 23945002 |
| **Consumer Staples Distribution & Retail - 0.7%**  | **Consumer Staples Distribution & Retail - 0.7%**  | **Consumer Staples Distribution & Retail - 0.7%**  |
| Walmart, Inc. | 188932 | 21048914 |
| **Diversified Telecommunication Services - 0.5%**  | **Diversified Telecommunication Services - 0.5%**  | **Diversified Telecommunication Services - 0.5%**  |
| AT&T, Inc. | 582636 | 14472678 |
| **Electric Utilities - 1.8%**  | **Electric Utilities - 1.8%**  | **Electric Utilities - 1.8%**  |
| Entergy Corp. | 112274 | 10377486 |
| NextEra Energy, Inc. | 290811 | 23346307 |
| NRG Energy, Inc. | 9502 | 1513099 |
| Southern Co. | 169757 | 14802810 |
|  |  | 50039702 |
| **Electrical Equipment - 0.9%**  | **Electrical Equipment - 0.9%**  | **Electrical Equipment - 0.9%**  |
| Eaton Corp. PLC | 33470 | 10660530 |
| Emerson Electric Co. | 51045 | 6774692 |
| GE Vernova, Inc. | 13017 | 8507521 |
|  |  | 25942743 |
| **Electronic Equipment, Instruments & Components - 0.4%**  | **Electronic Equipment, Instruments & Components - 0.4%**  | **Electronic Equipment, Instruments & Components - 0.4%**  |
| Amphenol Corp., Class A | 88926 | 12017460 |
| **Energy Equipment & Services - 0.3%**  | **Energy Equipment & Services - 0.3%**  | **Energy Equipment & Services - 0.3%**  |
| Baker Hughes Co. | 207852 | 9465580 |
| **Entertainment - 1.4%**  | **Entertainment - 1.4%**  | **Entertainment - 1.4%**  |
| Netflix, Inc. <sup>(A)</sup> <br>| 200415 | 18790910 |
| Walt Disney Co. | 162821 | 18524145 |
| Warner Music Group Corp., Class A | 76765 | 2354383 |
|  |  | 39669438 |
| **Financial Services - 5.2%**  | **Financial Services - 5.2%**  | **Financial Services - 5.2%**  |
| Apollo Global Management, Inc. | 71179 | 10303872 |
| Berkshire Hathaway, Inc., Class B <sup>(A)</sup> <br>| 77377 | 38893549 |
| Corpay, Inc. <sup>(A)</sup> <br>| 33879 | 10195207 |
| Fidelity National Information Services, Inc. | 140637 | 9346735 |
| Mastercard, Inc., Class A | 76767 | 43824745 |
| Toast, Inc., Class A <sup>(A)</sup> <br>| 98514 | 3498232 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

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**Transamerica JPMorgan Enhanced Index VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Visa, Inc., Class A | 87727 | $30766736 |
| WEX, Inc. <sup>(A)</sup> <br>| 6575 | 979544 |
|  |  | 147808620 |
| **Food Products - 0.6%**  | **Food Products - 0.6%**  | **Food Products - 0.6%**  |
| Mondelez International, Inc., Class A | 314312 | 16919415 |
| **Ground Transportation - 0.3%**  | **Ground Transportation - 0.3%**  | **Ground Transportation - 0.3%**  |
| Union Pacific Corp. | 33018 | 7637724 |
| **Health Care Equipment & Supplies - 2.2%**  | **Health Care Equipment & Supplies - 2.2%**  | **Health Care Equipment & Supplies - 2.2%**  |
| Boston Scientific Corp. <sup>(A)</sup> <br>| 62111 | 5922284 |
| Dexcom, Inc. <sup>(A)</sup> <br>| 18607 | 1234947 |
| Edwards Lifesciences Corp. <sup>(A)</sup> <br>| 148680 | 12674970 |
| Medline, Inc., Class A <sup>(A)</sup> <br>| 42112 | 1768704 |
| Medtronic PLC | 210561 | 20226490 |
| Stryker Corp. | 55833 | 19623624 |
|  |  | 61451019 |
| **Health Care Providers & Services - 1.5%**  | **Health Care Providers & Services - 1.5%**  | **Health Care Providers & Services - 1.5%**  |
| Cigna Group | 35171 | 9680114 |
| HCA Healthcare, Inc. | 7785 | 3634505 |
| Humana, Inc. | 29642 | 7592206 |
| McKesson Corp. | 6332 | 5194076 |
| UnitedHealth Group, Inc. | 53792 | 17757277 |
|  |  | 43858178 |
| **Health Care REITs - 0.8%**  | **Health Care REITs - 0.8%**  | **Health Care REITs - 0.8%**  |
| Ventas, Inc. | 174491 | 13502113 |
| Welltower, Inc. | 49444 | 9177301 |
|  |  | 22679414 |
| **Hotels, Restaurants & Leisure - 3.1%**  | **Hotels, Restaurants & Leisure - 3.1%**  | **Hotels, Restaurants & Leisure - 3.1%**  |
| Booking Holdings, Inc. | 1206 | 6458528 |
| Carnival Corp. <sup>(A)</sup> <br>| 279076 | 8522981 |
| Chipotle Mexican Grill, Inc. <sup>(A)</sup> <br>| 314512 | 11636944 |
| DoorDash, Inc., Class A <sup>(A)</sup> <br>| 16377 | 3709063 |
| Expedia Group, Inc. | 27542 | 7802924 |
| Hilton Worldwide Holdings, Inc. | 54719 | 15718033 |
| McDonald's Corp. | 66304 | 20264492 |
| Yum! Brands, Inc. | 85776 | 12976193 |
|  |  | 87089158 |
| **Household Durables - 0.1%**  | **Household Durables - 0.1%**  | **Household Durables - 0.1%**  |
| Lennar Corp., Class A | 23762 | 2442734 |
| **Household Products - 0.1%**  | **Household Products - 0.1%**  | **Household Products - 0.1%**  |
| Church & Dwight Co., Inc. | 40263 | 3376053 |
| **Independent Power & Renewable Electricity Producers - 0.1%**  | **Independent Power & Renewable Electricity Producers - 0.1%**  | **Independent Power & Renewable Electricity Producers - 0.1%**  |
| Vistra Corp. | 9522 | 1536184 |
| **Industrial Conglomerates - 0.8%**  | **Industrial Conglomerates - 0.8%**  | **Industrial Conglomerates - 0.8%**  |
| 3M Co. | 148124 | 23714652 |
| **Insurance - 1.6%**  | **Insurance - 1.6%**  | **Insurance - 1.6%**  |
| Aon PLC, Class A | 26982 | 9521408 |
| Arch Capital Group Ltd. <sup>(A)</sup> <br>| 48399 | 4642432 |
| Arthur J Gallagher & Co. | 67214 | 17394311 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Chubb Ltd. | 17514 | $5466470 |
| Progressive Corp. | 31103 | 7082775 |
|  |  | 44107396 |
| **Interactive Media & Services - 7.9%**  | **Interactive Media & Services - 7.9%**  | **Interactive Media & Services - 7.9%**  |
| Alphabet, Inc., Class A | 281441 | 88091033 |
| Alphabet, Inc., Class C | 184814 | 57994633 |
| Meta Platforms, Inc., Class A | 118906 | 78488662 |
|  |  | 224574328 |
| **IT Services - 0.6%**  | **IT Services - 0.6%**  | **IT Services - 0.6%**  |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 187763 | 15584329 |
| **Life Sciences Tools & Services - 0.6%**  | **Life Sciences Tools & Services - 0.6%**  | **Life Sciences Tools & Services - 0.6%**  |
| Danaher Corp. | 72658 | 16632869 |
| **Machinery - 0.9%**  | **Machinery - 0.9%**  | **Machinery - 0.9%**  |
| Deere & Co. | 31362 | 14601206 |
| Ingersoll Rand, Inc. | 52903 | 4190976 |
| Otis Worldwide Corp. | 71346 | 6232073 |
|  |  | 25024255 |
| **Media - 0.5%**  | **Media - 0.5%**  | **Media - 0.5%**  |
| Charter Communications, Inc., Class A <sup>(A)</sup> <br>| 16342 | 3411393 |
| Comcast Corp., Class A | 290251 | 8675602 |
| Omnicom Group, Inc. | 40340 | 3257455 |
|  |  | 15344450 |
| **Multi-Utilities - 0.4%**  | **Multi-Utilities - 0.4%**  | **Multi-Utilities - 0.4%**  |
| Sempra | 125587 | 11088076 |
| **Oil, Gas & Consumable Fuels - 2.5%**  | **Oil, Gas & Consumable Fuels - 2.5%**  | **Oil, Gas & Consumable Fuels - 2.5%**  |
| Diamondback Energy, Inc. | 42691 | 6417738 |
| EOG Resources, Inc. | 155713 | 16351422 |
| EQT Corp. | 83380 | 4469168 |
| Exxon Mobil Corp. | 353264 | 42511790 |
|  |  | 69750118 |
| **Passenger Airlines - 0.2%**  | **Passenger Airlines - 0.2%**  | **Passenger Airlines - 0.2%**  |
| Delta Air Lines, Inc. | 67127 | 4658614 |
| United Airlines Holdings, Inc. <sup>(A)</sup> <br>| 19536 | 2184515 |
|  |  | 6843129 |
| **Pharmaceuticals - 3.0%**  | **Pharmaceuticals - 3.0%**  | **Pharmaceuticals - 3.0%**  |
| Bristol-Myers Squibb Co. | 285947 | 15423981 |
| Eli Lilly & Co. | 31321 | 33660053 |
| Johnson & Johnson | 158398 | 32780466 |
| Merck & Co., Inc. | 28308 | 2979700 |
|  |  | 84844200 |
| **Professional Services - 0.4%**  | **Professional Services - 0.4%**  | **Professional Services - 0.4%**  |
| Leidos Holdings, Inc. | 60955 | 10996282 |
| **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  |
| Equity LifeStyle Properties, Inc. | 60757 | 3682482 |
| **Semiconductors & Semiconductor Equipment - 14.0%**  | **Semiconductors & Semiconductor Equipment - 14.0%**  | **Semiconductors & Semiconductor Equipment - 14.0%**  |
| Advanced Micro Devices, Inc. <sup>(A)</sup> <br>| 36734 | 7866953 |
| Analog Devices, Inc. | 85997 | 23322386 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

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**Transamerica JPMorgan Enhanced Index VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Broadcom, Inc. | 218681 | $75685494 |
| Lam Research Corp. | 59487 | 10182985 |
| Micron Technology, Inc. | 64721 | 18472021 |
| NVIDIA Corp. | 1231491 | 229673072 |
| NXP Semiconductors NV | 73677 | 15992330 |
| Texas Instruments, Inc. | 90486 | 15698416 |
|  |  | 396893657 |
| **Software - 10.5%**  | **Software - 10.5%**  | **Software - 10.5%**  |
| AppLovin Corp., Class A <sup>(A)</sup> <br>| 7753 | 5224126 |
| Cadence Design Systems, Inc. <sup>(A)</sup> <br>| 23380 | 7308120 |
| Intuit, Inc. | 24444 | 16192194 |
| Microsoft Corp. | 386873 | 187099520 |
| Oracle Corp. | 122255 | 23828722 |
| Palantir Technologies, Inc., Class A <sup>(A)</sup> <br>| 80550 | 14317763 |
| Roper Technologies, Inc. | 12459 | 5545875 |
| Salesforce, Inc. | 43648 | 11562792 |
| ServiceNow, Inc. <sup>(A)</sup> <br>| 170419 | 26106487 |
|  |  | 297185599 |
| **Specialized REITs - 0.7%**  | **Specialized REITs - 0.7%**  | **Specialized REITs - 0.7%**  |
| American Tower Corp. | 28459 | 4996547 |
| Equinix, Inc. | 11164 | 8553410 |
| SBA Communications Corp. | 38806 | 7506244 |
|  |  | 21056201 |
| **Specialty Retail - 1.9%**  | **Specialty Retail - 1.9%**  | **Specialty Retail - 1.9%**  |
| AutoZone, Inc. <sup>(A)</sup> <br>| 1963 | 6657514 |
| Burlington Stores, Inc. <sup>(A)</sup> <br>| 29760 | 8596176 |
| Lowe's Cos., Inc. | 102579 | 24737952 |
| Ross Stores, Inc. | 72578 | 13074201 |
|  |  | 53065843 |
| **Technology Hardware, Storage & Peripherals - 7.6%**  | **Technology Hardware, Storage & Peripherals - 7.6%**  | **Technology Hardware, Storage & Peripherals - 7.6%**  |
| Apple, Inc. | 722314 | 196368284 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
| Seagate Technology Holdings PLC | 45176 | $12441019 |
| Western Digital Corp. | 40829 | 7033612 |
|  |  | 215842915 |
| **Textiles, Apparel & Luxury Goods - 0.3%**  | **Textiles, Apparel & Luxury Goods - 0.3%**  | **Textiles, Apparel & Luxury Goods - 0.3%**  |
| NIKE, Inc., Class B | 126712 | 8072822 |
| **Tobacco - 0.7%**  | **Tobacco - 0.7%**  | **Tobacco - 0.7%**  |
| Altria Group, Inc. | 80888 | 4664002 |
| Philip Morris International, Inc. | 86617 | 13893367 |
|  |  | 18557369 |
| **Trading Companies & Distributors - 0.1%**  | **Trading Companies & Distributors - 0.1%**  | **Trading Companies & Distributors - 0.1%**  |
| United Rentals, Inc. | 3041 | 2461142 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $1,965,137,063)**<br>|  | 2763410562 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.3%**  | **REPURCHASE AGREEMENT - 1.3%**  | **REPURCHASE AGREEMENT - 1.3%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(B)</sup>, dated 12/31/2025, to be <br> repurchased at $37,635,061 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 04/30/2027, and <br> with a value of $38,384,889.<br>| $37632238 | 37632238 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $37,632,238)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $37,632,238)** | 37632238 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $2,002,769,301)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $2,002,769,301)** | 2801042800 |
| **Net Other Assets (Liabilities) - 1.1%** | **Net Other Assets (Liabilities) - 1.1%** | 29928850 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$2830971650** |

---

**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>|
| S&P 500<sup>®</sup> E-Mini Index | 195 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; $67409144 | &nbsp;&nbsp;&nbsp; $67201875 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(207269)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

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**Transamerica JPMorgan Enhanced Index VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**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 | $2763410562 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2763410562 |
| Repurchase Agreement |  | &nbsp;&nbsp; 37632238 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37632238 |
| **Total Investments** | **$2763410562** | &nbsp;&nbsp; **$37632238** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2801042800** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(D)</sup> <br>| $(207269)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(207269)<br>|
| **Total Other Financial Instruments** | **$(207269)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(207269)**<br>|

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(C)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 2025. Please reference the Investment Valuation section of the Notes* *to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(D)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust*

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica JPMorgan Enhanced Index VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $1,965,137,063) | &nbsp;&nbsp; $2763410562 |
| Repurchase agreement, at value (cost $37,632,238) | &nbsp;&nbsp; 37632238 |
| Cash collateral pledged at broker for: |  |
| Futures contracts | &nbsp;&nbsp; 2631000 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 27508816 |
| Dividends  | &nbsp;&nbsp; 1941798 |
| Interest | &nbsp;&nbsp; 1411 |
| Total assets | &nbsp;&nbsp; 2833125825 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 125648 |
| Investment management fees | &nbsp;&nbsp; 1535237 |
| Distribution and service fees | &nbsp;&nbsp; 40256 |
| Transfer agent costs | &nbsp;&nbsp; 3269 |
| Trustee and CCO fees | &nbsp;&nbsp; 1070 |
| Audit and tax fees  | &nbsp;&nbsp; 28432 |
| Custody fees | &nbsp;&nbsp; 48231 |
| Legal fees | &nbsp;&nbsp; 23662 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 20950 |
| Other accrued expenses | &nbsp;&nbsp; 26903 |
| Variation margin payable on futures contracts | &nbsp;&nbsp; 300517 |
| Total liabilities | &nbsp;&nbsp; 2154175 |
| **Net assets**  | &nbsp;&nbsp; $2830971650 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $969128 |
| Additional paid-in capital | &nbsp;&nbsp; 1490215340 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 1339787182 |
| **Net assets** | &nbsp;&nbsp; $2830971650 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $2653167646 |
| Service Class | &nbsp;&nbsp; 177804004 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 90776092 |
| Service Class | &nbsp;&nbsp; 6136658 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $29.23 |
| Service Class | 28.97 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $36785730 |
| Interest income | &nbsp;&nbsp; 636781 |
| Net income from securities lending | &nbsp;&nbsp; 3737 |
| Withholding taxes on foreign income | &nbsp;&nbsp; (52556)<br>|
| Total investment income  | &nbsp;&nbsp; 37373692 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 18082896 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 417766 |
| Transfer agent costs | &nbsp;&nbsp; 35020 |
| Trustee and CCO fees | &nbsp;&nbsp; 159055 |
| Audit and tax fees | &nbsp;&nbsp; 52188 |
| Custody fees | &nbsp;&nbsp; 208088 |
| Legal fees | &nbsp;&nbsp; 294378 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 85596 |
| Other | &nbsp;&nbsp; 155023 |
| Total expenses | &nbsp;&nbsp; 19490010 |
| **Net investment income (loss)** | &nbsp;&nbsp; 17883682 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 530458366 |
| Futures contracts | &nbsp;&nbsp; 2886556 |
| Net realized gain (loss) | &nbsp;&nbsp; 533344922 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; (94751739)<br>|
| Futures contracts | &nbsp;&nbsp; 294242 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (94457497)<br>|
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 438887425 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $456771107 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica JPMorgan Enhanced Index VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $17883682 | &nbsp;&nbsp; $21471310 |
| Net realized gain (loss) | &nbsp;&nbsp; 533344922 | &nbsp;&nbsp; 365510405 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (94457497)<br>| &nbsp;&nbsp; 257285276 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 456771107 | &nbsp;&nbsp; 644266991 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (368152780)<br>| &nbsp;&nbsp; (119705524)<br>|
| Service Class | &nbsp;&nbsp; (20981521)<br>| &nbsp;&nbsp; (5651922)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (389134301)<br>| &nbsp;&nbsp; (125357446)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 153866340 | &nbsp;&nbsp; 557961107 |
| Service Class | &nbsp;&nbsp; 24036058 | &nbsp;&nbsp; 32062654 |
|  | &nbsp;&nbsp; 177902398 | &nbsp;&nbsp; 590023761 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 368152780 | &nbsp;&nbsp; 119705524 |
| Service Class | &nbsp;&nbsp; 20981521 | &nbsp;&nbsp; 5651922 |
|  | &nbsp;&nbsp; 389134301 | &nbsp;&nbsp; 125357446 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (1002453762)<br>| &nbsp;&nbsp; (549475001)<br>|
| Service Class | &nbsp;&nbsp; (38183417)<br>| &nbsp;&nbsp; (28820344)<br>|
|  | &nbsp;&nbsp; (1040637179)<br>| &nbsp;&nbsp; (578295345)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (473600480)<br>| &nbsp;&nbsp; 137085862 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (405963674)<br>| &nbsp;&nbsp; 655995407 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 3236935324 | &nbsp;&nbsp; 2580939917 |
| End of year | &nbsp;&nbsp; $2830971650 | &nbsp;&nbsp; $3236935324 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 5272753 | &nbsp;&nbsp; 20876628 |
| Service Class | &nbsp;&nbsp; 846022 | &nbsp;&nbsp; 1185220 |
|  | &nbsp;&nbsp; 6118775 | &nbsp;&nbsp; 22061848 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 13228630 | &nbsp;&nbsp; 4376802 |
| Service Class | &nbsp;&nbsp; 759925 | &nbsp;&nbsp; 208021 |
|  | &nbsp;&nbsp; 13988555 | &nbsp;&nbsp; 4584823 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (35182571)<br>| &nbsp;&nbsp; (20177506)<br>|
| Service Class | &nbsp;&nbsp; (1364995)<br>| &nbsp;&nbsp; (1081551)<br>|
|  | &nbsp;&nbsp; (36547566)<br>| &nbsp;&nbsp; (21259057)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (16681188)<br>| &nbsp;&nbsp; 5075924 |
| Service Class | &nbsp;&nbsp; 240952 | &nbsp;&nbsp; 311690 |
|  | &nbsp;&nbsp; (16440236)<br>| &nbsp;&nbsp; 5387614 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica JPMorgan Enhanced Index VP**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $28.57 | &nbsp;&nbsp; $23.91 | &nbsp;&nbsp; $19.77 | &nbsp;&nbsp; $27.67 | &nbsp;&nbsp; $24.07 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.17 | 0.19 | 0.20 | 0.21 | 0.18 |
| Net realized and unrealized gain (loss) | 4.27 | 5.55 | 5.18 | &nbsp;&nbsp; (5.08)<br>| 6.83 |
| Total investment operations | 4.44 | 5.74 | 5.38 | &nbsp;&nbsp; (4.87)<br>| 7.01 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.22)<br>|
| Net realized gains | &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp; (3.19)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (3.03)<br>| &nbsp;&nbsp; (3.41)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $29.23 | &nbsp;&nbsp; $28.57 | &nbsp;&nbsp; $23.91 | &nbsp;&nbsp; $19.77 | &nbsp;&nbsp; $27.67 |
| **Total return**<sup>(B)</sup> <br>| 16.21<br> %<br>| 24.23<br> %<br>| 27.66<br> %<br>| &nbsp;&nbsp; (18.35)%<br>| 30.12<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $2653168 | &nbsp;&nbsp; $3069750 | &nbsp;&nbsp; $2448269 | &nbsp;&nbsp; $1852968 | &nbsp;&nbsp; $2105664 |
| Expenses to average net assets | 0.61<br> %<br>| 0.61<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>|
| Net investment income (loss) to average net assets | 0.59<br> %<br>| 0.71<br> %<br>| 0.93<br> %<br>| 0.91<br> %<br>| 0.68<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 33<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.* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $28.36 | &nbsp;&nbsp; $23.76 | &nbsp;&nbsp; $19.65 | &nbsp;&nbsp; $27.51 | &nbsp;&nbsp; $23.96 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.10 | 0.12 | 0.15 | 0.15 | 0.11 |
| Net realized and unrealized gain (loss) | 4.23 | 5.51 | 5.15 | &nbsp;&nbsp; (5.04)<br>| 6.79 |
| Total investment operations | 4.33 | 5.63 | 5.30 | &nbsp;&nbsp; (4.89)<br>| 6.90 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.16)<br>|
| Net realized gains | &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp; (3.19)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; (3.35)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $28.97 | &nbsp;&nbsp; $28.36 | &nbsp;&nbsp; $23.76 | &nbsp;&nbsp; $19.65 | &nbsp;&nbsp; $27.51 |
| **Total return**<sup>(B)</sup> <br>| 15.90<br> %<br>| 23.90<br> %<br>| 27.39<br> %<br>| &nbsp;&nbsp; (18.55)%<br>| 29.79<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $177804 | &nbsp;&nbsp; $167185 | &nbsp;&nbsp; $132671 | &nbsp;&nbsp; $101706 | &nbsp;&nbsp; $135501 |
| Expenses to average net assets | 0.86<br> %<br>| 0.86<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>|
| Net investment income (loss) to average net assets | 0.34<br> %<br>| 0.46<br> %<br>| 0.68<br> %<br>| 0.65<br> %<br>| 0.43<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 33<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.* 

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

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**Annual Financial Statements 2025**

**Page 8**

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**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 JPMorgan Enhanced Index 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**

**Annual Financial Statements 2025**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 year ended December 31, 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.

**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.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended December 31, 2025, commissions recaptured are $23,458.

**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.

**Transamerica Series Trust**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 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 December 31, 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.

*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,

**Transamerica Series Trust**

**Annual Financial Statements 2025**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 December 31, 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 year ended December 31, 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 year ended December 31, 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 December 31, 2025, or at any time during the year 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 December 31, 2025.

Repurchase agreements at December 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Transamerica Series Trust**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**5. 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 December 31, 2025, if any, are shown on a gross basis within the Schedule of Investments.

**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.

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

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 December 31, 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 December 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>| $— | $— | $(207269)<br>| $— | $— | $(207269)<br>|
| **Total** | **$—** | **$—** | **$(207269)**<br>| **$—** | **$—** | **$(207269)**<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.* 

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 December 31, 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  | $— | $— | $2886556 | $— | $— | $2886556 |
| **Total** | **$—** | **$—** | **$2886556** | **$—** | **$—** | **$2886556** |

---

&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  | $— | $— | $294242 | $— | $— | $294242 |
| **Total** | **$—** | **$—** | **$294242** | **$—** | **$—** | **$294242** |

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $39588716 |

---

*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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica JPMorgan Enhanced Index VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 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.

**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.

**Medium capitalization companies risk:** The Portfolio will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 15**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**7. RISK FACTORS (continued)**

to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**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.

**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.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 $1 billion | 0.60<br> % <br>|
| Over $1 billion up to $2 billion | 0.59 |
| Over $2 billion up to $3 billion | 0.56 |
| Over $3 billion up to $4 billion | 0.52 |
| Over $4 billion  | 0.46 |

---

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 | 0.67<br> % <br>| May 1, 2026 |
| Service Class | 0.92 | 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 year ended December 31, 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 December 31, 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**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica JPMorgan Enhanced Index VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 year ended December 31, 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 year ended December 31, 2025.

**9. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 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** |
| $856378330 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1749563072 | &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. These differences are primarily due to different treatment for items including, but not limited to, wash sales and futures contracts mark-to-market. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 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>|
| $2017161840 | &nbsp;&nbsp; $833296463 | &nbsp;&nbsp; $(49415503)<br>| &nbsp;&nbsp; $783880960 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica JPMorgan Enhanced Index VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

As of December 31, 2025, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2025, the Portfolio did not utilize any capital loss carryforwards.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $60176615 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $328957686 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $25498911 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $99858535 | &nbsp;&nbsp;&nbsp; $— |

---

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $43347514 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $512558708 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $783880960 |

---

**11. OPERATING SEGMENTS**

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**

**Annual Financial Statements 2025**

**Page 19**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica JPMorgan Enhanced Index VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica JPMorgan Enhanced Index VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862img2ec40e003.gif)

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

Boston, Massachusetts

February 25, 2026

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 20**

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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $328,957,686 for the year ended December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica JPMorgan Enhanced Index 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**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica JPMorgan Enhanced Index 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**

**Annual Financial Statements 2025**

**Page 23**

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**Transamerica JPMorgan Enhanced Index 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**

**Annual Financial Statements 2025**

**Page 24**

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**Transamerica JPMorgan Enhanced Index VP** 

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img9ae635634.gif)

Visit **transamerica.com**

![](g768862img1b7287955.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img9f8b2d906.gif)

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![](g768862imge9d728091.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica JPMorgan International Moderate Growth VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img555b0f0d2.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_6a08a0fd-a66e-46af-83bf-ac0777b0ea4d_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_6a08a0fd-a66e-46af-83bf-ac0777b0ea4d_SOI-RunningFooter-219_1) | 2 |
| [Statement of Assets and Liabilities](#xx_6a08a0fd-a66e-46af-83bf-ac0777b0ea4d_FS-RunningFooter-219_1) | 5 |
| [Statement of Operations](#xx_6a08a0fd-a66e-46af-83bf-ac0777b0ea4d_FS-RunningFooter-219_1) | 5 |
| [Statement of Changes in Net Assets](#xx_6a08a0fd-a66e-46af-83bf-ac0777b0ea4d_FS-RunningFooter-219_2) | 6 |
| [Financial Highlights](#xx_6a08a0fd-a66e-46af-83bf-ac0777b0ea4d_FS-RunningFooter-219_3) | 7 |
| [Notes to Financial Statements](#xx_6a08a0fd-a66e-46af-83bf-ac0777b0ea4d_NTF-RunningFooter-219_1) | 8 |
| **[Report of Independent Registered Public Accounting Firm](#xx_6a08a0fd-a66e-46af-83bf-ac0777b0ea4d_AUD-RunningFooter-219_1)** | 20 |
| **[Supplemental Information](#xx_6a08a0fd-a66e-46af-83bf-ac0777b0ea4d_STI-RunningFooter-219_1)** | 21 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_6a08a0fd-a66e-46af-83bf-ac0777b0ea4d_DWA-RunningFooter-219_1)**<br> **[Companies](#xx_6a08a0fd-a66e-46af-83bf-ac0777b0ea4d_DWA-RunningFooter-219_1)**<br>| 22 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_6a08a0fd-a66e-46af-83bf-ac0777b0ea4d_PD-RunningFooter-219_1)** | 23 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_6a08a0fd-a66e-46af-83bf-ac0777b0ea4d_DTO-RunningFooter-219_1)**<br> **[Companies](#xx_6a08a0fd-a66e-46af-83bf-ac0777b0ea4d_DTO-RunningFooter-219_1)**<br>| 24 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_6a08a0fd-a66e-46af-83bf-ac0777b0ea4d_Mgmtagmt-RunningFooter-219_1)** | 25 |

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***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 JPMorgan International Moderate Growth VP**

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**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 95.2%**  | **INVESTMENT COMPANIES - 95.2%**  | **INVESTMENT COMPANIES - 95.2%**  |
| **International Equity Funds - 52.5%**  | **International Equity Funds - 52.5%**  | **International Equity Funds - 52.5%**  |
| &nbsp;&nbsp; Transamerica BlackRock Real Estate <br> Securities VP, Initial Class <sup>(A)</sup> <br>| 256190 | $2656694 |
| &nbsp;&nbsp; Transamerica Emerging Markets Equity, <br> Class I2 <sup>(A)</sup> <br>| 335850 | 3627178 |
| &nbsp;&nbsp; Transamerica International Equity, <br> Class I2 <sup>(A)</sup> <br>| 2414067 | 60230976 |
| &nbsp;&nbsp; Transamerica International Focus, <br> Class I2 <sup>(A)</sup> <br>| 6423125 | 43934175 |
| &nbsp;&nbsp; Transamerica International Small Cap Value, <br> Class I2 <sup>(A)</sup> <br>| 1685276 | 29643995 |
| &nbsp;&nbsp; Transamerica International Stock, <br> Class I2 <sup>(A)</sup> <br>| 3024219 | 45242320 |
|  |  | 185335338 |
| **International Mixed Allocation Fund - 10.6%**  | **International Mixed Allocation Fund - 10.6%**  | **International Mixed Allocation Fund - 10.6%**  |
| &nbsp;&nbsp; Transamerica Aegon Bond VP, Initial <br> Class <sup>(A)</sup> <br>| 3944303 | 37470878 |
| **U.S. Equity Funds - 14.3%**  | **U.S. Equity Funds - 14.3%**  | **U.S. Equity Funds - 14.3%**  |
| Transamerica Large Cap Value, Class I2 <sup>(A)</sup> <br>| 6448 | 110963 |
| &nbsp;&nbsp; Transamerica WMC US Growth VP, Initial <br> Class <sup>(A)</sup> <br>| 1203318 | 50370908 |
|  |  | 50481871 |
| **U.S. Fixed Income Funds - 17.8%**  | **U.S. Fixed Income Funds - 17.8%**  | **U.S. Fixed Income Funds - 17.8%**  |
| &nbsp;&nbsp; Transamerica Aegon Core Bond VP, Initial <br> Class <sup>(A)</sup> <br>| 2709598 | 29697193 |
| Transamerica Core Bond, Class I2 <sup>(A)</sup> <br>| 537583 | 4666225 |
| Transamerica Floating Rate, Class I2 <sup>(A)</sup> <br>| 417075 | 3678598 |
| Transamerica High Yield Bond, Class I2 <sup>(A)</sup> <br>| 2269283 | 18812354 |
| Transamerica Long Credit, Class I2 <sup>(A)</sup> <br>| 200337 | 1889177 |
| Transamerica Strategic Income, Class I2 <sup>(A)</sup> <br>| 465948 | 4086364 |
|  |  | 62829911 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $316,750,331)**<br>|  | 336117998 |

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

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| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATION - 2.9%**  | **U.S. GOVERNMENT OBLIGATION - 2.9%**  | **U.S. GOVERNMENT OBLIGATION - 2.9%**  |
| **U.S. Treasury - 2.9%**  | **U.S. Treasury - 2.9%**  | **U.S. Treasury - 2.9%**  |
| U.S. Treasury Notes |  |  |
| 4.13%, 01/31/2027 <sup>(B)</sup> <br>| $10090800 | $10153474 |
| &nbsp;&nbsp; **Total U.S. Government Obligation** <br>**(Cost $10,151,006)**<br>|  | 10153474 |
| **REPURCHASE AGREEMENT - 2.0%**  | **REPURCHASE AGREEMENT - 2.0%**  | **REPURCHASE AGREEMENT - 2.0%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(C)</sup>, dated 12/31/2025, to be <br> repurchased at $6,969,288 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 04/30/2027, and <br> with a value of $7,108,222.<br>| 6968765 | 6968765 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $6,968,765)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $6,968,765)** | 6968765 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $333,870,102)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $333,870,102)** | 353240237 |
| **Net Other Assets (Liabilities) - (0.1)%** | **Net Other Assets (Liabilities) - (0.1)%** | (317033) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$352923204** |

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**FUTURES CONTRACTS:**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 201 | &nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp; $22036490 | &nbsp;&nbsp;&nbsp; $21970242 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(66248)<br>|
| 10-Year Canadian Government Bonds | 53 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 4708233 | &nbsp;&nbsp;&nbsp; 4668850 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (39383)<br>|
| 10-Year Euro BUND | 4 | &nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp; 598839 | &nbsp;&nbsp;&nbsp; 599681 | &nbsp;&nbsp;&nbsp; 842 | &nbsp;&nbsp;&nbsp; — |
| 10-Year Japan Government Bonds | 5 | &nbsp;&nbsp;&nbsp; 03/13/2026 | &nbsp;&nbsp;&nbsp; 4264573 | &nbsp;&nbsp;&nbsp; 4226570 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (38003)<br>|
| CAD Currency | 450 | &nbsp;&nbsp;&nbsp; 03/17/2026 | &nbsp;&nbsp;&nbsp; 32642171 | &nbsp;&nbsp;&nbsp; 32904000 | &nbsp;&nbsp;&nbsp; 261829 | &nbsp;&nbsp;&nbsp; — |
| E-Mini Russell 2000<sup>®</sup> Index | 12 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 1517391 | &nbsp;&nbsp;&nbsp; 1498800 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (18591)<br>|
| Euro-BTP Italy Government Bonds | 82 | &nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp; 11599750 | &nbsp;&nbsp;&nbsp; 11581314 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (18436)<br>|
| FTSE 100 Index | 27 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 3565076 | &nbsp;&nbsp;&nbsp; 3617994 | &nbsp;&nbsp;&nbsp; 52918 | &nbsp;&nbsp;&nbsp; — |
| Hong Kong Hang Seng Index | 56 | &nbsp;&nbsp;&nbsp; 01/29/2026 | &nbsp;&nbsp;&nbsp; 9318345 | &nbsp;&nbsp;&nbsp; 9227440 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (90905)<br>|
| MSCI EAFE Index | 297 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 43047765 | &nbsp;&nbsp;&nbsp; 43096185 | &nbsp;&nbsp;&nbsp; 48420 | &nbsp;&nbsp;&nbsp; — |
| MSCI Emerging Markets Index | 127 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 8808024 | &nbsp;&nbsp;&nbsp; 8962390 | &nbsp;&nbsp;&nbsp; 154366 | &nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index | 132 | &nbsp;&nbsp;&nbsp; 03/19/2026 | &nbsp;&nbsp;&nbsp; 35650835 | &nbsp;&nbsp;&nbsp; 35812291 | &nbsp;&nbsp;&nbsp; 161456 | &nbsp;&nbsp;&nbsp; — |
| TOPIX Index | 23 | &nbsp;&nbsp;&nbsp; 03/12/2026 | &nbsp;&nbsp;&nbsp; 4952104 | &nbsp;&nbsp;&nbsp; 5012162 | &nbsp;&nbsp;&nbsp; 60058 | &nbsp;&nbsp;&nbsp; — |
| U.K. Gilt | 24 | &nbsp;&nbsp;&nbsp; 03/27/2026 | &nbsp;&nbsp;&nbsp; 2948038 | &nbsp;&nbsp;&nbsp; 2955894 | &nbsp;&nbsp;&nbsp; 7856 | &nbsp;&nbsp;&nbsp; — |
| **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$747745** | &nbsp;&nbsp;&nbsp; **$(271566)**<br>|

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

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**Transamerica JPMorgan International Moderate Growth VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**FUTURES CONTRACTS (continued):**

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 Australia Treasury Bonds | (18)<br>| &nbsp;&nbsp;&nbsp; 03/16/2026 | &nbsp;&nbsp;&nbsp; $(1311800)<br>| &nbsp;&nbsp;&nbsp; $(1315155)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(3355)<br>|
| 10-Year U.S. Treasury Notes | (13)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (1461464)<br>| &nbsp;&nbsp;&nbsp; (1461688)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (224)<br>|
| 30-Year Euro BUXL | (34)<br>| &nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp; (4464591)<br>| &nbsp;&nbsp;&nbsp; (4400043)<br>| &nbsp;&nbsp;&nbsp; 64548 | &nbsp;&nbsp;&nbsp; — |
| EURO STOXX 50<sup>®</sup> Index | (198)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (13439801)<br>| &nbsp;&nbsp;&nbsp; (13591399)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (151598)<br>|
| S&P 500<sup>®</sup> E-Mini Index | (100)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (34424512)<br>| &nbsp;&nbsp;&nbsp; (34462500)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (37988)<br>|
| S&P/ASX 200 Index | (43)<br>| &nbsp;&nbsp;&nbsp; 03/19/2026 | &nbsp;&nbsp;&nbsp; (6192558)<br>| &nbsp;&nbsp;&nbsp; (6224174)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (31616)<br>|
| **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$64548** | &nbsp;&nbsp;&nbsp; **$(224781)**<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp; **$812293** | &nbsp;&nbsp;&nbsp; **$(496347)**<br>|

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**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** |  |  |  |  |
| Investment Companies | $336117998 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $336117998 |
| U.S. Government Obligation |  | &nbsp;&nbsp; 10153474 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10153474 |
| Repurchase Agreement |  | &nbsp;&nbsp; 6968765 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6968765 |
| **Total Investments** | **$336117998** | &nbsp;&nbsp; **$17122239** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$353240237** |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(E)</sup> <br>| $812293 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $812293 |
| **Total Other Financial Instruments** | **$812293** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$812293** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(E)</sup> <br>| $(496347)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(496347)<br>|
| **Total Other Financial Instruments** | **$(496347)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(496347)**<br>|

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**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Affiliated investment in another fund within Transamerica Funds, and/or a liquidating trust of a former Transamerica Fund and/or affiliated investment* *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;

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>**December 31,** <br>**2025**<br>| **Shares as of** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Aegon Bond <br> VP, Initial Class<br>| $31655496 | $19574918 | $(13420859)<br>| $367783 | $(706460)<br>| $37470878 | 3944303 | $2223809 | $— |
| Transamerica Aegon Core <br> Bond VP, Initial Class<br>|  | 29703099 |  |  | (5906)<br>| 29697193 | 2709598 | 288589 |  |
| Transamerica BlackRock <br> Real Estate Securities VP, <br> Initial Class<br>| 7378701 | 131749 | (5422389)<br>| 70454 | 498179 | 2656694 | 256190 | 131749 |  |
| Transamerica Core Bond, <br> Class I2<br>| 4362403 | 194148 |  |  | 109674 | 4666225 | 537583 | 194148 |  |
| Transamerica Emerging <br> Markets Equity, Class I2<br>| 44917 | 3506293 |  |  | 75968 | 3627178 | 335850 | 36693 |  |
| Transamerica Floating Rate, <br> Class I2<br>| 4224707 | 313173 | (761000)<br>| (44190)<br>| (54092)<br>| 3678598 | 417075 | 313173 |  |
| Transamerica High Yield <br> Bond, Class I2<br>| 34503346 | 2024899 | (18062638)<br>| 192089 | 154658 | 18812354 | 2269283 | 2024899 |  |
| Transamerica International <br> Equity, Class I2<br>| 74292009 | 4337742 | (35214414)<br>| 11071891 | 5743748 | 60230976 | 2414067 | 2241476 | 2096266 |

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

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**Transamerica JPMorgan International Moderate Growth VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> **December 31,**<br> **2025**<br>| **Shares as of**<br> **December 31,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Net Capital**<br> **Gain**<br> **Distributions**<br>|
| Transamerica International <br> Focus, Class I2<br>| $84280993 | $596130 | $(46883208)<br>| $479398 | $5460862 | $43934175 | 6423125 | $238832 | $357298 |
| Transamerica International <br> Small Cap Value, Class I2<br>| 53302834 | 1286979 | (38234969)<br>| 5268897 | 8020254 | 29643995 | 1685276 | 1214478 | 72501 |
| Transamerica International <br> Stock, Class I2<br>|  | 44750209 |  |  | 492111 | 45242320 | 3024219 | 849364 | 391313 |
| Transamerica Large Cap <br> Value, Class I2<br>| 89507 | 4308 |  |  | 17148 | 110963 | 6448 | 1070 | 3238 |
| Transamerica Long Credit, <br> Class I2<br>| 20487225 | 985195 | (20167804)<br>| 213155 | 371406 | 1889177 | 200337 | 985195 |  |
| Transamerica Strategic <br> Income, Class I2<br>| 3781629 | 246830 |  |  | 57905 | 4086364 | 465948 | 246830 |  |
| Transamerica WMC US <br> Growth VP, Initial Class<br>| 25347258 | 25062420 |  |  | (38770)<br>| 50370908 | 1203318 | 216048 | 4167171 |
| **Total** | **$343751025** | **$132718092** | **$(178167281)**<br>| **$17619477** | **$20196685** | **$336117998** | **25892620** | **$11206353** | **$7087787** |

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

<sup>(B)</sup> *All or a portion of the security has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total* *value of the securities is $9,855,635.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 2025. Please reference the Investment Valuation section of the Notes* *to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(E)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**CURRENCY ABBREVIATION(S):** 

*CAD* *Canadian Dollar*

**PORTFOLIO ABBREVIATION(S):** 

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| | |
|:---|:---|
| *ASX* | *Australian Securities Exchange* |
| *BTP* | *Buoni del Tesoro Poliennali (Italian Treasury Bonds)* |
| *BUXL* | *Bundesanleihen (German Long-Term Debt)* |
| *EAFE* | *Europe, Australasia and Far East* |
| *FTSE* | *Financial Times Stock Exchange* |
| *STOXX* | *Deutsche Börse Group & SIX Group Index* |
| *TOPIX* | *Tokyo Price Index* |
| *TSX* | *Toronto Stock Exchange* |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

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**Transamerica JPMorgan International Moderate Growth VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

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| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $316,750,331) | &nbsp;&nbsp; $336117998 |
| Unaffiliated investments, at value (cost $10,151,006) | &nbsp;&nbsp; 10153474 |
| Repurchase agreement, at value (cost $6,968,765) | &nbsp;&nbsp; 6968765 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 150 |
| Dividends from affiliated investments | &nbsp;&nbsp; 214183 |
| Interest | &nbsp;&nbsp; 174451 |
| Total assets | &nbsp;&nbsp; 353629021 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 214183 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 47579 |
| Due to custodian  | &nbsp;&nbsp; 233 |
| Investment management fees | &nbsp;&nbsp; 31047 |
| Distribution and service fees | &nbsp;&nbsp; 75889 |
| Transfer agent costs | &nbsp;&nbsp; 356 |
| Trustee and CCO fees | &nbsp;&nbsp; 117 |
| Audit and tax fees  | &nbsp;&nbsp; 16967 |
| Custody fees | &nbsp;&nbsp; 6273 |
| Legal fees | &nbsp;&nbsp; 2723 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 22175 |
| Other accrued expenses | &nbsp;&nbsp; 8353 |
| Variation margin payable on futures contracts | &nbsp;&nbsp; 279922 |
| Total liabilities | &nbsp;&nbsp; 705817 |
| **Net assets**  | &nbsp;&nbsp; $352923204 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $342545 |
| Additional paid-in capital | &nbsp;&nbsp; 298980556 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 53600103 |
| **Net assets** | &nbsp;&nbsp; $352923204 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $16551745 |
| Service Class | &nbsp;&nbsp; 336371459 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 1589136 |
| Service Class | &nbsp;&nbsp; 32665317 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $10.42 |
| Service Class | 10.30 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | &nbsp;&nbsp; $11206353 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 633215 |
| Total investment income  | &nbsp;&nbsp; 11839568 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 405787 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 852748 |
| Transfer agent costs | &nbsp;&nbsp; 3933 |
| Trustee and CCO fees | &nbsp;&nbsp; 18502 |
| Audit and tax fees | &nbsp;&nbsp; 24878 |
| Custody fees | &nbsp;&nbsp; 33837 |
| Legal fees | &nbsp;&nbsp; 38441 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 70349 |
| Other | &nbsp;&nbsp; 59162 |
| Total expenses | &nbsp;&nbsp; 1507637 |
| **Net investment income (loss)** | &nbsp;&nbsp; 10331931 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | &nbsp;&nbsp; 17619477 |
| Unaffiliated investments  | &nbsp;&nbsp; 5510 |
| Capital gain distributions received from affiliated investment <br> companies<br>| &nbsp;&nbsp; 7087787 |
| Futures contracts | &nbsp;&nbsp; 658992 |
| Net realized gain (loss) | &nbsp;&nbsp; 25371766 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | &nbsp;&nbsp; 20196685 |
| Unaffiliated investments  | &nbsp;&nbsp; 1843 |
| Futures contracts | &nbsp;&nbsp; 2077455 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 4002 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 22279985 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 47651751 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $57983682 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica JPMorgan International Moderate Growth VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $10331931 | &nbsp;&nbsp; $10731634 |
| Net realized gain (loss) | &nbsp;&nbsp; 25371766 | &nbsp;&nbsp; 22955724 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 22279985 | &nbsp;&nbsp; (25271978)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 57983682 | &nbsp;&nbsp; 8415380 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (530497)<br>| &nbsp;&nbsp; (369295)<br>|
| Service Class | &nbsp;&nbsp; (10494066)<br>| &nbsp;&nbsp; (7839517)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (11024563)<br>| &nbsp;&nbsp; (8208812)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 726977 | &nbsp;&nbsp; 1181144 |
| Service Class | &nbsp;&nbsp; 1877034 | &nbsp;&nbsp; 2411987 |
|  | &nbsp;&nbsp; 2604011 | &nbsp;&nbsp; 3593131 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 530497 | &nbsp;&nbsp; 369295 |
| Service Class | &nbsp;&nbsp; 10494066 | &nbsp;&nbsp; 7839517 |
|  | &nbsp;&nbsp; 11024563 | &nbsp;&nbsp; 8208812 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (1579281)<br>| &nbsp;&nbsp; (1538430)<br>|
| Service Class | &nbsp;&nbsp; (62501872)<br>| &nbsp;&nbsp; (64667892)<br>|
|  | &nbsp;&nbsp; (64081153)<br>| &nbsp;&nbsp; (66206322)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (50452579)<br>| &nbsp;&nbsp; (54404379)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (3493460)<br>| &nbsp;&nbsp; (54197811)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 356416664 | &nbsp;&nbsp; 410614475 |
| End of year | &nbsp;&nbsp; $352923204 | &nbsp;&nbsp; $356416664 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 73456 | &nbsp;&nbsp; 126805 |
| Service Class | &nbsp;&nbsp; 194798 | &nbsp;&nbsp; 259734 |
|  | &nbsp;&nbsp; 268254 | &nbsp;&nbsp; 386539 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 52891 | &nbsp;&nbsp; 38468 |
| Service Class | &nbsp;&nbsp; 1056804 | &nbsp;&nbsp; 825212 |
|  | &nbsp;&nbsp; 1109695 | &nbsp;&nbsp; 863680 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (161154)<br>| &nbsp;&nbsp; (164352)<br>|
| Service Class | &nbsp;&nbsp; (6408507)<br>| &nbsp;&nbsp; (6977987)<br>|
|  | &nbsp;&nbsp; (6569661)<br>| &nbsp;&nbsp; (7142339)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (34807)<br>| &nbsp;&nbsp; 921 |
| Service Class | &nbsp;&nbsp; (5156905)<br>| &nbsp;&nbsp; (5893041)<br>|
|  | &nbsp;&nbsp; (5191712)<br>| &nbsp;&nbsp; (5892120)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica JPMorgan International Moderate Growth VP**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $9.13 | &nbsp;&nbsp; $9.16 | &nbsp;&nbsp; $8.53 | &nbsp;&nbsp; $12.01 | &nbsp;&nbsp; $11.16 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.32 | 0.29 | 0.25 | 0.15 | 0.47 |
| Net realized and unrealized gain (loss) | 1.31 | &nbsp;&nbsp; (0.09)<br>| 0.52 | &nbsp;&nbsp; (2.23)<br>| 0.56 |
| Total investment operations | 1.63 | 0.20 | 0.77 | &nbsp;&nbsp; (2.08)<br>| 1.03 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.18)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; — |
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (0.18)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $10.42 | &nbsp;&nbsp; $9.13 | &nbsp;&nbsp; $9.16 | &nbsp;&nbsp; $8.53 | &nbsp;&nbsp; $12.01 |
| **Total return**<sup>(B)</sup> <br>| 18.02<br> %<br>| 2.03<br> %<br>| 9.16<br> %<br>| &nbsp;&nbsp; (17.28)%<br>| 9.25<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $16552 | &nbsp;&nbsp; $14833 | &nbsp;&nbsp; $14859 | &nbsp;&nbsp; $14445 | &nbsp;&nbsp; $18219 |
| Expenses to average net assets<sup>(C)</sup> <br>| 0.18<br> %<br>| 0.18<br> %<br>| 0.18<br> %<br>| 0.16<br> %<br>| 0.16<br> %<br>|
| Net investment income (loss) to average net assets | 3.23<br> %<br>| 3.08<br> %<br>| 2.79<br> %<br>| 1.58<br> %<br>| 3.99<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 19<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> *Does not include expenses of the underlying investments in which the Portfolio invests.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $9.03 | &nbsp;&nbsp; $9.05 | &nbsp;&nbsp; $8.43 | &nbsp;&nbsp; $11.88 | &nbsp;&nbsp; $11.05 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.28 | 0.25 | 0.21 | 0.13 | 0.42 |
| Net realized and unrealized gain (loss) | 1.30 | &nbsp;&nbsp; (0.07)<br>| 0.53 | &nbsp;&nbsp; (2.21)<br>| 0.56 |
| Total investment operations | 1.58 | 0.18 | 0.74 | &nbsp;&nbsp; (2.08)<br>| 0.98 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; — |
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (0.15)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $10.30 | &nbsp;&nbsp; $9.03 | &nbsp;&nbsp; $9.05 | &nbsp;&nbsp; $8.43 | &nbsp;&nbsp; $11.88 |
| **Total return**<sup>(B)</sup> <br>| 17.67<br> %<br>| 1.89<br> %<br>| 8.70<br> %<br>| &nbsp;&nbsp; (17.42)%<br>| 9.01<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $336371 | &nbsp;&nbsp; $341584 | &nbsp;&nbsp; $395755 | &nbsp;&nbsp; $423020 | &nbsp;&nbsp; $590096 |
| Expenses to average net assets<sup>(C)</sup> <br>| 0.43<br> %<br>| 0.43<br> %<br>| 0.43<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>|
| Net investment income (loss) to average net assets | 2.88<br> %<br>| 2.73<br> %<br>| 2.46<br> %<br>| 1.29<br> %<br>| 3.60<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 19<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> *Does not include expenses of the underlying investments in which the Portfolio invests.*

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica JPMorgan International Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 JPMorgan International 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 broad mix of underlying Transamerica funds that TAM has designated as available for investment by the Portfolio (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**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica JPMorgan International Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 year ended December 31, 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.

**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.

**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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica JPMorgan International Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 year ended December 31, 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 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 December 31, 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.

*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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica JPMorgan International Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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.

*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. 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 year ended December 31, 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 year ended December 31, 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 December 31, 2025, or at any time during the year 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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica JPMorgan International Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 December 31, 2025.

Repurchase agreements at December 31, 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.

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.

Open futures contracts at December 31, 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica JPMorgan International Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 December 31, 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>| $73246 | $261829 | $477218 | $— | $— | $812293 |
| **Total** | **$73246** | **$261829** | **$477218** | **$—** | **$—** | **$812293** |

---

&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>| $(165649)<br>| $— | $(330698)<br>| $— | $— | $(496347)<br>|
| **Total** | **$(165649)**<br>| **$—** | **$(330698)**<br>| **$—** | **$—** | **$(496347)**<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.* 

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 December 31, 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  | $(15062)<br>| $(1220595)<br>| $1894649 | $— | $— | $658992 |
| **Total** | **$(15062)**<br>| **$(1220595)**<br>| **$1894649** | **$—** | **$—** | **$658992** |

---

&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  | $394789 | $324575 | $1358091 | $— | $— | $2077455 |
| **Total** | **$394789** | **$324575** | **$1358091** | **$—** | **$—** | **$2077455** |

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $169158417 |
| Average notional value of contracts — short | (64758327)<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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica JPMorgan International Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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.

**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.

**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**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica JPMorgan International Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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.

**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.

**Risk management framework risk:** The Portfolio is subject to a multi-factor risk management framework that is intended to dynamically adjust asset class exposures under different market conditions. The framework may determine an asset exposure target for the Portfolio in response to individual asset class momentum signals and a portfolio level volatility signal, and result in an increase or decrease in the level of asset exposure such as the level of equities and bonds. The framework is intended to improve the Portfolio's absolute and risk-adjusted returns but may not work as intended. The framework may result in the Portfolio not achieving its stated asset mix goal or may cause the Portfolio to underperform, possibly significantly. Because market conditions change, sometimes rapidly and unpredictably, the success of the framework also will be subject to the sub-adviser's ability to implement the framework in a timely and efficient manner. The framework may result in periods of underperformance, may fail to protect against market declines, may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in rising markets, may increase transaction costs at the Portfolio and/or underlying portfolio level and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure in an effort to reduce 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. The framework incorporates quantitative models and signals. If those models or signals prove to be flawed or for other reasons do not produce the desired results, any decisions made in reliance thereon may expose the Portfolio to additional risks and losses. The use of models has inherent risks,and the success of relying on or otherwise using a model depends, among other things, on the accuracy and completeness of the model's development, implementation and maintenance; on the model's assumptions and methodologies; and on the accuracy and reliability of the inputs and output of the model. The framework 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 framework 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 risk management framework. The use of derivatives in connection with the framework may expose the Portfolio to different and potentially greater risks than if it had only invested in underlying portfolios.

**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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 15**

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**Transamerica JPMorgan International Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**6. RISK FACTORS (continued)**

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.

**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.

**Tactical asset allocation risk:** Tactical asset allocation is an 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 portfolios, underlying ETFs or individual securities may be incorrect in view of actual market conditions, and may result in owning securities that underperform other securities.

**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**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica JPMorgan International Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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** |
| Effective October 1, 2025 |  |
| First $5 billion | 0.0975<br> % <br>|
| Over $5 billion up to $10 billion | 0.0925 |
| Over $10 billion | 0.0875 |
| Prior to October 1, 2025 |  |
| First $5 billion | 0.1075 |
| Over $5 billion up to $10 billion | 0.1025 |
| Over $10 billion | 0.0975 |
| Prior to August 1, 2025 |  |
| First $10 billion | 0.1225 |
| Over $10 billion | 0.1025 |

---

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>|
| Effective to October 1, 2025 |  |  |
| Initial Class | 0.20<br> % <br>| May 1, 2027 |
| Service Class | 0.45 | May 1, 2027 |
| Prior to October 1, 2025 |  |  |
| Initial Class | 0.21 |  |
| Service Class | 0.46 |  |

---

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 year ended December 31, 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 December 31, 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica JPMorgan International Moderate Growth VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 year ended December 31, 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 year ended December 31, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 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** |
| $114423953 | &nbsp;&nbsp; $10153713 | &nbsp;&nbsp; $178167281 | &nbsp;&nbsp; $10238804 |

---

**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. These differences are primarily due to different treatment for items including, but not limited to, wash sales, futures contracts mark-to-market and futures straddle loss deferrals. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica JPMorgan International Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 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>|
| $335999688 | &nbsp;&nbsp; $20015223 | &nbsp;&nbsp; $(2878494)<br>| &nbsp;&nbsp; $17136729 |

---

As of December 31, 2025, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2025, the capital loss carryforwards utilized are $1,732,496.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $11024563 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $8208812 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $11748452 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24720528 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2467)<br>| &nbsp;&nbsp; $17133590 |

---

**10. OPERATING SEGMENTS**

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**

**Annual Financial Statements 2025**

**Page 19**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica JPMorgan International Moderate Growth VP

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica JPMorgan International Moderate Growth VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862imge5991a803.gif)

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

Boston, Massachusetts

February 25, 2026

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica JPMorgan International Moderate Growth VP**

------

**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made no long-term capital gain designations for the year ended December 31, 2025.

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

---

| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $3894838 | $426386 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica JPMorgan International Moderate 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**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica JPMorgan International Moderate Growth 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**

**Annual Financial Statements 2025**

**Page 23**

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**Transamerica JPMorgan International Moderate Growth VP** 

------

**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**

**Annual Financial Statements 2025**

**Page 24**

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**Transamerica JPMorgan International Moderate Growth VP** 

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img2d28a9d74.gif)

Visit **transamerica.com**

![](g768862img1c199f5d5.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862imgf7e83e396.gif)

------

![](g768862imgc49670ae1.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica JPMorgan Tactical Allocation VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imgc4da63ca2.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_5793b4b3-684e-4fec-8cc0-7deba4d3ecd5_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_5793b4b3-684e-4fec-8cc0-7deba4d3ecd5_SOI-RunningFooter-205_1) | 2 |
| [Statement of Assets and Liabilities](#xx_5793b4b3-684e-4fec-8cc0-7deba4d3ecd5_FS-RunningFooter-205_1) | 23 |
| [Statement of Operations](#xx_5793b4b3-684e-4fec-8cc0-7deba4d3ecd5_FS-RunningFooter-205_1) | 23 |
| [Statement of Changes in Net Assets](#xx_5793b4b3-684e-4fec-8cc0-7deba4d3ecd5_FS-RunningFooter-205_2) | 24 |
| [Financial Highlights](#xx_5793b4b3-684e-4fec-8cc0-7deba4d3ecd5_FS-RunningFooter-205_3) | 25 |
| [Notes to Financial Statements](#xx_5793b4b3-684e-4fec-8cc0-7deba4d3ecd5_NTF-RunningFooter-205_1) | 26 |
| **[Report of Independent Registered Public Accounting Firm](#xx_5793b4b3-684e-4fec-8cc0-7deba4d3ecd5_AUD-RunningFooter-205_1)** | 40 |
| **[Supplemental Information](#xx_5793b4b3-684e-4fec-8cc0-7deba4d3ecd5_STI-RunningFooter-205_1)** | 41 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_5793b4b3-684e-4fec-8cc0-7deba4d3ecd5_DWA-RunningFooter-205_1)**<br> **[Companies](#xx_5793b4b3-684e-4fec-8cc0-7deba4d3ecd5_DWA-RunningFooter-205_1)**<br>| 42 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_5793b4b3-684e-4fec-8cc0-7deba4d3ecd5_PD-RunningFooter-205_1)** | 43 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_5793b4b3-684e-4fec-8cc0-7deba4d3ecd5_DTO-RunningFooter-205_1)**<br> **[Companies](#xx_5793b4b3-684e-4fec-8cc0-7deba4d3ecd5_DTO-RunningFooter-205_1)**<br>| 44 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_5793b4b3-684e-4fec-8cc0-7deba4d3ecd5_Mgmtagmt-RunningFooter-205_1)** | 45 |

---

***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 JPMorgan Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 25.8%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 25.8%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 25.8%**  |
| COOF Securitization Trust Ltd., Interest <br> Only STRIPS |  |  |
| 3.20% <sup>(A)</sup>, 06/25/2040 <sup>(B)</sup> <br>| $25749 | $1772 |
| Federal Farm Credit Banks Funding Corp. |  |  |
| 1.65%, 07/23/2035 | 5000000 | 3891993 |
| 2.10%, 02/25/2036 | 1525000 | 1228151 |
| 2.35%, 03/10/2036 | 2660000 | 2186789 |
| 2.50%, 04/14/2036 | 4647000 | 3865889 |
| 2.75%, 02/02/2037 | 3831000 | 3207090 |
| Federal Home Loan Banks |  |  |
| 1.93%, 02/11/2036 | 3000000 | 2352481 |
| 2.09%, 02/22/2036 | 4510000 | 3665237 |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.50%, 02/01/2051 - 04/01/2052 | 11095819 | 9460080 |
| 3.00%, 11/01/2051 - 05/01/2052 | 1504253 | 1342319 |
| 3.50%, 01/01/2032 - 07/01/2052 | 1529011 | 1447993 |
| 4.50%, 09/01/2052 | 7135451 | 6998678 |
| 5.00%, 07/01/2052 - 12/01/2055 | 15579775 | 15594705 |
| 5.50%, 12/01/2052 - 12/01/2055 | 14348738 | 14610336 |
| 6.00%, 06/01/2053 - 10/01/2055 | 18299062 | 18979098 |
| &nbsp;&nbsp; 1-Year CMT + 2.25%, <br>6.22% <sup>(A)</sup>, 02/01/2036<br>| 6385 | 6571 |
| &nbsp;&nbsp; 1-Year CMT + 2.43%, <br>6.47% <sup>(A)</sup>, 12/01/2031<br>| 4327 | 4421 |
| &nbsp;&nbsp; 1-Year RFUCC Treasury + 1.85%, <br>6.48% <sup>(A)</sup>, 07/01/2040<br>| 10544 | 10985 |
| 6.50%, 09/01/2037 - 05/01/2054 | 2264354 | 2363094 |
| Federal Home Loan Mortgage Corp. <br> Multifamily Structured Credit Risk |  |  |
| &nbsp;&nbsp; 1-Month SOFR Average + 1.65%, <br>5.52% <sup>(A)</sup>, 07/25/2045 <sup>(B)</sup> <br>| 310555 | 310377 |
| Federal Home Loan Mortgage Corp. <br> REMICS |  |  |
| 2.50%, 12/25/2047 | 2744519 | 2493585 |
| &nbsp;&nbsp; 1-Month SOFR Average + 1.20%, <br>5.07% <sup>(A)</sup>, 11/25/2054<br>| 1695943 | 1701967 |
| &nbsp;&nbsp; 1-Month SOFR Average + 1.35%, <br>5.22% <sup>(A)</sup>, 11/25/2054<br>| 1689815 | 1701708 |
| &nbsp;&nbsp; (3.62) \* 1-Month SOFR Average + <br> 26.80%, <br>5.50% <sup>(A)</sup>, 05/15/2041<br>| 30988 | 30305 |
| 5.60% <sup>(A)</sup>, 10/15/2038 | 6119 | 6385 |
| &nbsp;&nbsp; (4.44) \* 1-Month SOFR Average + <br> 23.93%, <br>6.23% <sup>(A)</sup>, 06/15/2035<br>| 21525 | 22783 |
| Federal Home Loan Mortgage Corp. <br> REMICS, Interest Only STRIPS |  |  |
| &nbsp;&nbsp; (1.00) \* 1-Month SOFR Average + 6.26%, <br>2.27% <sup>(A)</sup>, 10/15/2037<br>| 89199 | 7927 |
| Federal Home Loan Mortgage Corp. <br> REMICS, Principal Only STRIPS |  |  |
| 09/15/2032 - 01/15/2040 | 58925 | 50523 |
| Federal National Mortgage Association |  |  |
| 2.50%, 08/01/2050 - 05/01/2052 | 9860904 | 8444927 |
| 3.00%, 04/01/2051 - 07/01/2060 | 26573417 | 23651499 |
| 3.50%, 08/01/2032 - 05/01/2052 | 6337257 | 5932306 |
| 4.50%, 09/01/2040 | 59807 | 60232 |
| 5.00%, 07/01/2052 - 11/01/2052 | 9499060 | 9513044 |
| 5.50%, 12/01/2052 - 01/01/2059 | 19039038 | 19442301 |

---

---

| | | |
|:---|:---|:---|
|  | **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>|  |  |
| 6.00%, 07/01/2027 - 09/01/2054 | $8597611 | $8871465 |
| 6.50%, 11/01/2053 | 2392368 | 2503521 |
| 7.00%, 11/01/2037 | 8428 | 8662 |
| Federal National Mortgage Association <br> Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp; 1-Month SOFR Average + 0.95%, <br>4.82% <sup>(A)</sup>, 09/25/2045 <sup>(B)</sup> <br>| 262655 | 262795 |
| Federal National Mortgage Association <br> REMICS |  |  |
| 2.50%, 09/25/2048 | 4133494 | 3725075 |
| 5.00%, 01/25/2046 | 1035850 | 1062807 |
| &nbsp;&nbsp; 1-Month SOFR Average + 1.17%, <br>5.04% <sup>(A)</sup>, 09/25/2054<br>| 1637847 | 1642872 |
| 5.50%, 11/25/2033 | 429315 | 440035 |
| Federal National Mortgage Association <br> REMICS, Interest Only STRIPS |  |  |
| &nbsp;&nbsp; (1.00) \* 1-Month SOFR Average + 6.42%, <br>2.54% <sup>(A)</sup>, 01/25/2041<br>| 87929 | 9848 |
| &nbsp;&nbsp; (1.00) \* 1-Month SOFR Average + 6.49%, <br>2.61% <sup>(A)</sup>, 08/25/2035 - 06/25/2036<br>| 75034 | 8362 |
| &nbsp;&nbsp; (1.00) \* 1-Month SOFR Average + 6.59%, <br>2.71% <sup>(A)</sup>, 03/25/2036<br>| 79366 | 7544 |
| Federal National Mortgage Association <br> REMICS, Principal Only STRIPS |  |  |
| 12/25/2034 - 12/25/2043 | 352034 | 273534 |
| Federal National Mortgage Association, <br> Principal Only STRIPS |  |  |
| 08/25/2032 | 4899 | 4545 |
| Federal National Mortgage <br> Association-ACES |  |  |
| 1.59%, 11/25/2028 | 212229 | 200556 |
| Federal National Mortgage Association-<br> ACES, Interest Only STRIPS |  |  |
| 1.83% <sup>(A)</sup>, 11/25/2033 | 2313213 | 141603 |
| 1.93% <sup>(A)</sup>, 07/25/2030 | 2349894 | 117285 |
| 1.97% <sup>(A)</sup>, 11/25/2028 | 1724057 | 65055 |
| Government National Mortgage <br> Association |  |  |
| 2.00%, 04/20/2052 | 5947608 | 4927249 |
| 3.00%, 08/20/2052 - 02/20/2055 | 7817067 | 7041676 |
| 4.00%, 10/20/2052 | 1848230 | 1758156 |
| 4.50%, 08/20/2052 | 7986957 | 7841131 |
| 5.00%, 08/20/2052 - 09/20/2052 | 2798381 | 2805528 |
| 5.50%, 11/20/2052 - 09/20/2054 | 8783010 | 8957051 |
| Government National Mortgage <br> Association REMICS |  |  |
| 1.65%, 01/20/2063 - 04/20/2063 | 6094 | 5837 |
| 3.50%, 10/20/2051 | 1056392 | 1021445 |
| 4.00% <sup>(A)</sup>, 11/16/2042 | 56310 | 54763 |
| &nbsp;&nbsp; 1-Month Term SOFR + 0.56%, <br>4.56% <sup>(A)</sup>, 03/20/2060 - 05/20/2062<br>| 3669 | 3654 |
| &nbsp;&nbsp; 1-Month Term SOFR + 0.66%, <br>4.66% <sup>(A)</sup>, 04/20/2062 - 07/20/2062<br>| 332 | 332 |
| &nbsp;&nbsp; 1-Month Term SOFR + 0.76%, <br>4.76% <sup>(A)</sup>, 05/20/2061<br>| 59 | 59 |
| 5.00%, 04/20/2041 | 311826 | 315145 |
| &nbsp;&nbsp; 1-Month Term SOFR + 1.11%, <br>5.11% <sup>(A)</sup>, 12/20/2066<br>| 83587 | 84147 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica JPMorgan Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **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>|  |  |
| 5.14% <sup>(A)</sup>, 07/20/2060 | $377 | $380 |
| &nbsp;&nbsp; (3.50) \* 1-Month Term SOFR + 22.87%, <br>9.81% <sup>(A)</sup>, 04/20/2037<br>| 11467 | 12424 |
| &nbsp;&nbsp; Government National Mortgage <br> Association REMICS, Interest Only <br>STRIPS |  |  |
| 1.87% <sup>(A)</sup>, 06/20/2067 | 849926 | 21252 |
| &nbsp;&nbsp; (1.00) \* 1-Month Term SOFR + 6.49%, <br>2.75% <sup>(A)</sup>, 05/20/2041<br>| 24898 | 1702 |
| 7.50%, 04/20/2031 | 170 | 9 |
| &nbsp;&nbsp; Government National Mortgage <br> Association REMICS, Principal Only <br>STRIPS |  |  |
| 01/20/2038 | 4003 | 3265 |
| KGS-Alpha SBA COOF Trust, Interest Only <br> STRIPS |  |  |
| 0.91% <sup>(A)</sup>, 08/25/2038 <sup>(B)</sup> <br>| 88694 | 1349 |
| 1.57% <sup>(A)</sup>, 03/25/2039 <sup>(B)</sup> <br>| 84687 | 2155 |
| 2.49% <sup>(A)</sup>, 04/25/2040 <sup>(B)</sup> <br>| 24305 | 1391 |
| Resolution Funding Corp., Principal Only <br> STRIPS |  |  |
| 04/15/2030 | 400000 | 338617 |
| Tennessee Valley Authority |  |  |
| 4.25%, 09/15/2065 | 264000 | 217619 |
| 4.63%, 09/15/2060 | 155000 | 137847 |
| 5.88%, 04/01/2036 | 874000 | 976138 |
| Tennessee Valley Authority, Interest Only <br> STRIPS |  |  |
| Zero Coupon, 07/15/2028 | 1000000 | 911490 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $219,957,888)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $219,957,888)** | 221374926 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 25.2%**  | **COMMON STOCKS - 25.2%**  | **COMMON STOCKS - 25.2%**  |
| **Australia - 0.2%**  | **Australia - 0.2%**  | **Australia - 0.2%**  |
| Medibank Pvt Ltd. | 119137 | 380209 |
| Rio Tinto Ltd. | 3703 | 361249 |
| Telstra Group Ltd. | 204592 | 663811 |
|  |  | 1405269 |
| **Austria - 0.1%**  | **Austria - 0.1%**  | **Austria - 0.1%**  |
| Erste Group Bank AG | 4319 | 517889 |
| **Belgium - 0.1%**  | **Belgium - 0.1%**  | **Belgium - 0.1%**  |
| KBC Group NV | 4736 | 616797 |
| **Bermuda - 0.0% \*** | **Bermuda - 0.0% \*** | **Bermuda - 0.0% \*** |
| Arch Capital Group Ltd. <sup>(C)</sup> <br>| 2569 | 246419 |
| **Canada - 0.0% \*** | **Canada - 0.0% \*** | **Canada - 0.0% \*** |
| Shopify, Inc., Class A <sup>(C)</sup> <br>| 2302 | 370553 |
| **China - 0.1%**  | **China - 0.1%**  | **China - 0.1%**  |
| Tencent Holdings Ltd. | 8000 | 613948 |
| Yum China Holdings, Inc. | 9702 | 463174 |
|  |  | 1077122 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Denmark - 0.1%**  | **Denmark - 0.1%**  | **Denmark - 0.1%**  |
| Novo Nordisk AS, Class B | 4903 | $248672 |
| Novonesis Novozymes, Class B | 6377 | 408004 |
|  |  | 656676 |
| **Finland - 0.1%**  | **Finland - 0.1%**  | **Finland - 0.1%**  |
| Nordea Bank Abp | 44711 | 841204 |
| **France - 1.0%**  | **France - 1.0%**  | **France - 1.0%**  |
| Air Liquide SA | 3969 | 745989 |
| Capgemini SE | 2951 | 490008 |
| &nbsp;&nbsp; Cie Generale des Etablissements Michelin <br> SCA<br>| 7582 | 251314 |
| Engie SA | 26943 | 707775 |
| EssilorLuxottica SA | 1465 | 463230 |
| Kering SA | 888 | 310301 |
| Legrand SA | 6939 | 1031570 |
| LVMH Moet Hennessy Louis Vuitton SE | 1358 | 1023573 |
| Pernod Ricard SA | 1130 | 96758 |
| Safran SA | 6743 | 2348700 |
| TotalEnergies SE | 9205 | 600147 |
| Vinci SA | 3377 | 475087 |
|  |  | 8544452 |
| **Germany - 0.7%**  | **Germany - 0.7%**  | **Germany - 0.7%**  |
| Allianz SE | 1665 | 769858 |
| Deutsche Boerse AG | 1927 | 506456 |
| Deutsche Telekom AG | 17205 | 560041 |
| Infineon Technologies AG | 22596 | 985885 |
| &nbsp;&nbsp; Muenchener Rueckversicherungs-<br> Gesellschaft AG<br>| 1432 | 942380 |
| SAP SE | 1437 | 349146 |
| Siemens AG | 5729 | 1604557 |
|  |  | 5718323 |
| **Hong Kong - 0.2%**  | **Hong Kong - 0.2%**  | **Hong Kong - 0.2%**  |
| AIA Group Ltd. | 91600 | 942847 |
| Hong Kong Exchanges & Clearing Ltd. | 11400 | 596464 |
|  |  | 1539311 |
| **India - 0.0% \*** | **India - 0.0% \*** | **India - 0.0% \*** |
| HDFC Bank Ltd., ADR | 8733 | 319104 |
| **Ireland - 0.4%**  | **Ireland - 0.4%**  | **Ireland - 0.4%**  |
| Eaton Corp. PLC | 1718 | 547200 |
| Kingspan Group PLC | 3886 | 334852 |
| Medtronic PLC | 11196 | 1075488 |
| Smurfit WestRock PLC | 7758 | 300002 |
| Trane Technologies PLC | 3103 | 1207688 |
|  |  | 3465230 |
| **Italy - 0.1%**  | **Italy - 0.1%**  | **Italy - 0.1%**  |
| UniCredit SpA | 11146 | 923186 |
| **Japan - 1.5%**  | **Japan - 1.5%**  | **Japan - 1.5%**  |
| Ajinomoto Co., Inc. | 22200 | 469308 |
| Hitachi Ltd. | 24100 | 755814 |
| Hoya Corp. | 3600 | 546010 |
| IHI Corp. | 23500 | 413144 |
| ITOCHU Corp. | 57500 | 726617 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica JPMorgan Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Japan Exchange Group, Inc. | 23500 | $250828 |
| Kao Corp. | 15400 | 614638 |
| Keyence Corp. | 1300 | 470242 |
| Mitsubishi UFJ Financial Group, Inc. | 105100 | 1668049 |
| Mitsui Fudosan Co. Ltd. | 50300 | 571623 |
| Nintendo Co. Ltd. | 7900 | 533365 |
| Obayashi Corp. | 19900 | 416465 |
| Recruit Holdings Co. Ltd. | 7000 | 393341 |
| Shin-Etsu Chemical Co. Ltd. | 8100 | 251595 |
| Sony Financial Group, Inc. <sup>(C)</sup> <br>| 53400 | 56591 |
| Sony Group Corp. | 78500 | 2013601 |
| Sumitomo Electric Industries Ltd. | 8000 | 322218 |
| Sumitomo Realty & Development Co. Ltd. | 5800 | 145614 |
| Suzuki Motor Corp. | 42300 | 632616 |
| Tokio Marine Holdings, Inc. | 11600 | 428807 |
| Tokyo Electron Ltd. | 2300 | 512273 |
| Toyota Motor Corp. | 43100 | 925663 |
|  |  | 13118422 |
| **Netherlands - 0.5%**  | **Netherlands - 0.5%**  | **Netherlands - 0.5%**  |
| ASML Holding NV | 1888 | 2034358 |
| Heineken NV | 6269 | 517236 |
| Koninklijke Ahold Delhaize NV | 12718 | 521526 |
| Koninklijke KPN NV | 141039 | 659035 |
| Prosus NV | 6849 | 424083 |
| uniQure NV <sup>(C)</sup> <br>| 1558 | 37283 |
|  |  | 4193521 |
| **Singapore - 0.3%**  | **Singapore - 0.3%**  | **Singapore - 0.3%**  |
| DBS Group Holdings Ltd. | 41680 | 1825777 |
| Sea Ltd., ADR <sup>(C)</sup> <br>| 3232 | 412306 |
|  |  | 2238083 |
| **Spain - 0.3%**  | **Spain - 0.3%**  | **Spain - 0.3%**  |
| Banco Santander SA | 85015 | 1000668 |
| Iberdrola SA | 45308 | 981072 |
| Industria de Diseno Textil SA | 7325 | 483191 |
|  |  | 2464931 |
| **Sweden - 0.4%**  | **Sweden - 0.4%**  | **Sweden - 0.4%**  |
| Atlas Copco AB, A Shares | 71144 | 1266546 |
| Spotify Technology SA <sup>(C)</sup> <br>| 679 | 394302 |
| Volvo AB, B Shares | 46748 | 1487737 |
|  |  | 3148585 |
| **Switzerland - 0.6%**  | **Switzerland - 0.6%**  | **Switzerland - 0.6%**  |
| Chubb Ltd. | 1317 | 411062 |
| Cie Financiere Richemont SA, Class A | 3872 | 835000 |
| Garmin Ltd. | 1207 | 244840 |
| Lonza Group AG | 1152 | 776701 |
| Nestle SA | 10387 | 1031004 |
| Novartis AG | 8127 | 1119867 |
| Roche Holding AG | 1011 | 417513 |
| UBS Group AG | 11575 | 534471 |
|  |  | 5370458 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Taiwan - 0.3%**  | **Taiwan - 0.3%**  | **Taiwan - 0.3%**  |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. <br> Ltd.<br>| 17000 | $835673 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR<br>| 5808 | 1764993 |
|  |  | 2600666 |
| **United Kingdom - 1.1%**  | **United Kingdom - 1.1%**  | **United Kingdom - 1.1%**  |
| 3i Group PLC | 19909 | 872986 |
| AstraZeneca PLC | 8519 | 1576520 |
| BAE Systems PLC | 19962 | 459427 |
| Compass Group PLC | 21482 | 680658 |
| Diageo PLC | 10691 | 230369 |
| InterContinental Hotels Group PLC | 2949 | 414419 |
| London Stock Exchange Group PLC | 3982 | 478989 |
| NatWest Group PLC | 121128 | 1062568 |
| Next PLC | 2783 | 512351 |
| RELX PLC | 10781 | 439116 |
| Rio Tinto PLC | 7598 | 612027 |
| Sage Group PLC | 9437 | 137256 |
| Shell PLC | 30870 | 1137629 |
| SSE PLC | 12777 | 374595 |
| Standard Chartered PLC | 20238 | 493816 |
| TechnipFMC PLC | 8526 | 379919 |
|  |  | 9862645 |
| **United States - 17.1%**  | **United States - 17.1%**  | **United States - 17.1%**  |
| 3M Co. | 5514 | 882791 |
| AbbVie, Inc. | 7241 | 1654496 |
| Alnylam Pharmaceuticals, Inc. <sup>(C)</sup> <br>| 1220 | 485133 |
| Alphabet, Inc., Class A | 4649 | 1455137 |
| Alphabet, Inc., Class C | 12512 | 3926266 |
| Amazon.com, Inc. <sup>(C)</sup> <br>| 24087 | 5559761 |
| American Express Co. | 2706 | 1001085 |
| American Homes 4 Rent, Class A, REIT | 10240 | 328704 |
| American Tower Corp., REIT | 2070 | 363430 |
| AMETEK, Inc. | 2376 | 487817 |
| Analog Devices, Inc. | 3115 | 844788 |
| Andersen Group, Inc., Class A <sup>(C)</sup> <br>| 4114 | 106676 |
| Angi, Inc. <sup>(C)</sup> <br>| 3719 | 48087 |
| Apple, Inc. | 27681 | 7525357 |
| AppLovin Corp., Class A <sup>(C)</sup> <br>| 888 | 598352 |
| Arthur J Gallagher & Co. | 887 | 229547 |
| AT&T, Inc. | 21780 | 541015 |
| AutoZone, Inc. <sup>(C)</sup> <br>| 240 | 813960 |
| AvalonBay Communities, Inc., REIT | 960 | 174058 |
| Axalta Coating Systems Ltd. <sup>(C)</sup> <br>| 10358 | 334667 |
| Baker Hughes Co. | 8982 | 409040 |
| Bank of America Corp. | 33278 | 1830290 |
| Berkshire Hathaway, Inc., Class B <sup>(C)</sup> <br>| 3950 | 1985467 |
| Best Buy Co., Inc. | 4306 | 288201 |
| BJ's Wholesale Club Holdings, Inc. <sup>(C)</sup> <br>| 4823 | 434215 |
| Blackstone, Inc. | 2189 | 337412 |
| Booking Holdings, Inc. | 215 | 1151396 |
| Bristol-Myers Squibb Co. | 14563 | 785528 |
| Broadcom, Inc. | 10661 | 3689772 |
| Burlington Stores, Inc. <sup>(C)</sup> <br>| 1030 | 297515 |
| BWX Technologies, Inc. | 1763 | 304717 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica JPMorgan Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Capital One Financial Corp. | 5401 | $1308986 |
| Carlisle Cos., Inc. | 655 | 209508 |
| Carvana Co. <sup>(C)</sup> <br>| 880 | 371378 |
| Casey's General Stores, Inc. | 501 | 276908 |
| CBRE Group, Inc., Class A <sup>(C)</sup> <br>| 3223 | 518226 |
| CDW Corp. | 2194 | 298823 |
| Cencora, Inc. | 3400 | 1148350 |
| Charles Schwab Corp. | 13577 | 1356478 |
| Chevron Corp. | 4594 | 700172 |
| Chipotle Mexican Grill, Inc. <sup>(C)</sup> <br>| 9457 | 349909 |
| Ciena Corp. <sup>(C)</sup> <br>| 1825 | 426813 |
| Cigna Group | 2636 | 725506 |
| Cisco Systems, Inc. | 4799 | 369667 |
| Cloudflare, Inc., Class A <sup>(C)</sup> <br>| 839 | 165409 |
| CME Group, Inc. | 2176 | 594222 |
| Coca-Cola Co. | 10393 | 726575 |
| Columbia Sportswear Co. | 4312 | 237548 |
| Comfort Systems USA, Inc. | 406 | 378916 |
| ConocoPhillips | 8254 | 772657 |
| Corpay, Inc. <sup>(C)</sup> <br>| 1481 | 445677 |
| Crowdstrike Holdings, Inc., Class A <sup>(C)</sup> <br>| 811 | 380164 |
| Danaher Corp. | 2212 | 506371 |
| Darden Restaurants, Inc. | 1149 | 211439 |
| Deere & Co. | 398 | 185297 |
| Dominion Energy, Inc. | 6751 | 395541 |
| DoorDash, Inc., Class A <sup>(C)</sup> <br>| 2849 | 645241 |
| Dover Corp. | 3851 | 751869 |
| EastGroup Properties, Inc., REIT | 1007 | 179387 |
| Eli Lilly & Co. | 759 | 815682 |
| Emerson Electric Co. | 4847 | 643294 |
| Entergy Corp. | 1441 | 133192 |
| EOG Resources, Inc. | 9405 | 987619 |
| Equinix, Inc., REIT | 552 | 422920 |
| Expedia Group, Inc. | 2479 | 702325 |
| Exxon Mobil Corp. | 11450 | 1377893 |
| FedEx Corp. | 2354 | 679976 |
| Fidelity National Information Services, Inc. | 4747 | 315486 |
| Fifth Third Bancorp | 5539 | 259281 |
| Figma, Inc., Class A <sup>(C)</sup> <br>| 1194 | 44620 |
| First Citizens BancShares, Inc., Class A | 411 | 882080 |
| Flutter Entertainment PLC <sup>(C)</sup> <br>| 1163 | 250092 |
| Fortune Brands Innovations, Inc. | 2690 | 134554 |
| General Dynamics Corp. | 1692 | 569629 |
| Gentex Corp. | 4761 | 110788 |
| Gilead Sciences, Inc. | 3043 | 373498 |
| GoDaddy, Inc., Class A <sup>(C)</sup> <br>| 2031 | 252006 |
| Goldman Sachs Group, Inc. | 944 | 829776 |
| Graphic Packaging Holding Co. | 8939 | 134621 |
| Hayward Holdings, Inc. <sup>(C)</sup> <br>| 16510 | 255079 |
| HCA Healthcare, Inc. | 750 | 350145 |
| Henry Schein, Inc. <sup>(C)</sup> <br>| 6351 | 480009 |
| Hewlett Packard Enterprise Co. | 29094 | 698838 |
| Hilton Worldwide Holdings, Inc. | 712 | 204522 |
| Host Hotels & Resorts, Inc., REIT | 11620 | 206023 |
| Howmet Aerospace, Inc. | 4341 | 889992 |
| HubSpot, Inc. <sup>(C)</sup> <br>| 691 | 277298 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Humana, Inc. | 2236 | $572707 |
| Insmed, Inc. <sup>(C)</sup> <br>| 4113 | 715826 |
| Interactive Brokers Group, Inc., Class A | 5016 | 322579 |
| Intercontinental Exchange, Inc. | 1082 | 175241 |
| International Paper Co. | 4805 | 189269 |
| Intuit, Inc. | 1319 | 873732 |
| Intuitive Surgical, Inc. <sup>(C)</sup> <br>| 1050 | 594678 |
| IQVIA Holdings, Inc. <sup>(C)</sup> <br>| 1362 | 307008 |
| ITT, Inc. | 2998 | 520183 |
| Jabil, Inc. | 1765 | 402455 |
| JB Hunt Transport Services, Inc. | 2369 | 460391 |
| Johnson & Johnson | 12302 | 2545899 |
| Keurig Dr. Pepper, Inc. | 11112 | 311247 |
| Kinder Morgan, Inc. | 14900 | 409601 |
| Kinsale Capital Group, Inc. | 543 | 212378 |
| Kontoor Brands, Inc. | 5051 | 308566 |
| Labcorp Holdings, Inc. | 2421 | 607380 |
| Linde PLC | 1488 | 634468 |
| Loews Corp. | 6540 | 688727 |
| Lowe's Cos., Inc. | 5460 | 1316734 |
| M&T Bank Corp. | 5444 | 1096857 |
| Marriott International, Inc., Class A | 1665 | 516550 |
| Marsh & McLennan Cos., Inc. | 1482 | 274941 |
| Martin Marietta Materials, Inc. | 586 | 364879 |
| Mastercard, Inc., Class A | 4092 | 2336041 |
| McDonald's Corp. | 4822 | 1473748 |
| Merck & Co., Inc. | 4410 | 464197 |
| Meta Platforms, Inc., Class A | 6808 | 4493893 |
| Mettler-Toledo International, Inc. <sup>(C)</sup> <br>| 134 | 186821 |
| MGIC Investment Corp. | 17735 | 518217 |
| Microsoft Corp. | 15516 | 7503848 |
| &nbsp;&nbsp; Mid-America Apartment Communities, Inc., <br> REIT<br>| 3719 | 516606 |
| Middleby Corp. <sup>(C)</sup> <br>| 2034 | 302395 |
| Mohawk Industries, Inc. <sup>(C)</sup> <br>| 2919 | 319047 |
| Morgan Stanley | 4451 | 790186 |
| Murphy USA, Inc. | 678 | 273587 |
| Natera, Inc. <sup>(C)</sup> <br>| 1945 | 445580 |
| Netflix, Inc. <sup>(C)</sup> <br>| 10520 | 986355 |
| Neurocrine Biosciences, Inc. <sup>(C)</sup> <br>| 3188 | 452154 |
| Nexstar Media Group, Inc. | 1603 | 325489 |
| NextEra Energy, Inc. | 14244 | 1143508 |
| NIKE, Inc., Class B | 2302 | 146660 |
| Nuvalent, Inc., Class A <sup>(C)</sup> <br>| 1087 | 109341 |
| NVIDIA Corp. | 53210 | 9923665 |
| Omnicom Group, Inc. | 5509 | 444852 |
| Oracle Corp. | 3411 | 664838 |
| Packaging Corp. of America | 1849 | 381319 |
| Palo Alto Networks, Inc. <sup>(C)</sup> <br>| 2720 | 501024 |
| PG&E Corp. | 23299 | 374415 |
| Philip Morris International, Inc. | 6457 | 1035703 |
| Post Holdings, Inc. <sup>(C)</sup> <br>| 4597 | 455333 |
| Procter & Gamble Co. | 3303 | 473353 |
| Progressive Corp. | 1684 | 383480 |
| Public Service Enterprise Group, Inc. | 2627 | 210948 |
| Public Storage, REIT | 1548 | 401706 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica JPMorgan Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Quanta Services, Inc. | 1431 | $603968 |
| Raymond James Financial, Inc. | 2596 | 416892 |
| Rayonier, Inc., REIT | 10302 | 223038 |
| Reddit, Inc., Class A <sup>(C)</sup> <br>| 1451 | 333541 |
| Regency Centers Corp., REIT | 7941 | 548167 |
| Regeneron Pharmaceuticals, Inc. | 663 | 511750 |
| Regions Financial Corp. | 22687 | 614818 |
| Robinhood Markets, Inc., Class A <sup>(C)</sup> <br>| 4713 | 533040 |
| ROBLOX Corp., Class A <sup>(C)</sup> <br>| 2199 | 178185 |
| RTX Corp. | 5399 | 990177 |
| SBA Communications Corp., REIT | 1664 | 321867 |
| ServiceNow, Inc. <sup>(C)</sup> <br>| 1565 | 239742 |
| Silgan Holdings, Inc. <sup>(D)</sup> <br>| 8791 | 354893 |
| Snowflake, Inc., Class A <sup>(C)</sup> <br>| 2602 | 570775 |
| Southern Co. | 10981 | 957543 |
| Southwest Airlines Co. | 10238 | 423137 |
| State Street Corp. | 6996 | 902554 |
| Take-Two Interactive Software, Inc. <sup>(C)</sup> <br>| 2191 | 560962 |
| TD SYNNEX Corp. | 3207 | 481788 |
| Teradyne, Inc. | 2113 | 408992 |
| Tesla, Inc. <sup>(C)</sup> <br>| 6119 | 2751837 |
| Texas Instruments, Inc. | 4347 | 754161 |
| Thermo Fisher Scientific, Inc. | 714 | 413727 |
| TJX Cos., Inc. | 4215 | 647466 |
| TransUnion | 5109 | 438097 |
| Travelers Cos., Inc. | 2191 | 635521 |
| Twilio, Inc., Class A <sup>(C)</sup> <br>| 1796 | 255463 |
| U.S. Bancorp | 8385 | 447424 |
| Ulta Beauty, Inc. <sup>(C)</sup> <br>| 758 | 458598 |
| Union Pacific Corp. | 2725 | 630347 |
| UnitedHealth Group, Inc. | 2591 | 855315 |
| Verizon Communications, Inc. | 7682 | 312888 |
| Vertex Pharmaceuticals, Inc. <sup>(C)</sup> <br>| 542 | 245721 |
| Walmart, Inc. | 10560 | 1176490 |
| Walt Disney Co. | 18798 | 2138648 |
| Warner Music Group Corp., Class A | 7281 | 223308 |
| Wells Fargo & Co. | 25141 | 2343141 |
| Western Digital Corp. | 1765 | 304057 |
| Weyerhaeuser Co., REIT | 11883 | 281508 |
| Williams Cos., Inc. | 14476 | 870152 |
| WillScot Holdings Corp. | 24463 | 460638 |
| Xcel Energy, Inc. | 7239 | 534673 |
| Yum! Brands, Inc. | 4438 | 671381 |
|  |  | 147279950 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $178,862,763)**<br>|  | 216518796 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 23.6%**  | **CORPORATE DEBT SECURITIES - 23.6%**  | **CORPORATE DEBT SECURITIES - 23.6%**  |
| **Australia - 0.1%**  | **Australia - 0.1%**  | **Australia - 0.1%**  |
| Santos Finance Ltd. |  |  |
| 3.65%, 04/29/2031 <sup>(B)</sup> <br>| $319000 | 298908 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Santos Finance Ltd. (continued) |  |  |
| 5.75%, 11/13/2035 <sup>(B)</sup> <br>| $260000 | $258556 |
| 6.88%, 09/19/2033 <sup>(B)</sup> <br>| 196000 | 214377 |
|  |  | 771841 |
| **Belgium - 0.1%**  | **Belgium - 0.1%**  | **Belgium - 0.1%**  |
| KBC Group NV |  |  |
| &nbsp;&nbsp; Fixed until 09/23/2030, <br>4.45% <sup>(A)</sup>, 09/23/2031 <sup>(B)</sup> <br>| 250000 | 249360 |
| &nbsp;&nbsp; Fixed until 10/16/2029, <br>4.93% <sup>(A)</sup>, 10/16/2030 <sup>(B)</sup> <br>| 200000 | 203742 |
|  |  | 453102 |
| **Canada - 0.6%**  | **Canada - 0.6%**  | **Canada - 0.6%**  |
| Air Canada Pass-Through Trust |  |  |
| 3.75%, 06/15/2029 <sup>(B)</sup> <br>| 528350 | 520916 |
| Canadian Pacific Railway Co. |  |  |
| 3.10%, 12/02/2051 | 536000 | 355587 |
| 4.70%, 05/01/2048 | 261000 | 229723 |
| Enbridge, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 10/15/2028, <br>8.25% <sup>(A)</sup>, 01/15/2084<br>| 214000 | 228987 |
| GFL Environmental, Inc. |  |  |
| 3.50%, 09/01/2028 <sup>(B)</sup> <br>| 110000 | 108168 |
| 6.75%, 01/15/2031 <sup>(B)</sup> <br>| 1010000 | 1059664 |
| Manulife Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 02/24/2027, <br>4.06% <sup>(A)</sup>, 02/24/2032<br>| 169000 | 168442 |
| Rogers Communications, Inc. |  |  |
| 3.80%, 03/15/2032 | 693000 | 652921 |
| 5.30%, 02/15/2034 | 343000 | 345607 |
| Toronto-Dominion Bank |  |  |
| 4.93%, 10/15/2035 | 315000 | 314767 |
| TransCanada PipeLines Ltd. |  |  |
| 5.60%, 03/31/2034 | 110000 | 114274 |
| 6.10%, 06/01/2040 | 78000 | 81951 |
| TransCanada Trust |  |  |
| &nbsp;&nbsp; Fixed until 09/15/2029, <br>5.50% <sup>(A)</sup>, 09/15/2079<br>| 385000 | 382105 |
| &nbsp;&nbsp; Fixed until 08/15/2026, <br>5.88% <sup>(A)</sup>, 08/15/2076<br>| 208000 | 208254 |
|  |  | 4771366 |
| **Cayman Islands - 0.3%**  | **Cayman Islands - 0.3%**  | **Cayman Islands - 0.3%**  |
| Avolon Holdings Funding Ltd. |  |  |
| 4.70%, 01/30/2031 <sup>(B)</sup> <br>| 220000 | 218584 |
| 4.90%, 10/10/2030 <sup>(B)</sup> <br>| 295000 | 296565 |
| 4.95%, 10/15/2032 <sup>(B)</sup> <br>| 140000 | 138474 |
| 5.15%, 01/15/2030 <sup>(B)</sup> <br>| 839000 | 852741 |
| 5.38%, 05/30/2030 <sup>(B)</sup> <br>| 445000 | 456840 |
| 5.75%, 11/15/2029 <sup>(B)</sup> <br>| 195000 | 202304 |
| 6.38%, 05/04/2028 <sup>(B)</sup> <br>| 348000 | 362606 |
| Vale Overseas Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 11/25/2030, <br>6.00% <sup>(A)</sup>, 02/25/2056 <sup>(B)</sup> <br>| 400000 | 400120 |
|  |  | 2928234 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica JPMorgan Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Chile - 0.0% \*** | **Chile - 0.0% \*** | **Chile - 0.0% \*** |
| Corp. Nacional del Cobre de Chile |  |  |
| 6.78%, 01/13/2055 <sup>(B)</sup> <br>| $280000 | $301437 |
| **Denmark - 0.0% \*** | **Denmark - 0.0% \*** | **Denmark - 0.0% \*** |
| Danske Bank AS |  |  |
| &nbsp;&nbsp; Fixed until 03/01/2029, <br>5.71% <sup>(A)</sup>, 03/01/2030 <sup>(B)</sup> <br>| 200000 | 207800 |
| **Finland - 0.0% \*** | **Finland - 0.0% \*** | **Finland - 0.0% \*** |
| Nordea Bank Abp |  |  |
| &nbsp;&nbsp; Fixed until 09/13/2028, <br>4.63% <sup>(A)</sup>, 09/13/2033 <sup>(B)</sup> <br>| 270000 | 270067 |
| **France - 0.5%**  | **France - 0.5%**  | **France - 0.5%**  |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp; Fixed until 05/09/2028, <br>4.79% <sup>(A)</sup>, 05/09/2029 <sup>(B)</sup> <br>| 305000 | 308387 |
| &nbsp;&nbsp; Fixed until 09/10/2034 <sup>(E)</sup>, <br>7.38% <sup>(A)</sup><sup>(B)</sup><sup>(D)</sup> <br>| 200000 | 208890 |
| &nbsp;&nbsp; Fixed until 08/16/2029 <sup>(E)</sup>, <br>7.75% <sup>(A)</sup><sup>(B)</sup> <br>| 485000 | 512247 |
| BPCE SA |  |  |
| &nbsp;&nbsp; Fixed until 01/14/2030, <br>5.88% <sup>(A)</sup>, 01/14/2031 <sup>(B)</sup> <br>| 250000 | 261147 |
| &nbsp;&nbsp; Fixed until 01/14/2035, <br>6.29% <sup>(A)</sup>, 01/14/2036 <sup>(B)</sup> <br>| 315000 | 336201 |
| Credit Agricole SA |  |  |
| &nbsp;&nbsp; Fixed until 01/09/2028, <br>5.23% <sup>(A)</sup>, 01/09/2029 <sup>(B)</sup> <br>| 455000 | 464603 |
| &nbsp;&nbsp; Fixed until 09/23/2034 <sup>(E)</sup>, <br>6.70% <sup>(A)</sup><sup>(B)</sup> <br>| 200000 | 203719 |
| Engie SA |  |  |
| 5.25%, 04/10/2029 <sup>(B)</sup> <br>| 240000 | 247778 |
| Societe Generale SA |  |  |
| &nbsp;&nbsp; Fixed until 05/22/2030, <br>5.51% <sup>(A)</sup>, 05/22/2031 <sup>(B)</sup> <br>| 200000 | 206144 |
| &nbsp;&nbsp; Fixed until 11/21/2029 <sup>(E)</sup>, <br>8.13% <sup>(A)</sup><sup>(B)</sup> <br>| 650000 | 684413 |
| TotalEnergies Capital International SA |  |  |
| 2.99%, 06/29/2041 | 493000 | 372938 |
| TotalEnergies Capital SA |  |  |
| 5.28%, 09/10/2054 | 42000 | 39463 |
| 5.64%, 04/05/2064 | 174000 | 168055 |
|  |  | 4013985 |
| **Germany - 0.3%**  | **Germany - 0.3%**  | **Germany - 0.3%**  |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp; Fixed until 11/16/2026, <br>2.31% <sup>(A)</sup>, 11/16/2027<br>| 460000 | 452543 |
| &nbsp;&nbsp; Fixed until 12/10/2030, <br>4.47% <sup>(A)</sup>, 12/10/2031<br>| 150000 | 149489 |
| &nbsp;&nbsp; Fixed until 08/04/2030, <br>4.95% <sup>(A)</sup>, 08/04/2031<br>| 1215000 | 1227283 |
| &nbsp;&nbsp; Fixed until 11/10/2032, <br>7.08% <sup>(A)</sup>, 02/10/2034<br>| 350000 | 384534 |
| &nbsp;&nbsp; Fixed until 07/13/2026, <br>7.15% <sup>(A)</sup>, 07/13/2027<br>| 460000 | 467020 |
|  |  | 2680869 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Ireland - 0.3%**  | **Ireland - 0.3%**  | **Ireland - 0.3%**  |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust |  |  |
| 3.00%, 10/29/2028 | $847000 | $821157 |
| 5.00%, 11/15/2035 | 150000 | 148207 |
| AIB Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 05/15/2030, <br>5.32% <sup>(A)</sup>, 05/15/2031 <sup>(B)</sup> <br>| 570000 | 588210 |
| &nbsp;&nbsp; Fixed until 03/28/2034, <br>5.87% <sup>(A)</sup>, 03/28/2035 <sup>(B)</sup> <br>| 200000 | 211070 |
| Bank of Ireland Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/20/2029, <br>5.60% <sup>(A)</sup>, 03/20/2030 <sup>(B)</sup> <br>| 435000 | 451789 |
|  |  | 2220433 |
| **Italy - 0.3%**  | **Italy - 0.3%**  | **Italy - 0.3%**  |
| Eni SpA |  |  |
| 5.70%, 10/01/2040 <sup>(B)</sup> <br>| 405000 | 402648 |
| 5.95%, 05/15/2054 <sup>(B)</sup> <br>| 400000 | 396581 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp; Fixed until 06/01/2041, <br>4.95% <sup>(A)</sup>, 06/01/2042 <sup>(B)</sup> <br>| 925000 | 786919 |
| 6.63%, 06/20/2033 <sup>(B)</sup> <br>| 250000 | 275104 |
| UniCredit SpA |  |  |
| &nbsp;&nbsp; Fixed until 06/03/2031, <br>3.13% <sup>(A)</sup>, 06/03/2032 <sup>(B)</sup> <br>| 200000 | 185875 |
| &nbsp;&nbsp; Fixed until 06/30/2030, <br>5.46% <sup>(A)</sup>, 06/30/2035 <sup>(B)</sup> <br>| 755000 | 769582 |
|  |  | 2816709 |
| **Japan - 0.1%**  | **Japan - 0.1%**  | **Japan - 0.1%**  |
| Japan Tobacco, Inc. |  |  |
| 5.85%, 06/15/2035 <sup>(B)</sup> <br>| 340000 | 362500 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 09/12/2030, <br>4.53% <sup>(A)</sup>, 09/12/2031<br>| 440000 | 442369 |
| NTT Finance Corp. |  |  |
| 5.50%, 07/16/2035 <sup>(B)</sup> <br>| 200000 | 207088 |
|  |  | 1011957 |
| **Liberia - 0.0% \*** | **Liberia - 0.0% \*** | **Liberia - 0.0% \*** |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.63%, 09/30/2031 <sup>(B)</sup> <br>| 225000 | 230021 |
| **Mexico - 0.0% \*** | **Mexico - 0.0% \*** | **Mexico - 0.0% \*** |
| Mexico City Airport Trust |  |  |
| 5.50%, 07/31/2047 <sup>(B)</sup> <br>| 200000 | 175096 |
| **Multi-National - 0.1%**  | **Multi-National - 0.1%**  | **Multi-National - 0.1%**  |
| JBS USA Holding LUX SARL/JBS USA <br> Food Co./JBS LUX Co. SARL |  |  |
| 3.00%, 05/15/2032 | 120000 | 107718 |
| 3.63%, 01/15/2032 | 200000 | 187155 |
| 4.38%, 02/02/2052 | 199000 | 154688 |
|  |  | 449561 |
| **Netherlands - 0.2%**  | **Netherlands - 0.2%**  | **Netherlands - 0.2%**  |
| ENEL Finance International NV |  |  |
| 2.13%, 07/12/2028 <sup>(B)</sup> <br>| 200000 | 190120 |
| 2.50%, 07/12/2031 <sup>(B)</sup> <br>| 490000 | 440764 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica JPMorgan Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| ENEL Finance International NV (continued) |  |  |
| 3.50%, 04/06/2028 <sup>(B)</sup> <br>| $200000 | $197334 |
| 4.13%, 09/30/2028 <sup>(B)</sup> <br>| 200000 | 199644 |
| 5.00%, 09/30/2035 <sup>(B)</sup> <br>| 200000 | 198657 |
| 5.13%, 06/26/2029 <sup>(B)</sup> <br>| 355000 | 364054 |
| ING Groep NV |  |  |
| &nbsp;&nbsp; 3-Month SOFR Index + 1.01%, <br>4.74% <sup>(A)</sup>, 03/25/2029<br>| 515000 | 517321 |
|  |  | 2107894 |
| **Panama - 0.0% \*** | **Panama - 0.0% \*** | **Panama - 0.0% \*** |
| Banco Nacional de Panama |  |  |
| 2.50%, 08/11/2030 <sup>(B)</sup> <br>| 300000 | 265764 |
| **Singapore - 0.0% \*** | **Singapore - 0.0% \*** | **Singapore - 0.0% \*** |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.34%, 05/19/2063 | 328000 | 304319 |
| **Spain - 0.3%**  | **Spain - 0.3%**  | **Spain - 0.3%**  |
| Banco Santander SA |  |  |
| &nbsp;&nbsp; Fixed until 09/14/2026, <br>1.72% <sup>(A)</sup>, 09/14/2027<br>| 600000 | 589821 |
| 5.13%, 11/06/2035 | 200000 | 199930 |
| &nbsp;&nbsp; Fixed until 05/21/2033 <sup>(E)</sup>, <br>9.63% <sup>(A)</sup> <br>| 200000 | 240787 |
| CaixaBank SA |  |  |
| &nbsp;&nbsp; Fixed until 07/03/2035, <br>5.58% <sup>(A)</sup>, 07/03/2036 <sup>(B)</sup> <br>| 200000 | 205490 |
| &nbsp;&nbsp; Fixed until 06/15/2034, <br>6.04% <sup>(A)</sup>, 06/15/2035 <sup>(B)</sup> <br>| 200000 | 213158 |
| &nbsp;&nbsp; Fixed until 09/13/2026, <br>6.68% <sup>(A)</sup>, 09/13/2027 <sup>(B)</sup> <br>| 395000 | 401843 |
| &nbsp;&nbsp; Fixed until 09/13/2033, <br>6.84% <sup>(A)</sup>, 09/13/2034 <sup>(B)</sup> <br>| 245000 | 273242 |
|  |  | 2124271 |
| **Switzerland - 0.1%**  | **Switzerland - 0.1%**  | **Switzerland - 0.1%**  |
| UBS Group AG |  |  |
| &nbsp;&nbsp; Fixed until 11/06/2032, <br>4.84% <sup>(A)</sup>, 11/06/2033 <sup>(B)</sup> <br>| 345000 | 345331 |
| &nbsp;&nbsp; Fixed until 11/13/2033 <sup>(E)</sup>, <br>9.25% <sup>(A)</sup><sup>(B)</sup> <br>| 200000 | 234551 |
| &nbsp;&nbsp; Fixed until 11/13/2028 <sup>(E)</sup>, <br>9.25% <sup>(A)</sup><sup>(B)</sup> <br>| 200000 | 219450 |
|  |  | 799332 |
| **United Kingdom - 0.9%**  | **United Kingdom - 0.9%**  | **United Kingdom - 0.9%**  |
| Anglo American Capital PLC |  |  |
| 2.63%, 09/10/2030 <sup>(B)</sup> <br>| 735000 | 677445 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp; Fixed until 11/06/2030, <br>4.62% <sup>(A)</sup>, 11/06/2031<br>| 425000 | 426310 |
| &nbsp;&nbsp; Fixed until 11/19/2027, <br>5.13% <sup>(A)</sup>, 11/19/2028<br>| 480000 | 488888 |
| &nbsp;&nbsp; Fixed until 05/13/2030, <br>5.24% <sup>(A)</sup>, 05/13/2031<br>| 620000 | 638772 |
| &nbsp;&nbsp; Fixed until 11/19/2029, <br>5.29% <sup>(A)</sup>, 11/19/2030<br>| 570000 | 588114 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| HSBC Holdings PLC (continued) |  |  |
| &nbsp;&nbsp; Fixed until 05/17/2027, <br>5.60% <sup>(A)</sup>, 05/17/2028<br>| $410000 | $417662 |
| &nbsp;&nbsp; Fixed until 11/03/2027, <br>7.39% <sup>(A)</sup>, 11/03/2028<br>| 485000 | 512723 |
| Imperial Brands Finance PLC |  |  |
| 5.88%, 07/01/2034 <sup>(B)</sup> <br>| 597000 | 624234 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 11/10/2033 <sup>(E)</sup>, <br>8.13% <sup>(A)</sup><sup>(D)</sup> <br>| 200000 | 225028 |
| NatWest Markets PLC |  |  |
| 4.41%, 11/06/2030 <sup>(B)</sup> <br>| 560000 | 560595 |
| Santander U.K. Group Holdings PLC |  |  |
| &nbsp;&nbsp; Fixed until 09/11/2029, <br>4.86% <sup>(A)</sup>, 09/11/2030<br>| 602000 | 609191 |
| &nbsp;&nbsp; Fixed until 09/22/2035, <br>5.14% <sup>(A)</sup>, 09/22/2036<br>| 350000 | 349081 |
| &nbsp;&nbsp; Fixed until 04/15/2030, <br>5.69% <sup>(A)</sup>, 04/15/2031<br>| 590000 | 615115 |
| Standard Chartered PLC |  |  |
| &nbsp;&nbsp; Fixed until 02/08/2029, <br>7.02% <sup>(A)</sup>, 02/08/2030 <sup>(B)</sup> <br>| 715000 | 768948 |
| Vodafone Group PLC |  |  |
| 5.75%, 06/28/2054 | 116000 | 112674 |
|  |  | 7614780 |
| **United States - 19.4%**  | **United States - 19.4%**  | **United States - 19.4%**  |
| AbbVie, Inc. |  |  |
| 4.05%, 11/21/2039 | 490000 | 437406 |
| 4.25%, 11/21/2049 | 241000 | 198477 |
| 4.40%, 11/06/2042 | 167000 | 148547 |
| 4.63%, 10/01/2042 | 442000 | 402656 |
| 5.50%, 03/15/2064 | 51000 | 49513 |
| Accenture Capital, Inc. |  |  |
| 4.25%, 10/04/2031 | 224000 | 224176 |
| AES Corp. |  |  |
| 5.45%, 06/01/2028 | 317000 | 324184 |
| 5.80%, 03/15/2032 | 150000 | 153823 |
| Alexandria Real Estate Equities, Inc. |  |  |
| 2.00%, 05/18/2032 | 575000 | 486170 |
| 3.55%, 03/15/2052 | 216000 | 146749 |
| Alliant Energy Corp. |  |  |
| &nbsp;&nbsp; Fixed until 01/01/2031, <br>5.75% <sup>(A)</sup>, 04/01/2056<br>| 130000 | 129763 |
| Alphabet, Inc. |  |  |
| 4.10%, 11/15/2030 | 455000 | 456396 |
| 4.70%, 11/15/2035 | 440000 | 440108 |
| 5.45%, 11/15/2055 | 130000 | 127526 |
| Altria Group, Inc. |  |  |
| 2.45%, 02/04/2032 | 480000 | 424455 |
| 3.40%, 02/04/2041 | 475000 | 367289 |
| 4.50%, 08/06/2030 | 520000 | 524147 |
| Amazon.com, Inc. |  |  |
| 2.50%, 06/03/2050 | 130000 | 77698 |
| 4.65%, 11/20/2035 | 860000 | 856522 |
| Amcor Flexibles North America, Inc. |  |  |
| 5.10%, 03/17/2030 | 180000 | 184768 |
| 5.50%, 03/17/2035 | 285000 | 294387 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica JPMorgan Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| American Airlines Pass-Through Trust |  |  |
| 3.95%, 01/11/2032 | $29200 | $28163 |
| 4.10%, 07/15/2029 | 154964 | 152859 |
| American Express Co. |  |  |
| &nbsp;&nbsp; Fixed until 07/20/2032, <br>4.92% <sup>(A)</sup>, 07/20/2033<br>| 90000 | 91593 |
| &nbsp;&nbsp; Fixed until 04/25/2035, <br>5.67% <sup>(A)</sup>, 04/25/2036<br>| 130000 | 137262 |
| American Tower Corp. |  |  |
| 4.70%, 12/15/2032 | 150000 | 150033 |
| 5.20%, 02/15/2029 | 412000 | 424014 |
| Amgen, Inc. |  |  |
| 2.45%, 02/21/2030 | 586000 | 546516 |
| 3.15%, 02/21/2040 | 137000 | 107979 |
| 4.20%, 02/22/2052 | 369000 | 292718 |
| 4.66%, 06/15/2051 | 75000 | 64169 |
| 4.88%, 03/01/2053 | 415000 | 365290 |
| 5.75%, 03/02/2063 | 267000 | 260507 |
| Anheuser-Busch Cos. LLC/Anheuser-<br> Busch InBev Worldwide, Inc. |  |  |
| 4.70%, 02/01/2036 | 393000 | 389009 |
| Anheuser-Busch InBev Finance, Inc. |  |  |
| 4.70%, 02/01/2036 | 177000 | 175203 |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.95%, 01/15/2042 | 460000 | 439218 |
| 5.80%, 01/23/2059 | 24000 | 24466 |
| Antero Resources Corp. |  |  |
| 5.38%, 03/01/2030 <sup>(B)</sup> <br>| 303000 | 307195 |
| Apple, Inc. |  |  |
| 2.65%, 02/08/2051 | 108000 | 66763 |
| 2.95%, 09/11/2049 | 200000 | 133646 |
| AT&T, Inc. |  |  |
| 2.55%, 12/01/2033 | 873000 | 745080 |
| 3.50%, 06/01/2041 - 09/15/2053 | 304000 | 230440 |
| 3.55%, 09/15/2055 | 358000 | 238300 |
| 3.65%, 09/15/2059 | 354000 | 233449 |
| 4.90%, 11/01/2035 | 260000 | 256791 |
| 5.40%, 02/15/2034 | 133000 | 137902 |
| 5.55%, 11/01/2045 | 465000 | 447807 |
| 5.70%, 11/01/2054 | 370000 | 354891 |
| Athene Global Funding |  |  |
| 5.03%, 07/17/2030 <sup>(B)</sup> <br>| 705000 | 710265 |
| 5.54%, 08/22/2035 <sup>(B)</sup><sup>(D)</sup> <br>| 650000 | 652151 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/23/2030, <br>1.90% <sup>(A)</sup>, 07/23/2031<br>| 228000 | 204801 |
| &nbsp;&nbsp; Fixed until 10/24/2030, <br>1.92% <sup>(A)</sup>, 10/24/2031<br>| 228000 | 203889 |
| &nbsp;&nbsp; Fixed until 06/19/2040, <br>2.68% <sup>(A)</sup>, 06/19/2041<br>| 58000 | 42765 |
| &nbsp;&nbsp; Fixed until 04/22/2031, <br>2.69% <sup>(A)</sup>, 04/22/2032<br>| 470000 | 431297 |
| &nbsp;&nbsp; Fixed until 10/22/2029, <br>2.88% <sup>(A)</sup>, 10/22/2030<br>| 1159000 | 1102905 |
| &nbsp;&nbsp; Fixed until 12/20/2027, <br>3.42% <sup>(A)</sup>, 12/20/2028<br>| 1127000 | 1112825 |
| &nbsp;&nbsp; Fixed until 01/20/2027, <br>3.82% <sup>(A)</sup>, 01/20/2028<br>| 1561000 | 1557257 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Bank of America Corp. (continued) |  |  |
| &nbsp;&nbsp; Fixed until 03/08/2032, <br>3.85% <sup>(A)</sup>, 03/08/2037<br>| $439000 | $413422 |
| &nbsp;&nbsp; Fixed until 02/07/2029, <br>3.97% <sup>(A)</sup>, 02/07/2030<br>| 608000 | 604577 |
| &nbsp;&nbsp; Fixed until 01/24/2030, <br>5.16% <sup>(A)</sup>, 01/24/2031<br>| 299000 | 308674 |
| &nbsp;&nbsp; Fixed until 04/25/2028, <br>5.20% <sup>(A)</sup>, 04/25/2029<br>| 744000 | 763052 |
| &nbsp;&nbsp; Fixed until 04/25/2033, <br>5.29% <sup>(A)</sup>, 04/25/2034<br>| 351000 | 361371 |
| &nbsp;&nbsp; Fixed until 10/25/2034, <br>5.52% <sup>(A)</sup>, 10/25/2035<br>| 250000 | 256055 |
| &nbsp;&nbsp; Fixed until 09/15/2028, <br>5.82% <sup>(A)</sup>, 09/15/2029<br>| 719000 | 749977 |
| &nbsp;&nbsp; Fixed until 07/26/2030 <sup>(E)</sup>, <br>6.25% <sup>(A)</sup> <br>| 646000 | 656146 |
| &nbsp;&nbsp; Fixed until 05/01/2030 <sup>(E)</sup>, <br>6.63% <sup>(A)</sup> <br>| 197000 | 205264 |
| BAT Capital Corp. |  |  |
| 3.73%, 09/25/2040 | 377000 | 304986 |
| 4.54%, 08/15/2047 | 300000 | 248858 |
| 5.83%, 02/20/2031 | 40000 | 42437 |
| 7.08%, 08/02/2043 | 415000 | 466135 |
| Baxter International, Inc. |  |  |
| 2.27%, 12/01/2028 | 160000 | 151041 |
| Berkshire Hathaway Energy Co. |  |  |
| 4.60%, 05/01/2053 | 54000 | 45466 |
| Berkshire Hathaway Finance Corp. |  |  |
| 3.85%, 03/15/2052 | 56000 | 43092 |
| Berry Global, Inc. |  |  |
| 5.80%, 06/15/2031 | 279000 | 294527 |
| Bimbo Bakeries USA, Inc. |  |  |
| 6.05%, 01/15/2029 <sup>(B)</sup> <br>| 219000 | 228960 |
| Biogen, Inc. |  |  |
| 2.25%, 05/01/2030 | 1130000 | 1038056 |
| 5.75%, 05/15/2035 | 295000 | 310498 |
| 6.45%, 05/15/2055 | 130000 | 136686 |
| Boeing Co. |  |  |
| 3.95%, 08/01/2059 | 250000 | 176919 |
| 5.81%, 05/01/2050 | 327000 | 321635 |
| 7.01%, 05/01/2064 | 136000 | 154530 |
| Bristol-Myers Squibb Co. |  |  |
| 2.35%, 11/13/2040 | 51000 | 36275 |
| 3.70%, 03/15/2052 | 299000 | 219691 |
| 3.90%, 03/15/2062 | 167000 | 121074 |
| 5.20%, 02/22/2034 | 72000 | 74848 |
| 5.55%, 02/22/2054 | 690000 | 677631 |
| Brixmor Operating Partnership LP |  |  |
| 4.85%, 02/15/2033 | 210000 | 210444 |
| 5.50%, 02/15/2034 | 115000 | 118572 |
| Broadcom, Inc. |  |  |
| 3.14%, 11/15/2035 <sup>(B)</sup> <br>| 134000 | 115399 |
| 3.42%, 04/15/2033 | 573000 | 530406 |
| 3.47%, 04/15/2034 | 153000 | 139512 |
| 3.75%, 02/15/2051 | 106000 | 79913 |
| 4.55%, 02/15/2032 | 83000 | 83231 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica JPMorgan Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Broadcom, Inc. (continued) |  |  |
| 4.80%, 02/15/2036 | $285000 | $281223 |
| 4.90%, 07/15/2032 | 280000 | 285881 |
| Burlington Northern Santa Fe LLC |  |  |
| 3.90%, 08/01/2046 | 222000 | 177521 |
| 4.15%, 04/01/2045 | 46000 | 38638 |
| 4.38%, 09/01/2042 | 46000 | 40785 |
| Calpine Corp. |  |  |
| 4.63%, 02/01/2029 <sup>(B)</sup> <br>| 365000 | 363633 |
| 5.00%, 02/01/2031 <sup>(B)</sup> <br>| 105000 | 106638 |
| Cardinal Health, Inc. |  |  |
| 5.15%, 09/15/2035 | 200000 | 203251 |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp. |  |  |
| 4.25%, 02/01/2031 <sup>(B)</sup> <br>| 240000 | 220524 |
| Cencora, Inc. |  |  |
| 2.70%, 03/15/2031 | 57000 | 52515 |
| 2.80%, 05/15/2030 | 75000 | 70601 |
| 4.85%, 12/15/2029 | 55000 | 56220 |
| CF Industries, Inc. |  |  |
| 4.95%, 06/01/2043 | 54000 | 48352 |
| 5.30%, 11/26/2035 | 620000 | 617852 |
| Charles Schwab Corp. |  |  |
| &nbsp;&nbsp; Fixed until 11/14/2035, <br>4.91% <sup>(A)</sup>, 11/14/2036<br>| 460000 | 456911 |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 2.25%, 01/15/2029 | 74000 | 69271 |
| 3.50%, 06/01/2041 - 03/01/2042 | 564000 | 398587 |
| 3.70%, 04/01/2051 | 773000 | 486551 |
| 4.80%, 03/01/2050 | 116000 | 87139 |
| 5.85%, 12/01/2035 | 310000 | 309248 |
| 6.48%, 10/23/2045 | 226000 | 212478 |
| 6.55%, 06/01/2034 | 280000 | 294492 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 3.70%, 11/15/2029 | 219000 | 213871 |
| 5.13%, 06/30/2027 | 192000 | 193857 |
| Cheniere Energy Partners LP |  |  |
| 3.25%, 01/31/2032 | 404000 | 372098 |
| 4.50%, 10/01/2029 | 240000 | 240505 |
| 5.75%, 08/15/2034 | 316000 | 329941 |
| Cheniere Energy, Inc. |  |  |
| 4.63%, 10/15/2028 | 315000 | 314466 |
| Cigna Group |  |  |
| 4.50%, 09/15/2030 | 220000 | 221511 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 11/05/2029, <br>2.98% <sup>(A)</sup>, 11/05/2030<br>| 549000 | 522855 |
| &nbsp;&nbsp; Fixed until 10/27/2027, <br>3.52% <sup>(A)</sup>, 10/27/2028<br>| 447000 | 442995 |
| &nbsp;&nbsp; Fixed until 07/24/2027, <br>3.67% <sup>(A)</sup>, 07/24/2028<br>| 727000 | 722376 |
| &nbsp;&nbsp; Fixed until 09/11/2030, <br>4.50% <sup>(A)</sup>, 09/11/2031<br>| 274000 | 274848 |
| &nbsp;&nbsp; Fixed until 09/19/2029, <br>4.54% <sup>(A)</sup>, 09/19/2030<br>| 322000 | 324561 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Citigroup, Inc. (continued) |  |  |
| &nbsp;&nbsp; Fixed until 05/07/2030, <br>4.95% <sup>(A)</sup>, 05/07/2031<br>| $1000000 | $1021385 |
| &nbsp;&nbsp; Fixed until 09/11/2035, <br>5.17% <sup>(A)</sup>, 09/11/2036<br>| 257000 | 259402 |
| &nbsp;&nbsp; Fixed until 03/27/2035, <br>5.33% <sup>(A)</sup>, 03/27/2036<br>| 830000 | 849048 |
| &nbsp;&nbsp; Fixed until 02/13/2034, <br>5.83% <sup>(A)</sup>, 02/13/2035<br>| 239000 | 248371 |
| &nbsp;&nbsp; Fixed until 02/15/2030 <sup>(E)</sup>, <br>6.75% <sup>(A)</sup> <br>| 510000 | 519144 |
| &nbsp;&nbsp; Fixed until 08/15/2030 <sup>(E)</sup>, <br>6.88% <sup>(A)</sup> <br>| 315000 | 327318 |
| &nbsp;&nbsp; Fixed until 02/15/2030 <sup>(E)</sup>, <br>6.95% <sup>(A)</sup> <br>| 315000 | 324757 |
| &nbsp;&nbsp; Fixed until 08/15/2029 <sup>(E)</sup>, <br>7.13% <sup>(A)</sup> <br>| 594000 | 612395 |
| CMS Energy Corp. |  |  |
| &nbsp;&nbsp; Fixed until 09/01/2030, <br>3.75% <sup>(A)</sup>, 12/01/2050<br>| 215000 | 198251 |
| Colonial Enterprises, Inc. |  |  |
| 5.63%, 11/15/2035 <sup>(B)</sup> <br>| 240000 | 241862 |
| Columbia Pipelines Holding Co. LLC |  |  |
| 5.00%, 11/17/2032 <sup>(B)</sup> <br>| 365000 | 364967 |
| 5.10%, 10/01/2031 <sup>(B)</sup> <br>| 35000 | 35591 |
| Columbia Pipelines Operating Co. LLC |  |  |
| 5.93%, 08/15/2030 <sup>(B)</sup> <br>| 129000 | 136463 |
| 5.96%, 02/15/2055 <sup>(B)</sup> <br>| 55000 | 54179 |
| 6.04%, 11/15/2033 <sup>(B)</sup> <br>| 422000 | 451733 |
| Comcast Corp. |  |  |
| 2.80%, 01/15/2051 | 236000 | 136717 |
| 2.89%, 11/01/2051 | 1134000 | 663156 |
| 2.94%, 11/01/2056 | 970000 | 545019 |
| 3.75%, 04/01/2040 | 178000 | 146711 |
| 5.17%, 01/15/2037 <sup>(B)</sup> <br>| 122000 | 120288 |
| Commonwealth Edison Co. |  |  |
| 4.70%, 01/15/2044 | 158000 | 141605 |
| ConocoPhillips Co. |  |  |
| 5.70%, 09/15/2063 | 213000 | 205211 |
| Constellation Energy Generation LLC |  |  |
| 5.60%, 06/15/2042 | 25000 | 25075 |
| Consumers Energy Co. |  |  |
| 3.95%, 05/15/2043 | 224000 | 184985 |
| COPT Defense Properties LP |  |  |
| 2.75%, 04/15/2031 <sup>(D)</sup> <br>| 316000 | 288235 |
| 4.50%, 10/15/2030 | 176000 | 175145 |
| Corebridge Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 06/15/2034, <br>6.38% <sup>(A)</sup>, 09/15/2054<br>| 69000 | 69527 |
| &nbsp;&nbsp; Fixed until 12/01/2030 <sup>(E)</sup>, <br>6.88% <sup>(A)</sup> <br>| 146000 | 150041 |
| Corebridge Global Funding |  |  |
| 4.90%, 08/21/2032 <sup>(B)</sup> <br>| 205000 | 206234 |
| Coterra Energy, Inc. |  |  |
| 5.90%, 02/15/2055 | 440000 | 422487 |
| CRH America Finance, Inc. |  |  |
| 4.40%, 02/09/2031 | 95000 | 95157 |
| 5.00%, 02/09/2036 | 185000 | 185639 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica JPMorgan Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Crown Castle, Inc. |  |  |
| 5.00%, 01/11/2028 | $170000 | $172656 |
| 5.60%, 06/01/2029 | 404000 | 419211 |
| CVS Health Corp. |  |  |
| 4.13%, 04/01/2040 | 145000 | 123913 |
| 5.88%, 06/01/2053 | 370000 | 359269 |
| Diamondback Energy, Inc. |  |  |
| 5.75%, 04/18/2054 | 215000 | 203183 |
| Dominion Energy, Inc. |  |  |
| 3.30%, 04/15/2041 | 305000 | 231543 |
| 4.90%, 08/01/2041 | 299000 | 275556 |
| &nbsp;&nbsp; Fixed until 11/15/2030, <br>6.00% <sup>(A)</sup>, 02/15/2056<br>| 477000 | 479200 |
| Dow Chemical Co. |  |  |
| 4.38%, 11/15/2042 | 84000 | 66495 |
| DT Midstream, Inc. |  |  |
| 4.13%, 06/15/2029 <sup>(B)</sup> <br>| 191000 | 188482 |
| 4.38%, 06/15/2031 <sup>(B)</sup> <br>| 404000 | 395533 |
| DTE Energy Co. |  |  |
| 5.05%, 10/01/2035 | 551000 | 549988 |
| 5.20%, 04/01/2030 | 650000 | 670655 |
| Duke Energy Carolinas LLC |  |  |
| 4.00%, 09/30/2042 | 159000 | 133367 |
| Duke Energy Corp. |  |  |
| 5.70%, 09/15/2055 | 168000 | 163238 |
| Duke Energy Florida LLC |  |  |
| 4.85%, 12/01/2035 | 310000 | 308647 |
| Duke Energy Indiana LLC |  |  |
| 2.75%, 04/01/2050 | 181000 | 113064 |
| 5.25%, 03/01/2034 | 220000 | 227847 |
| 5.40%, 04/01/2053 | 227000 | 215554 |
| Duke Energy Ohio, Inc. |  |  |
| 5.30%, 06/15/2035 | 510000 | 525744 |
| 5.55%, 03/15/2054 | 172000 | 168088 |
| Duke Energy Progress LLC |  |  |
| 2.90%, 08/15/2051 | 230000 | 144734 |
| 5.55%, 03/15/2055 | 13000 | 12823 |
| DuPont de Nemours, Inc. |  |  |
| 5.32%, 11/15/2038 | 397000 | 397831 |
| 5.42%, 11/15/2048 | 24000 | 22823 |
| Duquesne Light Holdings, Inc. |  |  |
| 3.62%, 08/01/2027 <sup>(B)</sup> <br>| 336000 | 331332 |
| Eaton Corp. |  |  |
| 4.15%, 11/02/2042 | 315000 | 272694 |
| Edison International |  |  |
| 5.25%, 03/15/2032 | 134000 | 133969 |
| EIDP, Inc. |  |  |
| 5.13%, 05/15/2032 | 200000 | 205203 |
| Electronic Arts, Inc. |  |  |
| 2.95%, 02/15/2051 <sup>(D)</sup> <br>| 71000 | 65491 |
| Elevance Health, Inc. |  |  |
| 2.88%, 09/15/2029 | 160000 | 152514 |
| 4.63%, 05/15/2042 | 123000 | 110672 |
| 4.65%, 01/15/2043 | 86000 | 77066 |
| 6.10%, 10/15/2052 | 133000 | 137100 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Eli Lilly & Co. |  |  |
| 5.65%, 10/15/2065 | $100000 | $100761 |
| Emera U.S. Finance LP |  |  |
| 2.64%, 06/15/2031 | 271000 | 244896 |
| 4.75%, 06/15/2046 | 293000 | 250080 |
| Energy Transfer LP |  |  |
| 5.60%, 09/01/2034 | 199000 | 204794 |
| 5.95%, 05/15/2054 | 95000 | 90027 |
| 6.00%, 02/01/2029 <sup>(B)</sup> <br>| 1149000 | 1161513 |
| 6.20%, 04/01/2055 | 230000 | 225439 |
| &nbsp;&nbsp; Fixed until 11/15/2030, <br>6.50% <sup>(A)</sup>, 02/15/2056<br>| 564000 | 562134 |
| 6.55%, 12/01/2033 | 76000 | 83298 |
| &nbsp;&nbsp; Fixed until 05/15/2030 <sup>(E)</sup>, <br>7.13% <sup>(A)</sup> <br>| 141000 | 144377 |
| 7.38%, 02/01/2031 <sup>(B)</sup> <br>| 189000 | 196364 |
| Entergy Arkansas LLC |  |  |
| 4.95%, 12/15/2044 | 51000 | 47320 |
| Entergy Corp. |  |  |
| &nbsp;&nbsp; Fixed until 03/15/2031, <br>5.88% <sup>(A)</sup>, 06/15/2056<br>| 325000 | 324797 |
| &nbsp;&nbsp; Fixed until 09/01/2029, <br>7.13% <sup>(A)</sup>, 12/01/2054<br>| 558000 | 585874 |
| Entergy Louisiana LLC |  |  |
| 2.90%, 03/15/2051 | 333000 | 208499 |
| 5.70%, 03/15/2054 | 132000 | 131112 |
| 5.80%, 03/15/2055 | 220000 | 221091 |
| Entergy Mississippi LLC |  |  |
| 3.50%, 06/01/2051 | 38000 | 26455 |
| Entergy Texas, Inc. |  |  |
| 3.45%, 12/01/2027 | 29000 | 28641 |
| 5.15%, 06/01/2045 <sup>(D)</sup> <br>| 15000 | 14200 |
| 5.55%, 09/15/2054 | 62000 | 60178 |
| Enterprise Products Operating LLC |  |  |
| 5.20%, 01/15/2036 | 160000 | 162871 |
| 6.65%, 10/15/2034 | 231000 | 260167 |
| EOG Resources, Inc. |  |  |
| 4.40%, 01/15/2031 | 280000 | 281089 |
| EQT Corp. |  |  |
| 4.50%, 01/15/2029 | 170000 | 170401 |
| 4.75%, 01/15/2031 | 523000 | 526433 |
| 6.38%, 04/01/2029 | 468000 | 484277 |
| 7.50%, 06/01/2030 | 151000 | 166095 |
| Equinix Europe 2 Financing Corp. LLC |  |  |
| 4.60%, 11/15/2030 | 175000 | 175527 |
| 5.50%, 06/15/2034 | 165000 | 170823 |
| Equitable America Global Funding |  |  |
| 4.70%, 09/15/2032 <sup>(B)</sup> <br>| 553000 | 550182 |
| Equitable Holdings, Inc. |  |  |
| 4.57%, 02/15/2029 <sup>(B)</sup> <br>| 152000 | 152716 |
| ERP Operating LP |  |  |
| 4.95%, 06/15/2032 | 160000 | 163599 |
| Essex Portfolio LP |  |  |
| 1.70%, 03/01/2028 | 299000 | 283862 |
| EUSHI Finance, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 01/01/2031, <br>6.25% <sup>(A)</sup>, 04/01/2056<br>| 212000 | 211553 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica JPMorgan Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Expand Energy Corp. |  |  |
| 4.75%, 02/01/2032 | $487000 | $480429 |
| 5.38%, 02/01/2029 - 03/15/2030 | 621000 | 628896 |
| 5.88%, 02/01/2029 <sup>(B)</sup> <br>| 355000 | 355025 |
| 6.75%, 04/15/2029 <sup>(B)</sup> <br>| 466000 | 468729 |
| Extra Space Storage LP |  |  |
| 4.95%, 01/15/2033 | 90000 | 90974 |
| 5.50%, 07/01/2030 | 439000 | 456913 |
| FedEx Corp. |  |  |
| 3.25%, 05/15/2041 | 141000 | 105879 |
| Fifth Third Bancorp |  |  |
| &nbsp;&nbsp; Fixed until 04/25/2032, <br>4.34% <sup>(A)</sup>, 04/25/2033<br>| 190000 | 185735 |
| FirstEnergy Transmission LLC |  |  |
| 4.55%, 04/01/2049 <sup>(B)</sup> <br>| 388000 | 329578 |
| Ford Motor Co. |  |  |
| 3.25%, 02/12/2032 | 115000 | 101334 |
| Ford Motor Credit Co. LLC |  |  |
| 5.80%, 03/08/2029 | 200000 | 204349 |
| 6.53%, 03/19/2032 <sup>(D)</sup> <br>| 205000 | 214380 |
| 7.20%, 06/10/2030 | 574000 | 615046 |
| Foundry JV Holdco LLC |  |  |
| 5.50%, 01/25/2031 <sup>(B)</sup> <br>| 200000 | 206439 |
| 6.25%, 01/25/2035 <sup>(B)</sup> <br>| 770000 | 816501 |
| Freeport-McMoRan, Inc. |  |  |
| 5.45%, 03/15/2043 | 290000 | 280732 |
| GE Capital Funding LLC |  |  |
| 4.55%, 05/15/2032 | 200000 | 202035 |
| General Motors Co. |  |  |
| 5.15%, 04/01/2038 | 81000 | 77944 |
| 5.95%, 04/01/2049 | 129000 | 125195 |
| General Motors Financial Co., Inc. |  |  |
| 5.90%, 01/07/2035 | 430000 | 447671 |
| 5.95%, 04/04/2034 | 306000 | 320252 |
| 6.10%, 01/07/2034 | 144000 | 152645 |
| 6.15%, 07/15/2035 | 130000 | 136993 |
| Gilead Sciences, Inc. |  |  |
| 5.25%, 10/15/2033 | 588000 | 617895 |
| Glencore Funding LLC |  |  |
| 5.19%, 04/01/2030 <sup>(B)</sup> <br>| 130000 | 133597 |
| 5.67%, 04/01/2035 <sup>(B)</sup> <br>| 783000 | 817503 |
| Global Payments, Inc. |  |  |
| 2.90%, 11/15/2031 | 600000 | 537733 |
| 4.88%, 11/15/2030 | 1245000 | 1246388 |
| 5.20%, 11/15/2032 | 175000 | 175082 |
| 5.55%, 11/15/2035 | 200000 | 198786 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 09/10/2026, <br>1.54% <sup>(A)</sup>, 09/10/2027<br>| 984000 | 966759 |
| &nbsp;&nbsp; Fixed until 10/31/2037, <br>4.02% <sup>(A)</sup>, 10/31/2038<br>| 277000 | 249077 |
| &nbsp;&nbsp; Fixed until 10/21/2030, <br>4.37% <sup>(A)</sup>, 10/21/2031<br>| 1055000 | 1052486 |
| &nbsp;&nbsp; Fixed until 10/23/2029, <br>4.69% <sup>(A)</sup>, 10/23/2030<br>| 216000 | 218947 |
| &nbsp;&nbsp; Fixed until 10/21/2035, <br>4.94% <sup>(A)</sup>, 10/21/2036<br>| 680000 | 675050 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Goldman Sachs Group, Inc. (continued) |  |  |
| &nbsp;&nbsp; Fixed until 04/23/2030, <br>5.22% <sup>(A)</sup>, 04/23/2031<br>| $1225000 | $1265238 |
| &nbsp;&nbsp; Fixed until 07/23/2034, <br>5.33% <sup>(A)</sup>, 07/23/2035<br>| 931000 | 956563 |
| &nbsp;&nbsp; Fixed until 01/28/2035, <br>5.54% <sup>(A)</sup>, 01/28/2036<br>| 169000 | 175401 |
| &nbsp;&nbsp; Fixed until 10/24/2028, <br>6.48% <sup>(A)</sup>, 10/24/2029<br>| 1579000 | 1674508 |
| Guardian Life Global Funding |  |  |
| 4.67%, 09/05/2032 <sup>(B)</sup> <br>| 430000 | 433011 |
| HCA, Inc. |  |  |
| 4.60%, 11/15/2032 | 206000 | 204134 |
| 4.63%, 03/15/2052 | 124000 | 101266 |
| 5.20%, 06/01/2028 | 363000 | 371922 |
| 5.25%, 06/15/2049 | 207000 | 187081 |
| 5.50%, 03/01/2032 - 06/15/2047 | 520000 | 536051 |
| 5.63%, 09/01/2028 | 220000 | 226771 |
| 5.70%, 11/15/2055 | 145000 | 138175 |
| 5.95%, 09/15/2054 | 120000 | 118548 |
| 6.20%, 03/01/2055 | 70000 | 71340 |
| Healthpeak OP LLC |  |  |
| 5.38%, 02/15/2035 | 130000 | 132776 |
| Hess Corp. |  |  |
| 5.60%, 02/15/2041 | 359000 | 370927 |
| 6.00%, 01/15/2040 | 350000 | 377703 |
| Hess Midstream Operations LP |  |  |
| 5.50%, 10/15/2030 <sup>(B)</sup> <br>| 607000 | 614533 |
| 6.50%, 06/01/2029 <sup>(B)</sup> <br>| 249000 | 257142 |
| Home Depot, Inc. |  |  |
| 2.38%, 03/15/2051 | 458000 | 262681 |
| 3.30%, 04/15/2040 | 118000 | 96359 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 02/02/2034, <br>5.71% <sup>(A)</sup>, 02/02/2035<br>| 264000 | 275772 |
| &nbsp;&nbsp; Fixed until 08/21/2028, <br>6.21% <sup>(A)</sup>, 08/21/2029<br>| 262000 | 274787 |
| Intel Corp. |  |  |
| 3.73%, 12/08/2047 | 65000 | 46254 |
| 4.25%, 12/15/2042 | 130000 | 105397 |
| ITC Holdings Corp. |  |  |
| 2.95%, 05/14/2030 <sup>(B)</sup> <br>| 1117000 | 1054328 |
| 5.40%, 06/01/2033 <sup>(B)</sup> <br>| 175000 | 180244 |
| 5.65%, 05/09/2034 <sup>(B)</sup> <br>| 492000 | 512771 |
| &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>(B)</sup> <br>| 570000 | 579210 |
| 6.38%, 04/15/2066 <sup>(B)</sup> <br>| 190000 | 189179 |
| JetBlue Pass-Through Trust |  |  |
| 2.75%, 11/15/2033 | 109374 | 98118 |
| Kenvue, Inc. |  |  |
| 5.20%, 03/22/2063 | 31000 | 28116 |
| Keurig Dr. Pepper, Inc. |  |  |
| 3.35%, 03/15/2051 | 112000 | 75137 |
| KeyBank NA |  |  |
| 3.90%, 04/13/2029 | 590000 | 578976 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica JPMorgan Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| KeyCorp |  |  |
| &nbsp;&nbsp; Fixed until 06/01/2032, <br>4.79% <sup>(A)</sup>, 06/01/2033<br>| $469000 | $468755 |
| Kinder Morgan Energy Partners LP |  |  |
| 6.38%, 03/01/2041 | 185000 | 197570 |
| Kinder Morgan, Inc. |  |  |
| 5.15%, 06/01/2030 | 140000 | 144760 |
| Kinetik Holdings LP |  |  |
| 5.88%, 06/15/2030 <sup>(B)</sup> <br>| 677000 | 683066 |
| Kraft Heinz Foods Co. |  |  |
| 4.38%, 06/01/2046 | 415000 | 342840 |
| 5.50%, 06/01/2050 | 220000 | 205819 |
| Kroger Co. |  |  |
| 4.45%, 02/01/2047 | 66000 | 55527 |
| 5.65%, 09/15/2064 | 332000 | 316695 |
| Leidos, Inc. |  |  |
| 2.30%, 02/15/2031 | 655000 | 589331 |
| 5.40%, 03/15/2032 | 249000 | 258987 |
| Lockheed Martin Corp. |  |  |
| 5.70%, 11/15/2054 | 220000 | 221951 |
| Lowe's Cos., Inc. |  |  |
| 2.80%, 09/15/2041 | 670000 | 481623 |
| 5.63%, 04/15/2053 | 195000 | 189054 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp; Fixed until 01/16/2028, <br>4.83% <sup>(A)</sup>, 01/16/2029<br>| 41000 | 41652 |
| &nbsp;&nbsp; Fixed until 07/08/2030, <br>5.18% <sup>(A)</sup>, 07/08/2031<br>| 194000 | 199165 |
| &nbsp;&nbsp; Fixed until 01/16/2035, <br>5.39% <sup>(A)</sup>, 01/16/2036<br>| 231000 | 234731 |
| &nbsp;&nbsp; Fixed until 03/13/2031, <br>6.08% <sup>(A)</sup>, 03/13/2032<br>| 501000 | 532198 |
| Marathon Petroleum Corp. |  |  |
| 4.75%, 09/15/2044 | 74000 | 63251 |
| Marriott International, Inc. |  |  |
| 5.50%, 04/15/2037 | 225000 | 230329 |
| Mars, Inc. |  |  |
| 4.60%, 03/01/2028 <sup>(B)</sup> <br>| 525000 | 532193 |
| 5.00%, 03/01/2032 <sup>(B)</sup> <br>| 180000 | 185534 |
| 5.20%, 03/01/2035 <sup>(B)</sup> <br>| 260000 | 267236 |
| 5.65%, 05/01/2045 <sup>(B)</sup> <br>| 174000 | 175395 |
| 5.80%, 05/01/2065 <sup>(B)</sup> <br>| 167000 | 167580 |
| Marvell Technology, Inc. |  |  |
| 2.95%, 04/15/2031 | 348000 | 322312 |
| 4.75%, 07/15/2030 | 35000 | 35457 |
| 5.45%, 07/15/2035 | 300000 | 309094 |
| 5.75%, 02/15/2029 <sup>(D)</sup> <br>| 494000 | 515138 |
| 5.95%, 09/15/2033 | 506000 | 541005 |
| Massachusetts Electric Co. |  |  |
| 1.73%, 11/24/2030 <sup>(B)</sup> <br>| 334000 | 292191 |
| McDonald's Corp. |  |  |
| 3.70%, 02/15/2042 | 271000 | 221186 |
| 4.40%, 02/12/2031 | 250000 | 252013 |
| Merck & Co., Inc. |  |  |
| &nbsp;&nbsp; 3-Month SOFR + 0.57%, <br>4.32% <sup>(A)</sup>, 03/15/2029 <sup>(D)</sup> <br>| 180000 | 180386 |
| 5.15%, 05/17/2063 | 86000 | 79026 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Meta Platforms, Inc. |  |  |
| 4.45%, 08/15/2052 | $359000 | $292157 |
| 4.60%, 11/15/2032 | 258000 | 260074 |
| 4.88%, 11/15/2035 | 450000 | 449397 |
| 5.40%, 08/15/2054 | 660000 | 614008 |
| 5.50%, 11/15/2045 | 280000 | 271885 |
| 5.55%, 08/15/2064 | 116000 | 107601 |
| 5.60%, 05/15/2053 | 166000 | 158889 |
| 5.63%, 11/15/2055 | 345000 | 331121 |
| MetLife Capital Trust IV |  |  |
| 7.88%, 12/15/2067 <sup>(B)</sup> <br>| 425000 | 469835 |
| Metropolitan Life Global Funding I |  |  |
| 2.95%, 04/09/2030 <sup>(B)</sup> <br>| 230000 | 218174 |
| 5.15%, 03/28/2033 <sup>(B)</sup> <br>| 545000 | 560776 |
| Micron Technology, Inc. |  |  |
| 5.88%, 02/09/2033 | 270000 | 287183 |
| 6.05%, 11/01/2035 | 249000 | 265658 |
| Microsoft Corp. |  |  |
| 2.53%, 06/01/2050 | 115000 | 70213 |
| Mid-America Apartments LP |  |  |
| 4.65%, 01/15/2033 | 160000 | 159787 |
| Mid-Atlantic Interstate Transmission LLC |  |  |
| 4.10%, 05/15/2028 <sup>(B)</sup> <br>| 28000 | 28019 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 02/13/2031, <br>1.79% <sup>(A)</sup>, 02/13/2032<br>| 417000 | 366231 |
| &nbsp;&nbsp; Fixed until 04/28/2031, <br>1.93% <sup>(A)</sup>, 04/28/2032<br>| 210000 | 184245 |
| &nbsp;&nbsp; Fixed until 09/16/2031, <br>2.48% <sup>(A)</sup>, 09/16/2036<br>| 797000 | 700813 |
| &nbsp;&nbsp; Fixed until 01/24/2028, <br>3.77% <sup>(A)</sup>, 01/24/2029<br>| 214000 | 212791 |
| &nbsp;&nbsp; Fixed until 10/22/2030, <br>4.36% <sup>(A)</sup>, 10/22/2031<br>| 330000 | 328917 |
| &nbsp;&nbsp; Fixed until 10/18/2029, <br>4.65% <sup>(A)</sup>, 10/18/2030<br>| 615000 | 622440 |
| &nbsp;&nbsp; Fixed until 10/22/2035, <br>4.89% <sup>(A)</sup>, 10/22/2036<br>| 279000 | 276530 |
| &nbsp;&nbsp; Fixed until 07/19/2029, <br>5.04% <sup>(A)</sup>, 07/19/2030<br>| 307000 | 314763 |
| &nbsp;&nbsp; Fixed until 01/16/2029, <br>5.17% <sup>(A)</sup>, 01/16/2030<br>| 325000 | 333634 |
| &nbsp;&nbsp; Fixed until 01/15/2030, <br>5.23% <sup>(A)</sup>, 01/15/2031<br>| 480000 | 495114 |
| &nbsp;&nbsp; Fixed until 07/20/2028, <br>5.45% <sup>(A)</sup>, 07/20/2029<br>| 76000 | 78428 |
| &nbsp;&nbsp; Fixed until 04/18/2029, <br>5.66% <sup>(A)</sup>, 04/18/2030<br>| 461000 | 480282 |
| Morgan Stanley Bank NA |  |  |
| &nbsp;&nbsp; Fixed until 05/26/2027, <br>5.50% <sup>(A)</sup>, 05/26/2028<br>| 815000 | 831260 |
| Morgan Stanley Private Bank NA |  |  |
| &nbsp;&nbsp; Fixed until 11/19/2030, <br>4.47% <sup>(A)</sup>, 11/19/2031<br>| 990000 | 992592 |
| &nbsp;&nbsp; Fixed until 07/18/2030, <br>4.73% <sup>(A)</sup>, 07/18/2031<br>| 455000 | 461232 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica JPMorgan Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| MPLX LP |  |  |
| 5.40%, 09/15/2035 | $600000 | $604464 |
| 5.95%, 04/01/2055 | 236000 | 227630 |
| Netflix, Inc. |  |  |
| 5.38%, 11/15/2029 <sup>(B)</sup> <br>| 128000 | 133429 |
| Nevada Power Co. |  |  |
| &nbsp;&nbsp; Fixed until 02/15/2030, <br>6.25% <sup>(A)</sup>, 05/15/2055<br>| 725000 | 733153 |
| New York & Presbyterian Hospital |  |  |
| 2.26%, 08/01/2040 | 234000 | 163749 |
| New York Life Global Funding |  |  |
| 1.20%, 08/07/2030 <sup>(B)</sup> <br>| 242000 | 211494 |
| 1.85%, 08/01/2031 <sup>(B)</sup> <br>| 230000 | 201804 |
| New York Life Insurance Co. |  |  |
| 3.75%, 05/15/2050 <sup>(B)</sup> <br>| 72000 | 53366 |
| 4.45%, 05/15/2069 <sup>(B)</sup> <br>| 86000 | 66994 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 5.90%, 03/15/2055 | 80000 | 80879 |
| &nbsp;&nbsp; Fixed until 05/15/2030, <br>6.38% <sup>(A)</sup>, 08/15/2055<br>| 304000 | 313803 |
| &nbsp;&nbsp; Fixed until 03/15/2034, <br>6.75% <sup>(A)</sup>, 06/15/2054<br>| 216000 | 230598 |
| NGPL PipeCo LLC |  |  |
| 4.88%, 08/15/2027 <sup>(B)</sup> <br>| 394000 | 395507 |
| NiSource, Inc. |  |  |
| 5.80%, 02/01/2042 | 36000 | 36214 |
| &nbsp;&nbsp; Fixed until 08/30/2029, <br>6.95% <sup>(A)</sup>, 11/30/2054<br>| 216000 | 224813 |
| NNN REIT, Inc. |  |  |
| 3.00%, 04/15/2052 | 80000 | 49907 |
| 3.10%, 04/15/2050 | 250000 | 161647 |
| 3.50%, 04/15/2051 | 170000 | 119711 |
| Norfolk Southern Corp. |  |  |
| 3.05%, 05/15/2050 | 218000 | 143195 |
| 3.95%, 10/01/2042 | 76000 | 62997 |
| 4.45%, 06/15/2045 | 165000 | 142491 |
| Northern Natural Gas Co. |  |  |
| 3.40%, 10/16/2051 <sup>(B)</sup> <br>| 119000 | 79560 |
| 4.30%, 01/15/2049 <sup>(B)</sup> <br>| 58000 | 46446 |
| Northwestern Mutual Life Insurance Co. |  |  |
| 3.85%, 09/30/2047 <sup>(B)</sup> <br>| 224000 | 173957 |
| 6.06%, 03/30/2040 <sup>(B)</sup> <br>| 284000 | 301804 |
| NRG Energy, Inc. |  |  |
| 4.45%, 06/15/2029 <sup>(B)</sup> <br>| 439000 | 437062 |
| 4.73%, 10/15/2030 <sup>(B)</sup> <br>| 230000 | 230291 |
| 5.41%, 10/15/2035 <sup>(B)</sup> <br>| 325000 | 324656 |
| 7.00%, 03/15/2033 <sup>(B)</sup> <br>| 243000 | 268610 |
| Occidental Petroleum Corp. |  |  |
| 4.63%, 06/15/2045 | 164000 | 132337 |
| Ohio Power Co. |  |  |
| 2.90%, 10/01/2051 | 218000 | 134355 |
| ONEOK, Inc. |  |  |
| 5.05%, 04/01/2045 | 80000 | 69933 |
| 5.38%, 06/01/2029 | 96000 | 98923 |
| 5.40%, 10/15/2035 | 235000 | 237440 |
| 5.60%, 04/01/2044 | 338000 | 319333 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| ONEOK, Inc. (continued) |  |  |
| 5.63%, 01/15/2028 <sup>(B)</sup> <br>| $212000 | $216287 |
| 6.50%, 09/01/2030 <sup>(B)</sup> <br>| 32000 | 34308 |
| Oracle Corp. |  |  |
| 3.60%, 04/01/2040 - 04/01/2050 | 515000 | 343832 |
| 3.65%, 03/25/2041 | 485000 | 353817 |
| 3.85%, 07/15/2036 | 78000 | 65145 |
| 3.95%, 03/25/2051 | 187000 | 123038 |
| 4.38%, 05/15/2055 | 180000 | 124313 |
| 5.38%, 09/27/2054 | 77000 | 62276 |
| 6.00%, 08/03/2055 | 375000 | 330671 |
| Ovintiv, Inc. |  |  |
| 6.25%, 07/15/2033 | 162000 | 171837 |
| 6.50%, 08/15/2034 - 02/01/2038 | 95000 | 100702 |
| Pacific Gas & Electric Co. |  |  |
| 3.25%, 06/01/2031 | 415000 | 386153 |
| 4.40%, 03/01/2032 | 121000 | 118051 |
| 4.45%, 04/15/2042 | 326000 | 269562 |
| 4.50%, 07/01/2040 | 416371 | 362825 |
| 4.55%, 07/01/2030 | 206830 | 205941 |
| 4.60%, 06/15/2043 | 333000 | 277903 |
| 5.55%, 05/15/2029 | 321000 | 331199 |
| 6.10%, 01/15/2029 | 136000 | 142238 |
| 6.15%, 01/15/2033 | 83000 | 88071 |
| PacifiCorp |  |  |
| 2.90%, 06/15/2052 | 78000 | 45679 |
| PECO Energy Co. |  |  |
| 2.80%, 06/15/2050 | 266000 | 166473 |
| PG&E Corp. |  |  |
| &nbsp;&nbsp; Fixed until 12/15/2029, <br>7.38% <sup>(A)</sup>, 03/15/2055<br>| 318000 | 331194 |
| Philip Morris International, Inc. |  |  |
| 3.88%, 08/21/2042 | 253000 | 208501 |
| 4.63%, 10/29/2035 | 855000 | 836430 |
| 4.75%, 11/01/2031 | 885000 | 903630 |
| 5.13%, 02/13/2031 | 355000 | 367852 |
| Piedmont Healthcare, Inc. |  |  |
| 2.04%, 01/01/2032 | 444000 | 383700 |
| Piedmont Natural Gas Co., Inc. |  |  |
| 3.35%, 06/01/2050 | 202000 | 138602 |
| Pioneer Natural Resources Co. |  |  |
| 2.15%, 01/15/2031 | 768000 | 696531 |
| Plains All American Pipeline LP/PAA <br> Finance Corp. |  |  |
| 5.60%, 01/15/2036 | 295000 | 298412 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 09/15/2026 <sup>(E)</sup>, <br>3.40% <sup>(A)</sup> <br>| 11000 | 10784 |
| &nbsp;&nbsp; Fixed until 10/21/2031, <br>4.81% <sup>(A)</sup>, 10/21/2032<br>| 324000 | 329727 |
| &nbsp;&nbsp; Fixed until 07/21/2035, <br>5.37% <sup>(A)</sup>, 07/21/2036<br>| 125000 | 128561 |
| &nbsp;&nbsp; Fixed until 01/22/2034, <br>5.68% <sup>(A)</sup>, 01/22/2035<br>| 216000 | 227692 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica JPMorgan Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp; PNC Financial Services Group, <br> Inc. (continued)<br>|  |  |
| &nbsp;&nbsp; Fixed until 03/15/2030 <sup>(E)</sup>, <br>6.25% <sup>(A)</sup> <br>| $218000 | $225060 |
| &nbsp;&nbsp; Fixed until 10/20/2033, <br>6.88% <sup>(A)</sup>, 10/20/2034<br>| 189000 | 213877 |
| Prologis LP |  |  |
| 5.25%, 05/15/2035 | 85000 | 87748 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 12/15/2033, <br>6.50% <sup>(A)</sup>, 03/15/2054<br>| 184000 | 194475 |
| Public Service Co. of Colorado |  |  |
| 2.70%, 01/15/2051 | 132000 | 79465 |
| 4.30%, 03/15/2044 | 185000 | 156882 |
| 4.50%, 06/01/2052 | 125000 | 104130 |
| Public Service Co. of Oklahoma |  |  |
| 5.45%, 01/15/2036 | 725000 | 743329 |
| Puget Energy, Inc. |  |  |
| 5.73%, 03/15/2035 | 422000 | 433038 |
| Puget Sound Energy, Inc. |  |  |
| 5.64%, 04/15/2041 | 199000 | 198806 |
| Qnity Electronics, Inc. |  |  |
| 5.75%, 08/15/2032 <sup>(B)</sup> <br>| 156000 | 159502 |
| Quanta Services, Inc. |  |  |
| 2.90%, 10/01/2030 | 103000 | 96404 |
| 4.50%, 01/15/2031 | 435000 | 435355 |
| 5.10%, 08/09/2035 | 260000 | 260557 |
| 5.25%, 08/09/2034 | 526000 | 539310 |
| Quest Diagnostics, Inc. |  |  |
| 4.60%, 12/15/2027 | 75000 | 75896 |
| 5.00%, 12/15/2034 | 428000 | 432855 |
| Realty Income Corp. |  |  |
| 2.85%, 12/15/2032 | 98000 | 87904 |
| 5.13%, 04/15/2035 | 90000 | 91546 |
| Regal Rexnord Corp. |  |  |
| 6.05%, 04/15/2028 | 361000 | 373441 |
| 6.40%, 04/15/2033 | 147000 | 158118 |
| Regency Centers LP |  |  |
| 2.95%, 09/15/2029 | 194000 | 186046 |
| Roper Technologies, Inc. |  |  |
| 4.45%, 09/15/2030 | 100000 | 100461 |
| 4.50%, 10/15/2029 | 166000 | 167567 |
| 4.75%, 02/15/2032 | 91000 | 91989 |
| RTX Corp. |  |  |
| 2.38%, 03/15/2032 | 494000 | 440174 |
| 3.13%, 07/01/2050 | 114000 | 76723 |
| S&P Global, Inc. |  |  |
| 2.30%, 08/15/2060 | 184000 | 93048 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20%, 03/15/2028 | 329000 | 329324 |
| 4.50%, 05/15/2030 | 295000 | 296194 |
| Salesforce, Inc. |  |  |
| 2.70%, 07/15/2041 | 250000 | 181342 |
| San Diego Gas & Electric Co. |  |  |
| 2.95%, 08/15/2051 | 222000 | 140941 |
| 3.32%, 04/15/2050 | 65000 | 44774 |
| 4.30%, 04/01/2042 | 37000 | 31631 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| San Diego Gas & Electric Co. (continued) |  |  |
| 5.35%, 04/01/2053 | $299000 | $282447 |
| 5.40%, 04/15/2035 | 410000 | 424376 |
| Sekisui House U.S., Inc. |  |  |
| 6.00%, 01/15/2043 | 154000 | 143699 |
| Sempra |  |  |
| &nbsp;&nbsp; Fixed until 01/01/2031, <br>6.38% <sup>(A)</sup>, 04/01/2056<br>| 110000 | 112291 |
| Shell Finance U.S., Inc. |  |  |
| 5.13%, 10/15/2041 <sup>(B)</sup> <br>| 210000 | 204685 |
| Sierra Pacific Power Co. |  |  |
| &nbsp;&nbsp; Fixed until 09/16/2030, <br>6.20% <sup>(A)</sup>, 12/15/2055<br>| 155000 | 153613 |
| Simon Property Group LP |  |  |
| 5.13%, 10/01/2035 | 403000 | 409047 |
| Solventum Corp. |  |  |
| 5.45%, 03/13/2031 | 470000 | 490267 |
| Sonoco Products Co. |  |  |
| 4.60%, 09/01/2029 | 241000 | 242933 |
| 5.00%, 09/01/2034 <sup>(D)</sup> <br>| 239000 | 236753 |
| South Bow USA Infrastructure <br> Holdings LLC |  |  |
| 4.91%, 09/01/2027 | 141000 | 142290 |
| 5.03%, 10/01/2029 | 403000 | 408795 |
| Southern California Edison Co. |  |  |
| 2.95%, 02/01/2051 | 196000 | 119422 |
| 3.60%, 02/01/2045 | 168000 | 120890 |
| 3.65%, 03/01/2028 | 185000 | 182866 |
| 5.20%, 06/01/2034 | 444000 | 445915 |
| 5.25%, 03/15/2030 | 189000 | 193836 |
| 5.70%, 03/01/2053 | 69000 | 64036 |
| Southern Co. Gas Capital Corp. |  |  |
| 1.75%, 01/15/2031 | 121000 | 107055 |
| 3.15%, 09/30/2051 | 282000 | 182833 |
| 5.75%, 09/15/2033 | 135000 | 143051 |
| Southern Power Co. |  |  |
| 4.25%, 10/01/2030 | 137000 | 136634 |
| 4.90%, 10/01/2035 | 682000 | 674651 |
| 5.15%, 09/15/2041 | 329000 | 316779 |
| 5.25%, 07/15/2043 | 314000 | 299476 |
| Southwestern Electric Power Co. |  |  |
| 3.90%, 04/01/2045 | 71000 | 55032 |
| Sprint Capital Corp. |  |  |
| 6.88%, 11/15/2028 | 327000 | 350913 |
| State Street Corp. |  |  |
| &nbsp;&nbsp; Fixed until 09/15/2029 <sup>(E)</sup>, <br>6.70% <sup>(A)</sup><sup>(D)</sup> <br>| 432000 | 452382 |
| &nbsp;&nbsp; Fixed until 03/15/2029 <sup>(E)</sup>, <br>6.70% <sup>(A)</sup> <br>| 130000 | 135632 |
| Stellantis Finance U.S., Inc. |  |  |
| 5.75%, 03/18/2030 <sup>(B)</sup> <br>| 230000 | 237272 |
| 6.45%, 03/18/2035 <sup>(B)</sup> <br>| 310000 | 322248 |
| Synopsys, Inc. |  |  |
| 4.85%, 04/01/2030 | 260000 | 265552 |
| 5.00%, 04/01/2032 | 130000 | 132744 |
| Take-Two Interactive Software, Inc. |  |  |
| 5.40%, 06/12/2029 | 80000 | 82766 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 15**

------

**Transamerica JPMorgan Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Targa Resources Corp. |  |  |
| 5.40%, 07/30/2036 | $280000 | $280322 |
| Teachers Insurance & Annuity Association <br> of America |  |  |
| 6.85%, 12/16/2039 <sup>(B)</sup> <br>| 610000 | 699478 |
| Tennessee Gas Pipeline Co. LLC |  |  |
| 2.90%, 03/01/2030 <sup>(B)</sup> <br>| 66000 | 62241 |
| Time Warner Cable Enterprises LLC |  |  |
| 8.38%, 07/15/2033 | 185000 | 213478 |
| Time Warner Cable LLC |  |  |
| 4.50%, 09/15/2042 | 65000 | 49986 |
| 5.50%, 09/01/2041 | 275000 | 241355 |
| 5.88%, 11/15/2040 | 108000 | 99938 |
| 6.55%, 05/01/2037 | 46000 | 46941 |
| T-Mobile USA, Inc. |  |  |
| 2.63%, 02/15/2029 | 597000 | 569828 |
| 3.30%, 02/15/2051 | 455000 | 304157 |
| 3.88%, 04/15/2030 | 263000 | 258628 |
| 5.13%, 05/15/2032 | 319000 | 328274 |
| 6.70%, 12/15/2033 | 272000 | 304911 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 10/23/2035, <br>4.96% <sup>(A)</sup>, 10/23/2036<br>| 330000 | 326485 |
| &nbsp;&nbsp; Fixed until 01/26/2033, <br>5.12% <sup>(A)</sup>, 01/26/2034<br>| 659000 | 671445 |
| Trustees of Boston University |  |  |
| 3.17%, 10/01/2050 | 282000 | 186836 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp; Fixed until 05/15/2030, <br>5.08% <sup>(A)</sup>, 05/15/2031<br>| 210000 | 216466 |
| &nbsp;&nbsp; Fixed until 01/23/2034, <br>5.68% <sup>(A)</sup>, 01/23/2035<br>| 178000 | 187951 |
| &nbsp;&nbsp; Fixed until 06/10/2033, <br>5.84% <sup>(A)</sup>, 06/12/2034<br>| 287000 | 306198 |
| Uber Technologies, Inc. |  |  |
| 4.50%, 08/15/2029 <sup>(B)</sup> <br>| 380000 | 380047 |
| 4.80%, 09/15/2035 | 300000 | 298416 |
| 5.35%, 09/15/2054 | 316000 | 301361 |
| UDR, Inc. |  |  |
| 1.90%, 03/15/2033 | 110000 | 90785 |
| 4.40%, 01/26/2029 | 149000 | 149674 |
| 5.13%, 09/01/2034 | 415000 | 419504 |
| Union Electric Co. |  |  |
| 3.90%, 04/01/2052 | 59000 | 45098 |
| 5.20%, 04/01/2034 | 370000 | 380981 |
| 5.25%, 01/15/2054 | 178000 | 166165 |
| 5.45%, 03/15/2053 | 48000 | 46265 |
| United Airlines Pass-Through Trust |  |  |
| 2.88%, 04/07/2030 | 328808 | 316984 |
| 5.88%, 08/15/2038 | 348553 | 357049 |
| UnitedHealth Group, Inc. |  |  |
| 2.75%, 05/15/2040 | 167000 | 124894 |
| 3.05%, 05/15/2041 | 86000 | 65205 |
| 3.25%, 05/15/2051 | 194000 | 130937 |
| 3.50%, 08/15/2039 | 539000 | 448806 |
| 5.35%, 02/15/2033 | 66000 | 68762 |
| 5.38%, 04/15/2054 | 44000 | 41516 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| University of Miami |  |  |
| 4.06%, 04/01/2052 | $272000 | $217868 |
| Ventas Realty LP |  |  |
| 3.00%, 01/15/2030 | 595000 | 566487 |
| Venture Global Calcasieu Pass LLC |  |  |
| 3.88%, 08/15/2029 <sup>(B)</sup> <br>| 437000 | 409662 |
| 4.13%, 08/15/2031 <sup>(B)</sup> <br>| 110000 | 100097 |
| 6.25%, 01/15/2030 <sup>(B)</sup> <br>| 340000 | 344221 |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.75%, 01/15/2036 <sup>(B)</sup> <br>| 52000 | 53263 |
| Veralto Corp. |  |  |
| 5.35%, 09/18/2028 | 314000 | 323767 |
| Verizon Communications, Inc. |  |  |
| 1.75%, 01/20/2031 | 929000 | 817739 |
| 5.40%, 07/02/2037 <sup>(B)</sup> <br>| 547000 | 552858 |
| Virginia Electric & Power Co. |  |  |
| 2.45%, 12/15/2050 | 274000 | 157425 |
| 4.65%, 08/15/2043 | 195000 | 174587 |
| 5.70%, 08/15/2053 | 71000 | 69917 |
| Vistra Operations Co. LLC |  |  |
| 4.60%, 10/15/2030 <sup>(B)</sup> <br>| 67000 | 66973 |
| 5.25%, 10/15/2035 <sup>(B)</sup> <br>| 161000 | 160483 |
| 6.95%, 10/15/2033 <sup>(B)</sup> <br>| 300000 | 334301 |
| Volkswagen Group of America <br> Finance LLC |  |  |
| 4.45%, 09/11/2027 <sup>(B)</sup> <br>| 200000 | 200578 |
| 5.80%, 03/27/2035 <sup>(B)</sup> <br>| 245000 | 253749 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp; Fixed until 03/15/2026 <sup>(E)</sup>, <br>3.90% <sup>(A)</sup> <br>| 221000 | 220312 |
| &nbsp;&nbsp; Fixed until 09/15/2035, <br>4.89% <sup>(A)</sup>, 09/15/2036<br>| 863000 | 860305 |
| &nbsp;&nbsp; Fixed until 04/23/2030, <br>5.15% <sup>(A)</sup>, 04/23/2031<br>| 2113000 | 2181045 |
| &nbsp;&nbsp; Fixed until 01/24/2030, <br>5.24% <sup>(A)</sup>, 01/24/2031<br>| 580000 | 600602 |
| &nbsp;&nbsp; Fixed until 04/24/2033, <br>5.39% <sup>(A)</sup>, 04/24/2034<br>| 496000 | 516054 |
| &nbsp;&nbsp; Fixed until 07/25/2033, <br>5.56% <sup>(A)</sup>, 07/25/2034<br>| 640000 | 670985 |
| Western Midstream Operating LP |  |  |
| 5.45%, 04/01/2044 | 280000 | 255096 |
| Williams Cos., Inc. |  |  |
| 4.80%, 11/15/2029 | 413000 | 420874 |
| 5.30%, 08/15/2028 | 662000 | 681497 |
| WP Carey, Inc. |  |  |
| 2.40%, 02/01/2031 | 403000 | 363210 |
| 2.45%, 02/01/2032 | 283000 | 249539 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 5.50%, 02/19/2035 | 347000 | 359858 |
| Zoetis, Inc. |  |  |
| 2.00%, 05/15/2030 | 427000 | 390651 |
| 4.70%, 02/01/2043 | 124000 | 113816 |
| 5.00%, 08/17/2035 | 105000 | 106151 |
|  |  | 166346175 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $203,216,176)**<br>|  | 202865013 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica JPMorgan Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 19.6%**  | **U.S. GOVERNMENT OBLIGATIONS - 19.6%**  | **U.S. GOVERNMENT OBLIGATIONS - 19.6%**  |
| **U.S. Treasury - 19.6%**  | **U.S. Treasury - 19.6%**  | **U.S. Treasury - 19.6%**  |
| U.S. Treasury Bonds |  |  |
| 1.13%, 05/15/2040 | $300 | $190 |
| 1.88%, 02/15/2051 | 1109000 | 619740 |
| 2.25%, 02/15/2052 | 1670000 | 1013220 |
| 2.38%, 05/15/2051 | 1930000 | 1216277 |
| 2.88%, 05/15/2043 - 05/15/2052 | 1930000 | 1433880 |
| 3.00%, 08/15/2048 - 08/15/2052 | 880000 | 635594 |
| 3.13%, 02/15/2043 | 1780000 | 1439645 |
| 3.63%, 08/15/2043 | 1010000 | 871835 |
| 3.88%, 08/15/2040 - 05/15/2043 | 2935000 | 2668503 |
| 4.00%, 11/15/2052 | 862300 | 747742 |
| 4.13%, 08/15/2044 | 5500000 | 5047754 |
| 4.25%, 02/15/2054 - 08/15/2054 | 10839000 | 9799611 |
| 4.38%, 05/15/2040 | 250000 | 245752 |
| 4.50%, 02/15/2044 - 11/15/2054 | 4350000 | 4172442 |
| 4.63%, 11/15/2044 | 5310000 | 5203385 |
| 4.75%, 05/15/2055 | 55000 | 54046 |
| U.S. Treasury Bonds, Principal Only <br> STRIPS |  |  |
| 11/15/2026 <sup>(D)</sup> <br>| 1241000 | 1202636 |
| 08/15/2031 - 08/15/2041 | 24954000 | 18002829 |
| U.S. Treasury Notes |  |  |
| 0.88%, 09/30/2026 | 2029000 | 1988964 |
| 1.13%, 10/31/2026 <sup>(F)</sup> <br>| 3440000 | 3370798 |
| 1.25%, 04/30/2028 - 06/30/2028 | 3835000 | 3631502 |
| 1.38%, 10/31/2028 | 23510000 | 22148991 |
| 1.63%, 10/31/2026 - 08/15/2029 | 940000 | 923064 |
| 1.75%, 12/31/2026 | 130000 | 127769 |
| 2.00%, 11/15/2026 | 245000 | 241763 |
| 2.25%, 02/15/2027 | 185000 | 182442 |
| 2.50%, 03/31/2027 | 2291000 | 2262631 |
| 2.63%, 05/31/2027 | 23852000 | 23566894 |
| 2.88%, 05/15/2028 | 355000 | 349938 |
| 3.50%, 09/30/2027 <sup>(F)</sup> <br>| 100000 | 100020 |
| 3.88%, 05/31/2027 <sup>(F)</sup> <br>| 520000 | 522661 |
| 4.13%, 01/31/2027 <sup>(F)</sup> <br>| 660000 | 664099 |
| 4.13%, 09/30/2027 - 11/30/2029 | 44730000 | 45482580 |
| 4.25%, 01/31/2026 <sup>(F)</sup> <br>| 4161700 | 4163363 |
| 4.25%, 11/30/2026 - 11/15/2034 | 4325000 | 4353490 |
|  |  | 168456050 |
| **U.S. Treasury Inflation-Protected Securities - 0.0% \*** | **U.S. Treasury Inflation-Protected Securities - 0.0% \*** | **U.S. Treasury Inflation-Protected Securities - 0.0% \*** |
| U.S. Treasury Inflation-Protected Indexed <br> Bonds |  |  |
| 2.50%, 01/15/2029 | 75821 | 78253 |
|  |  | 78253 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $172,993,493)**<br>|  | 168534303 |
| **ASSET-BACKED SECURITIES - 1.5%**  | **ASSET-BACKED SECURITIES - 1.5%**  | **ASSET-BACKED SECURITIES - 1.5%**  |
| **United States - 1.5%**  |  |  |
| &nbsp;&nbsp; AMSR Trust <br>Series 2024-SFR2, Class A, <br>4.15%, 11/17/2041 <sup>(B)</sup> <br>| 725000 | 715504 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| **United States (continued)** |  |  |
| Aqua Finance Issuer Trust |  |  |
| &nbsp;&nbsp; Series 2025-B, Class A, <br>4.79%, 05/17/2051 <sup>(B)</sup> <br>| $283551 | $285474 |
| &nbsp;&nbsp; Series 2025-A, Class A, <br>5.25%, 12/19/2050 <sup>(B)</sup> <br>| 326709 | 332690 |
| &nbsp;&nbsp; Bridge Trust <br>Series 2025-SFR1, Class B, <br>4.20%, 09/17/2042 <sup>(B)</sup> <br>| 404794 | 388203 |
| &nbsp;&nbsp; Bridgecrest Lending Auto Securitization <br> Trust <br>Series 2025-4, Class C, <br>4.80%, 08/15/2031<br>| 124000 | 124660 |
| &nbsp;&nbsp; Capital One Multi-Asset Execution Trust <br>Series 2025-A3, Class A, <br>4.65%, 10/15/2037<br>| 904000 | 903953 |
| &nbsp;&nbsp; Consumer Portfolio Services Auto Trust <br>Series 2025-B, Class C, <br>5.12%, 07/15/2031 <sup>(B)</sup> <br>| 390000 | 393403 |
| &nbsp;&nbsp; CoreVest American Finance Trust <br>Series 2019-3, Class A, <br>2.71%, 10/15/2052 <sup>(B)</sup> <br>| 66840 | 66708 |
| Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp; Series 2025-2A, Class B, <br>4.87%, 01/15/2036 <sup>(B)</sup> <br>| 195000 | 196709 |
| &nbsp;&nbsp; Series 2025-1A, Class C, <br>5.71%, 07/16/2035 <sup>(B)</sup> <br>| 760000 | 771104 |
| Foundation Finance Trust |  |  |
| &nbsp;&nbsp; Series 2025-3A, Class A, <br>4.56%, 08/15/2052 <sup>(B)</sup> <br>| 378319 | 379325 |
| &nbsp;&nbsp; Series 2025-1A, Class A, <br>4.95%, 04/15/2050 <sup>(B)</sup> <br>| 356868 | 361146 |
| &nbsp;&nbsp; Goodgreen Trust <br>Series 2017, Class R1, <br>5.00%, 10/20/2051 <sup>(B)</sup><sup>(G)</sup><sup>(H)</sup><sup>(I)</sup> <br>| 757 | 756 |
| &nbsp;&nbsp; GreatAmerica Leasing Receivables <br> Funding LLC <br>Series 2025-1, Class A4, <br>4.58%, 01/15/2032 <sup>(B)</sup> <br>| 193000 | 196150 |
| &nbsp;&nbsp; GreenSky Home Improvement Issuer Trust <br>Series 2025-2A, Class A3, <br>5.02%, 06/25/2060 <sup>(B)</sup> <br>| 135000 | 136971 |
| Lendmark Funding Trust |  |  |
| &nbsp;&nbsp; Series 2021-2A, Class A, <br>2.00%, 04/20/2032 <sup>(B)</sup> <br>| 600000 | 580794 |
| &nbsp;&nbsp; Series 2025-2A, Class A, <br>4.78%, 10/20/2034 <sup>(B)</sup> <br>| 1030000 | 1038390 |
| &nbsp;&nbsp; Series 2025-1A, Class C, <br>5.68%, 09/20/2034 <sup>(B)</sup> <br>| 230000 | 233979 |
| &nbsp;&nbsp; Mariner Finance Issuance Trust <br>Series 2025-BA, Class A, <br>4.59%, 11/22/2038 <sup>(B)</sup> <br>| 346000 | 347108 |
| &nbsp;&nbsp; NMEF Funding LLC <br>Series 2025-B, Class A2, <br>4.64%, 01/18/2033 <sup>(B)</sup> <br>| 435000 | 436674 |
| &nbsp;&nbsp; NRZ Excess Spread-Collateralized Notes <br>Series 2021-FHT1, Class A, <br>3.10%, 07/25/2026 <sup>(B)</sup> <br>| 670876 | 662775 |
| &nbsp;&nbsp; OneMain Financial Issuance Trust <br>Series 2020-2A, Class B, <br>2.21%, 09/14/2035 <sup>(B)</sup> <br>| 465000 | 447908 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica JPMorgan Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp; Oportun Issuance Trust <br>Series 2025-D, Class C, <br>5.80%, 02/08/2033 <sup>(B)</sup> <br>| $179000 | $179565 |
| &nbsp;&nbsp; P4 SFR Holdco LLC <br>Series 2019-STL, Class A, <br>7.25%, 10/11/2026<br>| 770392 | 762303 |
| Progress Residential Trust |  |  |
| &nbsp;&nbsp; Series 2025-SFR2, Class A, <br>3.31%, 04/17/2042 <sup>(B)</sup> <br>| 548200 | 522575 |
| &nbsp;&nbsp; Series 2025-SFR3, Class A, <br>3.39%, 07/17/2042 <sup>(B)</sup> <br>| 400000 | 381206 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust <br>Series 2025-3, Class C, <br>4.68%, 09/15/2031<br>| 205000 | 206251 |
| SCF Equipment Leasing LLC |  |  |
| &nbsp;&nbsp; Series 2025-2A, Class A3, <br>4.33%, 06/20/2036 <sup>(B)</sup> <br>| 505000 | 506543 |
| &nbsp;&nbsp; Series 2025-1A, Class B, <br>5.23%, 09/20/2034 <sup>(B)</sup> <br>| 667000 | 685085 |
| &nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC <br>Series 2025-2A, Class B, <br>4.93%, 04/20/2044 <sup>(B)</sup> <br>| 163187 | 163709 |
| &nbsp;&nbsp; UPG HI Issuer Trust <br>Series 2025-2, Class A, <br>5.00%, 09/25/2047 <sup>(B)</sup> <br>| 133000 | 132943 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $12,405,351)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $12,405,351)** | 12540564 |
| **MORTGAGE-BACKED SECURITIES - 0.5%**  | **MORTGAGE-BACKED SECURITIES - 0.5%**  | **MORTGAGE-BACKED SECURITIES - 0.5%**  |
| **United States - 0.5%**  | **United States - 0.5%**  | **United States - 0.5%**  |
| FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2018-W5FX, Class BFX, <br>3.66% <sup>(A)</sup>, 04/25/2028 <sup>(B)</sup> <br>| 1441000 | 1381851 |
| MRCD Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2019-PARK, Class A, <br>2.72%, 12/15/2036 <sup>(B)</sup> <br>| 1230000 | 1033200 |
| PRM7 Trust |  |  |
| &nbsp;&nbsp; Series 2025-PRM7, Class A, <br>4.36% <sup>(A)</sup>, 11/10/2042 <sup>(B)</sup> <br>| 496000 | 489103 |
| ROCK Trust |  |  |
| &nbsp;&nbsp; Series 2024-CNTR, Class A, <br>5.39%, 11/13/2041 <sup>(B)</sup> <br>| 441393 | 453478 |
| SDR Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2024-DSNY, Class B, <br>1-Month Term SOFR + 1.74%, <br>5.49% <sup>(A)</sup>, 05/15/2039 <sup>(B)</sup> <br>| 246000 | 245385 |
| SREIT Trust |  |  |
| &nbsp;&nbsp; Series 2021-MFP, Class A, <br>1-Month Term SOFR + 0.85%, <br>4.60% <sup>(A)</sup>, 11/15/2038 <sup>(B)</sup> <br>| 738180 | 737725 |
| &nbsp;&nbsp; Wachovia Bank Commercial Mortgage Trust, <br> Interest Only STRIPS<br>|  |  |
| &nbsp;&nbsp; Series 2006-C24, Class XC, <br>0.00%, 03/15/2045 <sup>(B)</sup><sup>(J)</sup> <br>| 852 | 0 |
|  |  | 4340742 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>**(Cost $4,680,918)**<br>|  | 4340742 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.3%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.3%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.3%**  |
| **Israel - 0.1%**  | **Israel - 0.1%**  | **Israel - 0.1%**  |
| Israel Government International Bonds |  |  |
| 5.63%, 02/19/2035 | $685000 | $714843 |
| **Mexico - 0.2%**  | **Mexico - 0.2%**  | **Mexico - 0.2%**  |
| Mexico Government International Bonds |  |  |
| 3.77%, 05/24/2061 | 205000 | 126178 |
| 4.28%, 08/14/2041 | 200000 | 160600 |
| 4.50%, 01/31/2050 | 265000 | 200472 |
| 4.75%, 03/08/2044 | 234000 | 192816 |
| 5.63%, 09/22/2035 | 667000 | 657662 |
| 6.00%, 05/07/2036 | 247000 | 250211 |
| 6.34%, 05/04/2053 | 350000 | 333375 |
|  |  | 1921314 |
| **Panama - 0.0% \*** | **Panama - 0.0% \*** | **Panama - 0.0% \*** |
| Panama Government International Bonds |  |  |
| 4.50%, 04/16/2050 | 200000 | 154220 |
| &nbsp;&nbsp; **Total Foreign Government Obligations** <br>**(Cost $3,048,118)**<br>|  | 2790377 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.1%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.1%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.1%**  |
| &nbsp;&nbsp; U.S. Treasury Bills <br>3.81% <sup>(K)</sup>, 03/17/2026 <sup>(F)</sup> <br>| 565000 | 560936 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligation** <br>**(Cost $560,614)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligation** <br>**(Cost $560,614)** | 560936 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.3%**  | **OTHER INVESTMENT COMPANY - 0.3%**  | **OTHER INVESTMENT COMPANY - 0.3%**  |
| **Securities Lending Collateral - 0.3%**  | **Securities Lending Collateral - 0.3%**  | **Securities Lending Collateral - 0.3%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 3.79% <sup>(K)</sup> <br>| 2975321 | 2975321 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $2,975,321)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $2,975,321)** | 2975321 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.9%**  | **REPURCHASE AGREEMENT - 2.9%**  | **REPURCHASE AGREEMENT - 2.9%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(K)</sup>, dated 12/31/2025, to be <br> repurchased at $24,509,236 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 04/30/2027, and <br> with a value of $24,997,723.<br>| $24507398 | 24507398 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $24,507,398)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $24,507,398)** | 24507398 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $823,208,040)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $823,208,040)** | 857008376 |
| **Net Other Assets (Liabilities) - 0.2%** | **Net Other Assets (Liabilities) - 0.2%** | 1819122 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$858827498** |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 18**

------

**Transamerica JPMorgan Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**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>|
| 2-Year U.S. Treasury Notes | 71 | &nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp; $14829304 | &nbsp;&nbsp;&nbsp; $14824023 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(5281)<br>|
| 5-Year U.S. Treasury Notes | 69 | &nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp; 7561046 | &nbsp;&nbsp;&nbsp; 7542023 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (19023)<br>|
| 10-Year U.S. Treasury Notes | 662 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 74824551 | &nbsp;&nbsp;&nbsp; 74433625 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (390926)<br>|
| 30-Year U.S. Treasury Bonds | 150 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 17486683 | &nbsp;&nbsp;&nbsp; 17339062 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (147621)<br>|
| AUD Currency | 199 | &nbsp;&nbsp;&nbsp; 03/16/2026 | &nbsp;&nbsp;&nbsp; 13215968 | &nbsp;&nbsp;&nbsp; 13279270 | &nbsp;&nbsp;&nbsp; 63302 | &nbsp;&nbsp;&nbsp; — |
| E-Mini Russell 1000<sup>®</sup> Index | 47 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 11266588 | &nbsp;&nbsp;&nbsp; 11288695 | &nbsp;&nbsp;&nbsp; 22107 | &nbsp;&nbsp;&nbsp; — |
| EUR Currency | 61 | &nbsp;&nbsp;&nbsp; 03/16/2026 | &nbsp;&nbsp;&nbsp; 8911835 | &nbsp;&nbsp;&nbsp; 8982250 | &nbsp;&nbsp;&nbsp; 70415 | &nbsp;&nbsp;&nbsp; — |
| EURO STOXX 50<sup>®</sup> Index | 34 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 2319335 | &nbsp;&nbsp;&nbsp; 2333877 | &nbsp;&nbsp;&nbsp; 14542 | &nbsp;&nbsp;&nbsp; — |
| Euro-BTP Italy Government Bonds | 134 | &nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp; 18961555 | &nbsp;&nbsp;&nbsp; 18925562 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (35993)<br>|
| FTSE 100 Index | 39 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 5114272 | &nbsp;&nbsp;&nbsp; 5225991 | &nbsp;&nbsp;&nbsp; 111719 | &nbsp;&nbsp;&nbsp; — |
| GBP Currency | 53 | &nbsp;&nbsp;&nbsp; 03/16/2026 | &nbsp;&nbsp;&nbsp; 4407216 | &nbsp;&nbsp;&nbsp; 4457962 | &nbsp;&nbsp;&nbsp; 50746 | &nbsp;&nbsp;&nbsp; — |
| MSCI Emerging Markets Index | 36 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 2520431 | &nbsp;&nbsp;&nbsp; 2540520 | &nbsp;&nbsp;&nbsp; 20089 | &nbsp;&nbsp;&nbsp; — |
| S&P 500<sup>®</sup> E-Mini Index | 23 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 8012312 | &nbsp;&nbsp;&nbsp; 7926375 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (85937)<br>|
| TOPIX Index | 20 | &nbsp;&nbsp;&nbsp; 03/12/2026 | &nbsp;&nbsp;&nbsp; 4311109 | &nbsp;&nbsp;&nbsp; 4358401 | &nbsp;&nbsp;&nbsp; 47292 | &nbsp;&nbsp;&nbsp; — |
| U.K. Gilt | 204 | &nbsp;&nbsp;&nbsp; 03/27/2026 | &nbsp;&nbsp;&nbsp; 24990601 | &nbsp;&nbsp;&nbsp; 25125097 | &nbsp;&nbsp;&nbsp; 134496 | &nbsp;&nbsp;&nbsp; — |
| **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$534708** | &nbsp;&nbsp;&nbsp; **$(684781)**<br>|

---

&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 Japan Government Bonds | (34)<br>| &nbsp;&nbsp;&nbsp; 03/13/2026 | &nbsp;&nbsp;&nbsp; $(28970578)<br>| &nbsp;&nbsp;&nbsp; $(28740679)<br>| &nbsp;&nbsp;&nbsp; $229899 | &nbsp;&nbsp;&nbsp; $— |
| 10-Year U.S. Treasury Ultra Notes | (119)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (13767583)<br>| &nbsp;&nbsp;&nbsp; (13686859)<br>| &nbsp;&nbsp;&nbsp; 80724 | &nbsp;&nbsp;&nbsp; — |
| CHF Currency | (111)<br>| &nbsp;&nbsp;&nbsp; 03/16/2026 | &nbsp;&nbsp;&nbsp; (17382528)<br>| &nbsp;&nbsp;&nbsp; (17631656)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (249128)<br>|
| DJ U.S. Real Estate Index | (124)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (4447595)<br>| &nbsp;&nbsp;&nbsp; (4436720)<br>| &nbsp;&nbsp;&nbsp; 10875 | &nbsp;&nbsp;&nbsp; — |
| German Euro Bund | (130)<br>| &nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp; (19459392)<br>| &nbsp;&nbsp;&nbsp; (19489634)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (30242)<br>|
| MSCI EAFE Index | (9)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (1299762)<br>| &nbsp;&nbsp;&nbsp; (1305945)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6183)<br>|
| U.S. Treasury Ultra Bonds | (29)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (3468420)<br>| &nbsp;&nbsp;&nbsp; (3422000)<br>| &nbsp;&nbsp;&nbsp; 46420 | &nbsp;&nbsp;&nbsp; — |
| **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$367918** | &nbsp;&nbsp;&nbsp; **$(285553)**<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp; **$902626** | &nbsp;&nbsp;&nbsp; **$(970334)**<br>|

---

**INVESTMENTS BY INDUSTRY:**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of** <br>**Total Investments**<br>| **Value** |
| U.S. Government Agency Obligations | 25.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $221374926 |
| U.S. Government Obligations | 19.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168534303 |
| Banks | 9.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78083705 |
| Oil, Gas & Consumable Fuels | 3.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31774112 |
| Electric Utilities | 3.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30044099 |
| Semiconductors & Semiconductor Equipment | 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26720563 |
| Software | 1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14131237 |
| Asset-Backed Securities | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12540564 |
| Pharmaceuticals | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12480875 |
| Insurance | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12283812 |
| Food Products | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11332828 |
| Interactive Media & Services | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10870872 |
| Financial Services | 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10094340 |
| Capital Markets | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9498574 |
| Health Care Providers & Services | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9329883 |
| Biotechnology | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8771096 |
| Technology Hardware, Storage & Peripherals | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8528252 |
| Communications Equipment | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8246738 |
| Hotels, Restaurants & Leisure | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8195204 |
| Automobiles | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7719772 |
| Aerospace & Defense | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7156609 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 19**

------

**Transamerica JPMorgan Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**INVESTMENTS BY INDUSTRY (continued):**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of**<br> **Total Investments**<br>| **Value** |
| Broadline Retail | 0.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6908501 |
| Commercial Services & Supplies | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5751660 |
| Internet & Catalog Retail | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5556635 |
| Machinery | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5458730 |
| Media | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5112220 |
| Entertainment | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5015125 |
| Specialty Retail | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4950630 |
| Mortgage-Backed Securities | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4340742 |
| Consumer Staples Distribution & Retail | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3912055 |
| Chemicals | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3733279 |
| Health Care Equipment & Supplies | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3680572 |
| Metals & Mining | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3584110 |
| IT Services | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3377117 |
| Industrial Conglomerates | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3243162 |
| Beverages | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2985218 |
| Textiles, Apparel & Luxury Goods | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2861648 |
| Foreign Government Obligations | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2790377 |
| Diversified Telecommunication Services | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2736790 |
| Electrical Equipment | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2709881 |
| Construction & Engineering | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2653869 |
| Containers & Packaging | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2613472 |
| Household Durables | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2577488 |
| Specialized REITs | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2562356 |
| Building Products | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2422477 |
| Consumer Finance | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2310071 |
| Residential REITs | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2286579 |
| Life Sciences Tools & Services | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2190628 |
| Diversified REITs | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2125013 |
| Retail REITs | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1982991 |
| Passenger Airlines | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1897226 |
| Electronic Equipment, Instruments & Components | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1653308 |
| Transportation Infrastructure | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1593381 |
| Professional Services | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1377230 |
| Health Care REITs | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1332182 |
| Multi-Utilities | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1314264 |
| Real Estate Management & Development | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1235463 |
| Ground Transportation | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1090738 |
| Tobacco | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1035703 |
| Automobile Components | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 843822 |
| Gas Utilities | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 832568 |
| Energy Equipment & Services | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 788959 |
| Trading Companies & Distributors | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 726617 |
| Air Freight & Logistics | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 679976 |
| Personal Care Products | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642754 |
| Household Products | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473353 |
| Office REITs | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 463380 |
| Construction Materials | 0.0 \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364879 |
| Industrial REITs | 0.0 \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267135 |
| Hotel & Resort REITs | 0.0 \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206023 |
| **Investments** | **96.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **828964721** |
| Short-Term Investments | 3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28043655 |
| **Total Investments** | **100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$857008376** |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 20**

------

**Transamerica JPMorgan Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**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** |  |  |  |  |
| U.S. Government Agency Obligations | $— | &nbsp;&nbsp; $221374926 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $221374926 |
| Common Stocks | 155454283 | &nbsp;&nbsp; 61064513 | &nbsp;&nbsp; — | &nbsp;&nbsp; 216518796 |
| Corporate Debt Securities |  | &nbsp;&nbsp; 202865013 | &nbsp;&nbsp; — | &nbsp;&nbsp; 202865013 |
| U.S. Government Obligations |  | &nbsp;&nbsp; 168534303 | &nbsp;&nbsp; — | &nbsp;&nbsp; 168534303 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 12539808 | &nbsp;&nbsp; 756 | &nbsp;&nbsp; 12540564 |
| Mortgage-Backed Securities |  | &nbsp;&nbsp; 4340742 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4340742 |
| Foreign Government Obligations |  | &nbsp;&nbsp; 2790377 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2790377 |
| Short-Term U.S. Government Obligation |  | &nbsp;&nbsp; 560936 | &nbsp;&nbsp; — | &nbsp;&nbsp; 560936 |
| Other Investment Company | 2975321 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2975321 |
| Repurchase Agreement |  | &nbsp;&nbsp; 24507398 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24507398 |
| **Total Investments** | **$158429604** | &nbsp;&nbsp; **$698578016** | &nbsp;&nbsp; **$756** | &nbsp;&nbsp; **$857008376** |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(N)</sup> <br>| $902626 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $902626 |
| **Total Other Financial Instruments** | **$902626** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$902626** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(N)</sup> <br>| $(970334)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(970334)<br>|
| **Total Other Financial Instruments** | **$(970334)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(970334)**<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Transfers** |  |  |  |  |
| **Investments** | **Transfer from** <br>**Level 1 to Level 3**<br>| **Transfer from** <br>**Level 3 to Level 1**<br>| **Transfer from** <br>**Level 2 to Level 3**<br>| **Transfer from** <br>**Level 3 to Level 2**<br>|
| Asset-Backed Securities<sup>(G)</sup> <br>| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $756 | &nbsp;&nbsp; $— |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

<sup>(A)</sup> *Floating or variable rate security. The rate disclosed is as of December 31, 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> *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 December 31, 2025, the total value of 144A securities is $62,479,069, representing 7.3% of the* *Portfolio's net assets.* 

<sup>(C)</sup> *Non-income producing security.*

<sup>(D)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $3,125,830, collateralized by cash collateral of $2,975,321 and* *non-cash collateral, such as U.S. government securities of $215,820. 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> *Perpetual maturity. The date displayed is the next call date.*

<sup>(F)</sup> *All or a portion of the security has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total* *value of the securities is $6,179,356.* 

<sup>(G)</sup> *Transferred from Level 2 to 3 due to utilizing significant unobservable inputs. As of prior reporting period, the security utilized significant observable* *inputs.* 

<sup>(H)</sup> *Fair valued as determined in good faith in accordance with TAM's procedures. At December 31, 2025, the total value of the securities is $756,* *representing 0.0% of the Portfolio's net assets.* 

<sup>(I)</sup> *Security is Level 3 of the fair value hierarchy and is valued based on unobservable inputs (see note 3). At December 31, 2025, the total value of the* *securities is $756, representing 0.0% of the Portfolio's net assets.* 

<sup>(J)</sup> *Rounds to less than $1 or $(1).*

<sup>(K)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica JPMorgan Tactical Allocation VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

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

<sup>(L)</sup> *The Portfolio recognized transfers in and out of Level 3 as of December 31, 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.*

<sup>(N)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**CURRENCY ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *AUD* | *Australian Dollar* |
| *CHF* | *Swiss Franc* |
| *EUR* | *Euro* |
| *GBP* | *British Pound* |

---

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *ADR* | *American Depositary Receipt* |
| *BTP* | *Buoni del Tesoro Poliennali (Italian Treasury Bonds)* |
| *CMT* | *Constant Maturity Treasury* |
| *DJ* | *Dow Jones* |
| *EAFE* | *Europe, Australasia and Far East* |
| *FTSE* | *Financial Times Stock Exchange* |
| *REIT* | *Real Estate Investment Trust* |
| *RFUCC* | *Refinitiv USD IBOR Consumer Cash Fallbacks* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *STOXX* | *Deutsche Börse Group & SIX Group Index* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |
| *TOPIX* | *Tokyo Price Index* |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica JPMorgan Tactical Allocation VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $798,700,642) (including <br> securities loaned of $3,125,830)<br>| &nbsp;&nbsp; $832500978 |
| Repurchase agreement, at value (cost $24,507,398) | &nbsp;&nbsp; 24507398 |
| Cash | &nbsp;&nbsp; 3113 |
| Foreign currency, at value (cost $32,634) | &nbsp;&nbsp; 30179 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 599654 |
| Net income from securities lending | &nbsp;&nbsp; 1358 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 32383 |
| Dividends  | &nbsp;&nbsp; 141719 |
| Interest | &nbsp;&nbsp; 4617174 |
| Tax reclaims | &nbsp;&nbsp; 350283 |
| Variation margin receivable on futures contracts | &nbsp;&nbsp; 490459 |
| Litigation | &nbsp;&nbsp; 167 |
| Total assets | &nbsp;&nbsp; 863274865 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 2975321 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 141313 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 393286 |
| Investment management fees | &nbsp;&nbsp; 559311 |
| Distribution and service fees | &nbsp;&nbsp; 181574 |
| Transfer agent costs | &nbsp;&nbsp; 878 |
| Trustee and CCO fees | &nbsp;&nbsp; 287 |
| Audit and tax fees  | &nbsp;&nbsp; 49322 |
| Custody fees | &nbsp;&nbsp; 69619 |
| Legal fees | &nbsp;&nbsp; 6893 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 48389 |
| Other accrued expenses | &nbsp;&nbsp; 21174 |
| Total liabilities | &nbsp;&nbsp; 4447367 |
| **Net assets**  | &nbsp;&nbsp; $858827498 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $609551 |
| Additional paid-in capital | &nbsp;&nbsp; 879311098 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (21093151)<br>|
| **Net assets** | &nbsp;&nbsp; $858827498 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $60643174 |
| Service Class | &nbsp;&nbsp; 798184324 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 4611338 |
| Service Class | &nbsp;&nbsp; 56343757 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $13.15 |
| Service Class | 14.17 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $4076188 |
| Interest income | &nbsp;&nbsp; 29067756 |
| Net income from securities lending | &nbsp;&nbsp; 21141 |
| Withholding taxes on foreign income | &nbsp;&nbsp; (181371)<br>|
| Total investment income  | &nbsp;&nbsp; 32983714 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 6361007 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 2073888 |
| Transfer agent costs | &nbsp;&nbsp; 9817 |
| Trustee and CCO fees | &nbsp;&nbsp; 45651 |
| Audit and tax fees | &nbsp;&nbsp; 58167 |
| Custody fees | &nbsp;&nbsp; 295029 |
| Legal fees | &nbsp;&nbsp; 81889 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 160830 |
| Other | &nbsp;&nbsp; 85605 |
| Total expenses | &nbsp;&nbsp; 9171883 |
| **Net investment income (loss)** | &nbsp;&nbsp; 23811831 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 23683395 |
| Futures contracts | &nbsp;&nbsp; (4019924)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 3424 |
| Net realized gain (loss) | &nbsp;&nbsp; 19666895 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 28389692 |
| Futures contracts | &nbsp;&nbsp; 2598041 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 64998 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 31052731 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 50719626 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $74531457 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 23**

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**Transamerica JPMorgan Tactical Allocation VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $23811831 | &nbsp;&nbsp; $24970820 |
| Net realized gain (loss) | &nbsp;&nbsp; 19666895 | &nbsp;&nbsp; 32538202 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 31052731 | &nbsp;&nbsp; (16362817)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 74531457 | &nbsp;&nbsp; 41146205 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (2006659)<br>| &nbsp;&nbsp; (1713448)<br>|
| Service Class | &nbsp;&nbsp; (23401378)<br>| &nbsp;&nbsp; (21482684)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (25408037)<br>| &nbsp;&nbsp; (23196132)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 3079514 | &nbsp;&nbsp; 2900147 |
| Service Class | &nbsp;&nbsp; 735598 | &nbsp;&nbsp; 1915342 |
|  | &nbsp;&nbsp; 3815112 | &nbsp;&nbsp; 4815489 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 2006659 | &nbsp;&nbsp; 1713448 |
| Service Class | &nbsp;&nbsp; 23401378 | &nbsp;&nbsp; 21482684 |
|  | &nbsp;&nbsp; 25408037 | &nbsp;&nbsp; 23196132 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (7542550)<br>| &nbsp;&nbsp; (7361002)<br>|
| Service Class | &nbsp;&nbsp; (138146148)<br>| &nbsp;&nbsp; (145609338)<br>|
|  | &nbsp;&nbsp; (145688698)<br>| &nbsp;&nbsp; (152970340)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (116465549)<br>| &nbsp;&nbsp; (124958719)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (67342129)<br>| &nbsp;&nbsp; (107008646)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 926169627 | &nbsp;&nbsp; 1033178273 |
| End of year | &nbsp;&nbsp; $858827498 | &nbsp;&nbsp; $926169627 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 238608 | &nbsp;&nbsp; 235085 |
| Service Class | &nbsp;&nbsp; 53269 | &nbsp;&nbsp; 143426 |
|  | &nbsp;&nbsp; 291877 | &nbsp;&nbsp; 378511 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 156160 | &nbsp;&nbsp; 135450 |
| Service Class | &nbsp;&nbsp; 1689630 | &nbsp;&nbsp; 1579609 |
|  | &nbsp;&nbsp; 1845790 | &nbsp;&nbsp; 1715059 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (589005)<br>| &nbsp;&nbsp; (589199)<br>|
| Service Class | &nbsp;&nbsp; (10011406)<br>| &nbsp;&nbsp; (10848243)<br>|
|  | &nbsp;&nbsp; (10600411)<br>| &nbsp;&nbsp; (11437442)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (194237)<br>| &nbsp;&nbsp; (218664)<br>|
| Service Class | &nbsp;&nbsp; (8268507)<br>| &nbsp;&nbsp; (9125208)<br>|
|  | &nbsp;&nbsp; (8462744)<br>| &nbsp;&nbsp; (9343872)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 24**

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**Transamerica JPMorgan Tactical Allocation VP**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $12.48 | &nbsp;&nbsp; $12.29 | &nbsp;&nbsp; $11.52 | &nbsp;&nbsp; $15.60 | &nbsp;&nbsp; $16.13 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.37 | 0.35 | 0.28 | 0.20 | 0.22 |
| Net realized and unrealized gain (loss) | 0.74 | 0.20 | 0.72 | &nbsp;&nbsp; (2.46)<br>| 0.57 |
| Total investment operations | 1.11 | 0.55 | 1.00 | &nbsp;&nbsp; (2.26)<br>| 0.79 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.31)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.01)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.32)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $13.15 | &nbsp;&nbsp; $12.48 | &nbsp;&nbsp; $12.29 | &nbsp;&nbsp; $11.52 | &nbsp;&nbsp; $15.60 |
| **Total return**<sup>(B)</sup> <br>| 9.01<br> %<br>| 4.44<br> %<br>| 8.90<br> %<br>| &nbsp;&nbsp; (14.80)%<br>| 4.91<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $60643 | &nbsp;&nbsp; $59969 | &nbsp;&nbsp; $61743 | &nbsp;&nbsp; $63613 | &nbsp;&nbsp; $81871 |
| Expenses to average net assets<sup>(C)</sup> <br>| 0.80<br> %<br>| 0.79<br> %<br>| 0.77<br> %<br>| 0.75<br> %<br>| 0.77<br> %<br>|
| Net investment income (loss) to average net assets | 2.91<br> %<br>| 2.77<br> %<br>| 2.37<br> %<br>| 1.52<br> %<br>| 1.39<br> %<br>|
| Portfolio turnover rate<sup>(D)</sup> <br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 86<br> %<br>| &nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp; 83<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> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(D)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 47%, 86%, 69%, 162% and 106%, for* *the years ended December 31, 2025, December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021, respectively.* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $13.41 | &nbsp;&nbsp; $13.17 | &nbsp;&nbsp; $12.33 | &nbsp;&nbsp; $16.54 | &nbsp;&nbsp; $17.03 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.37 | 0.34 | 0.27 | 0.18 | 0.19 |
| Net realized and unrealized gain (loss) | 0.79 | 0.22 | 0.76 | &nbsp;&nbsp; (2.61)<br>| 0.59 |
| Total investment operations | 1.16 | 0.56 | 1.03 | &nbsp;&nbsp; (2.43)<br>| 0.78 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.26)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.01)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp; (1.27)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $14.17 | &nbsp;&nbsp; $13.41 | &nbsp;&nbsp; $13.17 | &nbsp;&nbsp; $12.33 | &nbsp;&nbsp; $16.54 |
| **Total return**<sup>(B)</sup> <br>| 8.75<br> %<br>| 4.24<br> %<br>| 8.57<br> %<br>| &nbsp;&nbsp; (15.03)%<br>| 4.63<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $798184 | &nbsp;&nbsp; $866201 | &nbsp;&nbsp; $971435 | &nbsp;&nbsp; $1025029 | &nbsp;&nbsp; $1354922 |
| Expenses to average net assets<sup>(C)</sup> <br>| 1.05<br> %<br>| 1.03<br> %<br>| 1.01<br> %<br>| 1.00<br> %<br>| 1.02<br> %<br>|
| Net investment income (loss) to average net assets | 2.66<br> %<br>| 2.52<br> %<br>| 2.12<br> %<br>| 1.26<br> %<br>| 1.14<br> %<br>|
| Portfolio turnover rate<sup>(D)</sup> <br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 86<br> %<br>| &nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp; 83<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> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(D)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 47%, 86%, 69%, 162% and 106%, for* *the years ended December 31, 2025, 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**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica JPMorgan Tactical Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 JPMorgan 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 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**

**Annual Financial Statements 2025**

**Page 26**

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**Transamerica JPMorgan Tactical Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 year ended December 31, 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 year ended December 31, 2025 by the Portfolio.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 27**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 December 31, 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.

*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

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**Annual Financial Statements 2025**

**Page 28**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**3. INVESTMENT VALUATION (continued)**

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.

*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. 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.

*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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 29**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 December 31, 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 December 31, 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.

**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 year ended December 31, 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 December 31, 2025, or at any time during the year 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

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**Annual Financial Statements 2025**

**Page 30**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**5. 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 December 31, 2025.

Repurchase agreements at December 31, 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 December 31, 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 December 31, 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 | $112982 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $112982 |
| Corporate Debt Securities | 1864123 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1864123 |
| U.S. Government Obligations | 998216 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 998216 |
| Total Securities Lending Transactions | $2975321 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2975321 |
| **Total Borrowings** | **$2975321** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2975321** |

---

**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:

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**Annual Financial Statements 2025**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

*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.

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 December 31, 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 December 31, 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>| $491539 | $184463 | $226624 | $— | $— | $902626 |
| **Total** | **$491539** | **$184463** | **$226624** | **$—** | **$—** | **$902626** |

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**Annual Financial Statements 2025**

**Page 32**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>| $(629086)<br>| $(249128)<br>| $(92120)<br>| $— | $— | $(970334)<br>|
| **Total** | **$(629086)**<br>| **$(249128)**<br>| **$(92120)**<br>| **$—** | **$—** | **$(970334)**<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.* 

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 December 31, 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  | $2187608 | $64589 | $(6272121)<br>| $— | $— | $(4019924)<br>|
| **Total** | **$2187608** | **$64589** | **$(6272121)**<br>| **$—** | **$—** | **$(4019924)**<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  | $528599 | $(682202)<br>| $2751644 | $— | $— | $2598041 |
| **Total** | **$528599** | **$(682202)**<br>| **$2751644** | **$—** | **$—** | **$2598041** |

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $193804413 |
| Average notional value of contracts — short | (97295396)<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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

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**Transamerica JPMorgan Tactical Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 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.

**Asset class allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset class 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 is incorrect.

**Tactical asset allocation risk:** Tactical asset allocation is an 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

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**7. RISK FACTORS (continued)**

sub-adviser's evaluations and assumptions in selecting underlying mutual funds, underlying ETFs or individual securities may be incorrect in view of actual market conditions, and may result in owning securities that underperform other securities.

**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.

**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.

**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.

**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

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**7. RISK FACTORS (continued)**

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.

**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 $500 million | 0.730<br> % <br>|
| Over $500 million up to $750 million | 0.705 |
| Over $750 million up to $1.5 billion | 0.680 |
| Over $1.5 billion up to $2.5 billion | 0.670 |
| Over $2.5 billion | 0.650 |

---

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 | 0.81<br> % <br>| May 1, 2026 |
| Service Class | 1.06 | 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 year ended December 31, 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 December 31, 2025**

&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.

As of December 31, 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 year ended December 31, 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 year ended December 31, 2025.

**9. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 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** |
| $319852592 | &nbsp;&nbsp; $82665977 | &nbsp;&nbsp; $365031032 | &nbsp;&nbsp; $157818409 |

---

**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

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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. These differences are primarily due to different treatment for items including, but not limited to, wash sales, futures contracts mark-to-market, passive foreign investment companies, premium amortization accruals, futures straddle loss deferral and forward contracts mark-to-market. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to a portion of the payments made to redeeming shareholders as a distribution for income tax purposes. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| &nbsp;&nbsp;&nbsp; $(291)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $291 |

---

As of December 31, 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>|
| $826743127 | &nbsp;&nbsp; $52764572 | &nbsp;&nbsp; $(22222144)<br>| &nbsp;&nbsp; $30542428 |

---

As of December 31, 2025, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $55775014 | &nbsp;&nbsp;&nbsp;&nbsp; $19620160 |

---

During the year ended December 31, 2025, the capital loss carryforwards utilized are $20,069,603.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $25408037 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $23196132 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $24339619 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(75395174)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(603160)<br>| &nbsp;&nbsp; $30565564 |

---

**Transamerica Series Trust**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**11. OPERATING SEGMENTS**

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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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica JPMorgan Tactical Allocation VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica JPMorgan Tactical Allocation VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862img2bf0875b3.gif)

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

Boston, Massachusetts

February 25, 2026

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**Page 40**

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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made no long-term capital gain designations for the year ended December 31, 2025.

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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**

**Annual Financial Statements 2025**

**Page 42**

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**Transamerica JPMorgan Tactical 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**

**Annual Financial Statements 2025**

**Page 43**

------

**Transamerica JPMorgan Tactical Allocation VP** 

------

**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**

**Annual Financial Statements 2025**

**Page 44**

------

**Transamerica JPMorgan Tactical Allocation VP** 

------

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 45**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862imgf66d28974.gif)

Visit **transamerica.com**

![](g768862imgdd6b04e15.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

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------

![](g768862imgb0ba63b61.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica Madison Diversified Income VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imgf987ffc42.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_efffc927-7703-4dca-8b6a-ef410ff278ee_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_efffc927-7703-4dca-8b6a-ef410ff278ee_SOI-RunningFooter-196_1) | 2 |
| [Statement of Assets and Liabilities](#xx_efffc927-7703-4dca-8b6a-ef410ff278ee_FS-RunningFooter-196_1) | 8 |
| [Statement of Operations](#xx_efffc927-7703-4dca-8b6a-ef410ff278ee_FS-RunningFooter-196_1) | 8 |
| [Statement of Changes in Net Assets](#xx_efffc927-7703-4dca-8b6a-ef410ff278ee_FS-RunningFooter-196_2) | 9 |
| [Financial Highlights](#xx_efffc927-7703-4dca-8b6a-ef410ff278ee_SCF-RunningFooter-196_1) | 10 |
| [Notes to Financial Statements](#xx_efffc927-7703-4dca-8b6a-ef410ff278ee_NTF-RunningFooter-196_1) | 11 |
| **[Report of Independent Registered Public Accounting Firm](#xx_efffc927-7703-4dca-8b6a-ef410ff278ee_AUD-RunningFooter-196_1)** | 21 |
| **[Supplemental Information](#xx_efffc927-7703-4dca-8b6a-ef410ff278ee_STI-RunningFooter-196_1)** | 22 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_efffc927-7703-4dca-8b6a-ef410ff278ee_DWA-RunningFooter-196_1)**<br> **[Companies](#xx_efffc927-7703-4dca-8b6a-ef410ff278ee_DWA-RunningFooter-196_1)**<br>| 23 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_efffc927-7703-4dca-8b6a-ef410ff278ee_PD-RunningFooter-196_1)** | 24 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_efffc927-7703-4dca-8b6a-ef410ff278ee_DTO-RunningFooter-196_1)**<br> **[Companies](#xx_efffc927-7703-4dca-8b6a-ef410ff278ee_DTO-RunningFooter-196_1)**<br>| 25 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_efffc927-7703-4dca-8b6a-ef410ff278ee_Mgmtagmt-RunningFooter-196_1)** | 26 |

---

***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 Madison Diversified Income VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 41.6%**  | **COMMON STOCKS - 41.6%**  | **COMMON STOCKS - 41.6%**  |
| **Banks - 2.5%**  | **Banks - 2.5%**  | **Banks - 2.5%**  |
| Bank of America Corp. | 24950 | $1372250 |
| JPMorgan Chase & Co. | 4100 | 1321102 |
|  |  | 2693352 |
| **Beverages - 0.9%**  | **Beverages - 0.9%**  | **Beverages - 0.9%**  |
| PepsiCo, Inc. | 6400 | 918528 |
| **Biotechnology - 1.3%**  | **Biotechnology - 1.3%**  | **Biotechnology - 1.3%**  |
| AbbVie, Inc. | 5925 | 1353803 |
| **Capital Markets - 4.9%**  | **Capital Markets - 4.9%**  | **Capital Markets - 4.9%**  |
| Blackrock, Inc. | 1550 | 1659027 |
| CME Group, Inc. | 6600 | 1802328 |
| Morgan Stanley | 9731 | 1727544 |
|  |  | 5188899 |
| **Chemicals - 0.7%**  | **Chemicals - 0.7%**  | **Chemicals - 0.7%**  |
| Air Products & Chemicals, Inc. | 3000 | 741060 |
| **Electric Utilities - 1.7%**  | **Electric Utilities - 1.7%**  | **Electric Utilities - 1.7%**  |
| NextEra Energy, Inc. | 22700 | 1822356 |
| **Electrical Equipment - 0.8%**  | **Electrical Equipment - 0.8%**  | **Electrical Equipment - 0.8%**  |
| Rockwell Automation, Inc. | 2300 | 894861 |
| **Electronic Equipment, Instruments & Components - 1.3%**  | **Electronic Equipment, Instruments & Components - 1.3%**  | **Electronic Equipment, Instruments & Components - 1.3%**  |
| TE Connectivity PLC | 6050 | 1376436 |
| **Food Products - 0.7%**  | **Food Products - 0.7%**  | **Food Products - 0.7%**  |
| Hershey Co. | 4000 | 727920 |
| **Ground Transportation - 1.3%**  | **Ground Transportation - 1.3%**  | **Ground Transportation - 1.3%**  |
| Union Pacific Corp. | 6200 | 1434184 |
| **Health Care Equipment & Supplies - 2.6%**  | **Health Care Equipment & Supplies - 2.6%**  | **Health Care Equipment & Supplies - 2.6%**  |
| Abbott Laboratories | 10250 | 1284222 |
| Medtronic PLC | 14950 | 1436097 |
|  |  | 2720319 |
| **Health Care Providers & Services - 0.7%**  | **Health Care Providers & Services - 0.7%**  | **Health Care Providers & Services - 0.7%**  |
| Elevance Health, Inc. | 2050 | 718628 |
| **Hotels, Restaurants & Leisure - 1.0%**  | **Hotels, Restaurants & Leisure - 1.0%**  | **Hotels, Restaurants & Leisure - 1.0%**  |
| McDonald's Corp. | 3625 | 1107909 |
| **Household Products - 1.7%**  | **Household Products - 1.7%**  | **Household Products - 1.7%**  |
| Colgate-Palmolive Co. | 8800 | 695376 |
| Procter & Gamble Co. | 7775 | 1114235 |
|  |  | 1809611 |
| **Industrial Conglomerates - 1.5%**  | **Industrial Conglomerates - 1.5%**  | **Industrial Conglomerates - 1.5%**  |
| Honeywell International, Inc. | 8150 | 1589984 |
| **Insurance - 0.7%**  | **Insurance - 0.7%**  | **Insurance - 0.7%**  |
| Marsh & McLennan Cos., Inc. | 4200 | 779184 |
| **Machinery - 2.3%**  | **Machinery - 2.3%**  | **Machinery - 2.3%**  |
| Cummins, Inc. | 1400 | 714630 |
| Deere & Co. | 925 | 430652 |
| Illinois Tool Works, Inc. | 5200 | 1280760 |
|  |  | 2426042 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Oil, Gas & Consumable Fuels - 4.5%**  | **Oil, Gas & Consumable Fuels - 4.5%**  | **Oil, Gas & Consumable Fuels - 4.5%**  |
| Chevron Corp. | 11975 | $1825110 |
| EOG Resources, Inc. | 10800 | 1134108 |
| Exxon Mobil Corp. | 15500 | 1865270 |
|  |  | 4824488 |
| **Pharmaceuticals - 2.0%**  | **Pharmaceuticals - 2.0%**  | **Pharmaceuticals - 2.0%**  |
| Johnson & Johnson | 10550 | 2183323 |
| **Professional Services - 1.2%**  | **Professional Services - 1.2%**  | **Professional Services - 1.2%**  |
| Automatic Data Processing, Inc. | 5050 | 1299012 |
| **Semiconductors & Semiconductor Equipment - 3.3%**  | **Semiconductors & Semiconductor Equipment - 3.3%**  | **Semiconductors & Semiconductor Equipment - 3.3%**  |
| Analog Devices, Inc. | 4200 | 1139040 |
| QUALCOMM, Inc. | 6650 | 1137482 |
| Texas Instruments, Inc. | 7400 | 1283826 |
|  |  | 3560348 |
| **Specialty Retail - 2.5%**  | **Specialty Retail - 2.5%**  | **Specialty Retail - 2.5%**  |
| Home Depot, Inc. | 4100 | 1410810 |
| Lowe's Cos., Inc. | 5000 | 1205800 |
|  |  | 2616610 |
| **Textiles, Apparel & Luxury Goods - 0.6%**  | **Textiles, Apparel & Luxury Goods - 0.6%**  | **Textiles, Apparel & Luxury Goods - 0.6%**  |
| NIKE, Inc., Class B | 10440 | 665132 |
| **Trading Companies & Distributors - 0.9%**  | **Trading Companies & Distributors - 0.9%**  | **Trading Companies & Distributors - 0.9%**  |
| Fastenal Co. | 23900 | 959107 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $36,977,979)**<br>|  | 44411096 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 24.3%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 24.3%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 24.3%**  |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.00%, 03/01/2041 - 12/01/2051 | $1400621 | 1193326 |
| 2.50%, 02/01/2032 - 01/01/2052 | 2154214 | 1892264 |
| 3.00%, 09/01/2042 - 08/01/2052 | 1555949 | 1412574 |
| 3.50%, 11/01/2040 - 05/01/2052 | 1671304 | 1567472 |
| 4.00%, 04/01/2033 - 03/01/2047 | 123320 | 121678 |
| 4.50%, 08/01/2039 - 12/01/2052 | 405103 | 403504 |
| 5.00%, 05/01/2040 - 02/01/2053 | 2147237 | 2155152 |
| 5.50%, 01/01/2037 - 02/01/2054 | 1282199 | 1313888 |
| 6.00%, 09/01/2053 | 520977 | 539077 |
| Federal Home Loan Mortgage Corp. <br> REMICS |  |  |
| 5.00%, 07/15/2036 | 52938 | 54184 |
| Federal National Mortgage Association |  |  |
| 2.50%, 06/01/2031 - 04/01/2052 | 3299959 | 2940168 |
| 3.00%, 12/01/2028 - 01/01/2049 | 1670572 | 1553962 |
| 3.50%, 12/01/2031 - 08/01/2052 | 1965156 | 1844288 |
| 4.00%, 02/01/2035 - 09/01/2052 | 2814319 | 2696633 |
| 4.50%, 05/01/2038 - 07/01/2053 | 1733667 | 1713581 |
| 5.00%, 10/01/2052 - 12/01/2052 | 1120812 | 1123025 |
| 5.50%, 10/01/2052 - 05/01/2054 | 1459222 | 1486162 |
| Federal National Mortgage Association <br> REMICS |  |  |
| 1.38%, 09/25/2027 | 74069 | 72736 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

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**Transamerica Madison Diversified Income VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **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>|  |  |
| 3.50%, 04/25/2031 | $67209 | $66262 |
| 5.50%, 05/25/2051 - 10/25/2051 | 1100565 | 1113865 |
| Federal National Mortgage <br> Association-ACES |  |  |
| 3.16% <sup>(A)</sup>, 11/25/2027 | 380571 | 376487 |
| Government National Mortgage <br> Association |  |  |
| 3.50%, 12/15/2042 | 25829 | 24105 |
| 4.00%, 12/15/2039 | 3248 | 3152 |
| 4.50%, 08/15/2040 | 1370 | 1371 |
| Government National Mortgage <br> Association REMICS |  |  |
| 4.50%, 03/16/2065 | 241119 | 239631 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $26,692,623)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $26,692,623)** | 25908547 |
| **CORPORATE DEBT SECURITIES - 17.7%**  | **CORPORATE DEBT SECURITIES - 17.7%**  | **CORPORATE DEBT SECURITIES - 17.7%**  |
| **Aerospace & Defense - 0.3%**  | **Aerospace & Defense - 0.3%**  | **Aerospace & Defense - 0.3%**  |
| BAE Systems PLC |  |  |
| 5.30%, 03/26/2034 <sup>(B)</sup> <br>| 250000 | 258886 |
| **Banks - 4.5%**  | **Banks - 4.5%**  | **Banks - 4.5%**  |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 06/14/2028, <br>2.09% <sup>(A)</sup>, 06/14/2029<br>| 300000 | 286171 |
| &nbsp;&nbsp; Fixed until 03/08/2032, <br>3.85% <sup>(A)</sup>, 03/08/2037<br>| 250000 | 235434 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/24/2032, <br>4.91% <sup>(A)</sup>, 05/24/2033<br>| 200000 | 202397 |
| &nbsp;&nbsp; Fixed until 09/19/2034, <br>5.41% <sup>(A)</sup>, 09/19/2039<br>| 150000 | 150947 |
| Fifth Third Bancorp |  |  |
| &nbsp;&nbsp; Fixed until 04/25/2032, <br>4.34% <sup>(A)</sup>, 04/25/2033<br>| 200000 | 195511 |
| &nbsp;&nbsp; Fixed until 07/27/2028, <br>6.34% <sup>(A)</sup>, 07/27/2029<br>| 100000 | 105312 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 04/23/2030, <br>5.22% <sup>(A)</sup>, 04/23/2031<br>| 250000 | 258212 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 08/15/2031, <br>2.49% <sup>(A)</sup>, 08/15/2036<br>| 300000 | 260099 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 01/23/2034, <br>5.34% <sup>(A)</sup>, 01/23/2035<br>| 250000 | 259105 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 02/22/2030, <br>5.48% <sup>(A)</sup>, 02/22/2031<br>| 250000 | 260676 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 01/18/2034, <br>5.47% <sup>(A)</sup>, 01/18/2035<br>| 250000 | 259869 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 10/20/2033, <br>6.88% <sup>(A)</sup>, 10/20/2034<br>| 250000 | 282907 |
| Royal Bank of Canada |  |  |
| 5.15%, 02/01/2034 | 175000 | 182410 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| State Street Corp. |  |  |
| &nbsp;&nbsp; Fixed until 11/01/2029, <br>3.03% <sup>(A)</sup>, 11/01/2034<br>| $125000 | $117919 |
| Toronto-Dominion Bank |  |  |
| 4.46%, 06/08/2032 | 250000 | 249515 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 01/26/2033, <br>5.12% <sup>(A)</sup>, 01/26/2034<br>| 200000 | 203777 |
| &nbsp;&nbsp; Fixed until 06/08/2033, <br>5.87% <sup>(A)</sup>, 06/08/2034<br>| 300000 | 319228 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp; Fixed until 02/01/2033, <br>4.84% <sup>(A)</sup>, 02/01/2034<br>| 225000 | 226653 |
| &nbsp;&nbsp; Fixed until 01/23/2029, <br>5.38% <sup>(A)</sup>, 01/23/2030<br>| 125000 | 129461 |
| UBS Group AG |  |  |
| &nbsp;&nbsp; Fixed until 08/05/2026, <br>4.70% <sup>(A)</sup>, 08/05/2027 <sup>(B)</sup> <br>| 200000 | 200701 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp; Fixed until 01/22/2029, <br>5.20% <sup>(A)</sup>, 01/23/2030<br>| 125000 | 128731 |
| &nbsp;&nbsp; Fixed until 07/25/2028, <br>5.57% <sup>(A)</sup>, 07/25/2029<br>| 250000 | 258969 |
|  |  | 4774004 |
| **Beverages - 0.3%**  | **Beverages - 0.3%**  | **Beverages - 0.3%**  |
| Diageo Investment Corp. |  |  |
| 5.13%, 08/15/2030 | 200000 | 207201 |
| Keurig Dr. Pepper, Inc. |  |  |
| 3.80%, 05/01/2050 | 200000 | 145240 |
|  |  | 352441 |
| **Biotechnology - 0.2%**  | **Biotechnology - 0.2%**  | **Biotechnology - 0.2%**  |
| Amgen, Inc. |  |  |
| 5.65%, 03/02/2053 | 75000 | 73440 |
| Royalty Pharma PLC |  |  |
| 2.20%, 09/02/2030 | 200000 | 181299 |
|  |  | 254739 |
| **Building Products - 0.4%**  | **Building Products - 0.4%**  | **Building Products - 0.4%**  |
| Carrier Global Corp. |  |  |
| 3.58%, 04/05/2050 | 34000 | 25031 |
| 6.20%, 03/15/2054 | 98000 | 105961 |
| Vulcan Materials Co. |  |  |
| 3.50%, 06/01/2030 | 275000 | 266389 |
|  |  | 397381 |
| **Capital Markets - 0.2%**  | **Capital Markets - 0.2%**  | **Capital Markets - 0.2%**  |
| Goldman Sachs BDC, Inc. |  |  |
| 2.88%, 01/15/2026 | 200000 | 199878 |
| **Chemicals - 0.3%**  | **Chemicals - 0.3%**  | **Chemicals - 0.3%**  |
| LYB International Finance III LLC |  |  |
| 3.63%, 04/01/2051 | 100000 | 64443 |
| Nutrien Ltd. |  |  |
| 5.80%, 03/27/2053 | 250000 | 249562 |
|  |  | 314005 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Madison Diversified Income VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Commercial Services & Supplies - 0.6%**  | **Commercial Services & Supplies - 0.6%**  | **Commercial Services & Supplies - 0.6%**  |
| PayPal Holdings, Inc. |  |  |
| 5.10%, 04/01/2035 | $100000 | $101755 |
| Quanta Services, Inc. |  |  |
| 2.90%, 10/01/2030 | 300000 | 280789 |
| Textron, Inc. |  |  |
| 2.45%, 03/15/2031 | 250000 | 226573 |
|  |  | 609117 |
| **Communications Equipment - 0.5%**  | **Communications Equipment - 0.5%**  | **Communications Equipment - 0.5%**  |
| AT&T, Inc. |  |  |
| 2.25%, 02/01/2032 | 200000 | 175401 |
| 4.75%, 05/15/2046 | 75000 | 64983 |
| Verizon Communications, Inc. |  |  |
| 5.88%, 11/30/2055 | 250000 | 247000 |
|  |  | 487384 |
| **Consumer Staples Distribution & Retail - 0.4%**  | **Consumer Staples Distribution & Retail - 0.4%**  | **Consumer Staples Distribution & Retail - 0.4%**  |
| Lowe's Cos., Inc. |  |  |
| 3.00%, 10/15/2050 | 150000 | 95078 |
| Tractor Supply Co. |  |  |
| 5.25%, 05/15/2033 | 100000 | 103411 |
| Walmart, Inc. |  |  |
| 4.90%, 04/28/2035 | 250000 | 257004 |
|  |  | 455493 |
| **Containers & Packaging - 0.1%**  | **Containers & Packaging - 0.1%**  | **Containers & Packaging - 0.1%**  |
| WRKCo, Inc. |  |  |
| 3.90%, 06/01/2028 | 125000 | 124348 |
| **Diversified REITs - 0.3%**  | **Diversified REITs - 0.3%**  | **Diversified REITs - 0.3%**  |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 3.25%, 01/15/2032 | 200000 | 180952 |
| Weyerhaeuser Co. |  |  |
| 3.38%, 03/09/2033 | 200000 | 183085 |
|  |  | 364037 |
| **Electric Utilities - 0.7%**  | **Electric Utilities - 0.7%**  | **Electric Utilities - 0.7%**  |
| DTE Electric Co. |  |  |
| 5.40%, 04/01/2053 | 250000 | 242606 |
| Duke Energy Corp. |  |  |
| 3.75%, 09/01/2046 | 250000 | 189585 |
| Interstate Power & Light Co. |  |  |
| 3.50%, 09/30/2049 | 225000 | 160403 |
| PECO Energy Co. |  |  |
| 3.05%, 03/15/2051 | 250000 | 163056 |
|  |  | 755650 |
| **Electronic Equipment, Instruments & Components - 0.2%**  | **Electronic Equipment, Instruments & Components - 0.2%**  | **Electronic Equipment, Instruments & Components - 0.2%**  |
| Vontier Corp. |  |  |
| 1.80%, 04/01/2026 | 200000 | 198722 |
| **Financial Services - 1.1%**  | **Financial Services - 1.1%**  | **Financial Services - 1.1%**  |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust |  |  |
| 4.63%, 10/15/2027 | 250000 | 252044 |
| American Express Co. |  |  |
| &nbsp;&nbsp; Fixed until 10/30/2030, <br>6.49% <sup>(A)</sup>, 10/30/2031<br>| 250000 | 273045 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 05/10/2027, <br>4.93% <sup>(A)</sup>, 05/10/2028<br>| $200000 | $202355 |
| &nbsp;&nbsp; Fixed until 06/08/2028, <br>6.31% <sup>(A)</sup>, 06/08/2029<br>| 200000 | 209890 |
| KKR Group Finance Co. VIII LLC |  |  |
| 3.50%, 08/25/2050 <sup>(B)</sup> <br>| 250000 | 175772 |
| Synchrony Financial |  |  |
| 3.70%, 08/04/2026 | 100000 | 99646 |
|  |  | 1212752 |
| **Food Products - 0.5%**  | **Food Products - 0.5%**  | **Food Products - 0.5%**  |
| J.M. Smucker Co. |  |  |
| 6.20%, 11/15/2033 | 250000 | 270992 |
| Mars, Inc. |  |  |
| 5.20%, 03/01/2035 <sup>(B)</sup> <br>| 100000 | 102783 |
| 5.70%, 05/01/2055 <sup>(B)</sup> <br>| 100000 | 99613 |
|  |  | 473388 |
| **Health Care Providers & Services - 0.5%**  | **Health Care Providers & Services - 0.5%**  | **Health Care Providers & Services - 0.5%**  |
| Cigna Group |  |  |
| 4.38%, 10/15/2028 | 50000 | 50454 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co. |  |  |
| 2.20%, 06/01/2030 <sup>(B)</sup> <br>| 350000 | 317801 |
| Humana, Inc. |  |  |
| 5.38%, 04/15/2031 | 150000 | 155083 |
|  |  | 523338 |
| **Health Care REITs - 0.3%**  | **Health Care REITs - 0.3%**  | **Health Care REITs - 0.3%**  |
| Healthpeak OP LLC |  |  |
| 3.25%, 07/15/2026 | 150000 | 149271 |
| Omega Healthcare Investors, Inc. |  |  |
| 3.38%, 02/01/2031 | 225000 | 210061 |
|  |  | 359332 |
| **Insurance - 1.2%**  | **Insurance - 1.2%**  | **Insurance - 1.2%**  |
| Aflac, Inc. |  |  |
| 4.75%, 01/15/2049 | 250000 | 220323 |
| American International Group, Inc. |  |  |
| 4.75%, 04/01/2048 | 100000 | 88896 |
| Athene Holding Ltd. |  |  |
| 6.25%, 04/01/2054 | 125000 | 121559 |
| Empower Finance 2020 LP |  |  |
| 3.08%, 09/17/2051 <sup>(B)</sup> <br>| 350000 | 225634 |
| Five Corners Funding Trust II |  |  |
| 2.85%, 05/15/2030 <sup>(B)</sup> <br>| 250000 | 235356 |
| Liberty Mutual Group, Inc. |  |  |
| 3.95%, 05/15/2060 <sup>(B)</sup> <br>| 100000 | 69289 |
| Old Republic International Corp. |  |  |
| 3.85%, 06/11/2051 | 250000 | 180789 |
| Teachers Insurance & Annuity Association <br> of America |  |  |
| 3.30%, 05/15/2050 <sup>(B)</sup> <br>| 200000 | 137039 |
|  |  | 1278885 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

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**Transamerica Madison Diversified Income VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Internet & Catalog Retail - 0.1%**  | **Internet & Catalog Retail - 0.1%**  | **Internet & Catalog Retail - 0.1%**  |
| Meta Platforms, Inc. |  |  |
| 4.88%, 11/15/2035 | $150000 | $149799 |
| **IT Services - 0.4%**  | **IT Services - 0.4%**  | **IT Services - 0.4%**  |
| Dell International LLC/EMC Corp. |  |  |
| 3.45%, 12/15/2051 | 250000 | 170245 |
| 8.35%, 07/15/2046 | 19000 | 24102 |
| HP, Inc. |  |  |
| 2.65%, 06/17/2031 | 250000 | 225420 |
|  |  | 419767 |
| **Oil, Gas & Consumable Fuels - 3.0%**  | **Oil, Gas & Consumable Fuels - 3.0%**  | **Oil, Gas & Consumable Fuels - 3.0%**  |
| Devon Energy Corp. |  |  |
| 5.20%, 09/15/2034 <sup>(C)</sup> <br>| 400000 | 398236 |
| Diamondback Energy, Inc. |  |  |
| 5.40%, 04/18/2034 | 295000 | 302058 |
| Eastern Gas Transmission & Storage, Inc. |  |  |
| 3.00%, 11/15/2029 | 250000 | 238925 |
| Enbridge, Inc. |  |  |
| 5.70%, 03/08/2033 | 125000 | 131661 |
| Energy Transfer LP |  |  |
| 5.25%, 04/15/2029 | 100000 | 102754 |
| 6.55%, 12/01/2033 | 250000 | 274007 |
| Exxon Mobil Corp. |  |  |
| 4.11%, 03/01/2046 | 225000 | 188125 |
| Kinder Morgan, Inc. |  |  |
| 5.55%, 06/01/2045 | 350000 | 338387 |
| Marathon Petroleum Corp. |  |  |
| 3.80%, 04/01/2028 | 175000 | 173990 |
| MPLX LP |  |  |
| 2.65%, 08/15/2030 | 400000 | 370472 |
| Phillips 66 |  |  |
| 4.65%, 11/15/2034 | 100000 | 97975 |
| Valero Energy Corp. |  |  |
| 4.00%, 06/01/2052 | 100000 | 73711 |
| 6.63%, 06/15/2037 | 250000 | 275283 |
| Valero Energy Partners LP |  |  |
| 4.50%, 03/15/2028 | 250000 | 251700 |
|  |  | 3217284 |
| **Passenger Airlines - 0.2%**  | **Passenger Airlines - 0.2%**  | **Passenger Airlines - 0.2%**  |
| Delta Air Lines, Inc./SkyMiles IP Ltd. |  |  |
| 4.75%, 10/20/2028 <sup>(B)</sup> <br>| 250000 | 251518 |
| **Pharmaceuticals - 0.2%**  | **Pharmaceuticals - 0.2%**  | **Pharmaceuticals - 0.2%**  |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.30%, 05/19/2053 | 200000 | 189375 |
| **Real Estate Management & Development - 0.1%**  | **Real Estate Management & Development - 0.1%**  | **Real Estate Management & Development - 0.1%**  |
| CBRE Services, Inc. |  |  |
| 4.80%, 06/15/2030 | 125000 | 126731 |
| **Retail REITs - 0.2%**  | **Retail REITs - 0.2%**  | **Retail REITs - 0.2%**  |
| Realty Income Corp. |  |  |
| 4.85%, 03/15/2030 | 200000 | 205365 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Semiconductors & Semiconductor Equipment - 0.0% \*** | **Semiconductors & Semiconductor Equipment - 0.0% \*** | **Semiconductors & Semiconductor Equipment - 0.0% \*** |
| Broadcom, Inc. |  |  |
| 3.19%, 11/15/2036 <sup>(B)</sup> <br>| $9000 | $7633 |
| **Software - 0.7%**  | **Software - 0.7%**  | **Software - 0.7%**  |
| Fiserv, Inc. |  |  |
| 3.50%, 07/01/2029 | 100000 | 96975 |
| Oracle Corp. |  |  |
| 3.95%, 03/25/2051 | 250000 | 164490 |
| Paychex, Inc. |  |  |
| 5.60%, 04/15/2035 | 200000 | 209459 |
| VMware LLC |  |  |
| 2.20%, 08/15/2031 | 250000 | 222139 |
|  |  | 693063 |
| **Technology Hardware, Storage & Peripherals - 0.2%**  | **Technology Hardware, Storage & Peripherals - 0.2%**  | **Technology Hardware, Storage & Peripherals - 0.2%**  |
| CDW LLC/CDW Finance Corp. |  |  |
| 5.10%, 03/01/2030 | 204000 | 207742 |
|  |  | 207742 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $19,876,517)**<br>|  | 18862057 |
| **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 Bonds |  |  |
| 2.00%, 02/15/2050 | 700000 | 410320 |
| 2.75%, 08/15/2042 - 11/15/2042 | 1800000 | 1386664 |
| 3.00%, 05/15/2047 | 750000 | 563203 |
| 3.75%, 08/15/2041 | 250000 | 225313 |
| 4.13%, 08/15/2053 | 750000 | 663926 |
| 4.25%, 08/15/2054 | 1000000 | 904141 |
| 4.38%, 05/15/2041 | 500000 | 487187 |
| 4.63%, 05/15/2044 | 715000 | 701985 |
| U.S. Treasury Notes |  |  |
| 2.63%, 02/15/2029 | 1500000 | 1458516 |
| 3.88%, 11/30/2029 | 1000000 | 1008359 |
| 4.00%, 02/29/2028 - 02/15/2034 | 1970000 | 1984834 |
| 4.13%, 11/15/2032 | 250000 | 252861 |
| 4.38%, 05/15/2034 | 1000000 | 1021914 |
| 4.63%, 06/15/2027 - 09/30/2028 | 1300000 | 1330613 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $13,404,565)**<br>|  | 12399836 |
| **MORTGAGE-BACKED SECURITIES - 2.8%**  | **MORTGAGE-BACKED SECURITIES - 2.8%**  | **MORTGAGE-BACKED SECURITIES - 2.8%**  |
| Bunker Hill Loan Depositary Trust |  |  |
| &nbsp;&nbsp; Series 2020-1, Class A1, <br>1.72% <sup>(A)</sup>, 02/25/2055 <sup>(B)</sup> <br>| 2291 | 2284 |
| CIM Trust |  |  |
| &nbsp;&nbsp; Series 2021-J2, Class A4, <br>2.50% <sup>(A)</sup>, 04/25/2051 <sup>(B)</sup> <br>| 238962 | 216475 |
| FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2020-K106, Class B, <br>3.56% <sup>(A)</sup>, 03/25/2053 <sup>(B)</sup> <br>| 250000 | 236867 |
| GCAT Trust |  |  |
| &nbsp;&nbsp; Series 2021-NQM1, Class A1, <br>0.87% <sup>(A)</sup>, 01/25/2066 <sup>(B)</sup> <br>| 112629 | 100960 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Madison Diversified Income VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| GS Mortgage-Backed Securities Corp. <br> Trust |  |  |
| &nbsp;&nbsp; Series 2020-PJ6, Class A2, <br>2.50% <sup>(A)</sup>, 05/25/2051 <sup>(B)</sup> <br>| $140324 | $117987 |
| JPMorgan Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2021-1, Class A3, <br>2.50% <sup>(A)</sup>, 06/25/2051 <sup>(B)</sup> <br>| 396473 | 331829 |
| &nbsp;&nbsp; Series 2021-3, Class A3, <br>2.50% <sup>(A)</sup>, 07/25/2051 <sup>(B)</sup> <br>| 187256 | 157192 |
| &nbsp;&nbsp; Series 2021-6, Class A4, <br>2.50% <sup>(A)</sup>, 10/25/2051 <sup>(B)</sup> <br>| 473966 | 428520 |
| &nbsp;&nbsp; Series 2024-5, Class A4, <br>6.00% <sup>(A)</sup>, 11/25/2054 <sup>(B)</sup> <br>| 115221 | 116219 |
| JPMorgan Wealth Management |  |  |
| &nbsp;&nbsp; Series 2020-ATR1, Class A3, <br>3.00% <sup>(A)</sup>, 02/25/2050 <sup>(B)</sup> <br>| 94653 | 83836 |
| PSMC Trust |  |  |
| &nbsp;&nbsp; Series 2021-1, Class A11, <br>2.50% <sup>(A)</sup>, 03/25/2051 <sup>(B)</sup> <br>| 283492 | 254555 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2021-6, Class A5, <br>2.50% <sup>(A)</sup>, 12/25/2051 <sup>(B)</sup> <br>| 272468 | 244291 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2013-7, Class A2, <br>3.00% <sup>(A)</sup>, 06/25/2043<br>| 165128 | 150174 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2024-4, Class A1A, <br>4.58% <sup>(A)</sup>, 10/27/2064 <sup>(B)</sup> <br>| 399439 | 400673 |
| Wells Fargo Mortgage-Backed Securities <br> Trust |  |  |
| &nbsp;&nbsp; Series 2021-INV2, Class A2, <br>2.50% <sup>(A)</sup>, 09/25/2051 <sup>(B)</sup> <br>| 173076 | 145289 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>**(Cost $3,331,500)**<br>|  | 2987151 |
| **ASSET-BACKED SECURITIES - 0.5%**  | **ASSET-BACKED SECURITIES - 0.5%**  | **ASSET-BACKED SECURITIES - 0.5%**  |
| Carmax Auto Owner Trust |  |  |
| &nbsp;&nbsp; Series 2022-3, Class A4, <br>4.06%, 02/15/2028<br>| 203000 | 203076 |
| Chesapeake Funding II LLC |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A1, <br>5.65%, 05/15/2035 <sup>(B)</sup> <br>| 127003 | 127595 |
| Enterprise Fleet Financing LLC |  |  |
| &nbsp;&nbsp; Series 2022-4, Class A2, <br>5.76%, 10/22/2029 <sup>(B)</sup> <br>| 31497 | 31604 |
| &nbsp;&nbsp; Series 2023-1, Class A2, <br>5.51%, 01/22/2029 <sup>(B)</sup> <br>| 21299 | 21332 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2024-CES1, Class A1A, <br>5.85% <sup>(A)</sup>, 01/25/2064 <sup>(B)</sup> <br>| $171343 | $172273 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $549,095)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $549,095)** | 555880 |
| **MUNICIPAL GOVERNMENT OBLIGATION - 0.0% \*** | **MUNICIPAL GOVERNMENT OBLIGATION - 0.0% \*** | **MUNICIPAL GOVERNMENT OBLIGATION - 0.0% \*** |
| **Massachusetts - 0.0% \*** | **Massachusetts - 0.0% \*** | **Massachusetts - 0.0% \*** |
| University of Massachusetts Building <br> Authority, Revenue Bonds, |  |  |
| 6.57%, 05/01/2039 | 35000 | 35034 |
| &nbsp;&nbsp; **Total Municipal Government Obligation** <br>**(Cost $35,000)**<br>|  | 35034 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **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> 3.79% <sup>(D)</sup> <br>| 10350 | 10350 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $10,350)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $10,350)** | 10350 |

---

&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>1.35% <sup>(D)</sup>, dated 12/31/2025, to be <br> repurchased at $1,242,864 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 04/30/2027, and <br> with a value of $1,267,671.<br>| $1242771 | 1242771 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,242,771)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,242,771)** | 1242771 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $102,120,400)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $102,120,400)** | 106412722 |
| **Net Other Assets (Liabilities) - 0.3%** | **Net Other Assets (Liabilities) - 0.3%** | 312168 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$106724890** |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica Madison Diversified Income VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**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 | $44411096 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $44411096 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 25908547 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25908547 |
| Corporate Debt Securities |  | &nbsp;&nbsp; 18862057 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18862057 |
| U.S. Government Obligations |  | &nbsp;&nbsp; 12399836 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12399836 |
| Mortgage-Backed Securities |  | &nbsp;&nbsp; 2987151 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2987151 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 555880 | &nbsp;&nbsp; — | &nbsp;&nbsp; 555880 |
| Municipal Government Obligation |  | &nbsp;&nbsp; 35034 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35034 |
| Other Investment Company | 10350 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10350 |
| Repurchase Agreement |  | &nbsp;&nbsp; 1242771 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1242771 |
| **Total Investments** | **$44421446** | &nbsp;&nbsp; **$61991276** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$106412722** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

<sup>(A)</sup> *Floating or variable rate security. The rate disclosed is as of December 31, 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> *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 December 31, 2025, the total value of 144A securities is $5,271,806, representing 4.9% of the* *Portfolio's net assets.* 

<sup>(C)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $10,136, collateralized by cash collateral of $10,350. 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>(D)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(E)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 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**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica Madison Diversified Income VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $100,877,629) (including <br> securities loaned of $10,136)<br>| &nbsp;&nbsp; $105169951 |
| Repurchase agreement, at value (cost $1,242,771) | &nbsp;&nbsp; 1242771 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 142 |
| Dividends  | &nbsp;&nbsp; 42454 |
| Interest | &nbsp;&nbsp; 435215 |
| Total assets | &nbsp;&nbsp; 106890533 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 10350 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 4321 |
| Investment management fees | &nbsp;&nbsp; 71050 |
| Distribution and service fees | &nbsp;&nbsp; 24332 |
| Transfer agent costs | &nbsp;&nbsp; 109 |
| Trustee and CCO fees | &nbsp;&nbsp; 36 |
| Audit and tax fees  | &nbsp;&nbsp; 32275 |
| Custody fees | &nbsp;&nbsp; 8999 |
| Legal fees | &nbsp;&nbsp; 858 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 7127 |
| Other accrued expenses | &nbsp;&nbsp; 6186 |
| Total liabilities | &nbsp;&nbsp; 165643 |
| **Net assets**  | &nbsp;&nbsp; $106724890 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $92317 |
| Additional paid-in capital | &nbsp;&nbsp; 101141583 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 5490990 |
| **Net assets** | &nbsp;&nbsp; $106724890 |
| **Shares outstanding** | &nbsp;&nbsp; 9231711 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $11.56 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $1182784 |
| Interest income | &nbsp;&nbsp; 2711387 |
| Net income from securities lending | &nbsp;&nbsp; 1097 |
| Total investment income  | &nbsp;&nbsp; 3895268 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 808747 |
| Distribution and service fees | &nbsp;&nbsp; 276968 |
| Transfer agent costs | &nbsp;&nbsp; 1222 |
| Trustee and CCO fees | &nbsp;&nbsp; 5696 |
| Audit and tax fees | &nbsp;&nbsp; 34407 |
| Custody fees | &nbsp;&nbsp; 35964 |
| Legal fees | &nbsp;&nbsp; 10203 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 12135 |
| Other | &nbsp;&nbsp; 20811 |
| Total expenses | &nbsp;&nbsp; 1206153 |
| **Net investment income (loss)** | &nbsp;&nbsp; 2689115 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 1529000 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 3535062 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 5064062 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $7753177 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica Madison Diversified Income VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $2689115 | &nbsp;&nbsp; $2879442 |
| Net realized gain (loss) | &nbsp;&nbsp; 1529000 | &nbsp;&nbsp; (658207)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 3535062 | &nbsp;&nbsp; 1882990 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 7753177 | &nbsp;&nbsp; 4104225 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Dividends and/or distributions to shareholders | &nbsp;&nbsp; (2995025)<br>| &nbsp;&nbsp; (3024457)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (2995025)<br>| &nbsp;&nbsp; (3024457)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 3128988 | &nbsp;&nbsp; 2845371 |
| Dividends and/or distributions reinvested | &nbsp;&nbsp; 2995025 | &nbsp;&nbsp; 3024457 |
| Cost of shares redeemed | &nbsp;&nbsp; (17770660)<br>| &nbsp;&nbsp; (22882513)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (11646647)<br>| &nbsp;&nbsp; (17012685)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (6888495)<br>| &nbsp;&nbsp; (15932917)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 113613385 | &nbsp;&nbsp; 129546302 |
| End of year | &nbsp;&nbsp; $106724890 | &nbsp;&nbsp; $113613385 |
| **Capital share transactions - shares:** |  |  |
| Shares issued | &nbsp;&nbsp; 274012 | &nbsp;&nbsp; 256011 |
| Shares reinvested | &nbsp;&nbsp; 261574 | &nbsp;&nbsp; 269559 |
| Shares redeemed | &nbsp;&nbsp; (1560561)<br>| &nbsp;&nbsp; (2064510)<br>|
| Net increase (decrease) in shares outstanding | &nbsp;&nbsp; (1024975)<br>| &nbsp;&nbsp; (1538940)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $11.08 | &nbsp;&nbsp; $10.98 | &nbsp;&nbsp; $11.29 | &nbsp;&nbsp; $15.03 | &nbsp;&nbsp; $14.34 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.28 | 0.26 | 0.24 | 0.22 | 0.18 |
| Net realized and unrealized gain (loss) | 0.52 | 0.12 | 0.19 | &nbsp;&nbsp; (1.74)<br>| 0.94 |
| Total investment operations | 0.80 | 0.38 | 0.43 | &nbsp;&nbsp; (1.52)<br>| 1.12 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.24)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (0.19)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (2.22)<br>| &nbsp;&nbsp; (0.43)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $11.56 | &nbsp;&nbsp; $11.08 | &nbsp;&nbsp; $10.98 | &nbsp;&nbsp; $11.29 | &nbsp;&nbsp; $15.03 |
| **Total return**<sup>(B)</sup> <br>| 7.22<br> %<br>| 3.47<br> %<br>| 3.97<br> %<br>| &nbsp;&nbsp; (10.38)%<br>| 7.87<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $106725 | &nbsp;&nbsp; $113613 | &nbsp;&nbsp; $129546 | &nbsp;&nbsp; $143440 | &nbsp;&nbsp; $176032 |
| Expenses to average net assets | 1.09<br> %<br>| 1.08<br> %<br>| 1.08<br> %<br>| 1.06<br> %<br>| 1.05<br> %<br>|
| Net investment income (loss) to average net assets | 2.43<br> %<br>| 2.37<br> %<br>| 2.19<br> %<br>| 1.69<br> %<br>| 1.21<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 33<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.* 

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 Madison Diversified Income 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 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 year ended December 31, 2025,

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**1. ORGANIZATION (continued)**

(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 year ended December 31, 2025, commissions recaptured are $1,792.

**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**

**Annual Financial Statements 2025**

**Page 12**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 December 31, 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.

*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.

*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**

**Annual Financial Statements 2025**

**Page 13**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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**

**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 December 31, 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 year ended December 31, 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 December 31, 2025, or at any time during the year 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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 December 31, 2025.

Repurchase agreements at December 31, 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 December 31, 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 December 31, 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 | $10350 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10350 |
| **Total Borrowings** | **$10350** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$10350** |

---

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 15**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**6. 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.

**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.

**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.

**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 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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica Madison Diversified Income VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**6. RISK FACTORS (continued)**

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.

**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 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.

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 | 0.73<br> % <br>|
| Over $500 million up to $1 billion | 0.70 |
| Over $1 billion | 0.68 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica Madison Diversified Income VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**7. 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 | 1.09<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 year ended December 31, 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 December 31, 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 year ended December 31, 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 year ended December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica Madison Diversified Income VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**8. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 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** |
| $12530577 | &nbsp;&nbsp; $4569081 | &nbsp;&nbsp; $19471473 | &nbsp;&nbsp; $9164956 |

---

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

As of December 31, 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>|
| $102184329 | &nbsp;&nbsp; $8750895 | &nbsp;&nbsp; $(4522502)<br>| &nbsp;&nbsp; $4228393 |

---

As of December 31, 2025, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $620971 | &nbsp;&nbsp;&nbsp;&nbsp; $833068 |

---

During the year ended December 31, 2025, the capital loss carryforwards utilized are $1,455,401.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $2995025 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3024457 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica Madison Diversified Income VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $2716636 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1454039)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4228393 |

---

**10. OPERATING SEGMENTS**

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**

**Annual Financial Statements 2025**

**Page 20**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Madison Diversified Income VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Madison Diversified Income VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862imgbdd1aeba3.gif)

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

Boston, Massachusetts

February 25, 2026

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica Madison Diversified Income VP**

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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made no long-term capital gain designations for the year ended December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica Madison Diversified Income 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**

**Annual Financial Statements 2025**

**Page 23**

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**Transamerica Madison Diversified Income 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**

**Annual Financial Statements 2025**

**Page 24**

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**Transamerica Madison Diversified Income 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**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica Madison Diversified Income VP** 

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 26**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862imgbd8bc2834.gif)

Visit **transamerica.com**

![](g768862img2ec6119b5.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img3490b3016.gif)

------

![](g768862imge93c46761.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica Market Participation Strategy VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img98ca2a1f2.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_a159446f-4b95-427d-887b-781e834fb261_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_a159446f-4b95-427d-887b-781e834fb261_SOI-RunningFooter-204_1) | 2 |
| [Statement of Assets and Liabilities](#xx_a159446f-4b95-427d-887b-781e834fb261_FS-RunningFooter-204_1) | 4 |
| [Statement of Operations](#xx_a159446f-4b95-427d-887b-781e834fb261_FS-RunningFooter-204_1) | 4 |
| [Statement of Changes in Net Assets](#xx_a159446f-4b95-427d-887b-781e834fb261_FS-RunningFooter-204_2) | 5 |
| [Financial Highlights](#xx_a159446f-4b95-427d-887b-781e834fb261_SCF-RunningFooter-204_1) | 6 |
| [Notes to Financial Statements](#xx_a159446f-4b95-427d-887b-781e834fb261_NTF-RunningFooter-204_1) | 7 |
| **[Report of Independent Registered Public Accounting Firm](#xx_a159446f-4b95-427d-887b-781e834fb261_AUD-RunningFooter-204_1)** | 19 |
| **[Supplemental Information](#xx_a159446f-4b95-427d-887b-781e834fb261_STI-RunningFooter-204_1)** | 20 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_a159446f-4b95-427d-887b-781e834fb261_DWA-RunningFooter-204_1)**<br> **[Companies](#xx_a159446f-4b95-427d-887b-781e834fb261_DWA-RunningFooter-204_1)**<br>| 21 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_a159446f-4b95-427d-887b-781e834fb261_PD-RunningFooter-204_1)** | 22 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_a159446f-4b95-427d-887b-781e834fb261_DTO-RunningFooter-204_1)**<br> **[Companies](#xx_a159446f-4b95-427d-887b-781e834fb261_DTO-RunningFooter-204_1)**<br>| 23 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_a159446f-4b95-427d-887b-781e834fb261_Mgmtagmt-RunningFooter-204_1)** | 24 |

---

***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 Market Participation Strategy VP**

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**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 25.0%**  | **U.S. GOVERNMENT OBLIGATIONS - 25.0%**  | **U.S. GOVERNMENT OBLIGATIONS - 25.0%**  |
| **U.S. Treasury - 25.0%**  | **U.S. Treasury - 25.0%**  | **U.S. Treasury - 25.0%**  |
| U.S. Treasury Bonds, Principal Only <br> STRIPS |  |  |
| 02/15/2027 | $18000000 | $17307375 |
| U.S. Treasury Notes |  |  |
| 1.63%, 10/31/2026 | 41000000 | 40349710 |
| 3.63%, 09/30/2031 | 12000000 | 11880000 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $70,690,281)**<br>|  | 69537085 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 17.0%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 17.0%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 17.0%**  |
| Federal Home Loan Banks |  |  |
| 3.25%, 11/16/2028 <sup>(A)</sup> <br>| 29000000 | 28833353 |
| Federal National Mortgage Association |  |  |
| 6.25%, 05/15/2029 | 6500000 | 7041289 |
| 7.25%, 05/15/2030 | 10000000 | 11423221 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $48,630,352)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $48,630,352)** | 47297863 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 11.1%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 11.1%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 11.1%**  |
| **Supranational - 11.1%**  | **Supranational - 11.1%**  | **Supranational - 11.1%**  |
| European Investment Bank |  |  |
| 3.88%, 03/15/2028 | 7000000 | 7045273 |
| Inter-American Development Bank |  |  |
| 4.00%, 01/12/2028 | 7000000 | 7057123 |
| &nbsp;&nbsp; International Bank for Reconstruction & <br> Development<br>|  |  |
| 0.88%, 07/15/2026 | 17000000 | 16745607 |
| &nbsp;&nbsp; **Total Foreign Government Obligations** <br>**(Cost $31,026,992)**<br>|  | 30848003 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 17.9%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 17.9%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 17.9%**  |
| U.S. Treasury Bills |  |  |
| 3.84% <sup>(B)</sup>, 03/03/2026 <sup>(C)</sup> <br>| 25000000 | 24851922 |
| 3.89% <sup>(B)</sup>, 01/06/2026 | 25000000 | 24990403 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $49,829,359)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $49,829,359)** | 49842325 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 6.2%**  | **OTHER INVESTMENT COMPANY - 6.2%**  | **OTHER INVESTMENT COMPANY - 6.2%**  |
| **Securities Lending Collateral - 6.2%**  | **Securities Lending Collateral - 6.2%**  | **Securities Lending Collateral - 6.2%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 3.79% <sup>(B)</sup> <br>| 17349313 | $17349313 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $17,349,313)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $17,349,313)** | 17349313 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 4.9%**  | **REPURCHASE AGREEMENT - 4.9%**  | **REPURCHASE AGREEMENT - 4.9%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(B)</sup>, dated 12/31/2025, to be <br> repurchased at $13,611,176 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 04/30/2027, and <br> with a value of $13,882,514.<br>| $13610155 | 13610155 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $13,610,155)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $13,610,155)** | 13610155 |
| &nbsp;&nbsp; **Total Investments Excluding Options Purchased** <br>**(Cost $231,136,452)** | &nbsp;&nbsp; **Total Investments Excluding Options Purchased** <br>**(Cost $231,136,452)** | 228484744 |
| &nbsp;&nbsp; **Total Options Purchased - 24.0%** <br>**(Cost $45,747,563)** | &nbsp;&nbsp; **Total Options Purchased - 24.0%** <br>**(Cost $45,747,563)** | 66662140 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $276,884,015)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $276,884,015)** | 295146884 |
| **Net Other Assets (Liabilities) - (6.1)%** | **Net Other Assets (Liabilities) - (6.1)%** | (16901413) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$278245471** |

---

**OVER-THE-COUNTER OPTIONS PURCHASED:**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Exercise** <br>**Price** | **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional** <br>**Amount** | &nbsp;&nbsp; **Notional** <br>**Amount** | **Number of** <br>**Contracts**<br>| **Premiums** <br>**Paid**<br>| **Value** |
| Call – S&P 500<sup>®</sup> Index | UBS | USD | &nbsp;&nbsp; 5450.00 | &nbsp;&nbsp; 06/11/2029 | USD | &nbsp;&nbsp; 92414250 | &nbsp;&nbsp; 135 | &nbsp;&nbsp; $17955068 | &nbsp;&nbsp; $30011020 |
| Call – S&P 500<sup>®</sup> Index | GSC | USD | &nbsp;&nbsp; 6100.00 | &nbsp;&nbsp; 01/31/2030 | USD | &nbsp;&nbsp; 130064500 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 27792495 | &nbsp;&nbsp; 36651120 |
| **Total** |  |  |  |  |  |  |  | &nbsp;&nbsp; **$45747563** | &nbsp;&nbsp; **$66662140** |

---

**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 | 259 | &nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp; $28415560 | &nbsp;&nbsp;&nbsp; $28309914 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(105646)<br>|
| 10-Year U.S. Treasury Notes | 295 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 33395408 | &nbsp;&nbsp;&nbsp; 33169062 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (226346)<br>|
| 30-Year U.S. Treasury Bonds | 69 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 8062872 | &nbsp;&nbsp;&nbsp; 7975969 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (86903)<br>|
| **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp; **$(418895)**<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

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**Transamerica Market Participation Strategy VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**FUTURES CONTRACTS (continued):**

------

&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>|
| S&P 500<sup>®</sup> E-Mini Index | (39)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; $(13392750)<br>| &nbsp;&nbsp;&nbsp; $(13440375)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(47625)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp; **$(466520)**<br>|

---

**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** |  |  |  |  |
| U.S. Government Obligations | $— | &nbsp;&nbsp; $69537085 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $69537085 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 47297863 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47297863 |
| Foreign Government Obligations |  | &nbsp;&nbsp; 30848003 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30848003 |
| Short-Term U.S. Government Obligations |  | &nbsp;&nbsp; 49842325 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49842325 |
| Other Investment Company | 17349313 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17349313 |
| Repurchase Agreement |  | &nbsp;&nbsp; 13610155 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13610155 |
| Over-the-Counter Options Purchased |  | &nbsp;&nbsp; 66662140 | &nbsp;&nbsp; — | &nbsp;&nbsp; 66662140 |
| **Total Investments** | **$17349313** | &nbsp;&nbsp; **$277797571** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$295146884** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(E)</sup> <br>| $(466520)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(466520)<br>|
| **Total Other Financial Instruments** | **$(466520)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(466520)**<br>|

---

**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 $17,004,331, collateralized by cash collateral of $17,349,313. 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> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(C)</sup> *All or a portion of the security has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total* *value of the securities is $2,584,600.* 

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 2025. Please reference the Investment Valuation section of the Notes* *to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(E)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**COUNTERPARTY ABBREVIATION(S):** 

*GSC* *Goldman Sachs & Co.* <br> *UBS* *UBS AG*

**PORTFOLIO ABBREVIATION(S):** 

*STRIPS* *Separate Trading of Registered Interest and Principal of Securities*

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

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**Transamerica Market Participation Strategy VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $263,273,860) (including <br> securities loaned of $17,004,331)<br>| &nbsp;&nbsp; $281536729 |
| Repurchase agreement, at value (cost $13,610,155) | &nbsp;&nbsp; 13610155 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 7612 |
| Interest | &nbsp;&nbsp; 768024 |
| Total assets | &nbsp;&nbsp; 295922520 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 17349313 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 36604 |
| Investment management fees | &nbsp;&nbsp; 173110 |
| Distribution and service fees | &nbsp;&nbsp; 63643 |
| Transfer agent costs | &nbsp;&nbsp; 288 |
| Trustee and CCO fees | &nbsp;&nbsp; 95 |
| Audit and tax fees  | &nbsp;&nbsp; 23602 |
| Custody fees | &nbsp;&nbsp; 5562 |
| Legal fees | &nbsp;&nbsp; 2233 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 11255 |
| Other accrued expenses | &nbsp;&nbsp; 6874 |
| Variation margin payable on futures contracts | &nbsp;&nbsp; 4470 |
| Total liabilities | &nbsp;&nbsp; 17677049 |
| **Net assets**  | &nbsp;&nbsp; $278245471 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $234565 |
| Additional paid-in capital | &nbsp;&nbsp; 231278701 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 46732205 |
| **Net assets** | &nbsp;&nbsp; $278245471 |
| **Shares outstanding** | &nbsp;&nbsp; 23456549 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $11.86 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | &nbsp;&nbsp; $5829641 |
| Net income from securities lending | &nbsp;&nbsp; 91462 |
| Total investment income  | &nbsp;&nbsp; 5921103 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 1964200 |
| Distribution and service fees | &nbsp;&nbsp; 722132 |
| Transfer agent costs | &nbsp;&nbsp; 3192 |
| Trustee and CCO fees | &nbsp;&nbsp; 14782 |
| Audit and tax fees | &nbsp;&nbsp; 25726 |
| Custody fees | &nbsp;&nbsp; 22144 |
| Legal fees | &nbsp;&nbsp; 26590 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 35798 |
| Other | &nbsp;&nbsp; 26076 |
| Total expenses | &nbsp;&nbsp; 2840640 |
| **Net investment income (loss)** | &nbsp;&nbsp; 3080463 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 24002235 |
| Futures contracts | &nbsp;&nbsp; 1357643 |
| Net realized gain (loss) | &nbsp;&nbsp; 25359878 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; (1071294)<br>|
| Futures contracts | &nbsp;&nbsp; 64631 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (1006663)<br>|
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 24353215 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $27433678 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

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**Transamerica Market Participation Strategy VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $3080463 | &nbsp;&nbsp; $3588295 |
| Net realized gain (loss) | &nbsp;&nbsp; 25359878 | &nbsp;&nbsp; 21083539 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (1006663)<br>| &nbsp;&nbsp; 20350682 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 27433678 | &nbsp;&nbsp; 45022516 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Dividends and/or distributions to shareholders | &nbsp;&nbsp; (13795540)<br>| &nbsp;&nbsp; (4825962)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (13795540)<br>| &nbsp;&nbsp; (4825962)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 981410 | &nbsp;&nbsp; 3601150 |
| Dividends and/or distributions reinvested | &nbsp;&nbsp; 13795540 | &nbsp;&nbsp; 4825962 |
| Cost of shares redeemed | &nbsp;&nbsp; (56939742)<br>| &nbsp;&nbsp; (66765453)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (42162792)<br>| &nbsp;&nbsp; (58338341)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (28524654)<br>| &nbsp;&nbsp; (18141787)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 306770125 | &nbsp;&nbsp; 324911912 |
| End of year | &nbsp;&nbsp; $278245471 | &nbsp;&nbsp; $306770125 |
| **Capital share transactions - shares:** |  |  |
| Shares issued | &nbsp;&nbsp; 85603 | &nbsp;&nbsp; 341135 |
| Shares reinvested | &nbsp;&nbsp; 1205904 | &nbsp;&nbsp; 441130 |
| Shares redeemed | &nbsp;&nbsp; (4945709)<br>| &nbsp;&nbsp; (6178327)<br>|
| Net increase (decrease) in shares outstanding | &nbsp;&nbsp; (3654202)<br>| &nbsp;&nbsp; (5396062)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica Market Participation Strategy VP**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $11.32 | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; $14.11 | &nbsp;&nbsp; $13.78 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.12 | 0.12 | 0.14 | 0.04 | 0.01 |
| Net realized and unrealized gain (loss) | 0.99 | 1.37 | 0.90 | &nbsp;&nbsp; (2.07)<br>| 1.92 |
| Total investment operations | 1.11 | 1.49 | 1.04 | &nbsp;&nbsp; (2.03)<br>| 1.93 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.00 )<sup>(B)</sup><br>| &nbsp;&nbsp; (0.07)<br>|
| Net realized gains | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.08)<br>| &nbsp;&nbsp; (1.53)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (3.08)<br>| &nbsp;&nbsp; (1.60)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $11.86 | &nbsp;&nbsp; $11.32 | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; $14.11 |
| **Total return**<sup>(C)</sup> <br>| 10.02<br> %<br>| 14.94<br> %<br>| 11.55<br> %<br>| &nbsp;&nbsp; (15.30)%<br>| 14.45<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $278245 | &nbsp;&nbsp; $306770 | &nbsp;&nbsp; $324912 | &nbsp;&nbsp; $336365 | &nbsp;&nbsp; $460349 |
| Expenses to average net assets | 0.98<br> %<br>| 0.98<br> %<br>| 0.98<br> %<br>| 0.97<br> %<br>| 0.96<br> %<br>|
| Net investment income (loss) to average net assets | 1.07<br> %<br>| 1.12<br> %<br>| 1.46<br> %<br>| 0.35<br> %<br>| 0.04<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 72<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.* 

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica Market Participation Strategy VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 Market Participation Strategy 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 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 management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2025,

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**1. ORGANIZATION (continued)**

(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.

There were no commissions recaptured during the year ended December 31, 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 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

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 December 31, 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:

*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.

*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. 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.

*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. 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

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**Annual Financial Statements 2025**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 year ended December 31, 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 December 31, 2025, or at any time during the year 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 December 31, 2025.

Repurchase agreements at December 31, 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.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 December 31, 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 December 31, 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 | $17349313 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17349313 |
| **Total Borrowings** | **$17349313** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$17349313** |

---

**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.

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:

**Option contracts:** The Portfolio is subject to equity risk, credit risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Portfolio may enter into option contracts to manage exposure to various market fluctuations. The Portfolio may purchase or write call and put options on securities and derivative instruments in which the Portfolio owns or may invest. Options are valued at the average of the bid and ask price established each day at the close of the board of trade or exchange on which they are traded. Options are marked-to-market daily to reflect the current value of the option. The primary risks associated with options are

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp.

*Options on indices:* The Portfolio may purchase or write options on indices. Purchasing or writing an option on indices gives the Portfolio the right, but not the obligation to buy or sell the cash from the underlying index. The exercise of the option will result in a cash transfer and gain or loss depends on the change in the underlying index.

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

Open option contracts at December 31, 2025, are included within the Schedule of Investments. The value of purchased option contracts, as applicable, is shown in Investments, at value within the Statement of Assets and Liabilities. The value of written option contracts, as applicable, is shown in Written options and swaptions, at value within the Statement of Assets and Liabilities.

**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 December 31, 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 December 31, 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** |
| Purchased options and swaptions: <br>Investments, at value <sup>(A)</sup> <br>| $— | $— | $66662140 | $— | $— | $66662140 |
| **Total** | **$—** | **$—** | **$66662140** | **$—** | **$—** | **$66662140** |

---

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**Page 12**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

&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>| $(418895)<br>| $— | $(47625)<br>| $— | $— | $(466520)<br>|
| **Total** | **$(418895)**<br>| **$—** | **$(47625)**<br>| **$—** | **$—** | **$(466520)**<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.* 

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 December 31, 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** |
| Purchased options and swaptions <sup>(A)</sup> <br>| $— | $— | $24704177 | $— | $— | $24704177 |
| Futures contracts  | 1233729 |  | 123914 |  |  | 1357643 |
| **Total** | **$1233729** | **$—** | **$24828091** | **$—** | **$—** | **$26061820** |

---

&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** |
| Purchased options and swaptions <sup>(B)</sup> <br>| $— | $— | $(7090926)<br>| $— | $— | $(7090926)<br>|
| Futures contracts  | 125749 |  | (61118)<br>|  |  | 64631 |
| **Total** | **$125749** | **$—** | **$(7152044)**<br>| **$—** | **$—** | **$(7026295)**<br>|

---

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

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

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

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2025.

---

| | |
|:---|:---|
| **Options:** |  |
| Average value of option contracts purchased | $58366771 |
| **Futures contracts:** |  |
| Average notional value of contracts — long | 67954902 |
| Average notional value of contracts — short | (3075419)<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**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica Market Participation Strategy VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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.

**Asset class allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset class 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 is incorrect.

**Tactical asset allocation risk:** Tactical asset allocation is an 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 investments may be incorrect in view of actual market conditions, and may result in owning securities that underperform other securities.

**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

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**Annual Financial Statements 2025**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**6. RISK FACTORS (continued)**

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.

**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.

**Leveraging risk:** To the extent that the Portfolio borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the Portfolio would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the Portfolio's assets. The Portfolio also may have to sell assets at inopportune times to satisfy its obligations.

**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. 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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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.

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 | 0.68<br> % <br>|
| Over $500 million up to $1 billion | 0.65 |
| Over $1 billion up to $1.5 billion | 0.62 |
| Over $1.5 billion | 0.60 |

---

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 | 1.07<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 year ended December 31, 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 December 31, 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica Market Participation Strategy VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 year ended December 31, 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 year ended December 31, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 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** |
| $27792495 | &nbsp;&nbsp; $23205253 | &nbsp;&nbsp; $55187305 | &nbsp;&nbsp; $50375508 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

As of December 31, 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>|
| $276884015 | &nbsp;&nbsp; $21217974 | &nbsp;&nbsp; $(2955105)<br>| &nbsp;&nbsp; $18262869 |

---

As of December 31, 2025, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2025, the Portfolio did not utilize any capital loss carryforwards.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $3586600 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $10208940 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4825962 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $4948984 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23520352 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18262869 |

---

**10. OPERATING SEGMENTS**

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**

**Annual Financial Statements 2025**

**Page 18**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Market Participation Strategy VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Market Participation Strategy VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862imgcfcba7733.gif)

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

Boston, Massachusetts

February 25, 2026

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 19**

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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $10,208,940 for the year ended December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 20**

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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**

**Annual Financial Statements 2025**

**Page 21**

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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**

**Annual Financial Statements 2025**

**Page 22**

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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**

**Annual Financial Statements 2025**

**Page 23**

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 24**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862imga76eb7264.gif)

Visit **transamerica.com**

![](g768862imge83e51eb5.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862imge7097ac36.gif)

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![](g768862imga88259351.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica Morgan Stanley Capital Growth VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img1a8d23b62.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_eeebc7dd-46ec-41be-921f-f149249db249_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_eeebc7dd-46ec-41be-921f-f149249db249_SOI-RunningFooter-227_1) | 2 |
| [Statement of Assets and Liabilities](#xx_eeebc7dd-46ec-41be-921f-f149249db249_FS-RunningFooter-227_1) | 4 |
| [Statement of Operations](#xx_eeebc7dd-46ec-41be-921f-f149249db249_FS-RunningFooter-227_1) | 4 |
| [Statement of Changes in Net Assets](#xx_eeebc7dd-46ec-41be-921f-f149249db249_FS-RunningFooter-227_2) | 5 |
| [Financial Highlights](#xx_eeebc7dd-46ec-41be-921f-f149249db249_FS-RunningFooter-227_2) | 5 |
| [Notes to Financial Statements](#xx_eeebc7dd-46ec-41be-921f-f149249db249_NTF-RunningFooter-227_1) | 6 |
| **[Report of Independent Registered Public Accounting Firm](#xx_eeebc7dd-46ec-41be-921f-f149249db249_AUD-RunningFooter-227_1)** | 18 |
| **[Supplemental Information](#xx_eeebc7dd-46ec-41be-921f-f149249db249_STI-RunningFooter-227_1)** | 19 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_eeebc7dd-46ec-41be-921f-f149249db249_DWA-RunningFooter-227_1)**<br> **[Companies](#xx_eeebc7dd-46ec-41be-921f-f149249db249_DWA-RunningFooter-227_1)**<br>| 20 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_eeebc7dd-46ec-41be-921f-f149249db249_PD-RunningFooter-227_1)** | 21 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_eeebc7dd-46ec-41be-921f-f149249db249_DTO-RunningFooter-227_1)**<br> **[Companies](#xx_eeebc7dd-46ec-41be-921f-f149249db249_DTO-RunningFooter-227_1)**<br>| 22 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_eeebc7dd-46ec-41be-921f-f149249db249_Mgmtagmt-RunningFooter-227_1)** | 23 |

---

***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 Morgan Stanley Capital Growth VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 94.1%**  | **COMMON STOCKS - 94.1%**  | **COMMON STOCKS - 94.1%**  |
| **Automobiles - 8.9%**  | **Automobiles - 8.9%**  | **Automobiles - 8.9%**  |
| Tesla, Inc. <sup>(A)</sup> <br>| 36420 | $16378802 |
| **Biotechnology - 3.4%**  | **Biotechnology - 3.4%**  | **Biotechnology - 3.4%**  |
| Roivant Sciences Ltd. <sup>(A)</sup> <br>| 287845 | 6246236 |
| **Broadline Retail - 1.1%**  | **Broadline Retail - 1.1%**  | **Broadline Retail - 1.1%**  |
| MercadoLibre, Inc. <sup>(A)</sup> <br>| 973 | 1959875 |
| **Capital Markets - 1.6%**  | **Capital Markets - 1.6%**  | **Capital Markets - 1.6%**  |
| Coinbase Global, Inc., Class A <sup>(A)</sup> <br>| 3492 | 789681 |
| Intercontinental Exchange, Inc. | 13045 | 2112768 |
|  |  | 2902449 |
| **Entertainment - 4.6%**  | **Entertainment - 4.6%**  | **Entertainment - 4.6%**  |
| ROBLOX Corp., Class A <sup>(A)</sup> <br>| 105598 | 8556606 |
| **Financial Services - 9.7%**  | **Financial Services - 9.7%**  | **Financial Services - 9.7%**  |
| Affirm Holdings, Inc. <sup>(A)</sup> <br>| 176580 | 13142849 |
| Federal National Mortgage Association <sup>(A)(B)</sup> <br>| 452509 | 4855422 |
|  |  | 17998271 |
| **Health Care Equipment & Supplies - 3.0%**  | **Health Care Equipment & Supplies - 3.0%**  | **Health Care Equipment & Supplies - 3.0%**  |
| Medline, Inc., Class A <sup>(A)</sup> <br>| 134034 | 5629428 |
| **Hotels, Restaurants & Leisure - 6.6%**  | **Hotels, Restaurants & Leisure - 6.6%**  | **Hotels, Restaurants & Leisure - 6.6%**  |
| Airbnb, Inc., Class A <sup>(A)</sup> <br>| 24111 | 3272345 |
| DoorDash, Inc., Class A <sup>(A)</sup> <br>| 39620 | 8973138 |
|  |  | 12245483 |
| **IT Services - 21.1%**  | **IT Services - 21.1%**  | **IT Services - 21.1%**  |
| Cloudflare, Inc., Class A <sup>(A)</sup> <br>| 120004 | 23658789 |
| Shopify, Inc., Class A <sup>(A)</sup> <br>| 54343 | 8747593 |
| Snowflake, Inc., Class A <sup>(A)</sup> <br>| 30171 | 6618310 |
|  |  | 39024692 |
| **Pharmaceuticals - 5.4%**  | **Pharmaceuticals - 5.4%**  | **Pharmaceuticals - 5.4%**  |
| Royalty Pharma PLC, Class A | 260845 | 10079051 |
| **Real Estate Management & Development - 0.5%**  | **Real Estate Management & Development - 0.5%**  | **Real Estate Management & Development - 0.5%**  |
| Opendoor Technologies, Inc. <sup>(A)</sup> <br>| 152325 | 888055 |
| **Software - 19.0%**  | **Software - 19.0%**  | **Software - 19.0%**  |
| AppLovin Corp., Class A <sup>(A)</sup> <br>| 21312 | 14360452 |
| Aurora Innovation, Inc. <sup>(A)</sup> <br>| 1303178 | 5004203 |
| BitMine Immersion Technologies, Inc. | 60355 | 1638638 |
| Crowdstrike Holdings, Inc., Class A <sup>(A)</sup> <br>| 5875 | 2753965 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Samsara, Inc., Class A <sup>(A)</sup> <br>| 134635 | $4772811 |
| Strategy, Inc., Class A <sup>(A)</sup> <br>| 43779 | 6652219 |
|  |  | 35182288 |
| **Technology Hardware, Storage & Peripherals - 3.0%**  | **Technology Hardware, Storage & Peripherals - 3.0%**  | **Technology Hardware, Storage & Peripherals - 3.0%**  |
| IonQ, Inc. <sup>(A)(B)</sup> <br>| 123731 | 5551810 |
| **Trading Companies & Distributors - 6.2%**  | **Trading Companies & Distributors - 6.2%**  | **Trading Companies & Distributors - 6.2%**  |
| Core & Main, Inc., Class A <sup>(A)</sup> <br>| 57847 | 3006309 |
| QXO, Inc. <sup>(A)(B)</sup> <br>| 435169 | 8394410 |
|  |  | 11400719 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $121,162,523)**<br>|  | 174043765 |
| **OTHER INVESTMENT COMPANY - 1.4%**  | **OTHER INVESTMENT COMPANY - 1.4%**  | **OTHER INVESTMENT COMPANY - 1.4%**  |
| **Securities Lending Collateral - 1.4%**  | **Securities Lending Collateral - 1.4%**  | **Securities Lending Collateral - 1.4%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 3.79% <sup>(C)</sup> <br>| 2618650 | 2618650 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $2,618,650)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $2,618,650)** | 2618650 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 6.0%**  | **REPURCHASE AGREEMENT - 6.0%**  | **REPURCHASE AGREEMENT - 6.0%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(C)</sup>, dated 12/31/2025, to be <br> repurchased at $11,037,186 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 04/30/2027, and <br> with a value of $11,257,255.<br>| $11036358 | 11036358 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $11,036,358)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $11,036,358)** | 11036358 |
| &nbsp;&nbsp; **Total Investments Excluding Options Purchased** <br>**(Cost $134,817,531)** | &nbsp;&nbsp; **Total Investments Excluding Options Purchased** <br>**(Cost $134,817,531)** | 187698773 |
| &nbsp;&nbsp; **Total Options Purchased - 0.1%** <br>**(Cost $854,994)** | &nbsp;&nbsp; **Total Options Purchased - 0.1%** <br>**(Cost $854,994)** | 146431 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $135,672,525)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $135,672,525)** | 187845204 |
| **Net Other Assets (Liabilities) - (1.6)%** | **Net Other Assets (Liabilities) - (1.6)%** | (3007012) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$184838192** |

---

**OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED:**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional Amount/** <br>**Number of** <br>**Contracts** | &nbsp;&nbsp; **Notional Amount/** <br>**Number of** <br>**Contracts** | **Premiums** <br>**Paid**<br>| **Value** |
| Put – USD vs. CNH | SCB | USD | 7.32 | 12/17/2026 | USD | 66844261 | &nbsp;&nbsp; $189169 | &nbsp;&nbsp; $121790 |
| Put – USD vs. CNH | SCB | USD | 7.58 | 08/11/2026 | USD | 58802352 | &nbsp;&nbsp; 192397 | &nbsp;&nbsp; 21228 |
| Put – USD vs. CNH | GSI | USD | 7.71 | 05/13/2026 | USD | 40220520 | &nbsp;&nbsp; 167422 | &nbsp;&nbsp; 3057 |
| Put – USD vs. CNH | JPM | USD | 7.82 | 02/25/2026 | USD | 42055197 | &nbsp;&nbsp; 173646 | &nbsp;&nbsp; 84 |
| Put – USD vs. CNH | SCB | USD | 7.90 | 04/01/2026 | USD | 27239988 | &nbsp;&nbsp; 132360 | &nbsp;&nbsp; 272 |
| **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **$854994** | &nbsp;&nbsp; **$146431** |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

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**Transamerica Morgan Stanley Capital Growth VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**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** |  |  |  |  |
| Common Stocks | $174043765 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $174043765 |
| Other Investment Company | 2618650 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2618650 |
| Repurchase Agreement |  | &nbsp;&nbsp; 11036358 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11036358 |
| Over-the-Counter Foreign Exchange Options Purchased |  | &nbsp;&nbsp; 146431 | &nbsp;&nbsp; — | &nbsp;&nbsp; 146431 |
| **Total Investments** | **$176662415** | &nbsp;&nbsp; **$11182789** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$187845204** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $9,123,677, collateralized by cash collateral of $2,618,650 and* *non-cash collateral, such as U.S. government securities of $6,730,476. 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 December 31, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 2025. Please reference the Investment Valuation section of the Notes* *to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**CURRENCY ABBREVIATION(S):** 

*CNH* *Chinese Yuan Renminbi (offshore)* <br> *USD* *United States Dollar*

**COUNTERPARTY ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *GSI* | *Goldman Sachs International* |
| *JPM* | *JPMorgan Chase Bank, N.A.* |
| *SCB* | *Standard Chartered Bank* |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

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**Transamerica Morgan Stanley Capital Growth VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $124,636,167) (including <br> securities loaned of $9,123,677)<br>| &nbsp;&nbsp; $176808846 |
| Repurchase agreement, at value (cost $11,036,358) | &nbsp;&nbsp; 11036358 |
| Foreign currency, at value (cost $1,703) | &nbsp;&nbsp; 1763 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 5035 |
| Interest | &nbsp;&nbsp; 414 |
| Total assets | &nbsp;&nbsp; 187852416 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 2618650 |
| Cash collateral at broker for: |  |
| OTC derivatives | &nbsp;&nbsp; 210000 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 24644 |
| Investment management fees | &nbsp;&nbsp; 111019 |
| Transfer agent costs | &nbsp;&nbsp; 199 |
| Trustee and CCO fees | &nbsp;&nbsp; 65 |
| Audit and tax fees  | &nbsp;&nbsp; 23285 |
| Custody fees | &nbsp;&nbsp; 4217 |
| Legal fees | &nbsp;&nbsp; 1314 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 14131 |
| Other accrued expenses | &nbsp;&nbsp; 6700 |
| Total liabilities | &nbsp;&nbsp; 3014224 |
| **Net assets**  | &nbsp;&nbsp; $184838192 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $191705 |
| Additional paid-in capital | &nbsp;&nbsp; 909298049 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (724651562)<br>|
| **Net assets** | &nbsp;&nbsp; $184838192 |
| **Shares outstanding** | &nbsp;&nbsp; 19170452 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $9.64 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $177545 |
| Interest income | &nbsp;&nbsp; 216752 |
| Net income from securities lending | &nbsp;&nbsp; 32071 |
| Withholding taxes on foreign income | &nbsp;&nbsp; (1496)<br>|
| Total investment income  | &nbsp;&nbsp; 424872 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 1227313 |
| Transfer agent costs | &nbsp;&nbsp; 2035 |
| Trustee and CCO fees | &nbsp;&nbsp; 9521 |
| Audit and tax fees | &nbsp;&nbsp; 25909 |
| Custody fees | &nbsp;&nbsp; 21272 |
| Legal fees | &nbsp;&nbsp; 16933 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 50213 |
| Other | &nbsp;&nbsp; 23241 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 1376437 |
| Expenses waived and/or reimbursed: |  |
| Initial Class | &nbsp;&nbsp; (16586)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Initial Class | &nbsp;&nbsp; 8137 |
| Net expenses | &nbsp;&nbsp; 1367988 |
| **Net investment income (loss)** | &nbsp;&nbsp; (943116)<br>|
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 17759436 |
| Foreign currency transactions | &nbsp;&nbsp; (3072)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 17756364 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 14725799 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 59 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 14725858 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 32482222 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $31539106 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

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**Transamerica Morgan Stanley Capital Growth VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(943116)<br>| &nbsp;&nbsp; $(568839)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 17756364 | &nbsp;&nbsp; 28603011 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 14725858 | &nbsp;&nbsp; 25189159 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 31539106 | &nbsp;&nbsp; 53223331 |
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 5064817 | &nbsp;&nbsp; 3595240 |
|  | &nbsp;&nbsp; 5064817 | &nbsp;&nbsp; 3595240 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (20680143)<br>| &nbsp;&nbsp; (22164215)<br>|
|  | &nbsp;&nbsp; (20680143)<br>| &nbsp;&nbsp; (22164215)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (15615326)<br>| &nbsp;&nbsp; (18568975)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 15923780 | &nbsp;&nbsp; 34654356 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 168914412 | &nbsp;&nbsp; 134260056 |
| End of year | &nbsp;&nbsp; $184838192 | &nbsp;&nbsp; $168914412 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 556619 | &nbsp;&nbsp; 600483 |
|  | &nbsp;&nbsp; 556619 | &nbsp;&nbsp; 600483 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (2455914)<br>| &nbsp;&nbsp; (3683440)<br>|
|  | &nbsp;&nbsp; (2455914)<br>| &nbsp;&nbsp; (3683440)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (1899295)<br>| &nbsp;&nbsp; (3082957)<br>|
|  | &nbsp;&nbsp; (1899295)<br>| &nbsp;&nbsp; (3082957)<br>|

---

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $8.02 | &nbsp;&nbsp; $5.56 | &nbsp;&nbsp; $3.79 | &nbsp;&nbsp; $29.23 | &nbsp;&nbsp; $38.86 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.25)<br>|
| Net realized and unrealized gain (loss) | 1.67 | 2.48 | 1.79 | &nbsp;&nbsp; (15.27)<br>| 1.48 |
| Total investment operations | 1.62 | 2.46 | 1.77 | &nbsp;&nbsp; (15.33)<br>| 1.23 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (10.11)<br>| &nbsp;&nbsp; (10.86)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $9.64 | &nbsp;&nbsp; $8.02 | &nbsp;&nbsp; $5.56 | &nbsp;&nbsp; $3.79 | &nbsp;&nbsp; $29.23 |
| **Total return**<sup>(B)</sup> <br>| 20.20<br> %<br>| 44.24<br> %<br>| 46.70<br> %<br>| &nbsp;&nbsp; (59.84)%<br>| &nbsp;&nbsp; (0.53)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $184838 | &nbsp;&nbsp; $168914 | &nbsp;&nbsp; $134260 | &nbsp;&nbsp; $326844 | &nbsp;&nbsp; $1621984 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.74<br> %<br>| 0.85<br> %<br>| 0.76<br> %<br>| 0.72<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.76<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.76 %<sup>(C)</sup><br>| 0.72<br> %<br>|
| Net investment income (loss) to average net assets | &nbsp;&nbsp; (0.52)%<br>| &nbsp;&nbsp; (0.41)%<br>| &nbsp;&nbsp; (0.34)%<br>| &nbsp;&nbsp; (0.56)%<br>| &nbsp;&nbsp; (0.66)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 66<br> %<br>| &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 59<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> *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**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica Morgan Stanley Capital Growth VP**

------

**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 Morgan Stanley Capital 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, Initial 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 management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2025,

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**1. ORGANIZATION (continued)**

(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.

**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 year ended December 31, 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.

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**Annual Financial Statements 2025**

**Page 7**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 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 December 31, 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.

*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,

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**3. INVESTMENT VALUATION (continued)**

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. 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 year ended December 31, 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 December 31, 2025, or at any time during the year 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 December 31, 2025.

Repurchase agreements at December 31, 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

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**Annual Financial Statements 2025**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 December 31, 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 December 31, 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 | $2618650 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2618650 |
| **Total Borrowings** | **$2618650** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2618650** |

---

**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.

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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:

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

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

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

Open option contracts at December 31, 2025, are included 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 December 31, 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** |
| Purchased options and swaptions: <br>Investments, at value <sup>(A)</sup> <br>| $— | $146431 | $— | $— | $— | $146431 |
| **Total** | **$—** | **$146431** | **$—** | **$—** | **$—** | **$146431** |

---

&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.*

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 December 31, 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** |
| Purchased options and swaptions <sup>(A)</sup> <br>| $— | $(717994)<br>| $— | $— | $— | $(717994)<br>|
| **Total** | **$—** | **$(717994)**<br>| **$—** | **$—** | **$—** | **$(717994)**<br>|

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**5. 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** |
| Purchased options and swaptions <sup>(B)</sup> <br>| $— | $(486380)<br>| $— | $— | $— | $(486380)<br>|
| **Total** | **$—** | **$(486380)**<br>| **$—** | **$—** | **$—** | **$(486380)**<br>|

---

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

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

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

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2025.

---

| | |
|:---|:---|
| **Options:** |  |
| Average value of option contracts purchased | $221106 |

---

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 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica Morgan Stanley Capital Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 December 31, 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** |
| Goldman Sachs International | $3057 | $— | $(3057)<br>| $— | $— | $— | $— | $— |
| JPMorgan Chase Bank, N.A. | 84 |  | (84)<br>|  |  |  |  |  |
| Standard Chartered Bank | 143290 |  | (143290)<br>|  |  |  |  |  |
| **Total** | **$146431** | **$—** | **$(146431)**<br>| **$—** | **$—** | **$—** | **$—** | **$—** |

---

&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.*

**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.

**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.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica Morgan Stanley Capital Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**6. 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.

**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.

**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.

**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.

**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**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica Morgan Stanley Capital Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**7. 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 $1.5 billion | 0.6825<br> % <br>|
| Over $1.5 billion up to $3 billion | 0.6415 |
| Over $3 billion up to $4 billion | 0.5900 |
| Over $4 billion up to $5 billion | 0.5750 |
| Over $5 billion | 0.5500 |

---

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 | 0.76<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 year ended December 31, 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 December 31, 2025, the balances available for recapture by TAM for the Portfolio are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Initial Class | $114316 | $46714 | $16586 | $177616 |

---

**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.

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 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 0.15% of Initial 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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 15**

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**Transamerica Morgan Stanley Capital Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 year ended December 31, 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 year ended December 31, 2025.

**Cross-trades:** The Portfolio is authorized to purchase or sell securities from and to other portfolio within TST or between the Portfolio and other mutual funds or accounts advised by TAM or the sub-adviser, in each case in accordance with Rule 17a-7 under the 1940 Act, when it is in the best interest of each Portfolio participating in the transaction.

For the year ended December 31, 2025, the Portfolio engaged in the following net cross-trade transactions, which resulted in net realized gains/(losses) as follows:

---

| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Net Realized Gains/(Losses)** |
| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $488010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3673281)<br>|

---

**8. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 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** |
| $107389226 | &nbsp;&nbsp; $3566700 | &nbsp;&nbsp; $124173818 | &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. These differences are primarily due to different treatment for items including, but not limited to, wash sales and passive foreign investment companies. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to net operating losses and a portion of the payments made to redeeming shareholders as a distribution for income tax purposes. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| &nbsp;&nbsp;&nbsp; $(783887)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $783887 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica Morgan Stanley Capital Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

As of December 31, 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>|
| $139717676 | &nbsp;&nbsp; $58785312 | &nbsp;&nbsp; $(10657784)<br>| &nbsp;&nbsp; $48127528 |

---

As of December 31, 2025, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $154394782 | &nbsp;&nbsp;&nbsp;&nbsp; $618384368 |

---

During the year ended December 31, 2025, the capital loss carryforwards utilized are $18,263,380.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<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; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
|  $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(772779150)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48127588 |

---

**10. OPERATING SEGMENTS**

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**

**Annual Financial Statements 2025**

**Page 17**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Morgan Stanley Capital Growth VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Morgan Stanley Capital Growth VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862img081817b33.gif)

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

Boston, Massachusetts

February 25, 2026

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica Morgan Stanley Capital Growth VP**

------

**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made no long-term capital gain designations for the year ended December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica Morgan Stanley Capital Growth 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**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica Morgan Stanley Capital Growth 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**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica Morgan Stanley Capital 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**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica Morgan Stanley Capital Growth VP** 

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 23**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862imgf3e774ce4.gif)

Visit **transamerica.com**

![](g768862img865b9b5f5.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img22821fa76.gif)

------

![](g768862img6fd1bdec1.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica Morgan Stanley Global Allocation Managed Risk -Balanced

VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img307107f32.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_d9d8954e-4911-484d-b624-3a6d02acd359_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_d9d8954e-4911-484d-b624-3a6d02acd359_SOI-RunningFooter-202_1) | 2 |
| [Statement of Assets and Liabilities](#xx_d9d8954e-4911-484d-b624-3a6d02acd359_FS-RunningFooter-202_1) | 4 |
| [Statement of Operations](#xx_d9d8954e-4911-484d-b624-3a6d02acd359_FS-RunningFooter-202_1) | 4 |
| [Statement of Changes in Net Assets](#xx_d9d8954e-4911-484d-b624-3a6d02acd359_FS-RunningFooter-202_2) | 5 |
| [Financial Highlights](#xx_d9d8954e-4911-484d-b624-3a6d02acd359_SCF-RunningFooter-202_1) | 6 |
| [Notes to Financial Statements](#xx_d9d8954e-4911-484d-b624-3a6d02acd359_NTF-RunningFooter-202_1) | 7 |
| **[Report of Independent Registered Public Accounting Firm](#xx_d9d8954e-4911-484d-b624-3a6d02acd359_AUD-RunningFooter-202_1)** | 19 |
| **[Supplemental Information](#xx_d9d8954e-4911-484d-b624-3a6d02acd359_STI-RunningFooter-202_1)** | 20 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_d9d8954e-4911-484d-b624-3a6d02acd359_DWA-RunningFooter-202_1)**<br> **[Companies](#xx_d9d8954e-4911-484d-b624-3a6d02acd359_DWA-RunningFooter-202_1)**<br>| 21 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_d9d8954e-4911-484d-b624-3a6d02acd359_PD-RunningFooter-202_1)** | 22 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_d9d8954e-4911-484d-b624-3a6d02acd359_DTO-RunningFooter-202_1)**<br> **[Companies](#xx_d9d8954e-4911-484d-b624-3a6d02acd359_DTO-RunningFooter-202_1)**<br>| 23 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_d9d8954e-4911-484d-b624-3a6d02acd359_Mgmtagmt-RunningFooter-202_1)** | 24 |

---

***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 Morgan Stanley Global Allocation Managed Risk -** 

**Balanced VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANY - 97.4%**  | **INVESTMENT COMPANY - 97.4%**  | **INVESTMENT COMPANY - 97.4%**  |
| **International Mixed Allocation Fund - 97.4%**  | **International Mixed Allocation Fund - 97.4%**  | **International Mixed Allocation Fund - 97.4%**  |
| &nbsp;&nbsp; Transamerica Morgan Stanley Global <br> Allocation VP, Initial Class <sup>(A)</sup> <br>| 35025006 | $183531031 |
| &nbsp;&nbsp; **Total Investment Company** <br>**(Cost $214,161,733)**<br>|  | 183531031 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.4%**  | **REPURCHASE AGREEMENT - 2.4%**  | **REPURCHASE AGREEMENT - 2.4%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(B)</sup>, dated 12/31/2025, to be <br> repurchased at $4,454,148 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 0.13%, due 04/15/2026, and <br> with a value of $4,543,007.<br>| $4453814 | 4453814 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $4,453,814)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $4,453,814)** | 4453814 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $218,615,547)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $218,615,547)** | 187984845 |
| **Net Other Assets (Liabilities) - 0.2%** | **Net Other Assets (Liabilities) - 0.2%** | 423010 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$188407855** |

---

**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>|
| EUR Currency | 8 | &nbsp;&nbsp;&nbsp; 03/16/2026 | &nbsp;&nbsp;&nbsp; $1169687 | &nbsp;&nbsp;&nbsp; $1178000 | &nbsp;&nbsp;&nbsp; $8313 | &nbsp;&nbsp;&nbsp; $— |
| EURO STOXX 50<sup>®</sup> Index | 19 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 1285594 | &nbsp;&nbsp;&nbsp; 1304225 | &nbsp;&nbsp;&nbsp; 18631 | &nbsp;&nbsp;&nbsp; — |
| FTSE 100 Index | 2 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 261936 | &nbsp;&nbsp;&nbsp; 268000 | &nbsp;&nbsp;&nbsp; 6064 | &nbsp;&nbsp;&nbsp; — |
| GBP Currency | 2 | &nbsp;&nbsp;&nbsp; 03/16/2026 | &nbsp;&nbsp;&nbsp; 166439 | &nbsp;&nbsp;&nbsp; 168225 | &nbsp;&nbsp;&nbsp; 1786 | &nbsp;&nbsp;&nbsp; — |
| JPY Currency | 5 | &nbsp;&nbsp;&nbsp; 03/16/2026 | &nbsp;&nbsp;&nbsp; 402066 | &nbsp;&nbsp;&nbsp; 401156 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (910)<br>|
| MSCI Emerging Markets Index | 15 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 1035951 | &nbsp;&nbsp;&nbsp; 1058550 | &nbsp;&nbsp;&nbsp; 22599 | &nbsp;&nbsp;&nbsp; — |
| Nikkei 225 Index | 2 | &nbsp;&nbsp;&nbsp; 03/12/2026 | &nbsp;&nbsp;&nbsp; 645048 | &nbsp;&nbsp;&nbsp; 643514 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1534)<br>|
| S&P 500<sup>®</sup> E-Mini Index | 19 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 6544334 | &nbsp;&nbsp;&nbsp; 6547875 | &nbsp;&nbsp;&nbsp; 3541 | &nbsp;&nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp; **$60934** | &nbsp;&nbsp;&nbsp; **$(2444)**<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

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**Transamerica Morgan Stanley Global Allocation Managed Risk -** 

**Balanced VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**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 Company | $183531031 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $183531031 |
| Repurchase Agreement |  | &nbsp;&nbsp; 4453814 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4453814 |
| **Total Investments** | **$183531031** | &nbsp;&nbsp; **$4453814** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$187984845** |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(D)</sup> <br>| $60934 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $60934 |
| **Total Other Financial Instruments** | **$60934** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$60934** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(D)</sup> <br>| $(2444)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2444)<br>|
| **Total Other Financial Instruments** | **$(2444)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(2444)**<br>|

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Affiliated investment in another fund within Transamerica Funds, and/or a liquidating trust of a former Transamerica Fund and/or affiliated investment* *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>**December 31,** <br>**2025**<br>| **Shares as of** <br>**December 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Morgan <br> Stanley Global Allocation <br> VP, Initial Class<br>| $193195109 | $28720328 | $(39827052)<br>| $(25825837)<br>| $27268483 | $183531031 | 35025006 | $28720328 | $— |

---

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

<sup>(B)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(C)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 2025. Please reference the Investment Valuation section of the Notes* *to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(D)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**CURRENCY ABBREVIATION(S):** 

*EUR* *Euro* <br> *GBP* *British Pound* <br> *JPY* *Japanese Yen*

**PORTFOLIO ABBREVIATION(S):** 

*FTSE* *Financial Times Stock Exchange* <br> *STOXX* *Deutsche Börse Group & SIX Group Index*

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

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**Transamerica Morgan Stanley Global Allocation Managed Risk -** 

**Balanced VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $214,161,733) | &nbsp;&nbsp; $183531031 |
| Repurchase agreement, at value (cost $4,453,814) | &nbsp;&nbsp; 4453814 |
| Cash collateral pledged at broker for: |  |
| Futures contracts | &nbsp;&nbsp; 633384 |
| Receivables and other assets: |  |
| Interest | &nbsp;&nbsp; 167 |
| Total assets | &nbsp;&nbsp; 188618396 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 46878 |
| Investment management fees | &nbsp;&nbsp; 28163 |
| Distribution and service fees | &nbsp;&nbsp; 42794 |
| Transfer agent costs | &nbsp;&nbsp; 192 |
| Trustee and CCO fees | &nbsp;&nbsp; 63 |
| Audit and tax fees  | &nbsp;&nbsp; 18150 |
| Custody fees | &nbsp;&nbsp; 1347 |
| Legal fees | &nbsp;&nbsp; 1485 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 7290 |
| Other accrued expenses | &nbsp;&nbsp; 8799 |
| Variation margin payable on futures contracts | &nbsp;&nbsp; 55380 |
| Total liabilities | &nbsp;&nbsp; 210541 |
| **Net assets**  | &nbsp;&nbsp; $188407855 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $271364 |
| Additional paid-in capital | &nbsp;&nbsp; 259359264 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (71222773)<br>|
| **Net assets** | &nbsp;&nbsp; $188407855 |
| **Shares outstanding** | &nbsp;&nbsp; 27136351 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $6.94 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | &nbsp;&nbsp; $28720328 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 118026 |
| Total investment income  | &nbsp;&nbsp; 28838354 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 385862 |
| Distribution and service fees | &nbsp;&nbsp; 482327 |
| Transfer agent costs | &nbsp;&nbsp; 2128 |
| Trustee and CCO fees | &nbsp;&nbsp; 9923 |
| Audit and tax fees | &nbsp;&nbsp; 22980 |
| Custody fees | &nbsp;&nbsp; 11007 |
| Legal fees | &nbsp;&nbsp; 19059 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 24716 |
| Other | &nbsp;&nbsp; 21547 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 979549 |
| Expenses waived and/or reimbursed | &nbsp;&nbsp; (75261)<br>|
| Recapture of previously waived and/or reimbursed fees | &nbsp;&nbsp; 2766 |
| Net expenses | &nbsp;&nbsp; 907054 |
| **Net investment income (loss)** | &nbsp;&nbsp; 27931300 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | &nbsp;&nbsp; (25825837)<br>|
| Unaffiliated investments  | &nbsp;&nbsp; 413 |
| Futures contracts | &nbsp;&nbsp; (3624695)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (29450119)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | &nbsp;&nbsp; 27268483 |
| Futures contracts | &nbsp;&nbsp; (71457)<br>|
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 1109 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 27198135 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; (2251984)<br>|
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $25679316 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Morgan Stanley Global Allocation Managed Risk -** 

**Balanced VP**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $27931300 | &nbsp;&nbsp; $21746596 |
| Net realized gain (loss) | &nbsp;&nbsp; (29450119)<br>| &nbsp;&nbsp; (25313483)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 27198135 | &nbsp;&nbsp; 14340064 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 25679316 | &nbsp;&nbsp; 10773177 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Dividends and/or distributions to shareholders | &nbsp;&nbsp; (21777300)<br>| &nbsp;&nbsp; — |
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (21777300)<br>| &nbsp;&nbsp; — |
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 879216 | &nbsp;&nbsp; 1154386 |
| Dividends and/or distributions reinvested | &nbsp;&nbsp; 21777300 | &nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp; (37661308)<br>| &nbsp;&nbsp; (32612092)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (15004792)<br>| &nbsp;&nbsp; (31457706)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (11102776)<br>| &nbsp;&nbsp; (20684529)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 199510631 | &nbsp;&nbsp; 220195160 |
| End of year | &nbsp;&nbsp; $188407855 | &nbsp;&nbsp; $199510631 |
| **Capital share transactions - shares:** |  |  |
| Shares issued | &nbsp;&nbsp; 127921 | &nbsp;&nbsp; 171412 |
| Shares reinvested | &nbsp;&nbsp; 3274782 | &nbsp;&nbsp; — |
| Shares redeemed | &nbsp;&nbsp; (5395610)<br>| &nbsp;&nbsp; (4818793)<br>|
| Net increase (decrease) in shares outstanding | &nbsp;&nbsp; (1992907)<br>| &nbsp;&nbsp; (4647381)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Morgan Stanley Global Allocation Managed Risk -** 

**Balanced VP**

------

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $6.85 | &nbsp;&nbsp; $6.52 | &nbsp;&nbsp; $7.38 | &nbsp;&nbsp; $10.45 | &nbsp;&nbsp; $10.28 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 1.01 | 0.69 | &nbsp;&nbsp; (0.03)<br>| 1.43 | 1.32 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.36)<br>| 0.62 | &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (0.59)<br>|
| Total investment operations | 0.94 | 0.33 | 0.59 | &nbsp;&nbsp; (1.66)<br>| 0.73 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (0.56)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (0.56)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $6.94 | &nbsp;&nbsp; $6.85 | &nbsp;&nbsp; $6.52 | &nbsp;&nbsp; $7.38 | &nbsp;&nbsp; $10.45 |
| **Total return**<sup>(B)</sup> <br>| 14.21<br> %<br>| 5.06<br> %<br>| 9.00<br> %<br>| &nbsp;&nbsp; (16.23)%<br>| 7.18<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $188408 | &nbsp;&nbsp; $199511 | &nbsp;&nbsp; $220195 | &nbsp;&nbsp; $226187 | &nbsp;&nbsp; $300295 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.51<br> %<br>| 0.50<br> %<br>| 0.51<br> %<br>| 0.50<br> %<br>| 0.48<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.47<br> %<br>| 0.47<br> %<br>| 0.47<br> %<br>| 0.47<br> %<br>| 0.47<br> %<br>|
| Net investment income (loss) to average net assets | 14.48<br> %<br>| 10.23<br> %<br>| &nbsp;&nbsp; (0.35)%<br>| 16.41<br> %<br>| 12.45<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; —<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> *Does not include expenses of the underlying investments in which the Portfolio invests.*

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica Morgan Stanley Global Allocation Managed Risk -** 

**Balanced VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 Morgan Stanley Global Allocation Managed Risk - Balanced 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 the Portfolio's 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 Transamerica Morgan Stanley Global Allocation VP (the "Underlying Portfolio"). The Portfolio employs a risk management strategy in an effort to manage return volatility. The shareholder report of the Underlying Portfolio, including the Schedule of Investments, should be read in conjunction with this report and is available on the funds' web page at <u>www.transamerica.com/financial-pro/annuities/prospectus</u>. 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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**Balanced VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**1. ORGANIZATION (continued)**

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 year ended December 31, 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.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**3. INVESTMENT VALUATION (continued)**

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 December 31, 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.

*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. 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**

**Annual Financial Statements 2025**

**Page 9**

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**Balanced VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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. For the year ended December 31, 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 year ended December 31, 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 December 31, 2025, or at any time during the year 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 December 31, 2025.

Repurchase agreements at December 31, 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**Balanced VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

*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.

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 December 31, 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 December 31, 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>| $— | $10099 | $50835 | $— | $— | $60934 |
| **Total** | **$—** | **$10099** | **$50835** | **$—** | **$—** | **$60934** |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**Balanced VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

&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>| $— | $(910)<br>| $(1534)<br>| $— | $— | $(2444)<br>|
| **Total** | **$—** | **$(910)**<br>| **$(1534)**<br>| **$—** | **$—** | **$(2444)**<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.* 

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 December 31, 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  | $— | $(451238)<br>| $(3173457)<br>| $— | $— | $(3624695)<br>|
| **Total** | **$—** | **$(451238)**<br>| **$(3173457)**<br>| **$—** | **$—** | **$(3624695)**<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  | $— | $(10771)<br>| $(60686)<br>| $— | $— | $(71457)<br>|
| **Total** | **$—** | **$(10771)**<br>| **$(60686)**<br>| **$—** | **$—** | **$(71457)**<br>|

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $3473555 |
| Average notional value of contracts — short | (6463274)<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

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**Annual Financial Statements 2025**

**Page 12**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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.

**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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

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**Balanced VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**6. RISK FACTORS (continued)**

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.

**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

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**Annual Financial Statements 2025**

**Page 14**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**6. RISK FACTORS (continued)**

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.

**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.

**Subsidiary risk:** By investing in the Subsidiary, the Underlying Portfolio will be indirectly exposed to the risks associated with the Subsidiary's investments. The derivatives and other investments that will be held by the Subsidiary are generally similar to those that are permitted to be held by the Underlying Portfolio and will be subject to all of the risks that apply to similar investments if held directly by the Underlying Portfolio. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted in the prospectus, is not subject to the investor protections of the Investment Company Act. Although certain regulated investment companies received private letter rulings from the Internal Revenue Service ("IRS") with respect to their investment in entities similar to the Subsidiary, the Underlying Portfolio has not received such a ruling. The IRS is no longer issuing private letter rulings on structures of this kind. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the prospectus and the SAI and could adversely affect the Portfolio.

**Commodities and commodity-related securities risk:** Commodities and commodity-related businesses or industries are subject to changes and volatility in commodity prices generally, regulatory, economic and political developments, weather events and natural disasters, tariffs and trade disruptions, and market disruptions. Commodities and commodity-linked investments may be less liquid than other investments. Commodity-linked investments also are subject to the credit risk associated with the issuer, and their value may decline substantially if the issuer's creditworthiness deteriorates.

**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 year, the Portfolio can have investments that account for a significant percentage of the Portfolio's total assets. As of December 31, 2025, the most recent financial statements are included within this report for the following investments:

---

| | |
|:---|:---|
| **Investment** | **Percentage of** <br> **Total Assets**<br>|
| Transamerica Morgan Stanley Global Allocation VP | 97.30<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 Series Trust**

**Annual Financial Statements 2025**

**Page 15**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $2 billion | 0.20<br> % <br>|
| Over $2 billion up to $4 billion | 0.19 |
| Over $4 billion up to $6 billion | 0.18 |
| Over $6 billion up to $8 billion | 0.17 |
| Over $8 billion up to $10 billion | 0.16 |
| Over $10 billion | 0.15 |

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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.

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| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Service Class | 0.47<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 year ended December 31, 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 December 31, 2025, the balances available for recapture by TAM for the Portfolio are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Service Class | $101556 | $71781 | $75261 | $248598 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

**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 year ended December 31, 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 year ended December 31, 2025.

**9. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $— | &nbsp;&nbsp; $39827053 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

As of December 31, 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>|
| $238401442 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(50418131)<br>| &nbsp;&nbsp; $(50418131)<br>|

---

As of December 31, 2025, the capital loss carryforwards available to offset future realized capital gains are as follows:

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| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $3671950 | &nbsp;&nbsp;&nbsp;&nbsp; $43328378 |

---

During the year ended December 31, 2025, the Portfolio did not utilize any capital loss carryforwards.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $21777300 | &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; $— |

---

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $27900596 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(47000328)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1702554)<br>| &nbsp;&nbsp; $(50420487)<br>|

---

**11. OPERATING SEGMENTS**

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**

**Annual Financial Statements 2025**

**Page 18**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Morgan Stanley Global Allocation Managed Risk – Balanced VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Morgan Stanley Global Allocation Managed Risk – Balanced VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862img3b8e244c3.gif)

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

Boston, Massachusetts

February 25, 2026

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 19**

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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made no long-term capital gain designations for the year ended December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 20**

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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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**Annual Financial Statements 2025**

**Page 21**

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**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**

**Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Morgan Stanley Global Allocation Managed Risk -** 

**Balanced VP** 

------

**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**

**Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Morgan Stanley Global Allocation Managed Risk -** 

**Balanced VP** 

------

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 24**

------

![](g768862imgddc290f21.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica Morgan Stanley Global Allocation VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imgfbc338892.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_295f988f-0c1d-48aa-8147-2022cca21c76_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_295f988f-0c1d-48aa-8147-2022cca21c76_SOI-RunningFooter-199_1) | 2 |
| [Statement of Assets and Liabilities](#xx_295f988f-0c1d-48aa-8147-2022cca21c76_FS-RunningFooter-199_1) | 30 |
| [Statement of Operations](#xx_295f988f-0c1d-48aa-8147-2022cca21c76_FS-RunningFooter-199_2) | 31 |
| [Statement of Changes in Net Assets](#xx_295f988f-0c1d-48aa-8147-2022cca21c76_FS-RunningFooter-199_3) | 32 |
| [Financial Highlights](#xx_295f988f-0c1d-48aa-8147-2022cca21c76_FS-RunningFooter-199_4) | 33 |
| [Notes to Financial Statements](#xx_295f988f-0c1d-48aa-8147-2022cca21c76_NTF-RunningFooter-199_1) | 35 |
| **[Report of Independent Registered Public Accounting Firm](#xx_295f988f-0c1d-48aa-8147-2022cca21c76_AUD-RunningFooter-199_1)** | 53 |
| **[Supplemental Information](#xx_295f988f-0c1d-48aa-8147-2022cca21c76_STI-RunningFooter-199_1)** | 54 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_295f988f-0c1d-48aa-8147-2022cca21c76_DWA-RunningFooter-199_1)**<br> **[Companies](#xx_295f988f-0c1d-48aa-8147-2022cca21c76_DWA-RunningFooter-199_1)**<br>| 55 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_295f988f-0c1d-48aa-8147-2022cca21c76_PD-RunningFooter-199_1)** | 56 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_295f988f-0c1d-48aa-8147-2022cca21c76_DTO-RunningFooter-199_1)**<br> **[Companies](#xx_295f988f-0c1d-48aa-8147-2022cca21c76_DTO-RunningFooter-199_1)**<br>| 57 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_295f988f-0c1d-48aa-8147-2022cca21c76_Mgmtagmt-RunningFooter-199_1)** | 58 |

---

***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 Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 47.9%**  | **COMMON STOCKS - 47.9%**  | **COMMON STOCKS - 47.9%**  |
| **Australia - 0.9%**  | **Australia - 0.9%**  | **Australia - 0.9%**  |
| ANZ Group Holdings Ltd. | 17618 | $425961 |
| APA Group | 7793 | 46565 |
| Aristocrat Leisure Ltd. | 3277 | 126867 |
| ASX Ltd. | 1158 | 39652 |
| Atlassian Corp., Class A <sup>(A)</sup> <br>| 828 | 134252 |
| BHP Group Ltd. | 29983 | 904861 |
| Brambles Ltd. | 8071 | 123247 |
| CAR Group Ltd. | 2242 | 45919 |
| Cochlear Ltd. <sup>(B)</sup> <br>| 389 | 67538 |
| Coles Group Ltd. | 8031 | 114789 |
| Commonwealth Bank of Australia | 9777 | 1043587 |
| Computershare Ltd. | 3095 | 70144 |
| CSL Ltd. | 2907 | 334542 |
| Evolution Mining Ltd. | 12104 | 101295 |
| Fortescue Ltd. | 10151 | 148433 |
| Goodman Group, REIT | 11278 | 232080 |
| Insurance Australia Group Ltd. | 13875 | 73638 |
| Lottery Corp. Ltd. | 13237 | 45482 |
| Lynas Rare Earths Ltd. <sup>(A)</sup> <br>| 5374 | 44074 |
| Macquarie Group Ltd. | 2127 | 287422 |
| Medibank Pvt Ltd. | 16238 | 51821 |
| National Australia Bank Ltd. | 18119 | 509447 |
| Northern Star Resources Ltd. | 8166 | 143702 |
| Origin Energy Ltd. | 10231 | 78129 |
| Pro Medicus Ltd. | 329 | 48318 |
| Qantas Airways Ltd. | 4375 | 30225 |
| QBE Insurance Group Ltd. | 8841 | 117050 |
| Quintis Australia Pty. Ltd. <sup>(C)(D)(E)</sup> <br>| 1725383 | 1 |
| REA Group Ltd. | 311 | 37912 |
| Rio Tinto Ltd. | 2188 | 213452 |
| Santos Ltd. | 19263 | 79117 |
| Scentre Group, REIT | 30996 | 86646 |
| SGH Ltd. | 1209 | 37315 |
| Sigma Healthcare Ltd. <sup>(B)</sup> <br>| 30805 | 60304 |
| Sonic Healthcare Ltd. | 2772 | 41738 |
| South32 Ltd. | 26709 | 63223 |
| Stockland, REIT | 14487 | 55235 |
| Suncorp Group Ltd. | 6378 | 74872 |
| Telstra Group Ltd. | 23620 | 76637 |
| Transurban Group | 18465 | 174745 |
| Vicinity Ltd., REIT | 23160 | 39430 |
| Washington H Soul Pattinson & Co. Ltd. <sup>(B)</sup> <br>| 2014 | 49833 |
| Wesfarmers Ltd. | 6676 | 359656 |
| Westpac Banking Corp. | 20155 | 517208 |
| WiseTech Global Ltd. | 1177 | 53512 |
| Woodside Energy Group Ltd. | 11213 | 174840 |
| Woolworths Group Ltd. | 7293 | 142688 |
|  |  | 7727404 |
| **Austria - 0.1%**  | **Austria - 0.1%**  | **Austria - 0.1%**  |
| Erste Group Bank AG | 2067 | 247853 |
| OMV AG | 989 | 55035 |
| Raiffeisen Bank International AG | 879 | 39165 |
| Verbund AG | 2533 | 183924 |
|  |  | 525977 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Belgium - 0.1%**  | **Belgium - 0.1%**  | **Belgium - 0.1%**  |
| Ageas SA | 913 | $63966 |
| Anheuser-Busch InBev SA | 6021 | 386434 |
| D'ieteren Group | 133 | 23956 |
| Elia Group SA <sup>(B)</sup> <br>| 1578 | 203061 |
| Financiere de Tubize SA | 123 | 30017 |
| Groupe Bruxelles Lambert NV | 491 | 43662 |
| KBC Group NV | 1423 | 185326 |
| Lotus Bakeries NV <sup>(B)</sup> <br>| 2 | 18409 |
| Sofina SA <sup>(B)</sup> <br>| 101 | 29207 |
| Syensqo SA <sup>(B)</sup> <br>| 446 | 35724 |
| UCB SA | 764 | 212870 |
|  |  | 1232632 |
| **Bermuda - 0.0% \*** | **Bermuda - 0.0% \*** | **Bermuda - 0.0% \*** |
| Arch Capital Group Ltd. <sup>(A)</sup> <br>| 1863 | 178699 |
| Everest Group Ltd. | 209 | 70924 |
|  |  | 249623 |
| **Canada - 1.9%**  | **Canada - 1.9%**  | **Canada - 1.9%**  |
| Agnico Eagle Mines Ltd. | 3027 | 513325 |
| Alamos Gold, Inc., Class A | 2527 | 97578 |
| Alimentation Couche-Tard, Inc. | 4484 | 244888 |
| AltaGas Ltd. | 1775 | 54121 |
| ARC Resources Ltd. | 3489 | 65456 |
| AtkinsRealis Group, Inc. | 993 | 64100 |
| Bank of Montreal | 4252 | 552198 |
| Bank of Nova Scotia | 7358 | 542676 |
| Barrick Mining Corp. | 10202 | 444412 |
| BCE, Inc. | 448 | 10686 |
| Bombardier, Inc., Class B <sup>(A)</sup> <br>| 519 | 88293 |
| Brookfield Corp. | 12308 | 565116 |
| CAE, Inc. <sup>(A)</sup> <br>| 1816 | 55226 |
| Cameco Corp. | 2561 | 234503 |
| Canadian Imperial Bank of Commerce | 5543 | 502507 |
| Canadian National Railway Co. | 3139 | 310458 |
| Canadian Natural Resources Ltd. | 12464 | 422171 |
| Canadian Pacific Kansas City Ltd. | 5459 | 401903 |
| Canadian Tire Corp. Ltd., Class A | 298 | 37765 |
| Canadian Utilities Ltd., Class A | 790 | 24594 |
| CCL Industries, Inc., Class B | 862 | 54450 |
| Celestica, Inc. <sup>(A)</sup> <br>| 691 | 204403 |
| Cenovus Energy, Inc. | 8564 | 144881 |
| CGI, Inc. | 1176 | 108625 |
| Constellation Software, Inc. | 121 | 291042 |
| Descartes Systems Group, Inc. <sup>(A)</sup> <br>| 519 | 45530 |
| Dollarama, Inc. | 1632 | 243917 |
| Element Fleet Management Corp. | 2405 | 63167 |
| Emera, Inc. | 1775 | 87473 |
| Empire Co. Ltd., Class A | 749 | 26041 |
| Enbridge, Inc. | 12935 | 618973 |
| Fairfax Financial Holdings Ltd. | 123 | 234421 |
| First Quantum Minerals Ltd. <sup>(A)</sup> <br>| 4176 | 111964 |
| FirstService Corp. | 244 | 37945 |
| Fortis, Inc. | 2990 | 155453 |
| Franco-Nevada Corp. | 1156 | 239622 |
| George Weston Ltd. | 1038 | 71610 |
| GFL Environmental, Inc. | 1463 | 62845 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Gildan Activewear, Inc. | 1057 | $66067 |
| Great-West Lifeco, Inc. | 1647 | 81225 |
| Hydro One Ltd. <sup>(F)</sup> <br>| 1962 | 78105 |
| iA Financial Corp., Inc. | 551 | 71389 |
| IGM Financial, Inc. | 493 | 22201 |
| Imperial Oil Ltd. | 1035 | 89418 |
| Intact Financial Corp. | 1062 | 221081 |
| Ivanhoe Mines Ltd., Class A <sup>(A)(B)</sup> <br>| 4526 | 51474 |
| Keyera Corp. | 1360 | 43598 |
| Kinross Gold Corp. | 7300 | 205616 |
| Loblaw Cos. Ltd. | 3570 | 161392 |
| Lululemon Athletica, Inc. <sup>(A)</sup> <br>| 532 | 110555 |
| Lundin Gold, Inc. | 658 | 54661 |
| Lundin Mining Corp. | 4061 | 87282 |
| Magna International, Inc. | 1617 | 86201 |
| Manulife Financial Corp. | 10100 | 366751 |
| Metro, Inc. | 1220 | 87810 |
| National Bank of Canada <sup>(B)</sup> <br>| 2333 | 293395 |
| Nutrien Ltd. | 2880 | 177767 |
| Open Text Corp. | 1536 | 50023 |
| Pan American Silver Corp. | 2521 | 130701 |
| Pembina Pipeline Corp. | 3439 | 131015 |
| Power Corp. of Canada <sup>(B)</sup> <br>| 3321 | 176509 |
| Rogers Communications, Inc., Class B | 2170 | 81912 |
| Royal Bank of Canada | 8371 | 1427074 |
| Saputo, Inc. | 1476 | 44424 |
| Shopify, Inc., Class A <sup>(A)</sup> <br>| 7373 | 1187157 |
| Stantec, Inc. | 680 | 64168 |
| Sun Life Financial, Inc. | 3336 | 208246 |
| Suncor Energy, Inc. | 7275 | 322898 |
| TC Energy Corp. <sup>(B)</sup> <br>| 6133 | 337716 |
| Teck Resources Ltd., Class B | 2638 | 126293 |
| TELUS Corp. | 3047 | 40159 |
| TFI International, Inc. <sup>(B)</sup> <br>| 469 | 48477 |
| Thomson Reuters Corp. | 946 | 124840 |
| TMX Group Ltd. | 1663 | 63283 |
| Toromont Industries Ltd. | 487 | 58917 |
| Toronto-Dominion Bank | 10093 | 951244 |
| Tourmaline Oil Corp. | 2190 | 98239 |
| Waste Connections, Inc. | 1281 | 224636 |
| Wheaton Precious Metals Corp. | 2730 | 320945 |
| Whitecap Resources, Inc. | 7188 | 60225 |
| WSP Global, Inc. | 776 | 140506 |
|  |  | 16809933 |
| **Chile - 0.0% \*** | **Chile - 0.0% \*** | **Chile - 0.0% \*** |
| Antofagasta PLC | 2327 | 102215 |
| **China - 0.0% \*** | **China - 0.0% \*** | **China - 0.0% \*** |
| Yangzijiang Shipbuilding Holdings Ltd. | 15180 | 41009 |
| **Denmark - 0.3%**  | **Denmark - 0.3%**  | **Denmark - 0.3%**  |
| AP Moller - Maersk AS, Class A | 18 | 41288 |
| AP Moller - Maersk AS, Class B | 24 | 55069 |
| Carlsberg AS, Class B | 570 | 74603 |
| Coloplast AS, Class B | 771 | 66102 |
| Danske Bank AS | 4069 | 203191 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Denmark (continued)** | **Denmark (continued)** | **Denmark (continued)** |
| Demant AS <sup>(A)</sup> <br>| 579 | $19509 |
| DSV AS | 1242 | 312805 |
| Genmab AS <sup>(A)</sup> <br>| 365 | 113144 |
| Novo Nordisk AS, Class B | 17975 | 911664 |
| Novonesis Novozymes, Class B | 2123 | 135831 |
| Orsted AS <sup>(A)(F)</sup> <br>| 19357 | 369513 |
| Pandora AS | 482 | 53302 |
| Rockwool AS, B Shares | 585 | 20553 |
| Tryg AS | 2039 | 53323 |
| Vestas Wind Systems AS | 6115 | 165394 |
|  |  | 2595291 |
| **Finland - 0.2%**  | **Finland - 0.2%**  | **Finland - 0.2%**  |
| Elisa OYJ | 831 | 36826 |
| Fortum OYJ | 16178 | 343554 |
| Kesko OYJ, B Shares | 1601 | 36125 |
| Kone OYJ, Class B | 1990 | 140978 |
| Metso OYJ <sup>(B)</sup> <br>| 3893 | 67735 |
| Neste OYJ <sup>(B)</sup> <br>| 2469 | 55856 |
| Nokia OYJ | 30994 | 199821 |
| Nordea Bank Abp | 18185 | 342137 |
| Orion OYJ, Class B | 641 | 47824 |
| Sampo OYJ, A Shares | 14207 | 171888 |
| Stora Enso OYJ, R Shares <sup>(B)</sup> <br>| 3407 | 42539 |
| UPM-Kymmene OYJ <sup>(B)</sup> <br>| 3088 | 89272 |
| Wartsila OYJ Abp | 2952 | 104514 |
|  |  | 1679069 |
| **France - 1.7%**  | **France - 1.7%**  | **France - 1.7%**  |
| Accor SA | 1177 | 66355 |
| Aeroports de Paris SA <sup>(B)</sup> <br>| 208 | 27143 |
| Air Liquide SA | 3461 | 650509 |
| Airbus SE | 3544 | 823001 |
| Alstom SA <sup>(A)</sup> <br>| 2079 | 61334 |
| Amundi SA <sup>(F)</sup> <br>| 368 | 30415 |
| AXA SA | 10377 | 497899 |
| BioMerieux | 250 | 32349 |
| BNP Paribas SA | 6010 | 568588 |
| Bollore SE | 4213 | 23677 |
| Bouygues SA | 1149 | 59731 |
| Bureau Veritas SA | 2039 | 64866 |
| Capgemini SE | 934 | 155089 |
| Carrefour SA | 3545 | 59150 |
| Cie de Saint-Gobain SA | 2679 | 272433 |
| &nbsp;&nbsp; Cie Generale des Etablissements Michelin <br> SCA<br>| 4032 | 133645 |
| Covivio SA, REIT | 335 | 22237 |
| Credit Agricole SA | 6393 | 131618 |
| Danone SA | 3882 | 350153 |
| Dassault Aviation SA | 118 | 37831 |
| Dassault Systemes SE | 4015 | 112172 |
| Edenred SE | 1435 | 31722 |
| Eiffage SA | 412 | 59031 |
| Engie SA | 66301 | 1741683 |
| EssilorLuxottica SA | 1819 | 575164 |
| FDJ UNITED | 666 | 18435 |
| Gecina SA, REIT | 274 | 26023 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Getlink SE | 1794 | $33116 |
| Hermes International SCA | 190 | 471741 |
| Ipsen SA | 225 | 31394 |
| Kering SA | 449 | 156898 |
| Klepierre SA, REIT | 1288 | 50960 |
| Legrand SA | 1576 | 234292 |
| L'Oreal SA | 1444 | 619932 |
| LVMH Moet Hennessy Louis Vuitton SE | 1491 | 1123820 |
| Orange SA | 11047 | 184336 |
| Pernod Ricard SA | 1214 | 103950 |
| Publicis Groupe SA | 1375 | 142791 |
| Renault SA <sup>(B)</sup> <br>| 1159 | 47974 |
| Rexel SA | 1345 | 52754 |
| Safran SA | 2164 | 753758 |
| Sanofi SA | 6560 | 634714 |
| Sartorius Stedim Biotech | 175 | 42984 |
| Schneider Electric SE | 3289 | 899789 |
| Societe Generale SA | 4243 | 341578 |
| Sodexo SA | 529 | 27104 |
| Thales SA | 560 | 151069 |
| TotalEnergies SE | 11873 | 774096 |
| Unibail-Rodamco-Westfield, REIT <sup>(A)</sup> <br>| 729 | 79276 |
| Veolia Environnement SA | 22891 | 796549 |
| Vinci SA | 2990 | 420642 |
|  |  | 14807770 |
| **Germany - 1.5%**  | **Germany - 1.5%**  | **Germany - 1.5%**  |
| adidas AG | 1033 | 204416 |
| Allianz SE | 2311 | 1068554 |
| BASF SE | 5321 | 279984 |
| Bayer AG | 5814 | 252187 |
| Bayerische Motoren Werke AG | 1684 | 182605 |
| Beiersdorf AG | 580 | 63694 |
| Brenntag SE | 734 | 42604 |
| Commerzbank AG | 4378 | 184772 |
| Continental AG | 664 | 52697 |
| CTS Eventim AG & Co. KGaA | 373 | 34145 |
| Daimler Truck Holding AG | 2862 | 123960 |
| Delivery Hero SE <sup>(A)(F)</sup> <br>| 1170 | 30841 |
| Deutsche Bank AG | 11025 | 424894 |
| Deutsche Boerse AG | 1117 | 293571 |
| Deutsche Lufthansa AG | 3626 | 35622 |
| Deutsche Post AG | 5753 | 313686 |
| Deutsche Telekom AG | 21907 | 713096 |
| E.ON SE | 81407 | 1541435 |
| Evonik Industries AG | 1528 | 23846 |
| Fresenius Medical Care AG | 1317 | 62907 |
| Fresenius SE & Co. KGaA | 2533 | 145120 |
| GEA Group AG | 884 | 59743 |
| Hannover Rueck SE | 359 | 111714 |
| Heidelberg Materials AG | 795 | 206109 |
| Henkel AG & Co. KGaA | 622 | 47338 |
| Hensoldt AG | 382 | 32718 |
| HOCHTIEF AG | 93 | 36408 |
| Infineon Technologies AG | 7810 | 340758 |
| Knorr-Bremse AG | 436 | 48371 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| LEG Immobilien SE | 452 | $32967 |
| Mercedes-Benz Group AG | 4323 | 299679 |
| Merck KGaA | 769 | 109754 |
| MTU Aero Engines AG | 322 | 133478 |
| &nbsp;&nbsp; Muenchener Rueckversicherungs-<br> Gesellschaft AG<br>| 780 | 513307 |
| Nemetschek SE | 349 | 37758 |
| Rational AG | 31 | 23935 |
| Rheinmetall AG | 278 | 507182 |
| RWE AG | 23055 | 1221612 |
| SAP SE | 6254 | 1519525 |
| Scout24 SE <sup>(F)</sup> <br>| 450 | 45198 |
| Siemens AG | 4545 | 1272947 |
| Siemens Energy AG <sup>(A)</sup> <br>| 4641 | 651079 |
| Siemens Healthineers AG <sup>(F)</sup> <br>| 2031 | 106460 |
| Symrise AG | 793 | 64250 |
| Talanx AG | 386 | 51276 |
| Vonovia SE | 4509 | 129766 |
| Zalando SE <sup>(A)(F)</sup> <br>| 1344 | 39658 |
|  |  | 13717626 |
| **Hong Kong - 0.3%**  | **Hong Kong - 0.3%**  | **Hong Kong - 0.3%**  |
| AIA Group Ltd. | 63374 | 652314 |
| BOC Hong Kong Holdings Ltd. | 22076 | 112035 |
| CK Asset Holdings Ltd. | 11555 | 58432 |
| CK Hutchison Holdings Ltd. | 16028 | 108966 |
| CK Infrastructure Holdings Ltd. | 3780 | 28011 |
| CLP Holdings Ltd. | 9850 | 88107 |
| Futu Holdings Ltd., ADR <sup>(A)</sup> <br>| 345 | 56652 |
| Galaxy Entertainment Group Ltd. | 11823 | 58297 |
| Hang Seng Bank Ltd. | 4527 | 89307 |
| Henderson Land Development Co. Ltd. | 8817 | 31929 |
| HKT Trust & HKT Ltd. | 22632 | 33513 |
| Hong Kong & China Gas Co. Ltd. | 67259 | 60632 |
| Hong Kong Exchanges & Clearing Ltd. | 7256 | 379644 |
| Hong Kong Land Holdings Ltd. | 6531 | 45369 |
| Jardine Matheson Holdings Ltd. | 976 | 66607 |
| Link, REIT | 16285 | 72713 |
| MTR Corp. Ltd. <sup>(B)</sup> <br>| 9301 | 35622 |
| Power Assets Holdings Ltd. | 8311 | 58894 |
| Prudential PLC | 15344 | 236038 |
| Sino Land Co. Ltd. | 21954 | 28888 |
| SITC International Holdings Co. Ltd. | 7983 | 28566 |
| Sun Hung Kai Properties Ltd. | 8655 | 105386 |
| Swire Pacific Ltd., Class A | 2085 | 16808 |
| Techtronic Industries Co. Ltd. | 8755 | 100710 |
| WH Group Ltd. <sup>(F)</sup> <br>| 50201 | 55925 |
| Wharf Holdings Ltd. | 6425 | 17947 |
| Wharf Real Estate Investment Co. Ltd. | 10010 | 31637 |
|  |  | 2658949 |
| **Ireland - 0.5%**  | **Ireland - 0.5%**  | **Ireland - 0.5%**  |
| Accenture PLC, Class A | 3101 | 831998 |
| AerCap Holdings NV | 1080 | 155261 |
| AIB Group PLC | 12081 | 129150 |
| Allegion PLC | 429 | 68305 |
| Aptiv PLC <sup>(A)</sup> <br>| 1094 | 83243 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |
| Bank of Ireland Group PLC | 5415 | $103564 |
| CRH PLC | 3415 | 426192 |
| DCC PLC | 588 | 36632 |
| Eaton Corp. PLC | 1956 | 623006 |
| Experian PLC | 5466 | 246443 |
| Kerry Group PLC, Class A | 910 | 83158 |
| Kingspan Group PLC | 859 | 74019 |
| Medtronic PLC | 6447 | 619299 |
| Ryanair Holdings PLC | 4745 | 163596 |
| Smurfit WestRock PLC | 2620 | 101315 |
| TE Connectivity PLC | 1485 | 337852 |
| Trane Technologies PLC | 1112 | 432790 |
|  |  | 4515823 |
| **Israel - 0.2%**  | **Israel - 0.2%**  | **Israel - 0.2%**  |
| Azrieli Group Ltd. | 258 | 29251 |
| Bank Hapoalim BM | 7589 | 171641 |
| Bank Leumi Le-Israel BM | 9037 | 199155 |
| Check Point Software Technologies Ltd. <sup>(A)</sup> <br>| 521 | 96677 |
| CyberArk Software Ltd. <sup>(A)</sup> <br>| 306 | 136494 |
| Elbit Systems Ltd. | 169 | 97027 |
| ICL Group Ltd. | 4700 | 27027 |
| Israel Discount Bank Ltd., Class A | 7423 | 78829 |
| Mizrahi Tefahot Bank Ltd. | 947 | 66164 |
| Monday.com Ltd. <sup>(A)</sup> <br>| 262 | 38661 |
| Nice Ltd. <sup>(A)</sup> <br>| 375 | 42389 |
| Nova Ltd. <sup>(A)</sup> <br>| 179 | 59838 |
| Phoenix Financial Ltd. | 1388 | 57406 |
| Teva Pharmaceutical Industries Ltd., ADR <sup>(A)</sup> <br>| 6964 | 217346 |
| Wix.com Ltd. <sup>(A)</sup> <br>| 338 | 35115 |
|  |  | 1353020 |
| **Italy - 0.8%**  | **Italy - 0.8%**  | **Italy - 0.8%**  |
| Banca Mediolanum SpA | 1334 | 30290 |
| Banca Monte dei Paschi di Siena SpA | 11617 | 123688 |
| Banco BPM SpA | 6754 | 102559 |
| BPER Banca SpA | 8729 | 117950 |
| Buzzi SpA | 460 | 27808 |
| Davide Campari-Milano NV | 3654 | 23606 |
| ENEL SpA | 296141 | 3079077 |
| Eni SpA | 12129 | 229919 |
| Ferrari NV | 747 | 277596 |
| FinecoBank Banca Fineco SpA | 3642 | 94363 |
| Generali | 5051 | 211073 |
| Infrastrutture Wireless Italiane SpA <sup>(F)</sup> <br>| 1650 | 15269 |
| Intesa Sanpaolo SpA | 84659 | 585002 |
| Leonardo SpA | 2402 | 137396 |
| Moncler SpA | 1391 | 88913 |
| Nexi SpA <sup>(B)(F)</sup> <br>| 3092 | 15240 |
| Poste Italiane SpA <sup>(F)</sup> <br>| 2724 | 68383 |
| Prysmian SpA | 1674 | 166994 |
| &nbsp;&nbsp; Recordati Industria Chimica e Farmaceutica <br> SpA<br>| 677 | 38432 |
| Snam SpA | 73326 | 487242 |
| Telecom Italia SpA <sup>(A)</sup> <br>| 68466 | 41131 |
| Terna - Rete Elettrica Nazionale | 51237 | 545095 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| UniCredit SpA | 8328 | $689781 |
| Unipol Assicurazioni SpA | 2138 | 51294 |
|  |  | 7248101 |
| **Luxembourg - 0.0% \*** | **Luxembourg - 0.0% \*** | **Luxembourg - 0.0% \*** |
| ArcelorMittal SA | 2821 | 129539 |
| CVC Capital Partners PLC <sup>(F)</sup> <br>| 1310 | 21939 |
| Eurofins Scientific SE | 712 | 52068 |
| Tenaris SA | 2211 | 42663 |
|  |  | 246209 |
| **Macau - 0.0% \*** | **Macau - 0.0% \*** | **Macau - 0.0% \*** |
| Sands China Ltd. | 14522 | 36631 |
| **Mexico - 0.0% \*** | **Mexico - 0.0% \*** | **Mexico - 0.0% \*** |
| Fresnillo PLC | 1322 | 58949 |
| **Netherlands - 0.7%**  | **Netherlands - 0.7%**  | **Netherlands - 0.7%**  |
| ABN AMRO Bank NV <sup>(F)</sup> <br>| 3611 | 126164 |
| Adyen NV <sup>(A)(F)</sup> <br>| 155 | 249949 |
| Akzo Nobel NV | 1043 | 72572 |
| Argenx SE <sup>(A)</sup> <br>| 378 | 318859 |
| ASM International NV | 287 | 173748 |
| ASML Holding NV | 2369 | 2552645 |
| BE Semiconductor Industries NV | 446 | 69726 |
| Euronext NV <sup>(F)</sup> <br>| 457 | 68649 |
| EXOR NV | 574 | 48758 |
| Ferrovial SE | 3134 | 203054 |
| Heineken Holding NV | 794 | 58142 |
| Heineken NV | 1763 | 145460 |
| IMCD NV <sup>(B)</sup> <br>| 363 | 32947 |
| ING Groep NV, Series N | 18615 | 523235 |
| JDE Peet's NV | 1045 | 39081 |
| Koninklijke Ahold Delhaize NV | 5507 | 225825 |
| Koninklijke KPN NV | 23827 | 111337 |
| Koninklijke Philips NV | 4750 | 129339 |
| Magnum Ice Cream Co. NV <sup>(A)</sup> <br>| 3022 | 48357 |
| NN Group NV | 1646 | 126980 |
| NXP Semiconductors NV | 1280 | 277837 |
| Prosus NV | 8035 | 497519 |
| Qiagen NV | 1300 | 59120 |
| Randstad NV <sup>(B)</sup> <br>| 663 | 25171 |
| Stellantis NV | 11884 | 130138 |
| Universal Music Group NV | 6747 | 175893 |
| Wolters Kluwer NV | 1437 | 148839 |
|  |  | 6639344 |
| **New Zealand - 0.0% \*** | **New Zealand - 0.0% \*** | **New Zealand - 0.0% \*** |
| Auckland International Airport Ltd. | 8664 | 41553 |
| Contact Energy Ltd. | 4421 | 23519 |
| Fisher & Paykel Healthcare Corp. Ltd. | 3020 | 65615 |
| Infratil Ltd. | 4707 | 30036 |
| Meridian Energy Ltd. | 6660 | 21510 |
| Xero Ltd. <sup>(A)</sup> <br>| 989 | 74921 |
|  |  | 257154 |
| **Norway - 0.1%**  | **Norway - 0.1%**  | **Norway - 0.1%**  |
| Aker BP ASA | 2005 | 51020 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Norway (continued)** | **Norway (continued)** | **Norway (continued)** |
| DNB Bank ASA | 5617 | $156494 |
| Equinor ASA | 4827 | 113830 |
| Gjensidige Forsikring ASA | 1269 | 37928 |
| Kongsberg Gruppen ASA | 2786 | 71392 |
| Mowi ASA | 2973 | 71515 |
| Norsk Hydro ASA | 8757 | 67597 |
| Orkla ASA | 4422 | 49242 |
| Salmar ASA | 435 | 26586 |
| Telenor ASA | 3891 | 56592 |
| Yara International ASA | 1037 | 42436 |
|  |  | 744632 |
| **Poland - 0.0% \*** | **Poland - 0.0% \*** | **Poland - 0.0% \*** |
| InPost SA <sup>(A)</sup> <br>| 1517 | 18642 |
| **Portugal - 0.1%**  | **Portugal - 0.1%**  | **Portugal - 0.1%**  |
| Banco Comercial Portugues SA, Class R | 52715 | 55491 |
| EDP SA | 116874 | 538296 |
| Galp Energia SGPS SA | 2886 | 49698 |
| Jeronimo Martins SGPS SA | 1952 | 46450 |
|  |  | 689935 |
| **Republic of South Africa - 0.0% \*** | **Republic of South Africa - 0.0% \*** | **Republic of South Africa - 0.0% \*** |
| Valterra Platinum Ltd. | 916 | 76447 |
| **Russian Federation - 0.0%**  | **Russian Federation - 0.0%**  | **Russian Federation - 0.0%**  |
| Evraz PLC <sup>(A)(C)(D)(G)</sup> <br>| 6267 | 0 |
| **Singapore - 0.2%**  | **Singapore - 0.2%**  | **Singapore - 0.2%**  |
| CapitaLand Ascendas, REIT | 22922 | 50396 |
| &nbsp;&nbsp; CapitaLand Integrated Commercial Trust, <br> REIT<br>| 35872 | 66580 |
| CapitaLand Investment Ltd. | 13697 | 28826 |
| DBS Group Holdings Ltd. | 12400 | 543177 |
| Grab Holdings Ltd., Class A <sup>(A)</sup> <br>| 14149 | 70603 |
| Keppel Ltd. | 8500 | 68337 |
| Oversea-Chinese Banking Corp. Ltd. | 19877 | 305375 |
| Sea Ltd., ADR <sup>(A)</sup> <br>| 2264 | 288818 |
| Sembcorp Industries Ltd. <sup>(B)</sup> <br>| 5232 | 24458 |
| Singapore Airlines Ltd. <sup>(B)</sup> <br>| 9184 | 45598 |
| Singapore Exchange Ltd. | 5000 | 65820 |
| Singapore Technologies Engineering Ltd. | 9114 | 59552 |
| Singapore Telecommunications Ltd. | 43702 | 154618 |
| United Overseas Bank Ltd. | 7341 | 199936 |
| Wilmar International Ltd. | 11358 | 27164 |
|  |  | 1999258 |
| **Spain - 1.1%**  | **Spain - 1.1%**  | **Spain - 1.1%**  |
| Acciona SA <sup>(B)</sup> <br>| 903 | 196528 |
| &nbsp;&nbsp; ACS Actividades de Construccion y <br> Servicios SA<br>| 1071 | 106313 |
| Aena SME SA <sup>(F)</sup> <br>| 4523 | 126377 |
| Amadeus IT Group SA | 2722 | 201458 |
| Banco Bilbao Vizcaya Argentaria SA | 34943 | 819665 |
| Banco de Sabadell SA | 30958 | 122001 |
| Banco Santander SA | 89774 | 1056684 |
| Bankinter SA | 4074 | 67527 |
| CaixaBank SA | 23449 | 286690 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| Cellnex Telecom SA <sup>(A)(F)</sup> <br>| 2966 | $95510 |
| EDP Renovaveis SA <sup>(B)</sup> <br>| 11755 | 166008 |
| Endesa SA <sup>(B)</sup> <br>| 11556 | 415974 |
| Grifols SA <sup>(B)</sup> <br>| 1806 | 22574 |
| Iberdrola SA | 231098 | 5004055 |
| Industria de Diseno Textil SA | 6574 | 433652 |
| Mapfre SA | 5570 | 27951 |
| Naturgy Energy Group SA | 8748 | 266362 |
| Redeia Corp. SA <sup>(B)</sup> <br>| 14836 | 264478 |
| Repsol SA | 6855 | 127903 |
| Telefonica SA <sup>(B)</sup> <br>| 21950 | 90104 |
|  |  | 9897814 |
| **Sweden - 0.5%**  | **Sweden - 0.5%**  | **Sweden - 0.5%**  |
| AddTech AB, B Shares | 1543 | 54342 |
| Alfa Laval AB | 1716 | 86043 |
| Assa Abloy AB, Class B | 5941 | 229506 |
| Atlas Copco AB, A Shares | 15857 | 282295 |
| Atlas Copco AB, B Shares | 9240 | 147717 |
| Beijer Ref AB <sup>(B)</sup> <br>| 2425 | 38916 |
| Boliden AB <sup>(A)</sup> <br>| 1680 | 93066 |
| Epiroc AB, Class A | 3930 | 88590 |
| Epiroc AB, Class B | 2320 | 46675 |
| EQT AB | 2930 | 114463 |
| Essity AB, Class B | 3572 | 102700 |
| Evolution AB <sup>(B)(F)</sup> <br>| 783 | 53167 |
| Fastighets AB Balder, B Shares <sup>(A)(B)</sup> <br>| 4235 | 31260 |
| H&M Hennes & Mauritz AB, B Shares <sup>(B)</sup> <br>| 2914 | 58408 |
| Hexagon AB, B Shares | 12321 | 145125 |
| Holmen AB, B Shares <sup>(B)</sup> <br>| 416 | 15957 |
| Industrivarden AB, A Shares | 701 | 31404 |
| Industrivarden AB, C Shares | 923 | 41316 |
| Indutrade AB | 1629 | 42225 |
| Investment AB Latour, B Shares <sup>(B)</sup> <br>| 873 | 21209 |
| Investor AB, B Shares | 10757 | 383332 |
| L E Lundbergforetagen AB, B Shares | 449 | 24790 |
| Lifco AB, B Shares <sup>(B)</sup> <br>| 1387 | 52566 |
| Nibe Industrier AB, B Shares <sup>(B)</sup> <br>| 8961 | 34252 |
| Saab AB, Class B | 1859 | 107860 |
| Sagax AB, Class B <sup>(B)</sup> <br>| 1299 | 27783 |
| Sandvik AB | 6325 | 204304 |
| Securitas AB, B Shares | 2925 | 46517 |
| Skandinaviska Enskilda Banken AB, Class A | 9013 | 190027 |
| Skanska AB, B Shares | 2026 | 55205 |
| SKF AB, B Shares | 2028 | 53679 |
| Spotify Technology SA <sup>(A)</sup> <br>| 928 | 538899 |
| Svenska Cellulosa AB SCA, Class B <sup>(B)</sup> <br>| 3594 | 47663 |
| Svenska Handelsbanken AB, A Shares | 8599 | 124578 |
| Swedbank AB, A Shares | 5023 | 174273 |
| Swedish Orphan Biovitrum AB <sup>(A)(B)</sup> <br>| 1176 | 42203 |
| Tele2 AB, B Shares | 3218 | 53923 |
| Telefonaktiebolaget LM Ericsson, B Shares | 16672 | 162252 |
| Telia Co. AB | 13808 | 59015 |
| Trelleborg AB, B Shares | 1199 | 50684 |
| Volvo AB, B Shares | 9413 | 299565 |
|  |  | 4457754 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Switzerland - 1.5%**  | **Switzerland - 1.5%**  | **Switzerland - 1.5%**  |
| ABB Ltd. | 9256 | $682329 |
| Alcon AG | 2959 | 234140 |
| Amcor PLC | 11420 | 95243 |
| Amrize Ltd. <sup>(A)</sup> <br>| 2494 | 134876 |
| Avolta AG | 523 | 30846 |
| Banque Cantonale Vaudoise <sup>(B)</sup> <br>| 177 | 22376 |
| Barry Callebaut AG <sup>(B)</sup> <br>| 21 | 34333 |
| Belimo Holding AG | 58 | 56670 |
| BKW AG | 767 | 162689 |
| Chocoladefabriken Lindt & Spruengli AG | 7 | 234327 |
| Chubb Ltd. | 1890 | 589907 |
| Cie Financiere Richemont SA, Class A | 3147 | 678653 |
| Coca-Cola HBC AG | 1303 | 67409 |
| DSM-Firmenich AG | 1053 | 84945 |
| EMS-Chemie Holding AG | 42 | 28973 |
| Galderma Group AG | 916 | 186528 |
| Garmin Ltd. | 820 | 166337 |
| Geberit AG | 201 | 156101 |
| Givaudan SA | 54 | 213637 |
| Glencore PLC <sup>(A)</sup> <br>| 59602 | 325824 |
| Helvetia Baloise Holding AG | 470 | 123616 |
| Holcim AG | 3004 | 292440 |
| Julius Baer Group Ltd. | 1217 | 95085 |
| Kuehne & Nagel International AG | 285 | 61120 |
| Logitech International SA | 908 | 92178 |
| Lonza Group AG | 414 | 279127 |
| Nestle SA | 15168 | 1505562 |
| Novartis AG | 11077 | 1526365 |
| Partners Group Holding AG | 134 | 164415 |
| Roche Holding AG | 4269 | 1764712 |
| Sandoz Group AG | 2463 | 178829 |
| Schindler Holding AG | 379 | 139440 |
| SGS SA | 978 | 112184 |
| Sika AG | 899 | 182520 |
| Sonova Holding AG | 299 | 77341 |
| STMicroelectronics NV | 4040 | 105586 |
| Straumann Holding AG | 663 | 77441 |
| Swatch Group AG <sup>(B)</sup> <br>| 170 | 35744 |
| Swiss Life Holding AG | 168 | 193510 |
| Swiss Prime Site AG | 475 | 73752 |
| Swiss Re AG | 1752 | 291865 |
| Swisscom AG | 153 | 111133 |
| UBS Group AG | 18698 | 863372 |
| VAT Group AG <sup>(F)</sup> <br>| 159 | 76336 |
| Zurich Insurance Group AG | 860 | 650764 |
|  |  | 13260580 |
| **United Kingdom - 2.5%**  | **United Kingdom - 2.5%**  | **United Kingdom - 2.5%**  |
| 3i Group PLC | 5956 | 261164 |
| Admiral Group PLC | 1567 | 67033 |
| Anglo American PLC | 6601 | 273034 |
| Aon PLC, Class A | 1025 | 361702 |
| Ashtead Group PLC | 2562 | 174675 |
| Associated British Foods PLC | 1920 | 54842 |
| AstraZeneca PLC | 9210 | 1704396 |
| Auto Trader Group PLC <sup>(F)</sup> <br>| 5200 | 41025 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Aviva PLC | 18276 | $168046 |
| BAE Systems PLC | 18219 | 419311 |
| Barclays PLC | 83656 | 535493 |
| Barratt Redrow PLC | 8104 | 41632 |
| BP PLC | 94285 | 549867 |
| British American Tobacco PLC | 13069 | 740890 |
| BT Group PLC | 35410 | 87726 |
| Bunzl PLC | 1937 | 54089 |
| Centrica PLC | 171896 | 391933 |
| CNH Industrial NV | 4403 | 40596 |
| Coca-Cola Europacific Partners PLC | 1272 | 115370 |
| Compass Group PLC | 10231 | 324170 |
| Diageo PLC | 13386 | 288441 |
| Endeavour Mining PLC | 1160 | 60607 |
| Entain PLC | 3630 | 37314 |
| GSK PLC | 24238 | 594248 |
| Haleon PLC | 53225 | 268966 |
| Halma PLC | 2292 | 108790 |
| Hikma Pharmaceuticals PLC | 988 | 20597 |
| HSBC Holdings PLC | 103100 | 1622375 |
| Imperial Brands PLC | 4589 | 192693 |
| Informa PLC | 7811 | 92679 |
| InterContinental Hotels Group PLC | 870 | 122260 |
| International Consolidated Airlines Group SA | 7141 | 39650 |
| Intertek Group PLC | 920 | 57055 |
| J Sainsbury PLC | 10264 | 44965 |
| JD Sports Fashion PLC | 15016 | 17020 |
| Kingfisher PLC | 10377 | 43683 |
| Land Securities Group PLC, REIT | 4217 | 35261 |
| Legal & General Group PLC | 33853 | 119149 |
| Lloyds Banking Group PLC | 354878 | 469402 |
| London Stock Exchange Group PLC | 2792 | 335846 |
| M&G PLC | 13634 | 52488 |
| Marks & Spencer Group PLC | 12333 | 54882 |
| Melrose Industries PLC | 7580 | 59783 |
| National Grid PLC | 180905 | 2774807 |
| NatWest Group PLC | 48431 | 424850 |
| Next PLC | 696 | 128134 |
| NMC Health PLC <sup>(A)(C)(D)(G)</sup> <br>| 77617 | 0 |
| Pearson PLC | 3451 | 48794 |
| Pentair PLC | 822 | 85603 |
| Phoenix Group Holdings PLC | 4202 | 41599 |
| Reckitt Benckiser Group PLC | 4050 | 327723 |
| RELX PLC | 10949 | 441100 |
| Rentokil Initial PLC | 15052 | 89808 |
| Rio Tinto PLC | 6701 | 539772 |
| Rolls-Royce Holdings PLC | 50505 | 781096 |
| Sage Group PLC | 5775 | 83994 |
| Schroders PLC | 4342 | 23735 |
| Segro PLC, REIT | 7665 | 74260 |
| Severn Trent PLC | 9897 | 371643 |
| Shell PLC | 34655 | 1277115 |
| Smith & Nephew PLC | 4830 | 80327 |
| Smiths Group PLC | 1966 | 62185 |
| Spirax Group PLC | 442 | 40398 |
| SSE PLC | 43834 | 1285121 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Standard Chartered PLC | 11640 | $284021 |
| Tesco PLC | 38963 | 231706 |
| Unilever PLC | 13009 | 849972 |
| United Utilities Group PLC | 24807 | 398560 |
| Vodafone Group PLC | 113780 | 151670 |
| Whitbread PLC | 1038 | 35578 |
| Willis Towers Watson PLC | 489 | 160685 |
| Wise PLC, Class A <sup>(A)</sup> <br>| 3933 | 47117 |
|  |  | 22286521 |
| **United States - 32.6%**  | **United States - 32.6%**  | **United States - 32.6%**  |
| 3M Co. | 2673 | 427947 |
| Abbott Laboratories | 8723 | 1092905 |
| AbbVie, Inc. | 8823 | 2015967 |
| ABIOMED, Inc. <sup>(A)(C)(D)</sup> <br>| 56 | 57 |
| Adobe, Inc. <sup>(A)</sup> <br>| 2101 | 735329 |
| Advanced Micro Devices, Inc. <sup>(A)</sup> <br>| 8094 | 1733411 |
| AECOM | 664 | 63299 |
| Affirm Holdings, Inc. <sup>(A)</sup> <br>| 1363 | 101448 |
| Aflac, Inc. | 2544 | 280527 |
| Agilent Technologies, Inc. | 1425 | 193900 |
| Air Products & Chemicals, Inc. | 1114 | 275180 |
| Airbnb, Inc., Class A <sup>(A)</sup> <br>| 2148 | 291527 |
| Alexandria Real Estate Equities, Inc., REIT | 769 | 37635 |
| Alliant Energy Corp. | 1279 | 83148 |
| Allstate Corp. | 1312 | 273093 |
| Alnylam Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 658 | 261654 |
| Alphabet, Inc., Class A | 29124 | 9115812 |
| Alphabet, Inc., Class C | 24504 | 7689355 |
| Altria Group, Inc. | 8390 | 483767 |
| Amazon.com, Inc. <sup>(A)</sup> <br>| 48151 | 11114214 |
| Ameren Corp. | 1343 | 134112 |
| American Electric Power Co., Inc. | 2664 | 307186 |
| American Express Co. | 2827 | 1045849 |
| American Financial Group, Inc. | 334 | 45651 |
| American Homes 4 Rent, Class A, REIT | 1663 | 53382 |
| American International Group, Inc. | 2774 | 237316 |
| American Tower Corp., REIT | 2356 | 413643 |
| American Water Works Co., Inc. | 971 | 126716 |
| Ameriprise Financial, Inc. | 476 | 233402 |
| AMETEK, Inc. | 1157 | 237544 |
| Amgen, Inc. | 2716 | 888974 |
| Amphenol Corp., Class A | 6117 | 826651 |
| Analog Devices, Inc. | 2479 | 672305 |
| Annaly Capital Management, Inc., REIT | 3240 | 72446 |
| Apollo Global Management, Inc. | 2203 | 318906 |
| Apple, Inc. | 74206 | 20173643 |
| Applied Materials, Inc. | 3979 | 1022563 |
| AppLovin Corp., Class A <sup>(A)</sup> <br>| 1182 | 796455 |
| Archer-Daniels-Midland Co. | 2395 | 137689 |
| Ares Management Corp., Class A | 1080 | 174560 |
| Arista Networks, Inc. <sup>(A)</sup> <br>| 5240 | 686597 |
| Arthur J Gallagher & Co. | 1274 | 329698 |
| Astera Labs, Inc. <sup>(A)</sup> <br>| 659 | 109631 |
| AT&T, Inc. | 35512 | 882118 |
| Atmos Energy Corp. | 799 | 133936 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Autodesk, Inc. <sup>(A)</sup> <br>| 1063 | $314659 |
| Automatic Data Processing, Inc. | 2023 | 520376 |
| AutoZone, Inc. <sup>(A)</sup> <br>| 85 | 288278 |
| AvalonBay Communities, Inc., REIT | 712 | 129093 |
| Avery Dennison Corp. | 391 | 71115 |
| Axon Enterprise, Inc. <sup>(A)</sup> <br>| 375 | 212974 |
| Baker Hughes Co. | 4905 | 223374 |
| Ball Corp. | 1282 | 67908 |
| Bank of America Corp. | 35780 | 1967900 |
| Bank of New York Mellon Corp. | 3529 | 409682 |
| Baxter International, Inc. | 2585 | 49399 |
| Becton Dickinson & Co. | 1443 | 280043 |
| Bentley Systems, Inc., Class B | 800 | 30532 |
| Berkshire Hathaway, Inc., Class B <sup>(A)</sup> <br>| 6871 | 3453708 |
| Best Buy Co., Inc. | 1027 | 68737 |
| Biogen, Inc. <sup>(A)</sup> <br>| 733 | 129001 |
| Blackrock, Inc. | 737 | 788841 |
| Blackstone, Inc. | 3692 | 569085 |
| Block, Inc. <sup>(A)</sup> <br>| 2766 | 180039 |
| Bloom Energy Corp., Class A <sup>(A)</sup> <br>| 1142 | 99228 |
| Boeing Co. <sup>(A)</sup> <br>| 3881 | 842643 |
| Booking Holdings, Inc. | 162 | 867563 |
| Booz Allen Hamilton Holding Corp. | 618 | 52134 |
| Boston Scientific Corp. <sup>(A)</sup> <br>| 7434 | 708832 |
| Bristol-Myers Squibb Co. | 10264 | 553640 |
| Broadcom, Inc. | 22596 | 7820476 |
| Broadridge Financial Solutions, Inc., ADR | 587 | 131001 |
| Brookfield Asset Management Ltd., Class A | 2457 | 128708 |
| Brookfield Renewable Corp. | 823 | 31570 |
| Brown & Brown, Inc. | 1447 | 115326 |
| Brown-Forman Corp., Class B | 914 | 23819 |
| Builders FirstSource, Inc. <sup>(A)</sup> <br>| 560 | 57618 |
| Bunge Global SA | 700 | 62356 |
| Burlington Stores, Inc. <sup>(A)</sup> <br>| 322 | 93010 |
| BXP, Inc., REIT | 755 | 50947 |
| Cadence Design Systems, Inc. <sup>(A)</sup> <br>| 1367 | 427297 |
| Capital One Financial Corp. | 3247 | 786943 |
| Cardinal Health, Inc. | 1192 | 244956 |
| Carlisle Cos., Inc. | 217 | 69410 |
| Carlyle Group, Inc. | 1191 | 70400 |
| Carnival Corp. <sup>(A)</sup> <br>| 5321 | 162503 |
| Carrier Global Corp. | 3836 | 202694 |
| Carvana Co. <sup>(A)</sup> <br>| 668 | 281909 |
| Caterpillar, Inc. | 2364 | 1354265 |
| Cboe Global Markets, Inc. | 524 | 131524 |
| CBRE Group, Inc., Class A <sup>(A)</sup> <br>| 1495 | 240381 |
| CDW Corp. | 662 | 90164 |
| Cencora, Inc. | 925 | 312419 |
| Centene Corp. <sup>(A)</sup> <br>| 2444 | 100571 |
| CenterPoint Energy, Inc. | 3243 | 124337 |
| CF Industries Holdings, Inc. | 810 | 62645 |
| CH Robinson Worldwide, Inc. | 596 | 95813 |
| Charles Schwab Corp. | 8679 | 867119 |
| Charter Communications, Inc., Class A <sup>(A)</sup> <br>| 441 | 92059 |
| Cheniere Energy, Inc. | 1085 | 210913 |
| Chevron Corp. | 9570 | 1458564 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Chipotle Mexican Grill, Inc. <sup>(A)</sup> <br>| 6834 | $252858 |
| Church & Dwight Co., Inc. | 1219 | 102213 |
| Ciena Corp. <sup>(A)</sup> <br>| 717 | 167685 |
| Cigna Group | 1337 | 367983 |
| Cincinnati Financial Corp. | 781 | 127553 |
| Cintas Corp. | 1814 | 341159 |
| Cisco Systems, Inc. | 19921 | 1534515 |
| Citigroup, Inc. | 9396 | 1096419 |
| Citizens Financial Group, Inc. | 2186 | 127684 |
| Clorox Co. | 606 | 61103 |
| Cloudflare, Inc., Class A <sup>(A)</sup> <br>| 1578 | 311103 |
| CME Group, Inc. | 1796 | 490452 |
| CMS Energy Corp. | 1487 | 103986 |
| Coca-Cola Co. | 20396 | 1425884 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 2461 | 204263 |
| Coinbase Global, Inc., Class A <sup>(A)</sup> <br>| 1040 | 235186 |
| Colgate-Palmolive Co. | 3850 | 304227 |
| Comcast Corp., Class A | 18326 | 547764 |
| Comfort Systems USA, Inc. | 178 | 166126 |
| ConocoPhillips | 6205 | 580850 |
| Consolidated Edison, Inc. | 1796 | 178379 |
| Constellation Brands, Inc., Class A | 750 | 103470 |
| Constellation Energy Corp. | 1561 | 551454 |
| Cooper Cos., Inc. <sup>(A)</sup> <br>| 1002 | 82124 |
| Copart, Inc. <sup>(A)</sup> <br>| 4576 | 179150 |
| Corebridge Financial, Inc. | 1442 | 43505 |
| CoreWeave, Inc., Class A <sup>(A)</sup> <br>| 870 | 62301 |
| Corning, Inc. | 4099 | 358908 |
| Corpay, Inc. <sup>(A)</sup> <br>| 336 | 101112 |
| Corteva, Inc. | 3398 | 227768 |
| CoStar Group, Inc. <sup>(A)</sup> <br>| 2106 | 141607 |
| Costco Wholesale Corp. | 2233 | 1925605 |
| Coterra Energy, Inc. | 3775 | 99358 |
| Credo Technology Group Holding Ltd. <sup>(A)</sup> <br>| 781 | 112378 |
| Crowdstrike Holdings, Inc., Class A <sup>(A)</sup> <br>| 1265 | 592981 |
| Crown Castle, Inc., REIT | 2172 | 193026 |
| CSX Corp. | 9315 | 337669 |
| Cummins, Inc. | 697 | 355784 |
| CVS Health Corp. | 6327 | 502111 |
| D.R. Horton, Inc. | 1354 | 195017 |
| Danaher Corp. | 3225 | 738267 |
| Darden Restaurants, Inc. | 585 | 107652 |
| Datadog, Inc., Class A <sup>(A)</sup> <br>| 1538 | 209153 |
| Deckers Outdoor Corp. <sup>(A)</sup> <br>| 738 | 76508 |
| Deere & Co. | 1286 | 598723 |
| Dell Technologies, Inc., Class C | 1644 | 206947 |
| Delta Air Lines, Inc. | 839 | 58227 |
| Devon Energy Corp. | 2972 | 108864 |
| Dexcom, Inc. <sup>(A)</sup> <br>| 1958 | 129952 |
| Diamondback Energy, Inc. | 927 | 139356 |
| Dick's Sporting Goods, Inc. | 345 | 68300 |
| Digital Realty Trust, Inc., REIT | 1698 | 262698 |
| Docusign, Inc. <sup>(A)</sup> <br>| 1018 | 69631 |
| Dollar General Corp. | 1105 | 146711 |
| Dollar Tree, Inc. <sup>(A)</sup> <br>| 973 | 119689 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Dominion Energy, Inc. | 4240 | $248422 |
| Domino's Pizza, Inc. | 162 | 67525 |
| DoorDash, Inc., Class A <sup>(A)</sup> <br>| 1936 | 438465 |
| Dover Corp. | 691 | 134911 |
| Dow, Inc. | 3555 | 83116 |
| DraftKings, Inc., Class A <sup>(A)</sup> <br>| 2260 | 77880 |
| DTE Energy Co. | 1032 | 133107 |
| Duke Energy Corp. | 3870 | 453603 |
| DuPont de Nemours, Inc. | 2120 | 85224 |
| Dynatrace, Inc. <sup>(A)</sup> <br>| 1512 | 65530 |
| eBay, Inc. | 2233 | 194494 |
| EchoStar Corp., Class A <sup>(A)</sup> <br>| 686 | 74568 |
| Ecolab, Inc. | 1283 | 336813 |
| Edison International | 1898 | 113918 |
| Edwards Lifesciences Corp. <sup>(A)</sup> <br>| 2940 | 250635 |
| Electronic Arts, Inc. | 1193 | 243766 |
| Elevance Health, Inc. | 1133 | 397173 |
| Eli Lilly & Co. | 4006 | 4305168 |
| EMCOR Group, Inc. | 225 | 137653 |
| Emerson Electric Co. | 2827 | 375199 |
| Entegris, Inc. | 767 | 64620 |
| Entergy Corp. | 2219 | 205102 |
| EOG Resources, Inc. | 2706 | 284157 |
| EQT Corp. | 3085 | 165356 |
| Equifax, Inc. | 620 | 134528 |
| Equinix, Inc., REIT | 489 | 374652 |
| Equitable Holdings, Inc. | 1503 | 71618 |
| Equity LifeStyle Properties, Inc., REIT | 927 | 56185 |
| Equity Residential, REIT | 1815 | 114418 |
| Erie Indemnity Co., Class A | 125 | 35831 |
| Essential Utilities, Inc. | 1395 | 53512 |
| Essex Property Trust, Inc., REIT | 322 | 84261 |
| Estee Lauder Cos., Inc., Class A | 1188 | 124407 |
| Evergy, Inc. | 1144 | 82929 |
| Eversource Energy | 1846 | 124291 |
| Exelon Corp. | 5021 | 218865 |
| Expand Energy Corp. | 1166 | 128680 |
| Expedia Group, Inc. | 594 | 168286 |
| Expeditors International of Washington, Inc. | 685 | 102072 |
| Extra Space Storage, Inc., REIT | 1065 | 138684 |
| Exxon Mobil Corp. | 21061 | 2534481 |
| F&G Annuities & Life, Inc. | 78 | 2406 |
| F5, Inc. <sup>(A)</sup> <br>| 291 | 74281 |
| Fair Isaac Corp. <sup>(A)</sup> <br>| 119 | 201184 |
| Fastenal Co. | 5772 | 231630 |
| FedEx Corp. | 1141 | 329589 |
| Ferguson Enterprises, Inc. | 991 | 220626 |
| Fidelity National Financial, Inc. | 1289 | 70367 |
| Fidelity National Information Services, Inc. | 2596 | 172530 |
| Fifth Third Bancorp | 3352 | 156907 |
| First Citizens BancShares, Inc., Class A | 45 | 96578 |
| First Solar, Inc. <sup>(A)</sup> <br>| 512 | 133750 |
| FirstEnergy Corp. | 2735 | 122446 |
| Fiserv, Inc. <sup>(A)</sup> <br>| 2733 | 183576 |
| Flex Ltd. <sup>(A)</sup> <br>| 1898 | 114677 |
| Flutter Entertainment PLC <sup>(A)</sup> <br>| 850 | 182784 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Ford Motor Co. | 19620 | $257414 |
| Fortinet, Inc. <sup>(A)</sup> <br>| 3295 | 261656 |
| Fortive Corp. | 1688 | 93194 |
| Fox Corp., Class A | 1051 | 76797 |
| Fox Corp., Class B | 765 | 49671 |
| Freeport-McMoRan, Inc. | 7371 | 374373 |
| Gaming & Leisure Properties, Inc., REIT | 1414 | 63192 |
| Gartner, Inc. <sup>(A)</sup> <br>| 378 | 95362 |
| GE HealthCare Technologies, Inc. | 2297 | 188400 |
| GE Vernova, Inc. | 1361 | 889509 |
| Gen Digital, Inc. | 2630 | 71510 |
| General Dynamics Corp. | 1151 | 387496 |
| General Electric Co. | 5360 | 1651041 |
| General Mills, Inc. | 2673 | 124295 |
| General Motors Co. | 4777 | 388466 |
| Genuine Parts Co. | 705 | 86687 |
| Gilead Sciences, Inc. | 6217 | 763075 |
| Global Payments, Inc. | 1219 | 94351 |
| GoDaddy, Inc., Class A <sup>(A)</sup> <br>| 696 | 86360 |
| Goldman Sachs Group, Inc. | 1535 | 1349265 |
| Graco, Inc. | 830 | 68035 |
| Halliburton Co. | 4240 | 119822 |
| Hartford Insurance Group, Inc. | 1406 | 193747 |
| HCA Healthcare, Inc. | 828 | 386560 |
| Healthpeak Properties, Inc., REIT | 3480 | 55958 |
| HEICO Corp. | 225 | 72808 |
| HEICO Corp., Class A | 387 | 97690 |
| Hershey Co. | 755 | 137395 |
| Hewlett Packard Enterprise Co. | 6665 | 160093 |
| Hilton Worldwide Holdings, Inc. | 1185 | 340391 |
| Hologic, Inc. <sup>(A)</sup> <br>| 1114 | 82982 |
| Home Depot, Inc. | 5031 | 1731167 |
| Honeywell International, Inc. | 3187 | 621752 |
| Hormel Foods Corp. | 1524 | 36119 |
| Howmet Aerospace, Inc. | 1934 | 396509 |
| HP, Inc. | 4796 | 106855 |
| Hubbell, Inc. | 268 | 119021 |
| HubSpot, Inc. <sup>(A)</sup> <br>| 250 | 100325 |
| Humana, Inc. | 603 | 154446 |
| Huntington Bancshares, Inc. | 7934 | 137655 |
| Hyatt Hotels Corp., Class A | 214 | 34308 |
| IDEX Corp. | 378 | 67261 |
| IDEXX Laboratories, Inc. <sup>(A)</sup> <br>| 403 | 272642 |
| Illinois Tool Works, Inc. | 1391 | 342603 |
| Illumina, Inc. <sup>(A)</sup> <br>| 775 | 101649 |
| Incyte Corp. <sup>(A)</sup> <br>| 842 | 83164 |
| Ingersoll Rand, Inc. | 1998 | 158282 |
| Insmed, Inc. <sup>(A)</sup> <br>| 1069 | 186049 |
| Insulet Corp. <sup>(A)</sup> <br>| 353 | 100337 |
| Intel Corp. <sup>(A)</sup> <br>| 22378 | 825748 |
| Interactive Brokers Group, Inc., Class A | 2255 | 145019 |
| Intercontinental Exchange, Inc. | 2855 | 462396 |
| International Business Machines Corp. | 4626 | 1370267 |
| International Flavors & Fragrances, Inc. | 1278 | 86124 |
| International Paper Co. | 2525 | 99460 |
| Intuit, Inc. | 1403 | 929375 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Intuitive Surgical, Inc. <sup>(A)</sup> <br>| 1800 | $1019448 |
| Invitation Homes, Inc., REIT | 2894 | 80424 |
| IonQ, Inc. <sup>(A)</sup> <br>| 1500 | 67305 |
| IQVIA Holdings, Inc. <sup>(A)</sup> <br>| 852 | 192049 |
| Iron Mountain, Inc., REIT | 1471 | 122019 |
| J.M. Smucker Co. | 537 | 52524 |
| Jabil, Inc. | 542 | 123587 |
| Jack Henry & Associates, Inc. | 364 | 66423 |
| Jacobs Solutions, Inc. | 600 | 79476 |
| JB Hunt Transport Services, Inc. | 390 | 75793 |
| Johnson & Johnson | 12025 | 2488574 |
| Johnson Controls International PLC | 3291 | 394097 |
| JPMorgan Chase & Co. | 13936 | 4490458 |
| Kenvue, Inc. | 9578 | 165221 |
| Keurig Dr. Pepper, Inc. | 6430 | 180104 |
| KeyCorp | 4721 | 97441 |
| Keysight Technologies, Inc. <sup>(A)</sup> <br>| 859 | 174540 |
| Kimberly-Clark Corp. | 1657 | 167175 |
| Kimco Realty Corp., REIT | 3393 | 68776 |
| Kinder Morgan, Inc. | 9913 | 272508 |
| KKR & Co., Inc. | 3146 | 401052 |
| KLA Corp. | 670 | 814104 |
| Kraft Heinz Co. | 4405 | 106821 |
| Kroger Co. | 3176 | 198436 |
| L3 Harris Technologies, Inc. | 940 | 275956 |
| Labcorp Holdings, Inc. | 418 | 104868 |
| Lam Research Corp. | 6394 | 1094525 |
| Las Vegas Sands Corp. | 1569 | 102126 |
| Leidos Holdings, Inc. | 611 | 110224 |
| Lennar Corp., Class A | 1077 | 110716 |
| Lennox International, Inc. | 159 | 77207 |
| &nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One, <br> Class C <sup>(A)</sup> <br>| 1055 | 103928 |
| Linde PLC | 2340 | 997753 |
| Live Nation Entertainment, Inc. <sup>(A)</sup> <br>| 818 | 116565 |
| Lockheed Martin Corp. | 1041 | 503500 |
| Loews Corp. | 886 | 93305 |
| Lowe's Cos., Inc. | 2824 | 681036 |
| LPL Financial Holdings, Inc. | 405 | 144654 |
| LyondellBasell Industries NV, Class A | 1288 | 55770 |
| M&T Bank Corp. | 793 | 159774 |
| Marathon Petroleum Corp. | 1520 | 247198 |
| Markel Group, Inc. <sup>(A)</sup> <br>| 63 | 135428 |
| Marriott International, Inc., Class A | 1162 | 360499 |
| Marsh & McLennan Cos., Inc. | 2457 | 455823 |
| Martin Marietta Materials, Inc. | 306 | 190534 |
| Marvell Technology, Inc. | 4351 | 369748 |
| Masco Corp. | 1057 | 67077 |
| Mastercard, Inc., Class A | 4279 | 2442796 |
| McCormick & Co., Inc. | 1273 | 86704 |
| McDonald's Corp. | 3599 | 1099962 |
| McKesson Corp. | 621 | 509400 |
| Merck & Co., Inc. | 12507 | 1316487 |
| Meta Platforms, Inc., Class A | 10936 | 7218744 |
| MetLife, Inc. | 2844 | 224505 |
| Mettler-Toledo International, Inc. <sup>(A)</sup> <br>| 104 | 144996 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Microchip Technology, Inc. | 2732 | $174083 |
| Micron Technology, Inc. | 5470 | 1561193 |
| Microsoft Corp. | 35386 | 17113377 |
| &nbsp;&nbsp; Mid-America Apartment Communities, Inc., <br> REIT<br>| 581 | 80707 |
| Mondelez International, Inc., Class A | 6452 | 347311 |
| MongoDB, Inc. <sup>(A)</sup> <br>| 417 | 175011 |
| Monolithic Power Systems, Inc. | 243 | 220245 |
| Monster Beverage Corp. <sup>(A)</sup> <br>| 3638 | 278925 |
| Moody's Corp. | 809 | 413278 |
| Motorola Solutions, Inc. | 835 | 320072 |
| MSCI, Inc. | 387 | 222034 |
| Nasdaq, Inc. | 2307 | 224079 |
| Natera, Inc. <sup>(A)</sup> <br>| 661 | 151428 |
| NetApp, Inc. | 1005 | 107625 |
| Netflix, Inc. <sup>(A)</sup> <br>| 21316 | 1998588 |
| Neurocrine Biosciences, Inc. <sup>(A)</sup> <br>| 501 | 71057 |
| Newmont Corp. | 5834 | 582525 |
| News Corp., Class A | 1881 | 49132 |
| NextEra Energy, Inc. | 10255 | 823271 |
| NIKE, Inc., Class B | 5941 | 378501 |
| NiSource, Inc. | 2339 | 97677 |
| Nordson Corp. | 268 | 64435 |
| Norfolk Southern Corp. | 1121 | 323655 |
| Northern Trust Corp. | 962 | 131400 |
| Northrop Grumman Corp. | 680 | 387743 |
| NRG Energy, Inc. | 968 | 154144 |
| Nucor Corp. | 1157 | 188718 |
| Nutanix, Inc., Class A <sup>(A)</sup> <br>| 1290 | 66680 |
| NVIDIA Corp. | 123392 | 23012608 |
| NVR, Inc. <sup>(A)</sup> <br>| 14 | 102099 |
| Occidental Petroleum Corp. | 3657 | 150376 |
| Oklo, Inc. <sup>(A)</sup> <br>| 572 | 41047 |
| Okta, Inc. <sup>(A)</sup> <br>| 849 | 73413 |
| Old Dominion Freight Line, Inc. | 952 | 149274 |
| Omnicom Group, Inc. | 1581 | 127666 |
| ON Semiconductor Corp. <sup>(A)</sup> <br>| 2088 | 113065 |
| ONEOK, Inc. | 3116 | 229026 |
| Oracle Corp. | 8668 | 1689480 |
| O'Reilly Automotive, Inc. <sup>(A)</sup> <br>| 4273 | 389740 |
| Otis Worldwide Corp. | 1964 | 171555 |
| PACCAR, Inc. | 2640 | 289106 |
| Packaging Corp. of America | 452 | 93216 |
| Palantir Technologies, Inc., Class A <sup>(A)</sup> <br>| 11598 | 2061544 |
| Palo Alto Networks, Inc. <sup>(A)</sup> <br>| 3409 | 627938 |
| Parker-Hannifin Corp. | 632 | 555503 |
| Paychex, Inc. | 1625 | 182293 |
| Paycom Software, Inc. | 254 | 40477 |
| PayPal Holdings, Inc. | 4582 | 267497 |
| PepsiCo, Inc. | 6820 | 978806 |
| Pfizer, Inc. | 28512 | 709949 |
| PG&E Corp. | 10815 | 173797 |
| Philip Morris International, Inc. | 7750 | 1243100 |
| Phillips 66 | 2017 | 260274 |
| Pinterest, Inc., Class A <sup>(A)</sup> <br>| 3038 | 78654 |
| PNC Financial Services Group, Inc. | 1988 | 414955 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| PPG Industries, Inc. | 1133 | $116087 |
| PPL Corp. | 3674 | 128663 |
| Principal Financial Group, Inc. | 1120 | 98795 |
| Procter & Gamble Co. | 11724 | 1680166 |
| Progressive Corp. | 2921 | 665170 |
| Prologis, Inc., REIT | 4672 | 596428 |
| Prudential Financial, Inc. | 1772 | 200023 |
| PTC, Inc. <sup>(A)</sup> <br>| 604 | 105223 |
| Public Service Enterprise Group, Inc. | 2481 | 199224 |
| Public Storage, REIT | 796 | 206562 |
| PulteGroup, Inc. | 996 | 116791 |
| Pure Storage, Inc., Class A <sup>(A)</sup> <br>| 1578 | 105742 |
| Qnity Electronics, Inc. | 1054 | 86059 |
| QUALCOMM, Inc. | 5410 | 925380 |
| Quanta Services, Inc. | 748 | 315701 |
| Quest Diagnostics, Inc. | 562 | 97524 |
| Raymond James Financial, Inc. | 956 | 153524 |
| RB Global, Inc. | 1118 | 115103 |
| Realty Income Corp., REIT | 4570 | 257611 |
| Reddit, Inc., Class A <sup>(A)</sup> <br>| 487 | 111947 |
| Regency Centers Corp., REIT | 862 | 59504 |
| Regeneron Pharmaceuticals, Inc. | 525 | 405232 |
| Regions Financial Corp. | 4508 | 122167 |
| Reliance, Inc. | 267 | 77128 |
| Republic Services, Inc. | 1087 | 230368 |
| ResMed, Inc. | 735 | 177039 |
| Restaurant Brands International, Inc. | 1897 | 129447 |
| Rivian Automotive, Inc., Class A <sup>(A)</sup> <br>| 3940 | 77657 |
| Robinhood Markets, Inc., Class A <sup>(A)</sup> <br>| 3710 | 419601 |
| ROBLOX Corp., Class A <sup>(A)</sup> <br>| 2942 | 238390 |
| Rocket Cos., Inc., Class A | 4612 | 89288 |
| Rocket Lab Corp. <sup>(A)</sup> <br>| 2197 | 153263 |
| Rockwell Automation, Inc. | 567 | 220603 |
| Rollins, Inc. | 1457 | 87449 |
| Roper Technologies, Inc. | 540 | 240370 |
| Ross Stores, Inc. | 1635 | 294529 |
| Royal Caribbean Cruises Ltd. | 1315 | 366780 |
| Royalty Pharma PLC, Class A | 2065 | 79792 |
| RPM International, Inc. | 645 | 67080 |
| RTX Corp. | 6716 | 1231714 |
| S&P Global, Inc. | 1562 | 816286 |
| Salesforce, Inc. | 4766 | 1262561 |
| Samsara, Inc., Class A <sup>(A)</sup> <br>| 1750 | 62038 |
| SBA Communications Corp., REIT | 536 | 103678 |
| Seagate Technology Holdings PLC | 1077 | 296595 |
| Sempra | 3248 | 286766 |
| ServiceNow, Inc. <sup>(A)</sup> <br>| 5184 | 794137 |
| Sherwin-Williams Co. | 1188 | 384948 |
| Simon Property Group, Inc., REIT | 1640 | 303580 |
| SLB Ltd. | 7437 | 285432 |
| Smithfield Foods, Inc. | 6 | 134 |
| Snap, Inc., Class A <sup>(A)</sup> <br>| 5370 | 43336 |
| Snap-on, Inc. | 262 | 90285 |
| Snowflake, Inc., Class A <sup>(A)</sup> <br>| 1615 | 354266 |
| SoFi Technologies, Inc. <sup>(A)</sup> <br>| 6020 | 157604 |
| Solventum Corp. <sup>(A)</sup> <br>| 781 | 61886 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Southern Co. | 5458 | $475938 |
| SS&C Technologies Holdings, Inc. | 1104 | 96512 |
| Starbucks Corp. | 5659 | 476544 |
| State Street Corp. | 1428 | 184226 |
| Steel Dynamics, Inc. | 712 | 120648 |
| STERIS PLC | 491 | 124478 |
| Strategy, Inc., Class A <sup>(A)</sup> <br>| 1326 | 201486 |
| Stryker Corp. | 1731 | 608395 |
| Sun Communities, Inc., REIT | 626 | 77568 |
| Super Micro Computer, Inc. <sup>(A)</sup> <br>| 2688 | 78678 |
| Synchrony Financial | 1889 | 157599 |
| Synopsys, Inc. <sup>(A)</sup> <br>| 926 | 434961 |
| Sysco Corp. | 2392 | 176266 |
| T. Rowe Price Group, Inc. | 1102 | 112823 |
| Take-Two Interactive Software, Inc. <sup>(A)</sup> <br>| 923 | 236316 |
| Tapestry, Inc. | 1054 | 134670 |
| Targa Resources Corp. | 1069 | 197231 |
| Target Corp. | 2316 | 226389 |
| Teledyne Technologies, Inc. <sup>(A)</sup> <br>| 235 | 120022 |
| Teradyne, Inc. | 805 | 155816 |
| Tesla, Inc. <sup>(A)</sup> <br>| 14505 | 6523189 |
| Texas Instruments, Inc. | 4576 | 793890 |
| Texas Pacific Land Corp. | 286 | 82145 |
| Textron, Inc. | 906 | 78976 |
| Thermo Fisher Scientific, Inc. | 1884 | 1091684 |
| TJX Cos., Inc. | 5612 | 862059 |
| T-Mobile U.S., Inc. | 2501 | 507803 |
| Toast, Inc., Class A <sup>(A)</sup> <br>| 2294 | 81460 |
| Tractor Supply Co. | 2700 | 135027 |
| Trade Desk, Inc., Class A <sup>(A)</sup> <br>| 2211 | 83930 |
| Tradeweb Markets, Inc., Class A | 580 | 62373 |
| TransDigm Group, Inc. | 280 | 372358 |
| TransUnion | 974 | 83521 |
| Travelers Cos., Inc. | 1130 | 327768 |
| Trimble, Inc. <sup>(A)</sup> <br>| 1198 | 93863 |
| Truist Financial Corp. | 6535 | 321587 |
| Twilio, Inc., Class A <sup>(A)</sup> <br>| 767 | 109098 |
| Tyler Technologies, Inc. <sup>(A)</sup> <br>| 217 | 98507 |
| Tyson Foods, Inc., Class A | 1431 | 83885 |
| U.S. Bancorp | 7867 | 419783 |
| Uber Technologies, Inc. <sup>(A)</sup> <br>| 9879 | 807213 |
| UDR, Inc., REIT | 1571 | 57624 |
| Ulta Beauty, Inc. <sup>(A)</sup> <br>| 225 | 136127 |
| Union Pacific Corp. | 2962 | 685170 |
| United Airlines Holdings, Inc. <sup>(A)</sup> <br>| 416 | 46517 |
| United Parcel Service, Inc., Class B | 3730 | 369979 |
| United Rentals, Inc. | 326 | 263838 |
| United Therapeutics Corp. <sup>(A)</sup> <br>| 218 | 106221 |
| UnitedHealth Group, Inc. | 4572 | 1509263 |
| Universal Health Services, Inc., Class B | 285 | 62136 |
| Valero Energy Corp. | 1536 | 250045 |
| Veeva Systems, Inc., Class A <sup>(A)</sup> <br>| 782 | 174566 |
| Ventas, Inc., REIT | 2279 | 176349 |
| Veralto Corp. | 1248 | 124525 |
| VeriSign, Inc. | 424 | 103011 |
| Verisk Analytics, Inc. | 685 | 153228 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Verizon Communications, Inc. | 21092 | $859077 |
| Vertex Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 1297 | 588008 |
| Vertiv Holdings Co., Class A | 1834 | 297126 |
| VICI Properties, Inc., REIT | 5321 | 149627 |
| Visa, Inc., Class A | 8512 | 2985244 |
| Vistra Corp. | 1691 | 272809 |
| Vulcan Materials Co. | 669 | 190812 |
| W.R. Berkley Corp. | 1515 | 106232 |
| Walmart, Inc. | 21828 | 2431857 |
| Walt Disney Co. | 8937 | 1016762 |
| Warner Bros Discovery, Inc. <sup>(A)</sup> <br>| 11767 | 339125 |
| Waste Management, Inc. | 2003 | 440079 |
| Waters Corp. <sup>(A)</sup> <br>| 299 | 113569 |
| Watsco, Inc. | 175 | 58966 |
| WEC Energy Group, Inc. | 1603 | 169052 |
| Wells Fargo & Co. | 16171 | 1507137 |
| Welltower, Inc., REIT | 3325 | 617153 |
| West Pharmaceutical Services, Inc. | 359 | 98775 |
| Western Digital Corp. | 1750 | 301472 |
| Westinghouse Air Brake Technologies Corp. | 862 | 183994 |
| Weyerhaeuser Co., REIT | 3616 | 85663 |
| Williams Cos., Inc. | 6074 | 365108 |
| Williams-Sonoma, Inc. | 617 | 110190 |
| Workday, Inc., Class A <sup>(A)</sup> <br>| 1091 | 234325 |
| WP Carey, Inc., REIT | 1098 | 70667 |
| WW Grainger, Inc. | 227 | 229054 |
| Xcel Energy, Inc. | 2959 | 218552 |
| Xylem, Inc. | 1222 | 166412 |
| Yum! Brands, Inc. | 1399 | 211641 |
| Zebra Technologies Corp., Class A <sup>(A)</sup> <br>| 257 | 62405 |
| Zillow Group, Inc., Class C <sup>(A)</sup> <br>| 841 | 57373 |
| Zimmer Biomet Holdings, Inc. | 995 | 89470 |
| Zoetis, Inc. | 2221 | 279446 |
| Zoom Communications, Inc., Class A <sup>(A)</sup> <br>| 1295 | 111746 |
| Zscaler, Inc. <sup>(A)</sup> <br>| 520 | 116958 |
|  |  | 292115952 |
| **Uruguay - 0.1%**  | **Uruguay - 0.1%**  | **Uruguay - 0.1%**  |
| MercadoLibre, Inc. <sup>(A)</sup> <br>| 227 | 457237 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $345,604,843)**<br>|  | 428507501 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS - 21.5%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 21.5%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 21.5%**  |
| **Australia - 0.9%**  | **Australia - 0.9%**  | **Australia - 0.9%**  |
| Australia Government Bonds |  |  |
| 1.25%, 05/21/2032 | AUD 2,690,000 | 1478683 |
| South Australian Government <br> Financing Authority |  |  |
| 1.75%, 05/24/2034 <sup>(H)</sup> <br>| 2290000 | 1175103 |
| Treasury Corp. of Victoria |  |  |
| 1.50%, 09/10/2031 | 2300000 | 1283887 |
| 2.00%, 09/17/2035 | 4240000 | 2104686 |
| 2.25%, 09/15/2033 <sup>(H)</sup> <br>| 4246000 | 2316725 |
|  |  | 8359084 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Austria - 0.1%**  | **Austria - 0.1%**  | **Austria - 0.1%**  |
| Republic of Austria Government Bonds |  |  |
| 0.25%, 10/20/2036 <sup>(H)</sup> <br>| EUR 1,210,000 | $1037514 |
| **Belgium - 0.2%**  | **Belgium - 0.2%**  | **Belgium - 0.2%**  |
| Kingdom of Belgium Government <br> Bonds |  |  |
| 1.70%, 06/22/2050 <sup>(H)</sup> <br>| 820000 | 599274 |
| 3.45%, 06/22/2043 <sup>(H)</sup> <br>| 1420000 | 1560022 |
|  |  | 2159296 |
| **Canada - 1.4%**  | **Canada - 1.4%**  | **Canada - 1.4%**  |
| British Columbia Investment <br> Management Corp. |  |  |
| 4.00%, 06/02/2035 | CAD 2,550,000 | 1874279 |
| Canada Government Bonds |  |  |
| 3.25%, 12/01/2034 | 780000 | 563978 |
| 3.50%, 12/01/2057 | 2220000 | 1513572 |
| OMERS Finance Trust |  |  |
| 4.75%, 03/26/2031 <sup>(F)</sup> <br>| $850000 | 878862 |
| Province of Alberta |  |  |
| 3.38%, 04/02/2035 <sup>(H)</sup> <br>| EUR 610,000 | 717048 |
| Province of British Columbia |  |  |
| 2.20%, 06/18/2030 | CAD 1,300,000 | 912865 |
| Province of Ontario |  |  |
| 2.05%, 06/02/2030 | 1790000 | 1249290 |
| 3.25%, 07/03/2035 <sup>(H)</sup> <br>| EUR 360,000 | 418642 |
| Province of Quebec |  |  |
| Zero Coupon, 10/29/2030 <sup>(H)</sup> <br>| 1700000 | 1747083 |
| 1.90%, 09/01/2030 | CAD 3,090,000 | 2132416 |
| 3.25%, 05/22/2035 <sup>(H)</sup> <br>| EUR 580,000 | 673200 |
|  |  | 12681235 |
| **Chile - 0.3%**  | **Chile - 0.3%**  | **Chile - 0.3%**  |
| Chile Government International Bonds |  |  |
| 3.75%, 01/14/2032 | 1030000 | 1228539 |
| 3.80%, 07/01/2035 | 360000 | 423567 |
| 3.88%, 07/09/2031 | 670000 | 806648 |
|  |  | 2458754 |
| **China - 3.5%**  | **China - 3.5%**  | **China - 3.5%**  |
| China Government Bonds |  |  |
| 1.43%, 01/25/2030 | CNY 26,140,000 | 3720181 |
| 2.04%, 11/25/2034 | 15760000 | 2289156 |
| 2.40%, 07/15/2028 | 12960000 | 1902234 |
| 2.69%, 08/15/2032 | 20190000 | 3055103 |
| 2.80%, 11/15/2032 | 20420000 | 3123580 |
| 3.12%, 10/25/2052 | 2780000 | 456637 |
| 3.13%, 11/21/2029 | 11340000 | 1726263 |
| 3.27%, 11/19/2030 | 67760000 | 10536725 |
| 3.53%, 10/18/2051 | 3700000 | 647754 |
| 3.81%, 09/14/2050 | 19000000 | 3445459 |
|  |  | 30903092 |
| **Czech Republic - 0.1%**  | **Czech Republic - 0.1%**  | **Czech Republic - 0.1%**  |
| Czech Republic Government Bonds |  |  |
| 1.20%, 03/13/2031 | CZK 15,920,000 | 670488 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Denmark - 0.1%**  | **Denmark - 0.1%**  | **Denmark - 0.1%**  |
| Denmark Government Bonds |  |  |
| 2.25%, 11/15/2033 | DKK 3,590,000 | $551945 |
| **Estonia - 0.1%**  | **Estonia - 0.1%**  | **Estonia - 0.1%**  |
| Estonia Government International <br> Bonds |  |  |
| 3.25%, 01/17/2034 <sup>(H)</sup> <br>| EUR 710,000 | 826438 |
| **Finland - 0.2%**  | **Finland - 0.2%**  | **Finland - 0.2%**  |
| Finland Government Bonds |  |  |
| 0.13%, 04/15/2036 <sup>(H)</sup> <br>| 2380000 | 2035018 |
| **France - 1.9%**  | **France - 1.9%**  | **France - 1.9%**  |
| Agence Francaise de Developpement <br> EPIC |  |  |
| 1.50%, 10/31/2034 <sup>(H)</sup> <br>| 900000 | 889393 |
| French Republic Government Bonds <br> OAT |  |  |
| Zero Coupon, 11/25/2029 <sup>(H)</sup> <br>| 7320000 | 7776025 |
| 2.70%, 02/25/2031 <sup>(H)</sup> <br>| 6420000 | 7491367 |
| SNCF Reseau |  |  |
| 1.88%, 03/30/2034 <sup>(H)</sup> <br>| 800000 | 824295 |
|  |  | 16981080 |
| **Germany - 2.6%**  | **Germany - 2.6%**  | **Germany - 2.6%**  |
| Bundesobligation |  |  |
| 1.30%, 10/15/2027 <sup>(H)</sup> <br>| 8670000 | 10052859 |
| Bundesrepublik Deutschland <br> Bundesanleihe |  |  |
| Zero Coupon, 08/15/2031 <sup>(H)</sup> <br>| 6390000 | 6540467 |
| 0.25%, 02/15/2029 <sup>(H)</sup> <br>| 1730000 | 1913281 |
| 2.50%, 08/15/2054 <sup>(H)</sup> <br>| 1420000 | 1375547 |
| 4.25%, 07/04/2039 <sup>(H)</sup> <br>| 2860000 | 3776971 |
|  |  | 23659125 |
| **Greece - 0.0% \*** | **Greece - 0.0% \*** | **Greece - 0.0% \*** |
| Hellenic Republic Government Bonds |  |  |
| 4.38%, 07/18/2038 <sup>(H)</sup> <br>| 110000 | 138281 |
| **Hungary - 0.2%**  | **Hungary - 0.2%**  | **Hungary - 0.2%**  |
| Hungary Government Bonds |  |  |
| 3.00%, 08/21/2030 | HUF 82,630,000 | 219152 |
| Hungary Government International <br> Bonds |  |  |
| 6.25%, 09/22/2032 <sup>(H)</sup> <br>| $1510000 | 1610375 |
|  |  | 1829527 |
| **Indonesia - 0.1%**  | **Indonesia - 0.1%**  | **Indonesia - 0.1%**  |
| Indonesia Treasury Bonds |  |  |
| 8.38%, 03/15/2034 | IDR 16,822,000,000 | 1149566 |
| **Ireland - 0.1%**  | **Ireland - 0.1%**  | **Ireland - 0.1%**  |
| Ireland Government Bonds |  |  |
| 0.40%, 05/15/2035 <sup>(H)</sup> <br>| EUR 720,000 | 662577 |
| **Italy - 0.8%**  | **Italy - 0.8%**  | **Italy - 0.8%**  |
| Italy Buoni Poliennali Del Tesoro |  |  |
| 2.50%, 12/01/2032 <sup>(H)</sup> <br>| 930000 | 1053590 |
| 3.85%, 07/01/2034 <sup>(H)</sup> <br>| 440000 | 536678 |
| 4.00%, 11/15/2030 <sup>(H)</sup> <br>| 2700000 | 3347399 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| &nbsp;&nbsp; Italy Buoni Poliennali Del <br> Tesoro (continued)<br>|  |  |
| 4.30%, 10/01/2054 <sup>(H)</sup> <br>| EUR 190,000 | $221616 |
| 4.45%, 09/01/2043 <sup>(H)</sup> <br>| 710000 | 875262 |
| 4.50%, 10/01/2053 <sup>(H)</sup> <br>| 1280000 | 1541956 |
|  |  | 7576501 |
| **Japan - 2.9%**  | **Japan - 2.9%**  | **Japan - 2.9%**  |
| Japan Government Ten Year Bonds |  |  |
| 0.80%, 03/20/2034 | JPY 477,500,000 | 2795619 |
| 0.90%, 09/20/2034 | 538550000 | 3151191 |
| 1.40%, 03/20/2035 | 853150000 | 5173801 |
| Japan Government Thirty Year Bonds |  |  |
| 0.40%, 09/20/2049 | 680800000 | 2338512 |
| 0.70%, 12/20/2051 | 243300000 | 839792 |
| Japan Government Twenty Year Bonds |  |  |
| 0.40%, 03/20/2040 | 759450000 | 3622514 |
| 0.60%, 06/20/2037 | 203600000 | 1086707 |
| 2.50%, 06/20/2045 | 40000000 | 239507 |
| Japan Government Two Year Bonds |  |  |
| 1.00%, 12/01/2027 | 1051000000 | 6692342 |
|  |  | 25939985 |
| **Lithuania - 0.4%**  | **Lithuania - 0.4%**  | **Lithuania - 0.4%**  |
| Lithuania Government International <br> Bonds |  |  |
| 3.50%, 07/03/2031 <sup>(H)</sup> <br>| EUR 2,220,000 | 2661574 |
| Republic of Lithuania |  |  |
| 3.50%, 07/03/2031 <sup>(H)</sup> <br>| 500000 | 599454 |
|  |  | 3261028 |
| **Luxembourg - 0.1%**  | **Luxembourg - 0.1%**  | **Luxembourg - 0.1%**  |
| European Financial Stability Facility |  |  |
| 3.00%, 09/04/2034 <sup>(H)</sup> <br>| 1110000 | 1291983 |
| **Malaysia - 0.2%**  | **Malaysia - 0.2%**  | **Malaysia - 0.2%**  |
| Malaysia Government Bonds |  |  |
| 3.58%, 07/15/2032 | MYR 4,930,000 | 1227738 |
| 3.89%, 08/15/2029 | 3510000 | 884735 |
|  |  | 2112473 |
| **Mexico - 0.2%**  | **Mexico - 0.2%**  | **Mexico - 0.2%**  |
| Mexico Bonos |  |  |
| 7.75%, 11/23/2034 | MXN 6,000,000 | 309024 |
| 8.50%, 05/31/2029 | 18000000 | 1007910 |
| Mexico Government International <br> Bonds |  |  |
| 3.50%, 09/19/2029 | EUR 605,000 | 709000 |
|  |  | 2025934 |
| **Netherlands - 0.2%**  | **Netherlands - 0.2%**  | **Netherlands - 0.2%**  |
| Netherlands Government Bonds |  |  |
| Zero Coupon, 07/15/2030 <sup>(H)</sup> <br>| 1460000 | 1534345 |
| 2.75%, 01/15/2047 <sup>(H)</sup> <br>| 540000 | 565927 |
|  |  | 2100272 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **New Zealand - 0.3%**  | **New Zealand - 0.3%**  | **New Zealand - 0.3%**  |
| New Zealand Government Bonds |  |  |
| 4.25%, 05/15/2036 | NZD 16,000 | $9013 |
| 4.50%, 05/15/2035 | 654000 | 379169 |
| New Zealand Local Government <br> Funding Agency Bonds |  |  |
| 4.40%, 09/08/2027 | AUD 3,150,000 | 2100513 |
|  |  | 2488695 |
| **Norway - 0.0% \*** | **Norway - 0.0% \*** | **Norway - 0.0% \*** |
| Norway Government Bonds |  |  |
| 3.75%, 06/12/2035 <sup>(H)</sup> <br>| NOK 1,770,000 | 170060 |
| **Poland - 0.1%**  | **Poland - 0.1%**  | **Poland - 0.1%**  |
| Republic of Poland Government Bonds |  |  |
| 1.75%, 04/25/2032 | PLN 2,860,000 | 671008 |
| **Portugal - 0.1%**  | **Portugal - 0.1%**  | **Portugal - 0.1%**  |
| Portugal Obrigacoes do Tesouro OT |  |  |
| 3.63%, 06/12/2054 <sup>(H)</sup> <br>| EUR 400,000 | 439474 |
| **Republic of Korea - 0.1%**  | **Republic of Korea - 0.1%**  | **Republic of Korea - 0.1%**  |
| Korea Development Bank |  |  |
| 0.80%, 07/19/2026 | $1210000 | 1189902 |
| **Romania - 0.1%**  | **Romania - 0.1%**  | **Romania - 0.1%**  |
| Romania Government International <br> Bonds |  |  |
| 5.25%, 03/10/2030 <sup>(H)</sup> <br>| EUR 770,000 | 947293 |
| 6.50%, 10/07/2045 <sup>(F)</sup> <br>| 240000 | 280989 |
|  |  | 1228282 |
| **Saudi Arabia - 0.2%**  | **Saudi Arabia - 0.2%**  | **Saudi Arabia - 0.2%**  |
| Saudi Government International Bonds |  |  |
| 3.38%, 03/05/2032 <sup>(F)</sup> <br>| 1010000 | 1191403 |
| 5.13%, 01/13/2028 <sup>(F)</sup> <br>| $610000 | 622952 |
|  |  | 1814355 |
| **Singapore - 0.1%**  | **Singapore - 0.1%**  | **Singapore - 0.1%**  |
| Singapore Government Bonds |  |  |
| 2.63%, 08/01/2032 | SGD 1,080,000 | 873041 |
| **Slovakia - 0.2%**  | **Slovakia - 0.2%**  | **Slovakia - 0.2%**  |
| Slovakia Government Bonds |  |  |
| 3.75%, 02/27/2040 <sup>(H)</sup> <br>| EUR 1,360,000 | 1549487 |
| **Spain - 1.0%**  | **Spain - 1.0%**  | **Spain - 1.0%**  |
| Spain Government Bonds |  |  |
| 2.70%, 10/31/2048 <sup>(H)</sup> <br>| 722000 | 692768 |
| 3.45%, 10/31/2034 <sup>(H)</sup> <br>| 2960000 | 3549468 |
| 3.50%, 05/31/2029 | 3790000 | 4608580 |
| 4.00%, 10/31/2054 <sup>(H)</sup> <br>| 230000 | 264761 |
|  |  | 9115577 |
| **Supranational - 0.9%**  | **Supranational - 0.9%**  | **Supranational - 0.9%**  |
| Banque Ouest Africaine de <br> Developpement |  |  |
| 4.70%, 10/22/2031 <sup>(H)</sup> <br>| $530000 | 487786 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Supranational (continued)** | **Supranational (continued)** | **Supranational (continued)** |
| Corporacion Andina de Fomento |  |  |
| 5.00%, 01/24/2029 - 01/22/2030 | $1620000 | $1671992 |
| 5.30%, 02/19/2029 | AUD 8,730,000 | 5816586 |
|  |  | 7976364 |
| **Sweden - 0.1%**  | **Sweden - 0.1%**  | **Sweden - 0.1%**  |
| Sweden Government Bonds |  |  |
| 2.25%, 05/11/2035 <sup>(H)</sup> <br>| SEK 4,590,000 | 478139 |
| **Switzerland - 0.2%**  | **Switzerland - 0.2%**  | **Switzerland - 0.2%**  |
| Swiss Confederation Government <br> Bonds |  |  |
| 0.25%, 06/23/2035 <sup>(H)</sup> <br>| CHF 1,220,000 | 1534169 |
| **Thailand - 0.3%**  | **Thailand - 0.3%**  | **Thailand - 0.3%**  |
| Thailand Government Bonds |  |  |
| 1.59%, 12/17/2035 | THB 25,170,000 | 796742 |
| 2.00%, 12/17/2031 | 44180000 | 1456283 |
|  |  | 2253025 |
| **United Kingdom - 1.2%**  | **United Kingdom - 1.2%**  | **United Kingdom - 1.2%**  |
| U.K. Gilt |  |  |
| 0.38%, 10/22/2030 <sup>(H)</sup> <br>| GBP 2,470,000 | 2827026 |
| 0.63%, 10/22/2050 <sup>(H)</sup> <br>| 4000000 | 1988389 |
| 0.88%, 07/31/2033 <sup>(H)</sup> <br>| 580000 | 611315 |
| 3.75%, 10/22/2053 <sup>(H)</sup> <br>| 1260000 | 1333531 |
| 4.25%, 07/31/2034 <sup>(H)</sup> <br>| 1920000 | 2556951 |
| 4.50%, 06/07/2028 <sup>(H)</sup> <br>| 750000 | 1028268 |
|  |  | 10345480 |
| &nbsp;&nbsp; **Total Foreign Government** <br> **Obligations** <br>**(Cost $199,500,390)**<br>|  | 192538254 |
| **U.S. GOVERNMENT OBLIGATIONS - 9.3%**  | **U.S. GOVERNMENT OBLIGATIONS - 9.3%**  | **U.S. GOVERNMENT OBLIGATIONS - 9.3%**  |
| **U.S. Treasury - 4.5%**  | **U.S. Treasury - 4.5%**  | **U.S. Treasury - 4.5%**  |
| U.S. Treasury Bonds |  |  |
| 1.13%, 05/15/2040 | $4230000 | 2683902 |
| 1.75%, 08/15/2041 | 5070000 | 3420864 |
| 4.88%, 08/15/2045 | 2710000 | 2736253 |
| U.S. Treasury Notes |  |  |
| 1.38%, 11/15/2031 | 2330000 | 2029557 |
| 1.88%, 02/15/2032 | 4070000 | 3629772 |
| 2.38%, 03/31/2029 | 860000 | 828556 |
| 3.38%, 05/15/2033 | 3030000 | 2912943 |
| 4.13%, 09/30/2027 - 08/31/2030 | 19030000 | 19313568 |
| 4.25%, 11/15/2034 | 2300000 | 2324168 |
|  |  | 39879583 |
| **U.S. Treasury Inflation-Protected Securities - 4.8%**  | **U.S. Treasury Inflation-Protected Securities - 4.8%**  | **U.S. Treasury Inflation-Protected Securities - 4.8%**  |
| U.S. Treasury Inflation-Protected <br> Indexed Notes |  |  |
| 1.88%, 07/15/2035 | 43556250 | 43439630 |
|  |  | 43439630 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $84,538,779)**<br>|  | 83319213 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 6.9%**  | **CORPORATE DEBT SECURITIES - 6.9%**  | **CORPORATE DEBT SECURITIES - 6.9%**  |
| **Australia - 0.4%**  | **Australia - 0.4%**  | **Australia - 0.4%**  |
| Australia & New Zealand Banking <br> Group Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 11/25/2030, <br>2.57% <sup>(I)</sup>, 11/25/2035 <sup>(F)</sup> <br>| $1750000 | $1573707 |
| NBN Co. Ltd. |  |  |
| 2.63%, 05/05/2031 <sup>(F)</sup> <br>| 1015000 | 932320 |
| Quintis Australia Pty. Ltd. |  |  |
| &nbsp;&nbsp; PIK Rate 7.50%, Cash Rate 7.50%, <br>10/01/2026 <sup>(C)</sup><sup>(D)</sup><sup>(F)</sup><sup>(J)</sup> <br>| 237012 | 46928 |
| &nbsp;&nbsp; PIK Rate 12.00%, Cash Rate 12.00%, <br>10/01/2028 <sup>(C)</sup><sup>(D)</sup><sup>(F)</sup><sup>(G)</sup><sup>(J)</sup> <br>| 3336317 | 0 |
| Westpac Banking Corp. |  |  |
| &nbsp;&nbsp; Fixed until 11/15/2030, <br>2.67% <sup>(I)</sup>, 11/15/2035<br>| 1250000 | 1131962 |
|  |  | 3684917 |
| **Canada - 0.1%**  | **Canada - 0.1%**  | **Canada - 0.1%**  |
| Algonquin Power & Utilities Corp. |  |  |
| 5.37%, 06/15/2026 | 550000 | 552594 |
| **Denmark - 0.1%**  | **Denmark - 0.1%**  | **Denmark - 0.1%**  |
| Danske Bank AS |  |  |
| &nbsp;&nbsp; Fixed until 03/04/2030, <br>5.02% <sup>(I)</sup>, 03/04/2031 <sup>(F)</sup> <br>| 800000 | 817000 |
| **France - 0.4%**  | **France - 0.4%**  | **France - 0.4%**  |
| AXA SA |  |  |
| &nbsp;&nbsp; Fixed until 05/28/2029, <br>3.25% <sup>(I)</sup>, 05/28/2049 <sup>(H)</sup> <br>| EUR 1,300,000 | 1524913 |
| BPCE SA |  |  |
| &nbsp;&nbsp; Fixed until 06/01/2028, <br>5.75% <sup>(I)</sup>, 06/01/2033 <sup>(H)</sup> <br>| 1100000 | 1368350 |
| Orange SA |  |  |
| &nbsp;&nbsp; Fixed until 10/01/2026 <sup>(K)</sup>, <br>5.00% <sup>(I)</sup><sup>(H)</sup> <br>| 255000 | 304171 |
|  |  | 3197434 |
| **Germany - 0.2%**  | **Germany - 0.2%**  | **Germany - 0.2%**  |
| Allianz SE |  |  |
| &nbsp;&nbsp; Fixed until 07/08/2030, <br>2.12% <sup>(I)</sup>, 07/08/2050 <sup>(H)</sup> <br>| 200000 | 222308 |
| &nbsp;&nbsp; Fixed until 01/25/2033, <br>5.82% <sup>(I)</sup>, 07/25/2053 <sup>(H)</sup> <br>| 900000 | 1181809 |
|  |  | 1404117 |
| **Ireland - 0.1%**  | **Ireland - 0.1%**  | **Ireland - 0.1%**  |
| AIB Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/28/2034, <br>5.87% <sup>(I)</sup>, 03/28/2035 <sup>(F)</sup> <br>| $1175000 | 1240039 |
| **Japan - 0.2%**  | **Japan - 0.2%**  | **Japan - 0.2%**  |
| NTT Finance Corp. |  |  |
| 4.88%, 07/16/2030 <sup>(F)</sup> <br>| 875000 | 891111 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 2.13%, 07/08/2030 | 1500000 | 1366243 |
|  |  | 2257354 |
| **Jersey, Channel Islands - 0.2%**  | **Jersey, Channel Islands - 0.2%**  | **Jersey, Channel Islands - 0.2%**  |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| 2.63%, 03/31/2036 <sup>(F)</sup> <br>| 1575000 | 1388042 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Luxembourg - 0.2%**  | **Luxembourg - 0.2%**  | **Luxembourg - 0.2%**  |
| Blackstone Property Partners Europe <br> Holdings SARL |  |  |
| 1.25%, 04/26/2027 <sup>(H)</sup> <br>| EUR 1,000,000 | $1155048 |
| Medtronic Global Holdings SCA |  |  |
| 1.00%, 07/02/2031 | 450000 | 471845 |
| 1.13%, 03/07/2027 | 340000 | 393517 |
|  |  | 2020410 |
| **Netherlands - 0.3%**  | **Netherlands - 0.3%**  | **Netherlands - 0.3%**  |
| Alliander NV |  |  |
| &nbsp;&nbsp; Fixed until 03/27/2032 <sup>(K)</sup>, <br>4.50% <sup>(H)</sup><sup>(I)</sup> <br>| 250000 | 303495 |
| JT International Financial Services BV |  |  |
| 3.63%, 04/11/2034 <sup>(H)</sup> <br>| 700000 | 809575 |
| Thermo Fisher Scientific Finance I BV |  |  |
| 2.00%, 10/18/2051 | 100000 | 73207 |
| Upjohn Finance BV |  |  |
| 1.91%, 06/23/2032 <sup>(H)</sup> <br>| 1400000 | 1442993 |
|  |  | 2629270 |
| **Republic of Korea - 0.2%**  | **Republic of Korea - 0.2%**  | **Republic of Korea - 0.2%**  |
| Korea Southern Power Co. Ltd. |  |  |
| 0.75%, 01/27/2026 <sup>(F)</sup> <br>| $1650000 | 1645973 |
| **Singapore - 0.1%**  | **Singapore - 0.1%**  | **Singapore - 0.1%**  |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.34%, 05/19/2063 | 575000 | 533486 |
| **Spain - 0.1%**  | **Spain - 0.1%**  | **Spain - 0.1%**  |
| CaixaBank SA |  |  |
| &nbsp;&nbsp; Fixed until 09/05/2031, <br>4.00% <sup>(I)</sup>, 03/05/2037 <sup>(H)</sup> <br>| EUR 1,000,000 | 1182475 |
| **United Kingdom - 0.3%**  | **United Kingdom - 0.3%**  | **United Kingdom - 0.3%**  |
| National Grid Electricity Distribution <br> West Midlands PLC |  |  |
| 5.75%, 04/16/2032 <sup>(H)</sup> <br>| GBP 950,000 | 1335174 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 05/23/2030, <br>5.12% <sup>(I)</sup>, 05/23/2031<br>| $1525000 | 1565417 |
|  |  | 2900591 |
| **United States - 4.0%**  | **United States - 4.0%**  | **United States - 4.0%**  |
| Aon North America, Inc. |  |  |
| 5.45%, 03/01/2034 | 1350000 | 1402941 |
| AT&T, Inc. |  |  |
| 1.80%, 09/05/2026 | EUR 220,000 | 257615 |
| 2.90%, 12/04/2026 | GBP 200,000 | 266892 |
| 3.65%, 06/01/2051 | $750000 | 527032 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 09/15/2033, <br>5.87% <sup>(I)</sup>, 09/15/2034<br>| 975000 | 1040475 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp; Fixed until 03/14/2034, <br>5.19% <sup>(I)</sup>, 03/14/2035<br>| 1100000 | 1136580 |
| Boeing Co. |  |  |
| 5.81%, 05/01/2050 | 750000 | 737696 |
| 6.26%, 05/01/2027 | 225000 | 230854 |
| 6.30%, 05/01/2029 | 425000 | 451116 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Charles Schwab Corp. |  |  |
| &nbsp;&nbsp; Fixed until 05/19/2033, <br>5.85% <sup>(I)</sup>, 05/19/2034<br>| $1045000 | $1119398 |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter <br>Communications Operating Capital |  |  |
| 3.50%, 03/01/2042 | 425000 | 294840 |
| 5.38%, 05/01/2047 | 1300000 | 1070868 |
| Chubb INA Holdings LLC |  |  |
| 0.88%, 06/15/2027 | EUR 1,000,000 | 1147261 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 01/25/2032, <br>3.06% <sup>(I)</sup>, 01/25/2033<br>| $1050000 | 961868 |
| 4.45%, 09/29/2027 | 1075000 | 1081915 |
| Enterprise Products Operating LLC |  |  |
| 5.20%, 01/15/2036 | 525000 | 534419 |
| Foundry JV Holdco LLC |  |  |
| 5.50%, 01/25/2031 <sup>(F)</sup> <br>| 875000 | 903170 |
| Goldman Sachs Group, Inc. |  |  |
| 0.75%, 03/23/2032 <sup>(H)</sup> <br>| EUR 1,260,000 | 1266605 |
| &nbsp;&nbsp; Fixed until 04/25/2034, <br>5.85% <sup>(I)</sup>, 04/25/2035<br>| $750000 | 797369 |
| Hyundai Capital America |  |  |
| 5.30%, 06/24/2029 <sup>(F)</sup> <br>| 1325000 | 1363957 |
| Jefferies Financial Group, Inc. |  |  |
| 2.63%, 10/15/2031 | 775000 | 686939 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 02/17/2032, <br>0.60% <sup>(I)</sup>, 02/17/2033 <sup>(H)</sup> <br>| EUR 1,000,000 | 996957 |
| &nbsp;&nbsp; Fixed until 10/23/2033, <br>6.25% <sup>(I)</sup>, 10/23/2034<br>| $2700000 | 2964428 |
| Las Vegas Sands Corp. |  |  |
| 5.63%, 06/15/2028 | 450000 | 461383 |
| 5.90%, 06/01/2027 | 550000 | 560969 |
| 6.00%, 08/15/2029 - 06/14/2030 | 529000 | 552980 |
| Meta Platforms, Inc. |  |  |
| 5.63%, 11/15/2055 | 600000 | 575863 |
| Micron Technology, Inc. |  |  |
| 5.30%, 01/15/2031 | 525000 | 543805 |
| Nuveen LLC |  |  |
| 5.85%, 04/15/2034 <sup>(F)</sup> <br>| 475000 | 499506 |
| ONEOK, Inc. |  |  |
| 5.05%, 11/01/2034 | 1175000 | 1164508 |
| Oracle Corp. |  |  |
| 5.50%, 08/03/2035 | 775000 | 759409 |
| 5.88%, 09/26/2045 | 500000 | 451562 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 10/20/2033, <br>6.88% <sup>(I)</sup>, 10/20/2034<br>| 1775000 | 2008638 |
| Prologis Euro Finance LLC |  |  |
| 1.88%, 01/05/2029 | EUR 950,000 | 1084348 |
| Stellantis Financial Services U.S. Corp. |  |  |
| 5.40%, 09/15/2030 <sup>(F)</sup> <br>| $825000 | 837712 |
| Thermo Fisher Scientific, Inc. |  |  |
| 0.88%, 10/01/2031 | EUR 850,000 | 880928 |
| 1.88%, 10/01/2049 | 400000 | 295221 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp; Fixed until 06/10/2033, <br>5.84% <sup>(I)</sup>, 06/12/2034<br>| $1178000 | $1256798 |
| VICI Properties LP |  |  |
| 5.13%, 05/15/2032 | 950000 | 956572 |
| Vontier Corp. |  |  |
| 2.40%, 04/01/2028 | 925000 | 886528 |
| Williams Cos., Inc. |  |  |
| 4.63%, 06/30/2030 | 1025000 | 1035032 |
|  |  | 36052957 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $64,974,640)**<br>|  | 61506659 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.3%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.3%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.3%**  |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.50%, 06/01/2050 - 01/01/2053 | 2788666 | 2371528 |
| 5.50%, 12/01/2054 | 3408549 | 3456966 |
| 6.00%, 09/01/2054 | 1353033 | 1390887 |
| Federal National Mortgage Association |  |  |
| 2.50%, 02/01/2052 - 12/01/2052 | 5610446 | 4765238 |
| 3.00%, 01/01/2053 | 10428151 | 9230923 |
| 3.50%, 01/01/2051 | 3799674 | 3542348 |
| 5.50%, 08/01/2055 | 3351545 | 3402699 |
| 6.00%, 10/01/2055 | 1599534 | 1643061 |
| 6.50%, 10/01/2053 | 262539 | 274518 |
| Uniform Mortgage-Backed Security, <br> TBA |  |  |
| 3.00%, 01/01/2056 <sup>(L)</sup> <br>| 250000 | 221084 |
| 4.00%, 01/01/2056 <sup>(L)</sup> <br>| 2310000 | 2190861 |
| 4.50%, 01/01/2055 <sup>(L)</sup> <br>| 1990000 | 1942523 |
| 5.00%, 01/01/2055 <sup>(L)</sup> <br>| 3705000 | 3694580 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $39,060,274)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $39,060,274)** | 38127216 |
| **MORTGAGE-BACKED SECURITIES - 2.4%**  | **MORTGAGE-BACKED SECURITIES - 2.4%**  | **MORTGAGE-BACKED SECURITIES - 2.4%**  |
| **Ireland - 0.0% \*** | **Ireland - 0.0% \*** | **Ireland - 0.0% \*** |
| Berg Finance DAC |  |  |
| &nbsp;&nbsp; Series 2021-1, Class A, <br>3-Month EURIBOR + 1.05%, <br>3.07% <sup>(I)</sup>, 04/22/2033 <sup>(H)</sup> <br>| EUR 148,305 | 174067 |
| **United Kingdom - 0.1%**  | **United Kingdom - 0.1%**  | **United Kingdom - 0.1%**  |
| &nbsp;&nbsp; Landmark Mortgage Securities No. <br> 3 PLC<br>|  |  |
| &nbsp;&nbsp; Series 3, Class C, <br>SONIA + 2.22%, <br>6.15% <sup>(I)</sup>, 04/17/2044 <sup>(H)</sup> <br>| GBP 892,112 | 1154626 |
| **United States - 2.3%**  | **United States - 2.3%**  | **United States - 2.3%**  |
| A&D Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-NQM4, Class A1A, <br>5.23% <sup>(I)</sup>, 10/25/2070 <sup>(F)</sup> <br>| $1276539 | 1280125 |
| &nbsp;&nbsp; BAMLL Commercial Mortgage Securities <br> Trust<br>|  |  |
| &nbsp;&nbsp; Series 2016-ISQ, Class A, <br>2.85%, 08/14/2034 <sup>(F)</sup> <br>| 1000000 | 827500 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| BAMLL Trust |  |  |
| &nbsp;&nbsp; Series 2024-BHP, Class A, <br>1-Month Term SOFR + 2.35%, <br>6.10% <sup>(I)</sup>, 08/15/2039 <sup>(F)</sup> <br>| $1500000 | $1502477 |
| &nbsp;&nbsp; Bayview Opportunity Master Fund VIa <br> Trust<br>|  |  |
| &nbsp;&nbsp; Series 2022-3, Class A1, <br>3.00% <sup>(I)</sup>, 01/25/2052 <sup>(F)</sup> <br>| 1501061 | 1309851 |
| BPR Trust |  |  |
| &nbsp;&nbsp; Series 2022-SSP, Class A, <br>1-Month Term SOFR + 3.00%, <br>6.75% <sup>(I)</sup>, 05/15/2039 <sup>(F)</sup> <br>| 2000000 | 1999999 |
| BX Trust |  |  |
| &nbsp;&nbsp; Series 2019-OC11, Class D, <br>3.94% <sup>(I)</sup>, 12/09/2041 <sup>(F)</sup> <br>| 576000 | 548664 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp; Series 2025-4, Class A2, <br>5.50% <sup>(I)</sup>, 10/25/2055 <sup>(F)</sup> <br>| 886232 | 891321 |
| &nbsp;&nbsp; Series 2025-3, Class A1, <br>6.00% <sup>(I)</sup>, 06/25/2055 <sup>(F)</sup> <br>| 545776 | 555512 |
| GCAT Trust |  |  |
| &nbsp;&nbsp; Series 2024-INV1, Class 2A2, <br>6.50% <sup>(I)</sup>, 01/25/2054 <sup>(F)</sup> <br>| 800988 | 823047 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Corp. <br> Trust<br>|  |  |
| &nbsp;&nbsp; Series 2022-PJ2, Class A6, <br>3.00% <sup>(I)</sup>, 06/25/2052 <sup>(F)</sup> <br>| 751590 | 657691 |
| GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp; Series 2025-PJ8, Class A1, <br>6.00% <sup>(I)</sup>, 02/25/2056 <sup>(F)</sup> <br>| 712566 | 723032 |
| Hundred Acre Wood Trust |  |  |
| &nbsp;&nbsp; Series 2021-INV3, Class A3, <br>2.50% <sup>(I)</sup>, 12/25/2051 <sup>(F)</sup> <br>| 1128018 | 944775 |
| JPMorgan Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2021-INV6, Class A2, <br>3.00% <sup>(I)</sup>, 04/25/2052 <sup>(F)</sup> <br>| 1286195 | 1127950 |
| &nbsp;&nbsp; Series 2022-INV3, Class A3B, <br>3.00% <sup>(I)</sup>, 09/25/2052 <sup>(F)</sup> <br>| 1117477 | 975833 |
| JW Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2024-MRCO, Class A, <br>1-Month Term SOFR + 1.62%, <br>5.37% <sup>(I)</sup>, 06/15/2039 <sup>(F)</sup> <br>| 1000000 | 1001545 |
| &nbsp;&nbsp; Ladder Capital Commercial Mortgage <br> Trust<br>|  |  |
| &nbsp;&nbsp; Series 2013-GCP, Class A1, <br>3.57%, 02/15/2036 <sup>(F)</sup> <br>| 310366 | 302365 |
| OBX Trust |  |  |
| &nbsp;&nbsp; Series 2023-INV1, Class A1, <br>3.00% <sup>(I)</sup>, 01/25/2052 <sup>(F)</sup> <br>| 1039446 | 907039 |
| &nbsp;&nbsp; Series 2020-EXP1, Class 1A8, <br>3.50% <sup>(I)</sup>, 02/25/2060 <sup>(F)</sup> <br>| 158403 | 140046 |
| Olympic Tower Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2017-OT, Class A, <br>3.57%, 05/10/2039 <sup>(F)</sup> <br>| 1400000 | 1348507 |
| PRKCM Trust |  |  |
| &nbsp;&nbsp; Series 2023-AFC1, Class A1, <br>6.60% <sup>(I)</sup>, 02/25/2058 <sup>(F)</sup> <br>| 1117780 | 1115779 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| PRMI Securitization Trust |  |  |
| &nbsp;&nbsp; Series 2021-1, Class A2, <br>2.50% <sup>(I)</sup>, 04/25/2051 <sup>(F)</sup> <br>| $1499643 | $1255131 |
|  |  | 20238189 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>**(Cost $22,746,317)**<br>|  | 21566882 |
| **ASSET-BACKED SECURITIES - 0.4%**  | **ASSET-BACKED SECURITIES - 0.4%**  | **ASSET-BACKED SECURITIES - 0.4%**  |
| **United States - 0.4%**  |  |  |
| &nbsp;&nbsp; DataBank Issuer II LLC <br>Series 2025-1A, Class A2, <br>5.18%, 09/27/2055 <sup>(F)</sup> <br>| 1060000 | 1044142 |
| &nbsp;&nbsp; Retained Vantage Data Centers <br> Issuer LLC <br>Series 2023-1A, Class A2A, <br>5.00%, 09/15/2048 <sup>(F)</sup> <br>| 1500000 | 1495322 |
| &nbsp;&nbsp; SLM Private Education Loan Trust <br>Series 2010-C, Class A5, <br>1-Month Term SOFR + 4.86%, <br>8.61% <sup>(I)</sup>, 10/15/2041 <sup>(F)</sup> <br>| 594654 | 625125 |
| &nbsp;&nbsp; SMB Private Education Loan Trust <br>Series 2019-A, Class A2A, <br>3.44%, 07/15/2036 <sup>(F)</sup> <br>| 43081 | 42774 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $3,147,167)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $3,147,167)** | 3207363 |
| **MUNICIPAL GOVERNMENT OBLIGATION - 0.0% \*** | **MUNICIPAL GOVERNMENT OBLIGATION - 0.0% \*** | **MUNICIPAL GOVERNMENT OBLIGATION - 0.0% \*** |
| **Michigan - 0.0% \*** | **Michigan - 0.0% \*** | **Michigan - 0.0% \*** |
| &nbsp;&nbsp; University of Michigan, Revenue Bonds, <br> Series A,<br>|  |  |
| 4.45%, 04/01/2122 | 650000 | 505687 |
| &nbsp;&nbsp; **Total Municipal Government** <br> **Obligation** <br>**(Cost $650,000)**<br>|  | 505687 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCKS - 0.0% \*** | **PREFERRED STOCKS - 0.0% \*** | **PREFERRED STOCKS - 0.0% \*** |
| **Germany - 0.0% \*** | **Germany - 0.0% \*** | **Germany - 0.0% \*** |
| Bayerische Motoren Werke AG, |  |  |
| 4.71% <sup>(M)</sup> <br>| 330 | 35165 |
| Dr. Ing. h.c. F. Porsche AG, |  |  |
| 5.03% <sup>(F)</sup><sup>(M)</sup> <br>| 681 | 36271 |
| Henkel AG & Co. KGaA, |  |  |
| 2.92% <sup>(M)</sup> <br>| 959 | 78240 |
| Porsche Automobil Holding SE, |  |  |
| 4.80% <sup>(M)</sup> <br>| 918 | 42830 |
| Sartorius AG, |  |  |
| 0.30% <sup>(M)</sup> <br>| 157 | 45210 |
| Volkswagen AG, |  |  |
| 6.11% <sup>(M)</sup> <br>| 1242 | 151572 |
| &nbsp;&nbsp; **Total Preferred Stocks** <br>**(Cost $622,165)**<br>|  | 389288 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CONVERTIBLE BONDS - 0.0%**  | **CONVERTIBLE BONDS - 0.0%**  | **CONVERTIBLE BONDS - 0.0%**  |
| **India - 0.0%**  | **India - 0.0%**  | **India - 0.0%**  |
| REI Agro Ltd. |  |  |
| 5.50%, 11/13/2014 <sup>(A)</sup><sup>(C)</sup><sup>(D)</sup><sup>(F)</sup><sup>(G)</sup><sup>(N)</sup> <br>| $697000 | $0 |
| 5.50%, 11/13/2014 <sup>(A)</sup><sup>(C)</sup><sup>(D)</sup><sup>(G)</sup><sup>(H)</sup><sup>(N)</sup> <br>| 259000 | 0 |
| &nbsp;&nbsp; **Total Convertible Bonds** <br>**(Cost $542,530)**<br>|  | 0 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **WARRANT - 0.0%**  | **WARRANT - 0.0%**  | **WARRANT - 0.0%**  |
| **Canada - 0.0%**  | **Canada - 0.0%**  | **Canada - 0.0%**  |
| &nbsp;&nbsp; Constellation Software, Inc. <br>Exercise Price CAD 0, <br>Expiration Date 03/31/2040<sup>(A)</sup><sup>(C)</sup><sup>(D)</sup><sup>(O)</sup> <br>| 203 | 0 |
| &nbsp;&nbsp; **Total Warrant** <br>**(Cost $0)**<br>|  | 0 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.2%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.2%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.2%**  |
| U.S. Treasury Bills |  |  |
| 3.59% <sup>(M)</sup>, 02/26/2026 <sup>(P)</sup> <br>| $18000000 | 17901310 |
| 3.84% <sup>(M)</sup>, 03/03/2026 <sup>(Q)</sup><sup>(R)</sup> <br>| 2000000 | 1988154 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $19,888,721)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $19,888,721)** | 19889464 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.2%**  | **OTHER INVESTMENT COMPANY - 0.2%**  | **OTHER INVESTMENT COMPANY - 0.2%**  |
| **Securities Lending Collateral - 0.2%**  | **Securities Lending Collateral - 0.2%**  | **Securities Lending Collateral - 0.2%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 3.79% <sup>(M)</sup> <br>| 1350198 | 1350198 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $1,350,198)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $1,350,198)** | 1350198 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 4.8%**  | **REPURCHASE AGREEMENT - 4.8%**  | **REPURCHASE AGREEMENT - 4.8%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(M)</sup>, dated 12/31/2025, to be <br> repurchased at $42,751,540 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 04/30/2027, and <br> with a value of $43,603,517. <sup>(P)</sup> <br>| $42748334 | 42748334 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $42,748,334)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $42,748,334)** | 42748334 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $825,374,358)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $825,374,358)** | 893656059 |
| **Net Other Assets (Liabilities) - 0.1%** | **Net Other Assets (Liabilities) - 0.1%** | 1187498 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$894843557** |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**OVER-THE-COUNTER SWAP AGREEMENTS:**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** <sup>(S)</sup>  | **Total Return Swap Agreements** <sup>(S)</sup>  | **Total Return Swap Agreements** <sup>(S)</sup>  | **Total Return Swap Agreements** <sup>(S)</sup>  | **Total Return Swap Agreements** <sup>(S)</sup>  | **Total Return Swap Agreements** <sup>(S)</sup>  | **Total Return Swap Agreements** <sup>(S)</sup>  | **Total Return Swap Agreements** <sup>(S)</sup>  | **Total Return Swap Agreements** <sup>(S)</sup>  | **Total Return Swap Agreements** <sup>(S)</sup>  | **Total Return Swap Agreements** <sup>(S)</sup>  |
| **Reference Entity** | **Counterparty** | **Pay/** <br>**Receive**<br>| **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Number of** <br>**Shares or** <br> **Units**<br>| **Value** | **Premiums** <br>**Paid** <br>**(Received)**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 1-Day USD-SOFR | BNP | Receive | Semi-<br> Annually<br>| 09/20/2026 | USD | 17836000 | 78659 | $299355 | $1 | $299354 |
| 1-Day USD-SOFR | JPM | Receive | Quarterly | 10/01/2026 | USD | 8840000 | 13152 | 114222 | 3 | 114219 |
| 1-Day USD-SOFR | BCLY | Receive | Quarterly | 10/01/2026 | USD | 26487000 | 11477 | 77624 |  | 77624 |
| 3-Month EUR-<br> EURIBOR<br>| BCLY | Receive | Quarterly | 09/20/2026 | EUR | 15694000 | 65129 | 83186 |  | 83186 |
| 3-Month EUR-<br> EURIBOR<br>| BNP | Receive | Quarterly | 09/20/2026 | EUR | 22366000 | 92106 | 55470 |  | 55470 |
| Bloomberg Global-<br> Aggregate Total <br> Return Index <br>| BCLY | Pay | Terciary | 09/30/2026 | USD | 132214000 | (217887)<br>| 302290 |  | 302290 |
| Bloomberg Global-<br> Aggregate Total <br> Return Index Value <br> Hedged USD<br>| BCLY | Pay | Quarterly | 09/30/2026 | USD | 33448000 | (55129)<br>| (77068)<br>|  | (77068)<br>|
| Bloomberg U.S. MBS <br> Index Total Return <br> Value Unhedged <br> USD<br>| BCLY | Receive | Quarterly | 10/01/2026 | USD | 23452000 | 10041 | 25316 |  | 25316 |
| MSCI Australia Net <br> Total Return Index<br>| BNP | Pay | Quarterly | 01/12/2026 | USD | 3488866 | (548)<br>| 57515 |  | 57515 |
| MSCI Australia Net <br> Total Return Index<br>| JPM | Pay | Quarterly | 06/22/2026 | USD | 8505561 | (1375)<br>| (188216)<br>|  | (188216)<br>|
| MSCI Daily Total <br> Return Net Japan <br> Index<br>| BCLY | Receive | Quarterly | 05/11/2026 | USD | 31767107 | 2976 | (5741)<br>| (1)<br>| (5740)<br>|
| MSCI Daily Total <br> Return NET USA <br> Index<br>| BNP | Receive | Quarterly | 10/02/2026 | USD | 3904285 | 202 | 64488 |  | 64488 |
| MSCI Daily Total <br> Return NET USA <br> Index<br>| BNP | Receive | Quarterly | 12/21/2026 | USD | 21086810 | 1081 | 352196 |  | 352196 |
| MSCI Emerging Net <br> Total Return Index<br>| BCLY | Receive | Quarterly | 06/08/2026 | USD | 66423761 | 88650 | 1407521 |  | 1407521 |
| MSCI Europe Net <br> Total Return Index<br>| GSI | Pay | Quarterly | 01/12/2026 | USD | 11301854 | (961)<br>| (457033)<br>|  | (457033)<br>|
| MSCI Europe Net <br> Total Return Index<br>| UBS | Pay | Quarterly | 06/23/2026 | USD | 41821208 | (3433)<br>| (599843)<br>|  | (599843)<br>|
| MSCI Europe Net <br> Total Return Index<br>| UBS | Pay | Quarterly | 06/23/2026 | USD | 8013668 | (656)<br>| (93242)<br>|  | (93242)<br>|
| MSCI USA Gross <br> Return Index<br>| CITI | Receive | Quarterly | 05/07/2026 | USD | 28616443 | 923 | 352648 |  | 352648 |
| MSCI USA Gross <br> Return Index<br>| UBS | Receive | Quarterly | 10/23/2026 | USD | 18297435 | 592 | 239633 |  | 239633 |
| MSCI World Index | GSI | Pay | Quarterly | 01/12/2026 | USD | 4535599 | (328)<br>| (72893)<br>|  | (72893)<br>|
| MSCI World Index | UBS | Pay | Quarterly | 06/23/2026 | USD | 15101413 | (1075)<br>| (154268)<br>|  | (154268)<br>|
| **Total** |  |  |  |  |  |  |  | **$1783160** | **$3** | **$1783157** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** |
| **Reference Entity** | **Counterparty** | **Pay/** <br>**Receive**<br>| **Expiration** <br>**Date**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Notional Amount** <br>**as a Percentage** <br>**of Net Assets**<br>| **Value** | **Premiums** <br>**Paid** <br>**(Received)**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| JPMorgan OW AI Defense<sup>(a)</sup> <br>| JPM | Receive | 12/21/2026 | USD | 19715573 | 2.2<br> %<br>| $498344 | $— | $498344 |
| JPMorgan OW US Policy<sup>(b)</sup> <br>| JPM | Receive | 12/21/2026 | USD | 8998826 | 1.0 | 12141 |  | 12141 |
| JPMorgan OW US Regional <br> Banks<br>| JPM | Receive | 12/21/2026 | USD | 5824818 | 0.7 | (204117)<br>|  | (204117)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**OVER-THE-COUNTER SWAP AGREEMENTS (continued):**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** |
| **Reference Entity** | **Counterparty** | **Pay/**<br> **Receive**<br>| **Expiration**<br> **Date**<br>| **Notional**<br> **Amount** | **Notional**<br> **Amount** | **Notional Amount**<br> **as a Percentage**<br> **of Net Assets**<br>| **Value** | **Premiums**<br> **Paid**<br> **(Received)**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| UBS OW European Banks<sup>(c)</sup> <br>| UBS | Receive | 06/23/2026 | USD | 21446292 | 2.4<br> %<br>| $263019 | $— | $263019 |
| UBS OW German Stimulus<sup>(d)</sup> <br>| UBS | Receive | 06/23/2026 | USD | 20552743 | 2.3 | 265954 |  | 265954 |
| **Total** |  |  |  |  |  |  | **$835341** | **$—** | **$835341** |

---

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

---

| | |
|:---|:---|
|  | **Value** |
| **OTC Swap Agreements, at value (Assets)** | **$4470922** |
| **OTC Swap Agreements, at value (Liabilities)** | **$(1852421)** |

---

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

<sup>(a)</sup> *The significant reference entities underlying the corresponding total return swap as of December 31, 2025, are as follows:*

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

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of** <br>**Basket Value**<br>|
| **Aerospace & Defense** |  |  |  |
| AeroVironment, Inc. | 460 | $111210 | 1.09% |
| BAE Systems PLC | 29325 | 676161 | 6.64 |
| Chemring Group PLC | 18367 | 116746 | 1.15 |
| Cohort PLC | 7578 | 92464 | 0.91 |
| DroneShield Ltd. | 47233 | 97059 | 0.95 |
| Elbit Systems Ltd. | 488 | 281714 | 2.77 |
| Electro Optic Systems <br> Holdings Ltd.<br>| 21536 | 135635 | 1.33 |
| Hensoldt AG | 1124 | 96819 | 0.95 |
| Huntington Ingalls Industries, <br> Inc.<br>| 505 | 171744 | 1.69 |
| Karman Holdings, Inc. | 2047 | 149800 | 1.47 |
| Kratos Defense & Security <br> Solutions, Inc.<br>| 1586 | 120362 | 1.18 |
| L3 Harris Technologies, Inc. | 1876 | 550712 | 5.41 |
| Leonardo DRS, Inc. | 3234 | 110252 | 1.08 |
| Leonardo SpA | 5900 | 340413 | 3.34 |
| Lockheed Martin Corp. | 1736 | 839718 | 8.25 |
| Mercury Systems, Inc. | 1888 | 137849 | 1.35 |
| Northrop Grumman Corp. | 1417 | 808017 | 7.94 |
| Red Cat Holdings, Inc. | 14874 | 117952 | 1.16 |
| Rheinmetall AG | 374 | 684533 | 6.73 |
| RTX Corp. | 5185 | 950934 | 9.34 |
| Saab AB, Class B | 5657 | 329726 | 3.24 |
| Thales SA | 1936 | 522222 | 5.13 |
|  |  | 7442042 |  |
| **Communications** <br> **Equipment**<br>|  |  |  |
| Ondas, Inc. | 19159 | 186990 | 1.84 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of**<br> **Basket Value**<br>|
| **Electronic Equipment,** <br> **Instruments & Components**<br>|  |  |  |
| IPG Photonics Corp. | 1833 | $131209 | 1.29% |
| Next Vision Stabilized <br> Systems Ltd.<br>| 3095 | 203721 | 2.00 |
| Nlight, Inc. | 4885 | 183218 | 1.80 |
| Teledyne Technologies, Inc. | 488 | 249059 | 2.45 |
| TTM Technologies, Inc. | 2587 | 178536 | 1.75 |
|  |  | 945743 |  |
| **IT Services** |  |  |  |
| BigBear.ai Holdings, Inc. | 22395 | 120935 | 1.19 |
| **Professional Services** |  |  |  |
| BlackSky Technology, Inc. | 7407 | 138890 | 1.36 |
| CACI International, Inc., <br> Class A<br>| 290 | 154702 | 1.52 |
| Leidos Holdings, Inc. | 1362 | 245767 | 2.41 |
| Parsons Corp. | 1751 | 108201 | 1.06 |
| Science Applications <br> International Corp.<br>| 1439 | 144863 | 1.42 |
|  |  | 792423 |  |
| **Software** |  |  |  |
| C3.ai, Inc. | 8452 | 113927 | 1.12 |
| Palantir Technologies, Inc., <br> Class A<br>| 3244 | 576571 | 5.66 |
|  |  | 690498 |  |
| **Total Common** <br>**Stocks - Long**<br>|  | **$10178631** |  |

---

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

<sup>(b)</sup> *The significant reference entities underlying the corresponding total return swap as of December 31, 2025, are as follows:*

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

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of** <br>**Basket Value**<br>|
| **Building Products** |  |  |  |
| Carrier Global Corp. | 5810 | $307016 | 3.12% |
| Johnson Controls <br> International PLC<br>| 3917 | 469031 | 4.77 |
| Trane Technologies PLC | 1173 | 456392 | 4.64 |
|  |  | 1232439 |  |
| **Capital Markets** |  |  |  |
| Coinbase Global, Inc., Class A | 353 | 79755 | 0.81 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of**<br> **Basket Value**<br>|
| **Chemicals** |  |  |  |
| Air Products & Chemicals, Inc. | 1449 | $357893 | 3.64% |
| Linde PLC | 1028 | 438506 | 4.46 |
| Solstice Advanced Materials, <br> Inc.<br>| 575 | 27937 | 0.28 |
|  |  | 824336 |  |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of**<br> **Basket Value**<br>|
| **Construction & Engineering** |  |  |  |
| EMCOR Group, Inc. | 279 | $170447 | 1.73% |
| Quanta Services, Inc. | 854 | 360327 | 3.66 |
|  |  | 530774 |  |
| **Construction Materials** |  |  |  |
| Eagle Materials, Inc. | 446 | 92194 | 0.94 |
| Martin Marietta Materials, Inc. | 377 | 234461 | 2.38 |
| Vulcan Materials Co. | 782 | 223061 | 2.27 |
|  |  | 549716 |  |
| **Electrical Equipment** |  |  |  |
| Eaton Corp. PLC | 1331 | 424092 | 4.31 |
| Emerson Electric Co. | 3556 | 471960 | 4.80 |
| GE Vernova, Inc. | 420 | 274612 | 2.79 |
| Hubbell, Inc. | 351 | 155856 | 1.58 |
| nVent Electric PLC | 1039 | 105899 | 1.08 |
| Rockwell Automation, Inc. | 675 | 262492 | 2.67 |
|  |  | 1694911 |  |
| **Electronic Equipment,** <br> **Instruments & Components**<br>|  |  |  |
| Cognex Corp. | 2245 | 80792 | 0.82 |
| Mirion Technologies, Inc. | 4791 | 112204 | 1.14 |
|  |  | 192996 |  |
| **Industrial Conglomerates** |  |  |  |
| Honeywell International, Inc. | 2267 | 442190 | 4.49 |
| **Life Sciences Tools &** <br> **Services**<br>|  |  |  |
| Repligen Corp. | 745 | 122105 | 1.24 |
| **Machinery** |  |  |  |
| ATS Corp. | 3792 | 104437 | 1.06 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of**<br> **Basket Value**<br>|
| Caterpillar, Inc. | 1057 | $605355 | 6.15% |
| Cummins, Inc. | 819 | 418266 | 4.25 |
| Donaldson Co., Inc. | 1229 | 108999 | 1.11 |
| Dover Corp. | 942 | 183907 | 1.87 |
| Fortive Corp. | 2205 | 121728 | 1.24 |
| Ingersoll Rand, Inc. | 2430 | 192530 | 1.96 |
| Kennametal, Inc. | 4871 | 138386 | 1.41 |
| Lincoln Electric Holdings, Inc. | 420 | 100601 | 1.02 |
| Parker-Hannifin Corp. | 654 | 575037 | 5.84 |
| Terex Corp. | 2039 | 108861 | 1.11 |
| Timken Co. | 1323 | 111323 | 1.13 |
|  |  | 2769430 |  |
| **Multi-Utilities** |  |  |  |
| Sempra | 3618 | 319389 | 3.25 |
| **Professional Services** |  |  |  |
| Jacobs Solutions, Inc. | 723 | 95736 | 0.97 |
| **Software** |  |  |  |
| Circle Internet Group, Inc. | 661 | 52427 | 0.53 |
| **Trading Companies &** <br> **Distributors**<br>|  |  |  |
| Fastenal Co. | 7019 | 281656 | 2.86 |
| United Rentals, Inc. | 411 | 332890 | 3.38 |
| WW Grainger, Inc. | 317 | 320047 | 3.25 |
|  |  | 934593 |  |
| **Total Common** <br>**Stocks - Long**<br>|  | **$9840797** |  |

---

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

<sup>(c)</sup> *The significant reference entities underlying the corresponding total return swap as of December 31, 2025, are as follows:*

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

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of** <br>**Basket Value**<br>|
| **Banks** |  |  |  |
| ABN AMRO Bank NV | 3870 | $135301 | 1.33% |
| AIB Group PLC | 14051 | 151709 | 1.49 |
| Banca Monte dei Paschi di <br> Siena SpA<br>| 13966 | 149652 | 1.47 |
| Banco Bilbao Vizcaya <br> Argentaria SA<br>| 38461 | 905016 | 8.87 |
| Banco BPM SpA | 7333 | 112057 | 1.10 |
| Banco Comercial Portugues <br> SA, Class R<br>| 59009 | 62066 | 0.61 |
| Banco de Sabadell SA | 34159 | 134903 | 1.32 |
| Banco Santander SA | 96915 | 1145366 | 11.22 |
| Bank of Ireland Group PLC | 5788 | 111234 | 1.09 |
| Bankinter SA | 4381 | 72783 | 0.71 |
| BAWAG Group AG | 529 | 80052 | 0.78 |
| BNP Paribas SA | 17646 | 1673157 | 16.39 |
| BPER Banca SpA | 8762 | 119286 | 1.17 |
| CaixaBank SA | 23345 | 286175 | 2.80 |
| Commerzbank AG | 5025 | 212912 | 2.09 |
| Credit Agricole SA | 16487 | 339585 | 3.33 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of**<br> **Basket Value**<br>|
| Deutsche Bank AG | 12941 | $502847 | 4.93% |
| Erste Group Bank AG | 1963 | 237121 | 2.32 |
| FinecoBank Banca Fineco <br> SpA<br>| 3945 | 102776 | 1.01 |
| ING Groep NV | 20086 | 566002 | 5.55 |
| Intesa Sanpaolo SpA | 94001 | 653201 | 6.40 |
| KBC Ancora | 245 | 21116 | 0.21 |
| KBC Group NV | 1428 | 186444 | 1.83 |
| Nordea Bank Abp | 21651 | 408712 | 4.00 |
| Raiffeisen Bank International <br> AG<br>| 898 | 40359 | 0.40 |
| Societe Generale SA | 11206 | 903796 | 8.86 |
| Unicaja Banco SA | 7437 | 24247 | 0.24 |
| UniCredit SpA | 10128 | 842936 | 8.26 |
|  |  | 10180811 |  |
| **Capital Markets** |  |  |  |
| Banca Generali SpA | 378 | 25363 | 0.25 |
| **Total Common** <br>**Stocks - Long**<br>|  | **$10206174** |  |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

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

<sup>(d)</sup> *The significant reference entities underlying the corresponding total return swap as of December 31, 2025, are as follows:*

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

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of** <br>**Basket Value**<br>|
| **Aerospace & Defense** |  |  |  |
| Tkms AG& Co. KGAA | 1038 | $80550 | 0.78% |
| **Building Products** |  |  |  |
| Geberit AG | 532 | 415597 | 4.04 |
| Kingspan Group PLC | 3933 | 342243 | 3.33 |
| Rockwool AS, B Shares | 6933 | 245552 | 2.39 |
|  |  | 1003392 |  |
| **Commercial Services &** <br> **Supplies**<br>|  |  |  |
| Bilfinger SE | 2433 | 306728 | 2.98 |
| SPIE SA | 5507 | 318382 | 3.09 |
|  |  | 625110 |  |
| **Construction Materials** |  |  |  |
| Buzzi SpA | 5543 | 338256 | 3.29 |
| Heidelberg Materials AG | 2335 | 611053 | 5.94 |
| Holcim AG | 6379 | 625083 | 6.08 |
|  |  | 1574392 |  |
| **Diversified** <br> **Telecommunication** <br> **Services**<br>|  |  |  |
| United Internet AG | 8401 | 272913 | 2.65 |
| **Electrical Equipment** |  |  |  |
| ABB Ltd. | 9864 | 736159 | 7.16 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of**<br> **Basket Value**<br>|
| Nordex SE | 10639 | $363592 | 3.53% |
| Siemens Energy AG | 6160 | 870487 | 8.46 |
|  |  | 1970238 |  |
| **Industrial Conglomerates** |  |  |  |
| Siemens AG | 2649 | 743391 | 7.23 |
| **Machinery** |  |  |  |
| Alstom SA | 12110 | 357723 | 3.48 |
| Atlas Copco AB, A Shares | 35728 | 643263 | 6.25 |
| GEA Group AG | 4215 | 285945 | 2.78 |
| Georg Fischer AG | 3590 | 242502 | 2.36 |
| KION Group AG | 4299 | 344339 | 3.35 |
| Knorr-Bremse AG | 3656 | 408275 | 3.97 |
| Volvo AB, B Shares | 19660 | 630757 | 6.13 |
|  |  | 2912804 |  |
| **Metals & Mining** |  |  |  |
| SSAB AB | 44818 | 338515 | 3.29 |
| thyssenkrupp AG | 21021 | 228797 | 2.22 |
|  |  | 567312 |  |
| **Multi-Utilities** |  |  |  |
| E.ON SE | 28389 | 537240 | 5.22 |
| **Total Common** <br>**Stocks - Long**<br>|  | **$10287342** |  |

---

**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>|
| 2-Year U.S. Treasury Notes | 80 | &nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp; $16712029 | &nbsp;&nbsp;&nbsp; $16703125 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(8904)<br>|
| 10-Year Canadian Government Bonds | 6 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 532442 | &nbsp;&nbsp;&nbsp; 528549 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3893)<br>|
| 10-Year Korea Government Bonds | 60 | &nbsp;&nbsp;&nbsp; 03/17/2026 | &nbsp;&nbsp;&nbsp; 4692218 | &nbsp;&nbsp;&nbsp; 4703204 | &nbsp;&nbsp;&nbsp; 10986 | &nbsp;&nbsp;&nbsp; — |
| 10-Year U.S. Treasury Notes | 7 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 786734 | &nbsp;&nbsp;&nbsp; 787062 | &nbsp;&nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp; — |
| 10-Year U.S. Treasury Ultra Notes | 86 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 9954091 | &nbsp;&nbsp;&nbsp; 9891344 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (62747)<br>|
| German Euro Schatz | 5 | &nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp; 628342 | &nbsp;&nbsp;&nbsp; 627498 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (844)<br>|
| U.K. Gilt | 2 | &nbsp;&nbsp;&nbsp; 03/27/2026 | &nbsp;&nbsp;&nbsp; 245235 | &nbsp;&nbsp;&nbsp; 246324 | &nbsp;&nbsp;&nbsp; 1089 | &nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra Bonds | 4 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 480664 | &nbsp;&nbsp;&nbsp; 472000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8664)<br>|
| **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$12403** | &nbsp;&nbsp;&nbsp; **$(85052)**<br>|

---

&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>|
| 3-Year Australia Treasury Bonds | (64)<br>| &nbsp;&nbsp;&nbsp; 03/16/2026 | &nbsp;&nbsp;&nbsp; $(4490579)<br>| &nbsp;&nbsp;&nbsp; $(4484403)<br>| &nbsp;&nbsp;&nbsp; $6176 | &nbsp;&nbsp;&nbsp; $— |
| 5-Year Euro BOBL | (123)<br>| &nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp; (16873098)<br>| &nbsp;&nbsp;&nbsp; (16790881)<br>| &nbsp;&nbsp;&nbsp; 82217 | &nbsp;&nbsp;&nbsp; — |
| 5-Year U.S. Treasury Notes | (12)<br>| &nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp; (1315855)<br>| &nbsp;&nbsp;&nbsp; (1311656)<br>| &nbsp;&nbsp;&nbsp; 4199 | &nbsp;&nbsp;&nbsp; — |
| 10-Year Australia Treasury Bonds | (69)<br>| &nbsp;&nbsp;&nbsp; 03/16/2026 | &nbsp;&nbsp;&nbsp; (5045402)<br>| &nbsp;&nbsp;&nbsp; (5041429)<br>| &nbsp;&nbsp;&nbsp; 3973 | &nbsp;&nbsp;&nbsp; — |
| 30-Year U.S. Treasury Bonds | (3)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (351838)<br>| &nbsp;&nbsp;&nbsp; (346781)<br>| &nbsp;&nbsp;&nbsp; 5057 | &nbsp;&nbsp;&nbsp; — |
| Euro OAT | (3)<br>| &nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp; (427193)<br>| &nbsp;&nbsp;&nbsp; (425152)<br>| &nbsp;&nbsp;&nbsp; 2041 | &nbsp;&nbsp;&nbsp; — |
| EURO STOXX 50<sup>®</sup> Index | (34)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (2311014)<br>| &nbsp;&nbsp;&nbsp; (2333877)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (22863)<br>|
| FTSE 100 Index | (6)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (799199)<br>| &nbsp;&nbsp;&nbsp; (803999)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4800)<br>|
| German Euro Bund | (6)<br>| &nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp; (908574)<br>| &nbsp;&nbsp;&nbsp; (899522)<br>| &nbsp;&nbsp;&nbsp; 9052 | &nbsp;&nbsp;&nbsp; — |
| MSCI Canada | (129)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (22233232)<br>| &nbsp;&nbsp;&nbsp; (22705290)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (472058)<br>|
| MSCI Emerging Markets Index | (127)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (8897269)<br>| &nbsp;&nbsp;&nbsp; (8962390)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (65121)<br>|
| MSCI USA | (9)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (2842413)<br>| &nbsp;&nbsp;&nbsp; (2899170)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (56757)<br>|
| Nikkei 225 Index | (36)<br>| &nbsp;&nbsp;&nbsp; 03/12/2026 | &nbsp;&nbsp;&nbsp; (5816733)<br>| &nbsp;&nbsp;&nbsp; (5801966)<br>| &nbsp;&nbsp;&nbsp; 14767 | &nbsp;&nbsp;&nbsp; — |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**FUTURES CONTRACTS (continued):**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** |
| **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>|
| S&P 500<sup>®</sup> E-Mini Index | (7)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; $(2438382)<br>| &nbsp;&nbsp;&nbsp; $(2412375)<br>| &nbsp;&nbsp;&nbsp; $26007 | &nbsp;&nbsp;&nbsp; $— |
| S&P/TSX 60 Index | (2)<br>| &nbsp;&nbsp;&nbsp; 03/19/2026 | &nbsp;&nbsp;&nbsp; (545782)<br>| &nbsp;&nbsp;&nbsp; (542610)<br>| &nbsp;&nbsp;&nbsp; 3172 | &nbsp;&nbsp;&nbsp; — |
| **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$156661** | &nbsp;&nbsp;&nbsp; **$(621599)**<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp; **$169064** | &nbsp;&nbsp;&nbsp; **$(706651)**<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>|
| BCLY | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 361356 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp; $968 | &nbsp;&nbsp;&nbsp; $— |
| BCLY | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 256231 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 374 | &nbsp;&nbsp;&nbsp; — |
| BCLY | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1192579 | &nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp; 8330000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7133)<br>|
| BCLY | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 33400 | &nbsp;&nbsp;&nbsp; DKK | &nbsp;&nbsp; 210875 | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; — |
| BCLY | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2340289 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 1980000 | &nbsp;&nbsp;&nbsp; 4829 | &nbsp;&nbsp;&nbsp; — |
| BCLY | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 283107 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; — |
| BCLY | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 16603 | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp; 128884 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| BCLY | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 759889 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 117980000 | &nbsp;&nbsp;&nbsp; 1595 | &nbsp;&nbsp;&nbsp; — |
| BCLY | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 11035 | &nbsp;&nbsp;&nbsp; NOK | &nbsp;&nbsp; 112239 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (97)<br>|
| BCLY | 03/18/2026 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp; 122275 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 89160 | &nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp; — |
| BCLY | 03/18/2026 | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp; 9527771 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1026344 | &nbsp;&nbsp;&nbsp; 12838 | &nbsp;&nbsp;&nbsp; — |
| BCLY | 04/06/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 5981437 | &nbsp;&nbsp;&nbsp; TRY | &nbsp;&nbsp; 314968145 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (842167)<br>|
| BCLY | 04/06/2026 | &nbsp;&nbsp;&nbsp; TRY | &nbsp;&nbsp; 210424930 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 3626140 | &nbsp;&nbsp;&nbsp; 932595 | &nbsp;&nbsp;&nbsp; — |
| BNP | 01/14/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 334365 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6674)<br>|
| BNP | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 155793 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 234627 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (794)<br>|
| BNP | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 247379 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp; 338741 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (248)<br>|
| BNP | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 564005 | &nbsp;&nbsp;&nbsp; CHF | &nbsp;&nbsp; 444232 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1514)<br>|
| BNP | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2290795 | &nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp; 16024500 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (17103)<br>|
| BNP | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 6243 | &nbsp;&nbsp;&nbsp; COP | &nbsp;&nbsp; 24106091 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; — |
| BNP | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2530429 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 388520084 | &nbsp;&nbsp;&nbsp; 33288 | &nbsp;&nbsp;&nbsp; — |
| BNP | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 381139 | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp; 3522168 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3019)<br>|
| BNP | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 44911 | &nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp; 1399118 | &nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; — |
| BNP | 03/18/2026 | &nbsp;&nbsp;&nbsp; CLP | &nbsp;&nbsp; 185762384 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 203146 | &nbsp;&nbsp;&nbsp; 3370 | &nbsp;&nbsp;&nbsp; — |
| BNP | 03/18/2026 | &nbsp;&nbsp;&nbsp; CZK | &nbsp;&nbsp; 2606976 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 126463 | &nbsp;&nbsp;&nbsp; 504 | &nbsp;&nbsp;&nbsp; — |
| BNP | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 9951 | &nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp; 167592 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (113)<br>|
| BOA | 01/06/2026 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 5001849 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 5263020 | &nbsp;&nbsp;&nbsp; 616824 | &nbsp;&nbsp;&nbsp; — |
| BOA | 03/18/2026 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp; 1008583 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 55873 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (295)<br>|
| CITI | 01/06/2026 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 770713893 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 5253831 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (330802)<br>|
| CITI | 01/14/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 65847 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 56600 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (715)<br>|
| CITI | 03/11/2026 | &nbsp;&nbsp;&nbsp; IDR | &nbsp;&nbsp; 4188884900 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 250561 | &nbsp;&nbsp;&nbsp; 431 | &nbsp;&nbsp;&nbsp; — |
| CITI | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 151900 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp; 208001 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (153)<br>|
| CITI | 03/18/2026 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp; 1638816 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1188229 | &nbsp;&nbsp;&nbsp; 9782 | &nbsp;&nbsp;&nbsp; — |
| CITI | 03/18/2026 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 1795189 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2118951 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1480)<br>|
| CITI | 03/18/2026 | &nbsp;&nbsp;&nbsp; PEN | &nbsp;&nbsp; 840774 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 249163 | &nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; — |
| DUB | 01/14/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 7256920 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 6210084 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (46117)<br>|
| DUB | 03/18/2026 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp; 658257 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 482556 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1356)<br>|
| DUB | 03/18/2026 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 218327979 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1407558 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4295)<br>|
| DUB | 03/18/2026 | &nbsp;&nbsp;&nbsp; PLN | &nbsp;&nbsp; 1192302 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 327957 | &nbsp;&nbsp;&nbsp; 4022 | &nbsp;&nbsp;&nbsp; — |
| GSI | 01/06/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 8038104 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 6949434 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (131194)<br>|
| GSI | 01/06/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 8023932 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 1112148893 | &nbsp;&nbsp;&nbsp; 919945 | &nbsp;&nbsp;&nbsp; — |
| GSI | 01/06/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 37887257 | &nbsp;&nbsp;&nbsp; THB | &nbsp;&nbsp; 1279327834 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2735352)<br>|
| GSI | 01/06/2026 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 1947586 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2154892 | &nbsp;&nbsp;&nbsp; 134561 | &nbsp;&nbsp;&nbsp; — |
| GSI | 01/06/2026 | &nbsp;&nbsp;&nbsp; THB | &nbsp;&nbsp; 1279327834 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 38980758 | &nbsp;&nbsp;&nbsp; 1641852 | &nbsp;&nbsp;&nbsp; — |
| GSI | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 678589 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 1021950 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3446)<br>|
| GSI | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 19807 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp; 109901 | &nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; — |
| GSI | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 6186 | &nbsp;&nbsp;&nbsp; DKK | &nbsp;&nbsp; 39057 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; — |
| GSI | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1436465 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 1215089 | &nbsp;&nbsp;&nbsp; 3237 | &nbsp;&nbsp;&nbsp; — |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**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>|
| GSI | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 995643 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 153280993 | &nbsp;&nbsp;&nbsp; $10457 | &nbsp;&nbsp;&nbsp; $— |
| GSI | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1445080 | &nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp; 2114686958 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (27430)<br>|
| GSI | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 788716 | &nbsp;&nbsp;&nbsp; MYR | &nbsp;&nbsp; 3233507 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9669)<br>|
| GSI | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 3664 | &nbsp;&nbsp;&nbsp; NZD | &nbsp;&nbsp; 6303 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; — |
| GSI | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 93706 | &nbsp;&nbsp;&nbsp; THB | &nbsp;&nbsp; 2933234 | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; — |
| GSI | 03/18/2026 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 1069485 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 716875 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3115)<br>|
| GSI | 03/18/2026 | &nbsp;&nbsp;&nbsp; CNH | &nbsp;&nbsp; 37154572 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 5294056 | &nbsp;&nbsp;&nbsp; 57062 | &nbsp;&nbsp;&nbsp; — |
| GSI | 03/18/2026 | &nbsp;&nbsp;&nbsp; CNY | &nbsp;&nbsp; 40907480 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 5831845 | &nbsp;&nbsp;&nbsp; 43615 | &nbsp;&nbsp;&nbsp; — |
| GSI | 03/18/2026 | &nbsp;&nbsp;&nbsp; DKK | &nbsp;&nbsp; 1567787 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 247963 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (155)<br>|
| GSI | 03/18/2026 | &nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp; 4667874119 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 3187350 | &nbsp;&nbsp;&nbsp; 63010 | &nbsp;&nbsp;&nbsp; — |
| GSI | 03/18/2026 | &nbsp;&nbsp;&nbsp; RON | &nbsp;&nbsp; 1821720 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 414259 | &nbsp;&nbsp;&nbsp; 4245 | &nbsp;&nbsp;&nbsp; — |
| GSI | 04/06/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 11757393 | &nbsp;&nbsp;&nbsp; TRY | &nbsp;&nbsp; 591074939 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1047906)<br>|
| GSI | 04/06/2026 | &nbsp;&nbsp;&nbsp; TRY | &nbsp;&nbsp; 695618154 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 12436437 | &nbsp;&nbsp;&nbsp; 2633730 | &nbsp;&nbsp;&nbsp; — |
| GSI | 04/28/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 7476404 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 6460705 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (157833)<br>|
| GSI | 04/28/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 7461544 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 1034498029 | &nbsp;&nbsp;&nbsp; 790521 | &nbsp;&nbsp;&nbsp; — |
| GSI | 04/28/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 37562171 | &nbsp;&nbsp;&nbsp; THB | &nbsp;&nbsp; 1226893195 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1732851)<br>|
| GSI | 04/28/2026 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 6460705 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 7517799 | &nbsp;&nbsp;&nbsp; 116438 | &nbsp;&nbsp;&nbsp; — |
| GSI | 04/28/2026 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 1034498029 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 7535767 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (864744)<br>|
| GSI | 04/28/2026 | &nbsp;&nbsp;&nbsp; THB | &nbsp;&nbsp; 1226893195 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 38519258 | &nbsp;&nbsp;&nbsp; 775764 | &nbsp;&nbsp;&nbsp; — |
| GSI | 01/25/2027 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 11044361 | &nbsp;&nbsp;&nbsp; TRY | &nbsp;&nbsp; 664405529 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (485411)<br>|
| GSI | 01/25/2027 | &nbsp;&nbsp;&nbsp; TRY | &nbsp;&nbsp; 664405528 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 10985541 | &nbsp;&nbsp;&nbsp; 544231 | &nbsp;&nbsp;&nbsp; — |
| HSBC | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 837513 | &nbsp;&nbsp;&nbsp; THB | &nbsp;&nbsp; 26555033 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10308)<br>|
| HSBC | 03/18/2026 | &nbsp;&nbsp;&nbsp; CHF | &nbsp;&nbsp; 61521 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 78758 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (440)<br>|
| HSBC | 03/18/2026 | &nbsp;&nbsp;&nbsp; NOK | &nbsp;&nbsp; 149526 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 14906 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (77)<br>|
| JPM | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 241707 | &nbsp;&nbsp;&nbsp; DKK | &nbsp;&nbsp; 1526007 | &nbsp;&nbsp;&nbsp; 503 | &nbsp;&nbsp;&nbsp; — |
| JPM | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2470508 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 2089804 | &nbsp;&nbsp;&nbsp; 5531 | &nbsp;&nbsp;&nbsp; — |
| JPM | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1445968 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 1078165 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7041)<br>|
| JPM | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 43277 | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp; 335935 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — |
| JPM | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 41664 | &nbsp;&nbsp;&nbsp; INR | &nbsp;&nbsp; 3785394 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (204)<br>|
| JPM | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 7414736 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 1138152302 | &nbsp;&nbsp;&nbsp; 99471 | &nbsp;&nbsp;&nbsp; — |
| JPM | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 146762 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp; 2696937 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1853)<br>|
| JPM | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 148638 | &nbsp;&nbsp;&nbsp; NZD | &nbsp;&nbsp; 255690 | &nbsp;&nbsp;&nbsp; 988 | &nbsp;&nbsp;&nbsp; — |
| JPM | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 20529 | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp; 189699 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (162)<br>|
| JPM | 03/18/2026 | &nbsp;&nbsp;&nbsp; DKK | &nbsp;&nbsp; 1050073 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 164579 | &nbsp;&nbsp;&nbsp; 1398 | &nbsp;&nbsp;&nbsp; — |
| JPM | 03/18/2026 | &nbsp;&nbsp;&nbsp; HUF | &nbsp;&nbsp; 28714951 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 86539 | &nbsp;&nbsp;&nbsp; 806 | &nbsp;&nbsp;&nbsp; — |
| JPM | 03/18/2026 | &nbsp;&nbsp;&nbsp; ILS | &nbsp;&nbsp; 686147 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 212686 | &nbsp;&nbsp;&nbsp; 2841 | &nbsp;&nbsp;&nbsp; — |
| JPM | 03/18/2026 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 1484604489 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 9582050 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (40028)<br>|
| JPM | 03/18/2026 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp; 681181 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 37592 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (55)<br>|
| JPM | 03/18/2026 | &nbsp;&nbsp;&nbsp; NZD | &nbsp;&nbsp; 439935 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 255558 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1516)<br>|
| JPM | 03/18/2026 | &nbsp;&nbsp;&nbsp; PLN | &nbsp;&nbsp; 304076 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 84820 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (154)<br>|
| JPM | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 43990 | &nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp; 740905 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (502)<br>|
| RBC | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 996248 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 843388 | &nbsp;&nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp; — |
| SCB | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 230928 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp; 314912 | &nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp; — |
| SCB | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 12143497 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 10383011 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (103528)<br>|
| SCB | 03/18/2026 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 641284 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 429678 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1694)<br>|
| SCB | 03/18/2026 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 396630 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 534314 | &nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp; — |
| SSB | 03/18/2026 | &nbsp;&nbsp;&nbsp; HUF | &nbsp;&nbsp; 18275974 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 55545 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; — |
| UBS | 01/06/2026 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 341435000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2372152 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (191194)<br>|
| UBS | 03/17/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 95389 | &nbsp;&nbsp;&nbsp; IDR | &nbsp;&nbsp; 1594812076 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (160)<br>|
| UBS | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 11849178 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 17858945 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (69636)<br>|
| UBS | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 677496 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 508290 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7510)<br>|
| UBS | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2129364 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 326939556 | &nbsp;&nbsp;&nbsp; 28020 | &nbsp;&nbsp;&nbsp; — |
| UBS | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 29068 | &nbsp;&nbsp;&nbsp; NOK | &nbsp;&nbsp; 295674 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (256)<br>|
| UBS | 03/18/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 132679 | &nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp; 170648 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (760)<br>|
| UBS | 03/18/2026 | &nbsp;&nbsp;&nbsp; CHF | &nbsp;&nbsp; 356111 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 447737 | &nbsp;&nbsp;&nbsp; 5602 | &nbsp;&nbsp;&nbsp; — |
| UBS | 03/18/2026 | &nbsp;&nbsp;&nbsp; DKK | &nbsp;&nbsp; 80775 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 12792 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (25)<br>|
| UBS | 03/18/2026 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 5379422 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 6364280 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (19115)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Morgan Stanley Global Allocation VP**

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**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**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 | 03/18/2026 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 1551449 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2082738 | &nbsp;&nbsp;&nbsp; $8101 | &nbsp;&nbsp;&nbsp; $— |
| UBS | 03/18/2026 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 181520 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 245011 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (382)<br>|
| UBS | 03/18/2026 | &nbsp;&nbsp;&nbsp; ILS | &nbsp;&nbsp; 1073165 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 332701 | &nbsp;&nbsp;&nbsp; 4392 | &nbsp;&nbsp;&nbsp; — |
| UBS | 03/18/2026 | &nbsp;&nbsp;&nbsp; TRY | &nbsp;&nbsp; 648046 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 14146 | &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; — |
| WEST | 03/18/2026 | &nbsp;&nbsp;&nbsp; NOK | &nbsp;&nbsp; 1565225 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 154181 | &nbsp;&nbsp;&nbsp; 1054 | &nbsp;&nbsp;&nbsp; — |
| **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$9522334** | &nbsp;&nbsp;&nbsp; **$(8919781)**<br>|

---

**INVESTMENTS BY INDUSTRY:**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of** <br>**Total Investments**<br>| **Value** |
| Foreign Government Obligations | 21.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $192538254 |
| U.S. Government Obligations | 9.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83319213 |
| Banks | 6.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54655818 |
| Semiconductors & Semiconductor Equipment | 5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46842711 |
| U.S. Government Agency Obligations | 4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38127216 |
| Software | 3.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33954869 |
| Interactive Media & Services | 2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24427902 |
| Technology Hardware, Storage & Peripherals | 2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21697133 |
| Mortgage-Backed Securities | 2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21566882 |
| Electric Utilities | 2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20935133 |
| Pharmaceuticals | 2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20440378 |
| Insurance | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18125209 |
| Oil, Gas & Consumable Fuels | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17993880 |
| Financial Services | 1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14974583 |
| Capital Markets | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13518307 |
| Broadline Retail | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13321754 |
| Aerospace & Defense | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12400310 |
| Automobiles | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9814513 |
| Health Care Equipment & Supplies | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9584366 |
| Multi-Utilities | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8970521 |
| Hotels, Restaurants & Leisure | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8498032 |
| Machinery | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7150787 |
| Metals & Mining | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7073355 |
| Consumer Staples Distribution & Retail | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6773274 |
| Biotechnology | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6481152 |
| Communications Equipment | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6324364 |
| Specialty Retail | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5763376 |
| Electrical Equipment | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5661113 |
| IT Services | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5262439 |
| Entertainment | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5066054 |
| Health Care Providers & Services | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5059479 |
| Chemicals | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4798529 |
| Food Products | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4627886 |
| Beverages | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4254423 |
| Diversified Telecommunication Services | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3658883 |
| Electronic Equipment, Instruments & Components | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3647515 |
| Textiles, Apparel & Luxury Goods | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3579788 |
| Ground Transportation | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3245837 |
| Asset-Backed Securities | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3207363 |
| Life Sciences Tools & Services | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3153398 |
| Professional Services | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2874412 |
| Household Products | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2870885 |
| Industrial Conglomerates | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2755956 |
| Media | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2702765 |
| Tobacco | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2660450 |
| Real Estate Management & Development | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2305547 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 25**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**INVESTMENTS BY INDUSTRY (continued):**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of**<br> **Total Investments**<br>| **Value** |
| Building Products | 0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2212732 |
| Consumer Finance | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2147995 |
| Commercial Services & Supplies | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2128053 |
| Specialized REITs | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2113444 |
| Independent Power & Renewable Electricity Producers | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2083022 |
| Industrial REITs | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2037512 |
| Construction & Engineering | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1891937 |
| Personal Care Products | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1823226 |
| Trading Companies & Distributors | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1705934 |
| Air Freight & Logistics | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1542586 |
| Construction Materials | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1468771 |
| Diversified REITs | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1206552 |
| Gas Utilities | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1048858 |
| Retail REITs | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1018496 |
| Water Utilities | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950431 |
| Health Care REITs | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 887095 |
| Wireless Telecommunication Services | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795308 |
| Residential REITs | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 733662 |
| Household Durables | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 732592 |
| Energy Equipment & Services | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 671291 |
| Containers & Packaging | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582707 |
| Internet & Catalog Retail | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575863 |
| Municipal Government Obligation | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505687 |
| Passenger Airlines | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419435 |
| Transportation Infrastructure | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402934 |
| Automobile Components | 0.0 \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355786 |
| Paper & Forest Products | 0.0 \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242360 |
| Health Care Technology | 0.0 \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222884 |
| Marine Transportation | 0.0 \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186043 |
| Distributors | 0.0 \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110643 |
| Office REITs | 0.0 \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76970 |
| Mortgage Real Estate Investment Trusts | 0.0 \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72446 |
| Diversified Consumer Services | 0.0 \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48794 |
| **Investments** | **92.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **829668063** |
| Short-Term Investments | 7.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63987996 |
| **Total Investments** | **100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$893656059** |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 26**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(T)</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>(U)</sup> <br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $316953622 | &nbsp;&nbsp; $111553821 | &nbsp;&nbsp; $58 | &nbsp;&nbsp; $428507501 |
| Foreign Government Obligations |  | &nbsp;&nbsp; 192538254 | &nbsp;&nbsp; — | &nbsp;&nbsp; 192538254 |
| U.S. Government Obligations |  | &nbsp;&nbsp; 83319213 | &nbsp;&nbsp; — | &nbsp;&nbsp; 83319213 |
| Corporate Debt Securities |  | &nbsp;&nbsp; 61459731 | &nbsp;&nbsp; 46928 | &nbsp;&nbsp; 61506659 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 38127216 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38127216 |
| Mortgage-Backed Securities |  | &nbsp;&nbsp; 21566882 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21566882 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 3207363 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3207363 |
| Municipal Government Obligation |  | &nbsp;&nbsp; 505687 | &nbsp;&nbsp; — | &nbsp;&nbsp; 505687 |
| Preferred Stocks |  | &nbsp;&nbsp; 389288 | &nbsp;&nbsp; — | &nbsp;&nbsp; 389288 |
| Convertible Bonds |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Warrant |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Short-Term U.S. Government Obligations |  | &nbsp;&nbsp; 19889464 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19889464 |
| Other Investment Company | 1350198 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1350198 |
| Repurchase Agreement |  | &nbsp;&nbsp; 42748334 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42748334 |
| **Total Investments** | **$318303820** | &nbsp;&nbsp; **$575305253** | &nbsp;&nbsp; **$46986** | &nbsp;&nbsp; **$893656059** |
| **Other Financial Instruments** |  |  |  |  |
| Over-the-Counter Swap Agreements | $— | &nbsp;&nbsp; $4470922 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4470922 |
| Futures Contracts <sup>(V)</sup> <br>| 169064 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 169064 |
| Forward Foreign Currency Contracts <sup>(V)</sup> <br>|  | &nbsp;&nbsp; 9522334 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9522334 |
| **Total Other Financial Instruments** | **$169064** | &nbsp;&nbsp; **$13993256** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$14162320** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Over-the-Counter Swap Agreements | $— | &nbsp;&nbsp; $(1852421)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1852421)<br>|
| Futures Contracts <sup>(V)</sup> <br>| (706651)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (706651)<br>|
| Forward Foreign Currency Contracts <sup>(V)</sup> <br>|  | &nbsp;&nbsp; (8919781)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8919781)<br>|
| **Total Other Financial Instruments** | **$(706651)**<br>| &nbsp;&nbsp; **$(10772202)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(11478853)**<br>|

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $2,726,604, collateralized by cash collateral of $1,350,198 and* *non-cash collateral, such as U.S. government securities of $2,770,073. 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> *Security is Level 3 of the fair value hierarchy. At December 31, 2025, the total value of the securities is $46,986, representing 0.0% of the Portfolio's net* *assets.* 

<sup>(D)</sup> *Fair valued as determined in good faith in accordance with TAM's procedures. At December 31, 2025, the total value of the securities is $46,986,* *representing 0.0% of the Portfolio's net assets.* 

<sup>(E)</sup> *Restricted security. At December 31, 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>|
| Common Stocks | Quintis Australia Pty. Ltd. <br>| 10/25/2018 | &nbsp;&nbsp; $1059498 | &nbsp;&nbsp; $1 | 0.0<br> %\*<br>|

---

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

<sup>(F)</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 December 31, 2025, the total value of 144A securities is $40,309,617, representing 4.5% of the* *Portfolio's net assets.* 

<sup>(G)</sup> *Security deemed worthless.*

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 27**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

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

<sup>(H)</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 December 31, 2025, the total value of the Regulation S securities is $105,268,740,* *representing 11.8% of the Portfolio's net assets.* 

<sup>(I)</sup> *Floating or variable rate security. The rate disclosed is as of December 31, 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>(J)</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>(K)</sup> *Perpetual maturity. The date displayed is the next call date.*

<sup>(L)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after December 31, 2025.* *Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(M)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(N)</sup> *Security in default; no interest payments received and/or dividends declared during the last 12 months. At December 31, 2025, the value of this security* *is $0, representing 0.0% of the Portfolio's net assets.* 

<sup>(O)</sup> *Rounds to less than $1 or $(1).*

<sup>(P)</sup> *All or a portion of investments is owned by Transamerica Cayman Morgan Stanley Global Allocation Ltd., a wholly-owned subsidiary of the Portfolio.*

<sup>(Q)</sup> *All or a portion of the security has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total* *value of the securities is $1,503,044.* 

<sup>(R)</sup> *Securities with a total value of $641,158 have been segregated as collateral to cover margin requirements for open futures contracts.*

<sup>(S)</sup> *At the termination date, a net cash flow is exchanged where the total return is equivalent to the return of the reference entity less a financing rate, if any.* *As a receiver, the Portfolio would receive payments based on any positive total return and would owe payments in the event of a negative total return.* *As the payer, the Portfolio would owe payments on any net positive total return and would receive payment in the event of a negative total return.* 

<sup>(T)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 2025. Please reference the Investment Valuation section of the Notes* *to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(U)</sup> *Level 3 security was not considered significant to the Portfolio.*

<sup>(V)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**CURRENCY ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *AUD* | *Australian Dollar* |
| *BRL* | *Brazilian Real* |
| *CAD* | *Canadian Dollar* |
| *CHF* | *Swiss Franc* |
| *CLP* | *Chile Peso* |
| *CNH* | *Chinese Yuan Renminbi (offshore)* |
| *CNY* | *China Yuan Renminbi* |
| *COP* | *Colombian Peso* |
| *CZK* | *Czech Republic Koruna* |
| *DKK* | *Denmark Krone* |
| *EUR* | *Euro* |
| *GBP* | *British Pound* |
| *HKD* | *Hong Kong Dollar* |
| *HUF* | *Hungary Forint* |
| *IDR* | *Indonesia Rupiah* |
| *ILS* | *Israel New Shekel* |
| *INR* | *Indian Rupee* |
| *JPY* | *Japanese Yen* |
| *KRW* | *South Korean Won* |
| *MXN* | *Mexico Peso* |
| *MYR* | *Malaysia Ringgit* |
| *NOK* | *Norwegian Krone* |
| *NZD* | *New Zealand Dollar* |
| *PEN* | *Peruvian Sol* |
| *PLN* | *Poland Zloty* |
| *RON* | *Romania New Leu* |
| *SEK* | *Swedish Krona* |
| *SGD* | *Singapore Dollar* |
| *THB* | *Thailand Baht* |
| *TRY* | *Turkish New Lira* |
| *TWD* | *Taiwan New Dollar* |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 28**

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**Transamerica Morgan Stanley Global Allocation VP**

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**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**CURRENCY ABBREVIATION(S) (continued):**

*USD* *United States Dollar* <br> *ZAR* *South Africa Rand*

**COUNTERPARTY ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *BCLY* | *Barclays Bank PLC* |
| *BNP* | *BNP Paribas* |
| *BOA* | *Bank of America, N.A.* |
| *CITI* | *Citibank, N.A.* |
| *DUB* | *Deutsche Bank AG* |
| *GSI* | *Goldman Sachs International* |
| *HSBC* | *HSBC Bank USA* |
| *JPM* | *JPMorgan Chase Bank, N.A.* |
| *RBC* | *Royal Bank of Canada* |
| *SCB* | *Standard Chartered Bank* |
| *SSB* | *State Street Bank & Trust Co.* |
| *UBS* | *UBS AG* |
| *WEST* | *Westpac Banking Corp.* |

---

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *ADR* | *American Depositary Receipt* |
| *BOBL* | *Bundesobligationen (German Federal Government Securities)* |
| *EURIBOR* | *Euro Interbank Offer Rate* |
| *FTSE* | *Financial Times Stock Exchange* |
| *ICE* | *IntercontinentalExchange*<sup>®</sup> <br>|
| *OAT* | *Obligations Assimilables du Tresor (Treasury Obligations)* |
| *OW* | *Overweight* |
| *REIT* | *Real Estate Investment Trust* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *SONIA* | *Sterling Overnight Interbank Average* |
| *STOXX* | *Deutsche Börse Group & SIX Group Index* |
| *Schatz* | *Bundesschatzanweisungen (German Federal Government 2-Year Securities)* |
| *TBA* | *To Be Announced* |
| *TSX* | *Toronto Stock Exchange* |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 29**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $782,626,024) (including <br> securities loaned of $2,726,604)<br>| &nbsp;&nbsp; $850907725 |
| Repurchase agreement, at value (cost $42,748,334) | &nbsp;&nbsp; 42748334 |
| Cash | &nbsp;&nbsp; 7171965 |
| Cash collateral pledged at broker for: |  |
| OTC derivatives <sup>(A)</sup> <br>| &nbsp;&nbsp; 440000 |
| OTC swap agreements, at value (premium paid $4) | &nbsp;&nbsp; 4470922 |
| Foreign currency, at value (cost $816,468) | &nbsp;&nbsp; 772287 |
| Receivables and other assets: |  |
| When-issued, delayed-delivery, forward and TBA <br> commitments sold<br>| &nbsp;&nbsp; 1626529 |
| Net income from securities lending | &nbsp;&nbsp; 2332 |
| Dividends  | &nbsp;&nbsp; 239238 |
| Interest | &nbsp;&nbsp; 3460074 |
| Tax reclaims | &nbsp;&nbsp; 842161 |
| Variation margin receivable on futures contracts | &nbsp;&nbsp; 2903038 |
| Unrealized appreciation on forward foreign currency <br> contracts<br>| &nbsp;&nbsp; 9522334 |
| Total assets | &nbsp;&nbsp; 925106939 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 1350198 |
| Cash collateral at broker for: |  |
| OTC derivatives <sup>(A)</sup> <br>| &nbsp;&nbsp; 3297041 |
| OTC swap agreements, at value (premium received $1) | &nbsp;&nbsp; 1852421 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 4028625 |
| When-issued, delayed-delivery, forward and TBA <br> commitments purchased<br>| &nbsp;&nbsp; 9627157 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 293375 |
| Foreign capital gains tax | &nbsp;&nbsp; 1134 |
| Investment management fees | &nbsp;&nbsp; 531719 |
| Distribution and service fees | &nbsp;&nbsp; 160298 |
| Transfer agent costs | &nbsp;&nbsp; 913 |
| Trustee and CCO fees | &nbsp;&nbsp; 298 |
| Audit and tax fees  | &nbsp;&nbsp; 59930 |
| Custody fees | &nbsp;&nbsp; 84339 |
| Legal fees | &nbsp;&nbsp; 10801 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 25045 |
| Other accrued expenses | &nbsp;&nbsp; 20307 |
| Unrealized depreciation on forward foreign currency <br> contracts<br>| &nbsp;&nbsp; 8919781 |
| Total liabilities | &nbsp;&nbsp; 30263382 |
| **Net assets**  | &nbsp;&nbsp; $894843557 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $853552 |
| Additional paid-in capital | &nbsp;&nbsp; 800567997 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 93422008 |
| **Net assets** | &nbsp;&nbsp; $894843557 |

---

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $189700081 |
| Service Class | &nbsp;&nbsp; 705143476 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 36232041 |
| Service Class | &nbsp;&nbsp; 49123193 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $5.24 |
| Service Class | 14.35 |

---

&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**

**Annual Financial Statements 2025**

**Page 30**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $7712782 |
| Interest income | &nbsp;&nbsp; 15996183 |
| Net income from securities lending | &nbsp;&nbsp; 39710 |
| Withholding taxes on foreign income | &nbsp;&nbsp; (443545)<br>|
| Total investment income  | &nbsp;&nbsp; 23305130 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 5965599 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 1798999 |
| Transfer agent costs | &nbsp;&nbsp; 10067 |
| Trustee and CCO fees | &nbsp;&nbsp; 47064 |
| Audit and tax fees | &nbsp;&nbsp; 72286 |
| Custody fees | &nbsp;&nbsp; 334827 |
| Legal fees | &nbsp;&nbsp; 136741 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 81991 |
| Insurance fees | &nbsp;&nbsp; 1302 |
| Interest | &nbsp;&nbsp; 127407 |
| Other | &nbsp;&nbsp; 68127 |
| Total expenses | &nbsp;&nbsp; 8644410 |
| **Net investment income (loss)** | &nbsp;&nbsp; 14660720 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 55999291 <br><sup>(A)</sup><br>|
| Swap agreements | &nbsp;&nbsp; 24425196 |
| Futures contracts | &nbsp;&nbsp; (2342632)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; 1078135 |
| Foreign currency transactions | &nbsp;&nbsp; (551647)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 78608343 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 46585726 <br><sup>(B)</sup><br>|
| Swap agreements | &nbsp;&nbsp; 7128170 |
| Futures contracts | &nbsp;&nbsp; (1093583)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; 73149 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 1327445 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 54020907 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 132629250 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $147289970 |

---

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

<sup>(A)</sup> *Includes net of realized foreign capital gains tax of $56.*

<sup>(B)</sup> *Includes net change in foreign capital gains tax of $(1134).*

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 31**

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**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $14660720 | &nbsp;&nbsp; $18122104 |
| Net realized gain (loss) | &nbsp;&nbsp; 78608343 | &nbsp;&nbsp; 59160604 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 54020907 | &nbsp;&nbsp; (9514043)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 147289970 | &nbsp;&nbsp; 67768665 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (29675746)<br>| &nbsp;&nbsp; (23246504)<br>|
| Service Class | &nbsp;&nbsp; (42844855)<br>| &nbsp;&nbsp; (35756503)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (72520601)<br>| &nbsp;&nbsp; (59003007)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 516919 | &nbsp;&nbsp; 211495 |
| Service Class | &nbsp;&nbsp; 2059985 | &nbsp;&nbsp; 3508004 |
|  | &nbsp;&nbsp; 2576904 | &nbsp;&nbsp; 3719499 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 29675746 | &nbsp;&nbsp; 23246504 |
| Service Class | &nbsp;&nbsp; 42844855 | &nbsp;&nbsp; 35756503 |
|  | &nbsp;&nbsp; 72520601 | &nbsp;&nbsp; 59003007 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (40583695)<br>| &nbsp;&nbsp; (37616009)<br>|
| Service Class | &nbsp;&nbsp; (147036913)<br>| &nbsp;&nbsp; (145535461)<br>|
|  | &nbsp;&nbsp; (187620608)<br>| &nbsp;&nbsp; (183151470)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (112523103)<br>| &nbsp;&nbsp; (120428964)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (37753734)<br>| &nbsp;&nbsp; (111663306)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 932597291 | &nbsp;&nbsp; 1044260597 |
| End of year | &nbsp;&nbsp; $894843557 | &nbsp;&nbsp; $932597291 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 93496 | &nbsp;&nbsp; 38217 |
| Service Class | &nbsp;&nbsp; 149185 | &nbsp;&nbsp; 268020 |
|  | &nbsp;&nbsp; 242681 | &nbsp;&nbsp; 306237 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 5911503 | &nbsp;&nbsp; 4369644 |
| Service Class | &nbsp;&nbsp; 3106951 | &nbsp;&nbsp; 2714996 |
|  | &nbsp;&nbsp; 9018454 | &nbsp;&nbsp; 7084640 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (7636856)<br>| &nbsp;&nbsp; (6742695)<br>|
| Service Class | &nbsp;&nbsp; (10682742)<br>| &nbsp;&nbsp; (11102492)<br>|
|  | &nbsp;&nbsp; (18319598)<br>| &nbsp;&nbsp; (17845187)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (1631857)<br>| &nbsp;&nbsp; (2334834)<br>|
| Service Class | &nbsp;&nbsp; (7426606)<br>| &nbsp;&nbsp; (8119476)<br>|
|  | &nbsp;&nbsp; (9058463)<br>| &nbsp;&nbsp; (10454310)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 32**

------

**Transamerica Morgan Stanley Global Allocation VP**

------

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $5.25 | &nbsp;&nbsp; $5.50 | &nbsp;&nbsp; $5.25 | &nbsp;&nbsp; $9.14 | &nbsp;&nbsp; $9.92 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.10 | 0.11 | 0.11 | 0.06 | 0.08 |
| Net realized and unrealized gain (loss) | 0.80 | 0.30 | 0.59 | &nbsp;&nbsp; (1.60)<br>| 0.73 |
| Total investment operations | 0.90 | 0.41 | 0.70 | &nbsp;&nbsp; (1.54)<br>| 0.81 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp; (1.46)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp; (1.59)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $5.24 | &nbsp;&nbsp; $5.25 | &nbsp;&nbsp; $5.50 | &nbsp;&nbsp; $5.25 | &nbsp;&nbsp; $9.14 |
| **Total return**<sup>(B)</sup> <br>| 17.85<br> %<br>| 7.27<br> %<br>| 13.89<br> %<br>| &nbsp;&nbsp; (17.51)%<br>| 8.42<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $189700 | &nbsp;&nbsp; $198629 | &nbsp;&nbsp; $221294 | &nbsp;&nbsp; $210172 | &nbsp;&nbsp; $299521 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding dividend and interest expenses related to short sales, <br> interest, taxes, brokerage commissions and extraordinary <br> expenses<br>| 0.75<br> %<br>| 0.77<br> %<br>| 0.78<br> %<br>| 0.79<br> %<br>| 0.73<br> %<br>|
| Including dividend and interest expenses related to short sales, <br> interest, taxes, brokerage commissions and extraordinary <br> expenses<br>| 0.75<br> %<br>| 0.82 %<sup>(C)</sup><br>| 0.98 %<sup>(C)</sup><br>| 0.89<br> %<br>| 0.84 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 1.80<br> %<br>| 2.01<br> %<br>| 1.99<br> %<br>| 0.86<br> %<br>| 0.82<br> %<br>|
| Portfolio turnover rate<sup>(E)</sup> <br>| &nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp; 82<br> %<br>| &nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp; 65<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> *Includes interest expense outside the operating expense limit.*

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

<sup>(E)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 96%, 111%, 126%, 128% and 128%,* *for the years ended December 31, 2025, December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021, respectively.* 

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

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 33**

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**Transamerica Morgan Stanley Global Allocation VP**

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**CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $12.98 | &nbsp;&nbsp; $12.73 | &nbsp;&nbsp; $11.61 | &nbsp;&nbsp; $16.84 | &nbsp;&nbsp; $17.04 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.21 | 0.23 | 0.21 | 0.09 | 0.08 |
| Net realized and unrealized gain (loss) | 2.03 | 0.64 | 1.36 | &nbsp;&nbsp; (3.02)<br>| 1.27 |
| Total investment operations | 2.24 | 0.87 | 1.57 | &nbsp;&nbsp; (2.93)<br>| 1.35 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.09)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp; (1.46)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (1.55)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $14.35 | &nbsp;&nbsp; $12.98 | &nbsp;&nbsp; $12.73 | &nbsp;&nbsp; $11.61 | &nbsp;&nbsp; $16.84 |
| **Total return**<sup>(B)</sup> <br>| 17.51<br> %<br>| 6.78<br> %<br>| 13.69<br> %<br>| &nbsp;&nbsp; (17.76)%<br>| 8.18<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $705144 | &nbsp;&nbsp; $733968 | &nbsp;&nbsp; $822967 | &nbsp;&nbsp; $849607 | &nbsp;&nbsp; $1181323 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding dividend and interest expenses related to short sales, <br> interest, taxes, brokerage commissions and extraordinary <br> expenses<br>| 1.00<br> %<br>| 1.02<br> %<br>| 1.03<br> %<br>| 1.00<br> %<br>| 0.97<br> %<br>|
| Including dividend and interest expenses related to short sales, <br> interest, taxes, brokerage commissions and extraordinary <br> expenses<br>| 1.00<br> %<br>| 1.07 %<sup>(C)</sup><br>| 1.23 %<sup>(C)</sup><br>| 1.10<br> %<br>| 1.08 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 1.55<br> %<br>| 1.76<br> %<br>| 1.74<br> %<br>| 0.62<br> %<br>| 0.48<br> %<br>|
| Portfolio turnover rate<sup>(E)</sup> <br>| &nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp; 82<br> %<br>| &nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp; 65<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> *Includes interest expense outside the operating expense limit.*

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

<sup>(E)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 96%, 111%, 126%, 128% and 128%,* *for the years ended December 31, 2025, 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**

**Annual Financial Statements 2025**

**Page 34**

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**Transamerica Morgan Stanley Global Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 Morgan Stanley Global 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.

Transamerica Cayman Morgan Stanley Global Allocation VP, Ltd. is a wholly-owned subsidiary which acts as an investment vehicle for the Portfolio. Please reference the Basis for Consolidation section of the Notes to Financial Statements for more information. 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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 35**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**1. ORGANIZATION (continued)**

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 year ended December 31, 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 Consolidated 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 Consolidated Statement of Assets and Liabilities.

**2. BASIS FOR CONSOLIDATION**

Transamerica Cayman Morgan Stanley Global Allocation VP, Ltd. (the "Subsidiary") is organized under the laws of the Cayman Islands and is a wholly-owned subsidiary which acts as an investment vehicle for the Portfolio. The principal purpose of investment in the Subsidiary is to allow the Portfolio noted above to gain exposure to the commodity markets within the limitations of the federal tax law requirements applicable to regulated investment companies.

At December 31, 2025, the net assets of the Subsidiary as a percentage of the Portfolio's net assets is as follows:

---

| | |
|:---|:---|
| **Subsidiary** <br>**Net Assets**<br>| **Percentage of** <br>**Net Assets**<br>|
| $24674001 | 2.76<br> % <br>|

---

**3. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Portfolio's consolidated 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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 36**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 year ended December 31, 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.

**4. 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 December 31, 2025, is disclosed within the Investment Valuation section of the Consolidated 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:

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 37**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**4. INVESTMENT VALUATION (continued)**

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

*Convertible bonds:* The fair value of convertible bonds is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, broker price quotations (where observable), and models incorporating benchmark curves, underlying stock data, and foreign exchange rates. While most convertible bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*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.

*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**

**Annual Financial Statements 2025**

**Page 38**

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**Transamerica Morgan Stanley Global Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**4. 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.

*Warrants:* Warrants may be priced intrinsically using a model that incorporates the subscription or strike price, the daily market price for the underlying security, and a subscription ratio. If the inputs are unavailable, or if the subscription or strike price is higher than the market price, then the warrants are priced at zero. Warrants are generally 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. 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.

*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.

*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.

**5. SECURITIES AND OTHER 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 December 31, 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 December 31, 2025, if any, are identified within the Consolidated Schedule of Investments.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 39**

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**Transamerica Morgan Stanley Global Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

**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 December 31, 2025, if any, are identified within the Consolidated 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.

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 Consolidated 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 Consolidated 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 December 31, 2025, if any, are identified within the Consolidated Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Consolidated Statement of Assets and Liabilities.

**6. 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

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**6. 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 year ended December 31, 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 December 31, 2025, or at any time during the year 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 Consolidated Schedule of Investments, and as part of Repurchase agreements, at value within the Consolidated 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 Consolidated Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2025.

Repurchase agreements at December 31, 2025, if any, are included within the Consolidated Schedule of Investments and Consolidated 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 Consolidated 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 December 31, 2025, if any, are shown on a gross basis within the Consolidated Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**6. 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 December 31, 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 | $1350198 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1350198 |
| **Total Borrowings** | **$1350198** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1350198** |

---

**7. 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.

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

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 Consolidated 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 Consolidated 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 Consolidated Statement of Operations.

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

*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.

*Equity basket total return swap agreements:* The Portfolio may enter into equity basket total return swap agreements to obtain exposure to a portfolio of long and/or short securities. Under the terms of the agreements, the swaps are designed to function as a portfolio of direct investments in long and/or short equity or fixed income positions. An equity basket total return swap is an agreement between two parties to exchange, for a specified period and based on the notional amount, the total return on an underlying basket of equity securities for typically fixed or floating interest payments. Equity basket total return swap agreements typically reset on a monthly basis and are privately negotiated in the OTC market. The swaps are entered into as bilateral swap agreements and are traded between counterparties, and as such, subject to counterparty risk.

Open centrally cleared swap agreements and open OTC swap agreements at December 31, 2025, if any, are listed within the Consolidated Schedule of Investments.

**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.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

Open futures contracts at December 31, 2025, are listed within the Consolidated Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Consolidated Statement of Assets and Liabilities.

**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 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 Consolidated 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 Consolidated 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 December 31, 2025, are listed within the Consolidated Schedule of Investments.

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed within the Consolidated Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 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** |
| OTC swaps: <br>OTC swap agreements, at value<br>| $— | $— | $4470922 | $— | $— | $4470922 |
| Futures contracts: <br>Total distributable earnings <br> (accumulated losses) <sup>(A)(B)</sup> <br>| 125118 |  | 43946 |  |  | 169064 |
| Forward foreign currency contracts: <br>Unrealized appreciation on forward <br> foreign currency contracts<br>|  | 9522334 |  |  |  | 9522334 |
| **Total** | **$125118** | **$9522334** | **$4514868** | **$—** | **$—** | **$14162320** |

---

&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>OTC swap agreements, at value<br>| $— | $— | $(1852421)<br>| $— | $— | $(1852421)<br>|
| Futures contracts: <br>Total distributable earnings <br> (accumulated losses) <sup>(A)(B)</sup> <br>| (85052)<br>|  | (621599)<br>|  |  | (706651)<br>|
| Forward foreign currency contracts: <br>Unrealized depreciation on forward <br> foreign currency contracts<br>|  | (8919781)<br>|  |  |  | (8919781)<br>|
| **Total** | **$(85052)**<br>| **$(8919781)**<br>| **$(2474020)**<br>| **$—** | **$—** | **$(11478853)**<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 Consolidated Schedule of Investments. Only current* *day's variation margin is reported within the Consolidated Statement of Assets and Liabilities.* 

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**7. 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 Consolidated Statement of Operations, categorized by primary market risk exposure as of December 31, 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** |
| Purchased options and swaptions <sup>(A)</sup> <br>| $— | $— | $379061 | $— | $— | $379061 |
| Swap agreements  | 4573680 |  | 19851516 |  |  | 24425196 |
| Futures contracts  | (7340)<br>|  | (2169475)<br>|  | (165817)<br>| (2342632)<br>|
| Forward foreign currency contracts  |  | 1078135 |  |  |  | 1078135 |
| **Total** | **$4566340** | **$1078135** | **$18061102** | **$—** | **$(165817)**<br>| **$23539760** |

---

&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  | $(465488)<br>| $— | $7593658 | $— | $— | $7128170 |
| Futures contracts  | 287857 |  | (1021042)<br>|  | (360398)<br>| (1093583)<br>|
| Forward foreign currency contracts  |  | 73149 |  |  |  | 73149 |
| **Total** | **$(177631)**<br>| **$73149** | **$6572616** | **$—** | **$(360398)**<br>| **$6107736** |

---

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

<sup>(A)</sup> *Included within Net realized gain (loss) on Investments in the Consolidated Statement of Operations.*

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2025.

---

| | |
|:---|:---|
| **Interest rate swaps:** |  |
| Average notional value — pays fixed rate | $17691834 |
| Average notional value — receives fixed rate | (53195181)<br>|
| **Total return swaps:** |  |
| Average notional value — long | 287165700 |
| Average notional value — short | (120942428)<br>|
| **Futures contracts:** |  |
| Average notional value of contracts — long | 65068296 |
| Average notional value of contracts — short | (74208471)<br>|
| **Forward foreign currency exchange contracts:** |  |
| Average contract amounts purchased — in USD | 196262448 |
| Average contract amounts sold — in USD | 184157608 |

---

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.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 Consolidated 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 Consolidated Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Consolidated 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.

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 December 31, 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 Consolidated 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>**Consolidated** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Gross Amounts Not Offset** <br>**within Consolidated Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Consolidated Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Consolidated Statement** <br>**of Assets and Liabilities** | **Gross Amounts of** <br>**Liabilities** <br>**Presented within** <br>**Consolidated** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Gross Amounts Not Offset** <br>**within Consolidated Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Consolidated Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Consolidated Statement** <br>**of Assets and Liabilities** |
| **Counterparty** | **Gross Amounts of** <br>**Assets** <br>**Presented within** <br>**Consolidated** <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>**Consolidated** <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** |
| Barclays Bank PLC | $2849527 | $(932206)<br>| $(1830000)<br>| $87321 | $932206 | $(932206)<br>| $— | $— |
| BNP Paribas | 866363 | (29465)<br>| (810000)<br>| 26898 | 29465 | (29465)<br>|  |  |
| Citibank, N.A. | 352648 |  |  | 352648 |  |  |  |  |
| Deutsche Bank AG | 4022 | (4022)<br>|  |  | 51768 | (4022)<br>|  | 47746 |
| Goldman Sachs <br> International<br>| 7738879 | (7729032)<br>| (9847)<br>|  | 7729032 | (7729032)<br>|  |  |
| JPMorgan Chase Bank, <br> N.A.<br>| 736251 | (443848)<br>| (292403)<br>|  | 443848 | (443848)<br>|  |  |
| Standard Chartered Bank | 932 | (932)<br>|  |  | 105222 | (932)<br>|  | 104290 |
| UBS AG | 814812 | (814812)<br>|  |  | 1136391 | (814812)<br>|  | 321579 |
| Other Derivatives <sup>(C)</sup> <br>| 798886 |  |  | 798886 | 1050921 |  |  | 1050921 |
| **Total** | **$14162320** | **$(9954317)**<br>| **$(2942250)**<br>| **$1265753** | **$11478853** | **$(9954317)**<br>| **$—** | **$1524536** |

---

&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 Consolidated* *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.*

<sup>(C)</sup> *Other Derivatives, which includes future contracts, exchange-traded options, exchange-traded swap agreements and occasionally forward* *positions, that are not subject to a master netting arrangement or another similar arrangement. The amount presented is intended to permit* *reconciliation to the amount presented within the Consolidated Schedule of Investments.* 

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 46**

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**Transamerica Morgan Stanley Global Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**8. 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 class allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset class 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 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.

**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.

**Commodities and commodity-related securities risk:** Commodities and commodity-related businesses or industries are subject to changes and volatility in commodity prices generally, regulatory, economic and political developments, weather events and natural

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 47**

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**Transamerica Morgan Stanley Global Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**8. RISK FACTORS (continued)**

disasters, tariffs and trade disruptions, and market disruptions. Commodities and commodity-linked investments may be less liquid than other investments. Commodity-linked investments also are subject to the credit risk associated with the issuer, and their value may decline substantially if the issuer's creditworthiness deteriorates.

**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.

**Subsidiary risk:** By investing in the Subsidiary, the Portfolio will be indirectly exposed to the risks associated with the Subsidiary's investments. The derivatives and other investments that will be held by the Subsidiary are generally similar to those that are permitted to be held by the Portfolio and will be subject to all of the risks that apply to similar investments if held directly by the Portfolio. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted in this prospectus, is not subject to the investor protections of the Investment Company Act. Although certain regulated investment companies received private letter rulings from the Internal Revenue Service ("IRS") with respect to their investment in entities similar to the Subsidiary, the Portfolio has not received such a ruling. The IRS is no longer issuing private letter rulings on structures of this kind. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in this prospectus and the SAI and could adversely affect the Portfolio.

**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.

**9. 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**

**Annual Financial Statements 2025**

**Page 48**

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**Transamerica Morgan Stanley Global Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**9. 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.

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 Consolidated 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 Consolidated 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 | 0.66<br> % <br>|
| Over $500 million up to $750 million | 0.65 |
| Over $750 million up to $1 billion | 0.64 |
| Over $1 billion up to $3 billion | 0.63 |
| Over $3 billion | 0.59 |

---

The Subsidiary entered into a separate contract with TAM for the management of the Subsidiary pursuant to which the Subsidiary pays TAM a fee that is the same, as a percentage of net assets, as the management fee of the Portfolio. TAM has contractually agreed to waive a portion of the Portfolio's management fee in an amount equal to the management fee paid to TAM by the Subsidiary. This management fee waiver may not be discontinued by TAM as long as its contract with the Subsidiary is in place.

For the year ended December 31, 2025, the amount waived is $347,094 for the Subsidiary and has been eliminated in the consolidation of the financial statements.

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 Consolidated Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.81<br> % <br>| May 1, 2026 |
| Service Class | 1.06 | 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 year ended December 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Consolidated Statement of Operations.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 49**

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**Transamerica Morgan Stanley Global Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**9. 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 December 31, 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 Consolidated 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 year ended December 31, 2025, (i) the expenses paid to SS&C GIDS by the Portfolio are referred to as transfer agent costs and are included within the Consolidated Statement of Operations and (ii) the expenses payable to SS&C GIDS by the Portfolio are referred to as transfer agent costs within the Consolidated 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 year ended December 31, 2025.

**10. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 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** |
| $343882731 | &nbsp;&nbsp; $86234437 | &nbsp;&nbsp; $376562572 | &nbsp;&nbsp; $64424910 |

---

**11. 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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 50**

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**Transamerica Morgan Stanley Global Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 Consolidated 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. These differences are primarily due to different treatment for items including, but not limited to, wash sales, forward contracts mark-to-market, swap contracts mark-to-market, futures contracts mark-to-market, passive foreign investment companies, premium amortization accruals, defaulted bonds, swap income receivable and payable, straddle loss deferrals and subpart F income. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to the reversal of book income from Cayman subsidiary. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| &nbsp;&nbsp;&nbsp; $3176233 | &nbsp;&nbsp;&nbsp;&nbsp; $(3176233)<br>|

---

As of December 31, 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>|
| $857432899 | &nbsp;&nbsp; $110919596 | &nbsp;&nbsp; $(74022261)<br>| &nbsp;&nbsp; $36897335 |

---

As of December 31, 2025, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2025, the capital loss carryforwards utilized are $19,495,202.

The tax character of distributions paid may differ from the character of distributions shown within the Consolidated Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $72520601 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $59003007 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $54330743 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34111176 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(31872806)<br>| &nbsp;&nbsp; $36852895 |

---

**12. OPERATING SEGMENTS**

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 51**

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**Transamerica Morgan Stanley Global Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**12. OPERATING SEGMENTS (continued)**

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**

**Annual Financial Statements 2025**

**Page 52**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Morgan Stanley Global Allocation VP

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of Transamerica Morgan Stanley Global Allocation VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the consolidated schedule of investments, as of December 31, 2025, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended and its consolidated financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862img373887e63.gif)

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

Boston, Massachusetts

February 25, 2026

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 53**

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**Transamerica Morgan Stanley Global Allocation VP**

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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made no long-term capital gain designations for the year ended December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 54**

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**Transamerica Morgan Stanley Global 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**

**Annual Financial Statements 2025**

**Page 55**

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**Transamerica Morgan Stanley Global 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**

**Annual Financial Statements 2025**

**Page 56**

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**Transamerica Morgan Stanley Global 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**

**Annual Financial Statements 2025**

**Page 57**

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**Transamerica Morgan Stanley Global Allocation VP** 

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

**(unaudited)**

**APPROVAL OF SUB-SUB-ADVISORY AGREEMENT**

At a meeting of the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board") held on September 17-18, 2025, the Board considered the approval of the proposed delegation agreement (the "Sub-Sub-Advisory Agreement") between Morgan Stanley Investment Management Inc. ("MSIM" or the "Sub-Adviser"), the current sub-adviser to Transamerica Morgan Stanley Global Allocation VP (the "Portfolio"), and Morgan Stanley Investment Management Limited ("MSIM Limited" or the "Sub-Sub-Adviser"), the proposed sub-sub-adviser to the Portfolio.

Following its review and consideration, the Board determined that the terms of the Sub-Sub-Advisory Agreement were reasonable and that the approval of the Sub-Sub-Advisory Agreement was in the best interests of the Portfolio and its holders. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the Sub-Sub-Advisory agreement for an initial term not exceeding two years.

Prior to reaching their decision, the Trustees requested and received from the Sub-Adviser and Sub-Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Sub-Sub-Advisory Agreement, 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.

In their deliberations, the Independent Trustees met privately without representatives of TAM, the Sub-Adviser or the Sub-Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed approval of the Sub-Sub-Advisory 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**

In evaluating the nature, extent and quality of the services to be provided by MSIM Limited under the Sub-Sub-Advisory Agreement, the Board considered, among other things, information provided by TAM, MSIM and MSIM Limited regarding the operations, facilities, organization and personnel of MSIM Limited and the ability of MSIM Limited to perform its duties under the Sub-Sub-Advisory Agreement. The Trustees noted that TAM and MSIM were recommending the appointment of MSIM Limited as Sub-Sub-Adviser to the Fund in order to appoint a new portfolio manager for the Portfolio, but that MSIM would continue to have investment and operational autonomy and that the investment processes and client support teams that currently provide services to the Portfolio would remain unchanged. The Board further considered that (i) MSIM Limited is an experienced asset management firm; and (ii) TAM believes that MSIM Limited has the capabilities, resources and personnel necessary to provide sub-sub-advisory services to the Portfolio based on TAM's assessment of MSIM Limited's organization and investment personnel.

The Board Members noted that TAM had advised the Board that the approval of the Sub-Sub-Advisory Agreement was not expected to result in any diminution in the nature, extent and quality of the services provided to the Portfolio and its holders, including compliance services. Based on these and other considerations, the Board determined that MSIM Limited can provide sub-sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the Portfolio and that MSIM Limited's appointment is not expected to diminish the nature, extent and quality of services provided to the Portfolio.

**Investment Performance**

The Board considered MSIM Limited's investment management experience, capabilities and resources. On the basis of this information and the Board's assessment of the nature, extent and quality of the services to be provided by MSIM Limited, the Board concluded that MSIM Limited is capable of generating a level of investment performance that is appropriate in light of the Portfolio's current investment objective and principal investment strategy.

**Sub-Sub-Advisory Fees and Total Expense Ratio**

The Board noted that there would be no changes to the existing management and sub-advisory fee schedules for the Portfolio and considered the proposed sub-sub-advisory fees to be paid by MSIM to MSIM Limited under the Sub-Sub-Advisory Agreement. The Board noted that the proposed sub-sub-advisory fees will be paid out of MSIM's sub-advisory fees and will not result in any changes to the Portfolio's current fees or expenses.

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

The Board noted that the proposed sub-sub-advisory fees had been negotiated directly between MSIM and MSIM Limited. The Board further noted that the sub-advisory fees, out of which MSIM will pay MSIM Limited, are the product of arm's-length negotiations between

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 58**

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**Transamerica Morgan Stanley Global Allocation VP** 

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**APPROVAL OF SUB-SUB-ADVISORY AGREEMENT (continued)**

TAM and MSIM, which is not affiliated with TAM and are paid by TAM and not the Portfolio. As a result, the Board did not consider MSIM's or MISIM Limited's anticipated profitability to be material to its decision to approve the Sub-Sub-Advisory Agreement.

**Economies of Scale**

In evaluating the extent to which the sub-sub-advisory fees payable under the Sub-Sub-Advisory Agreement reflect economies of scale or would permit economies of scale to be realized in the future, the Board noted that the sub-sub-advisory fee schedule payable to MSIM Limited by MSIM will be paid from MSIM's sub-advisory fees and will not have any direct impact on whether the Portfolio realizes economies of scale or would be able to do so in the future. As such, the Board concluded that they would have the opportunity to periodically reexamine the appropriateness of the management fees payable by the Portfolio to TAM, and the sub-advisory fees payable by TAM to MSIM in light of any economies of scale experienced in the future.

**Benefits to the Sub-Sub-Adviser from its Relationship with the Fund**

The Board considered other benefits derived by MSIM Limited from its relationship with the Portfolio. The Board noted that the receipt of benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of MSIM's relationship with the Portfolio is generally appropriate and in the best interests 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 approval of the Sub-Sub-Advisory Agreement was in the best interests of the Portfolio and its holders and voted to approve the Sub-Sub-Advisory Agreement.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 59**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img65b1b52f4.gif)

Visit **transamerica.com**

![](g768862img4ddcb9b95.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img7ef19a056.gif)

------

![](g768862img04332cae1.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica MSCI EAFE Index VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img24a4563b2.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_2053790c-76b3-4bec-8e14-ce6920b0285f_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_2053790c-76b3-4bec-8e14-ce6920b0285f_SOI-RunningFooter-211_1) | 2 |
| [Statement of Assets and Liabilities](#xx_2053790c-76b3-4bec-8e14-ce6920b0285f_FS-RunningFooter-211_1) | 12 |
| [Statement of Operations](#xx_2053790c-76b3-4bec-8e14-ce6920b0285f_FS-RunningFooter-211_1) | 12 |
| [Statement of Changes in Net Assets](#xx_2053790c-76b3-4bec-8e14-ce6920b0285f_FS-RunningFooter-211_2) | 13 |
| [Financial Highlights](#xx_2053790c-76b3-4bec-8e14-ce6920b0285f_FS-RunningFooter-211_3) | 14 |
| [Notes to Financial Statements](#xx_2053790c-76b3-4bec-8e14-ce6920b0285f_NTF-RunningFooter-211_1) | 15 |
| **[Report of Independent Registered Public Accounting Firm](#xx_2053790c-76b3-4bec-8e14-ce6920b0285f_AUD-RunningFooter-211_1)** | 26 |
| **[Supplemental Information](#xx_2053790c-76b3-4bec-8e14-ce6920b0285f_STI-RunningFooter-211_1)** | 27 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_2053790c-76b3-4bec-8e14-ce6920b0285f_DWA-RunningFooter-211_1)**<br> **[Companies](#xx_2053790c-76b3-4bec-8e14-ce6920b0285f_DWA-RunningFooter-211_1)**<br>| 28 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_2053790c-76b3-4bec-8e14-ce6920b0285f_PD-RunningFooter-211_1)** | 29 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_2053790c-76b3-4bec-8e14-ce6920b0285f_DTO-RunningFooter-211_1)**<br> **[Companies](#xx_2053790c-76b3-4bec-8e14-ce6920b0285f_DTO-RunningFooter-211_1)**<br>| 30 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_2053790c-76b3-4bec-8e14-ce6920b0285f_Mgmtagmt-RunningFooter-211_1)** | 31 |

---

***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 MSCI EAFE Index VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.0%**  | **COMMON STOCKS - 98.0%**  | **COMMON STOCKS - 98.0%**  |
| **Australia - 6.2%**  | **Australia - 6.2%**  | **Australia - 6.2%**  |
| ANZ Group Holdings Ltd. | 18903 | $457029 |
| APA Group | 7764 | 46391 |
| Aristocrat Leisure Ltd. | 3521 | 136313 |
| ASX Ltd. | 1181 | 40440 |
| BHP Group Ltd. | 31949 | 964193 |
| Brambles Ltd. | 8386 | 128057 |
| CAR Group Ltd. | 2241 | 45899 |
| Cochlear Ltd. | 396 | 68753 |
| Coles Group Ltd. | 8376 | 119720 |
| Commonwealth Bank of Australia | 10525 | 1123428 |
| Computershare Ltd. | 3326 | 75379 |
| CSL Ltd. | 3059 | 352034 |
| Evolution Mining Ltd. | 12619 | 105605 |
| Fortescue Ltd. | 10542 | 154150 |
| Goodman Group, REIT | 12699 | 261322 |
| Insurance Australia Group Ltd. | 14324 | 76021 |
| Lottery Corp. Ltd. | 13015 | 44719 |
| Lynas Rare Earths Ltd. <sup>(A)</sup> <br>| 5710 | 46830 |
| Macquarie Group Ltd. | 2284 | 308637 |
| Medibank Pvt Ltd. | 17700 | 56487 |
| National Australia Bank Ltd. | 19287 | 542288 |
| Northern Star Resources Ltd. | 8471 | 149070 |
| Origin Energy Ltd. | 10671 | 81489 |
| Pro Medicus Ltd. | 340 | 49933 |
| Qantas Airways Ltd. | 4255 | 29396 |
| QBE Insurance Group Ltd. | 9425 | 124782 |
| REA Group Ltd. | 309 | 37669 |
| Rio Tinto Ltd. | 2345 | 228768 |
| Santos Ltd. | 20108 | 82587 |
| Scentre Group, REIT | 32277 | 90227 |
| SGH Ltd. | 1197 | 36944 |
| Sigma Healthcare Ltd. | 32689 | 63993 |
| Sonic Healthcare Ltd. | 2987 | 44975 |
| South32 Ltd. | 28394 | 67212 |
| Stockland, REIT | 15267 | 58209 |
| Suncorp Group Ltd. | 6547 | 76856 |
| Telstra Group Ltd. | 24925 | 80871 |
| Transurban Group | 19695 | 186386 |
| Vicinity Ltd., REIT | 24856 | 42317 |
| Washington H Soul Pattinson & Co. Ltd. | 2155 | 53322 |
| Wesfarmers Ltd. | 7152 | 385300 |
| Westpac Banking Corp. | 21536 | 552646 |
| WiseTech Global Ltd. | 1295 | 58877 |
| Woodside Energy Group Ltd. | 11803 | 184039 |
| Woolworths Group Ltd. | 7615 | 148987 |
|  |  | 8068550 |
| **Austria - 0.3%**  | **Austria - 0.3%**  | **Austria - 0.3%**  |
| Erste Group Bank AG | 1945 | 233224 |
| OMV AG | 934 | 51974 |
| Raiffeisen Bank International AG | 844 | 37606 |
| Verbund AG | 437 | 31731 |
|  |  | 354535 |
| **Belgium - 0.9%**  | **Belgium - 0.9%**  | **Belgium - 0.9%**  |
| Ageas SA | 934 | 65437 |
| Anheuser-Busch InBev SA | 6229 | 399783 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
| D'ieteren Group | 118 | $21254 |
| Elia Group SA | 282 | 36289 |
| Financiere de Tubize SA | 129 | 31482 |
| Groupe Bruxelles Lambert NV | 510 | 45351 |
| KBC Group NV | 1452 | 189103 |
| Lotus Bakeries NV | 3 | 27614 |
| Sofina SA | 107 | 30942 |
| Syensqo SA | 418 | 33481 |
| UCB SA | 799 | 222622 |
|  |  | 1103358 |
| **Chile - 0.1%**  | **Chile - 0.1%**  | **Chile - 0.1%**  |
| Antofagasta PLC | 2402 | 105509 |
| **China - 0.0% \*** | **China - 0.0% \*** | **China - 0.0% \*** |
| Yangzijiang Shipbuilding Holdings Ltd. | 15600 | 42143 |
| **Denmark - 1.9%**  | **Denmark - 1.9%**  | **Denmark - 1.9%**  |
| AP Moller - Maersk AS, Class A | 19 | 43581 |
| AP Moller - Maersk AS, Class B | 24 | 55069 |
| Carlsberg AS, Class B | 591 | 77352 |
| Coloplast AS, Class B | 762 | 65330 |
| Danske Bank AS | 4222 | 210831 |
| Demant AS <sup>(A)</sup> <br>| 514 | 17319 |
| DSV AS | 1289 | 324643 |
| Genmab AS <sup>(A)</sup> <br>| 387 | 119964 |
| Novo Nordisk AS, Class B | 20258 | 1027454 |
| Novonesis Novozymes, Class B | 2178 | 139350 |
| Orsted AS <sup>(A)(B)</sup> <br>| 3327 | 63510 |
| Pandora AS | 481 | 53192 |
| Rockwool AS, B Shares | 520 | 18270 |
| Tryg AS | 2040 | 53349 |
| Vestas Wind Systems AS | 6283 | 169938 |
|  |  | 2439152 |
| **Finland - 1.2%**  | **Finland - 1.2%**  | **Finland - 1.2%**  |
| Elisa OYJ | 832 | 36871 |
| Fortum OYJ | 2828 | 60055 |
| Kesko OYJ, B Shares | 1611 | 36351 |
| Kone OYJ, Class B | 2119 | 150116 |
| Metso OYJ | 4000 | 69597 |
| Neste OYJ | 2672 | 60449 |
| Nokia OYJ | 32888 | 212031 |
| Nordea Bank Abp | 19578 | 368327 |
| Orion OYJ, Class B | 666 | 49689 |
| Sampo OYJ, A Shares | 15316 | 185305 |
| Stora Enso OYJ, R Shares | 3700 | 46197 |
| UPM-Kymmene OYJ | 3269 | 94505 |
| Wartsila OYJ Abp | 3112 | 110179 |
|  |  | 1479672 |
| **France - 10.2%**  | **France - 10.2%**  | **France - 10.2%**  |
| Accor SA | 1233 | 69512 |
| Aeroports de Paris SA | 206 | 26882 |
| Air Liquide SA | 3641 | 684340 |
| Airbus SE | 3738 | 868052 |
| Alstom SA <sup>(A)</sup> <br>| 2187 | 64521 |
| Amundi SA <sup>(B)</sup> <br>| 381 | 31490 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

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**Transamerica MSCI EAFE Index VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **France (continued)** | **France (continued)** | **France (continued)** |
| AXA SA | 10851 | $520642 |
| BioMerieux | 266 | 34419 |
| BNP Paribas SA | 6327 | 598578 |
| Bollore SE | 4007 | 22519 |
| Bouygues SA | 1210 | 62902 |
| Bureau Veritas SA | 2130 | 67761 |
| Capgemini SE | 998 | 165716 |
| Carrefour SA | 3716 | 62003 |
| Cie de Saint-Gobain SA | 2834 | 288195 |
| &nbsp;&nbsp; Cie Generale des Etablissements Michelin <br> SCA<br>| 4180 | 138551 |
| Covivio SA, REIT | 336 | 22304 |
| Credit Agricole SA | 6765 | 139277 |
| Danone SA | 4080 | 368012 |
| Dassault Aviation SA | 122 | 39114 |
| Dassault Systemes SE | 4259 | 118989 |
| Edenred SE | 1396 | 30860 |
| Eiffage SA | 414 | 59318 |
| Engie SA | 11523 | 302701 |
| EssilorLuxottica SA | 1895 | 599195 |
| FDJ UNITED | 640 | 17716 |
| Gecina SA, REIT | 254 | 24123 |
| Getlink SE | 1851 | 34168 |
| Hermes International SCA | 199 | 494087 |
| Ipsen SA | 241 | 33627 |
| Kering SA | 463 | 161790 |
| Klepierre SA, REIT | 1317 | 52107 |
| Legrand SA | 1629 | 242171 |
| L'Oreal SA | 1512 | 649125 |
| LVMH Moet Hennessy Louis Vuitton SE | 1573 | 1185626 |
| Orange SA | 11567 | 193013 |
| Pernod Ricard SA | 1282 | 109773 |
| Publicis Groupe SA | 1425 | 147983 |
| Renault SA | 1168 | 48346 |
| Rexel SA | 1328 | 52087 |
| Safran SA | 2266 | 789286 |
| Sanofi SA | 6953 | 672739 |
| Sartorius Stedim Biotech | 186 | 45686 |
| Schneider Electric SE | 3449 | 943561 |
| Societe Generale SA | 4422 | 355989 |
| Sodexo SA | 498 | 25515 |
| Thales SA | 571 | 154036 |
| TotalEnergies SE | 12495 | 814649 |
| Unibail-Rodamco-Westfield, REIT <sup>(A)</sup> <br>| 764 | 83083 |
| Veolia Environnement SA | 3932 | 136824 |
| Vinci SA | 3143 | 442167 |
|  |  | 13295130 |
| **Germany - 9.2%**  | **Germany - 9.2%**  | **Germany - 9.2%**  |
| adidas AG | 1081 | 213915 |
| Allianz SE | 2429 | 1123114 |
| BASF SE | 5631 | 296295 |
| Bayer AG | 6101 | 264636 |
| Bayerische Motoren Werke AG | 1774 | 192364 |
| Beiersdorf AG | 611 | 67098 |
| Brenntag SE | 793 | 46029 |
| Commerzbank AG | 4670 | 197096 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Continental AG | 695 | $55157 |
| CTS Eventim AG & Co. KGaA | 357 | 32681 |
| Daimler Truck Holding AG | 3013 | 130501 |
| Delivery Hero SE <sup>(A)(B)</sup> <br>| 1267 | 33398 |
| Deutsche Bank AG | 11661 | 449405 |
| Deutsche Boerse AG | 1188 | 312232 |
| Deutsche Lufthansa AG | 3886 | 38176 |
| Deutsche Post AG | 6054 | 330099 |
| Deutsche Telekom AG | 23150 | 753557 |
| E.ON SE | 14172 | 268346 |
| Evonik Industries AG | 1661 | 25922 |
| Fresenius Medical Care AG | 1409 | 67302 |
| Fresenius SE & Co. KGaA | 2609 | 149474 |
| GEA Group AG | 919 | 62108 |
| Hannover Rueck SE | 383 | 119182 |
| Heidelberg Materials AG | 846 | 219331 |
| Henkel AG & Co. KGaA | 633 | 48175 |
| Hensoldt AG | 387 | 33146 |
| HOCHTIEF AG | 100 | 39148 |
| Infineon Technologies AG | 8234 | 359257 |
| Knorr-Bremse AG | 446 | 49480 |
| LEG Immobilien SE | 436 | 31800 |
| Mercedes-Benz Group AG | 4555 | 315762 |
| Merck KGaA | 808 | 115320 |
| MTU Aero Engines AG | 330 | 136794 |
| &nbsp;&nbsp; Muenchener Rueckversicherungs-<br> Gesellschaft AG<br>| 823 | 541605 |
| Nemetschek SE | 355 | 38408 |
| Rational AG | 28 | 21619 |
| Rheinmetall AG | 290 | 529074 |
| RWE AG | 3926 | 208026 |
| SAP SE | 6565 | 1595088 |
| Scout24 SE <sup>(B)</sup> <br>| 472 | 47408 |
| Siemens AG | 4779 | 1338485 |
| Siemens Energy AG <sup>(A)</sup> <br>| 4878 | 684328 |
| Siemens Healthineers AG <sup>(B)</sup> <br>| 2150 | 112698 |
| Symrise AG | 834 | 67572 |
| Talanx AG | 397 | 52737 |
| Vonovia SE | 4644 | 133651 |
| Zalando SE <sup>(A)(B)</sup> <br>| 1326 | 39126 |
|  |  | 11986125 |
| **Hong Kong - 2.1%**  | **Hong Kong - 2.1%**  | **Hong Kong - 2.1%**  |
| AIA Group Ltd. | 66200 | 681403 |
| BOC Hong Kong Holdings Ltd. | 23000 | 116725 |
| CK Asset Holdings Ltd. | 11915 | 60253 |
| CK Hutchison Holdings Ltd. | 16500 | 112175 |
| CK Infrastructure Holdings Ltd. | 3500 | 25936 |
| CLP Holdings Ltd. | 10000 | 89449 |
| Futu Holdings Ltd., ADR <sup>(A)</sup> <br>| 400 | 65684 |
| Galaxy Entertainment Group Ltd. | 13000 | 64101 |
| Hang Seng Bank Ltd. | 4700 | 92720 |
| Henderson Land Development Co. Ltd. | 8531 | 30893 |
| HKT Trust & HKT Ltd. | 24000 | 35538 |
| Hong Kong & China Gas Co. Ltd. | 68085 | 61377 |
| Hong Kong Exchanges & Clearing Ltd. | 7572 | 396177 |
| Hong Kong Land Holdings Ltd. | 6600 | 45848 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica MSCI EAFE Index VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Jardine Matheson Holdings Ltd. | 1000 | $68245 |
| Link, REIT | 15651 | 69882 |
| MTR Corp. Ltd. | 9687 | 37100 |
| Power Assets Holdings Ltd. | 8500 | 60233 |
| Prudential PLC | 15882 | 244314 |
| Sino Land Co. Ltd. | 24037 | 31629 |
| SITC International Holdings Co. Ltd. | 8000 | 28627 |
| Sun Hung Kai Properties Ltd. | 8850 | 107760 |
| Swire Pacific Ltd., Class A | 2500 | 20153 |
| Techtronic Industries Co. Ltd. | 9000 | 103528 |
| WH Group Ltd. <sup>(B)</sup> <br>| 50787 | 56577 |
| Wharf Holdings Ltd. | 6000 | 16760 |
| Wharf Real Estate Investment Co. Ltd. | 10300 | 32554 |
|  |  | 2755641 |
| **Ireland - 0.8%**  | **Ireland - 0.8%**  | **Ireland - 0.8%**  |
| AerCap Holdings NV | 1100 | 158136 |
| AIB Group PLC | 13237 | 141508 |
| Bank of Ireland Group PLC | 5816 | 111233 |
| DCC PLC | 579 | 36071 |
| Experian PLC | 5698 | 256903 |
| Kerry Group PLC, Class A | 1019 | 93119 |
| Kingspan Group PLC | 927 | 79878 |
| Ryanair Holdings PLC | 5253 | 181111 |
|  |  | 1057959 |
| **Israel - 1.1%**  | **Israel - 1.1%**  | **Israel - 1.1%**  |
| Azrieli Group Ltd. | 257 | 29138 |
| Bank Hapoalim BM | 7716 | 174513 |
| Bank Leumi Le-Israel BM | 9205 | 202857 |
| Check Point Software Technologies Ltd. <sup>(A)</sup> <br>| 550 | 102058 |
| CyberArk Software Ltd. <sup>(A)</sup> <br>| 300 | 133818 |
| Elbit Systems Ltd. | 166 | 95305 |
| ICL Group Ltd. | 4748 | 27303 |
| Israel Discount Bank Ltd., Class A | 7672 | 81473 |
| Mizrahi Tefahot Bank Ltd. | 979 | 68400 |
| Monday.com Ltd. <sup>(A)</sup> <br>| 240 | 35414 |
| Nice Ltd. <sup>(A)</sup> <br>| 362 | 40919 |
| Nova Ltd. <sup>(A)</sup> <br>| 178 | 59504 |
| Phoenix Financial Ltd. | 1367 | 56538 |
| Teva Pharmaceutical Industries Ltd., ADR <sup>(A)</sup> <br>| 7115 | 222059 |
| Wix.com Ltd. <sup>(A)</sup> <br>| 400 | 41556 |
|  |  | 1370855 |
| **Italy - 3.1%**  | **Italy - 3.1%**  | **Italy - 3.1%**  |
| Banca Mediolanum SpA | 1286 | 29201 |
| Banca Monte dei Paschi di Siena SpA | 12326 | 131237 |
| Banco BPM SpA | 7223 | 109681 |
| BPER Banca SpA | 9083 | 122734 |
| Buzzi SpA | 495 | 29923 |
| Davide Campari-Milano NV | 3639 | 23509 |
| ENEL SpA | 51218 | 532531 |
| Eni SpA | 12703 | 240800 |
| Ferrari NV | 795 | 295433 |
| FinecoBank Banca Fineco SpA | 3813 | 98793 |
| Generali | 5385 | 225031 |
| Infrastrutture Wireless Italiane SpA <sup>(B)</sup> <br>| 1580 | 14622 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Intesa Sanpaolo SpA | 89658 | $619546 |
| Leonardo SpA | 2566 | 146777 |
| Moncler SpA | 1460 | 93323 |
| Nexi SpA <sup>(B)</sup> <br>| 3442 | 16965 |
| Poste Italiane SpA <sup>(B)</sup> <br>| 2795 | 70165 |
| Prysmian SpA | 1782 | 177767 |
| &nbsp;&nbsp; Recordati Industria Chimica e Farmaceutica <br> SpA<br>| 706 | 40079 |
| Snam SpA | 12598 | 83712 |
| Telecom Italia SpA <sup>(A)</sup> <br>| 70859 | 42569 |
| Terna - Rete Elettrica Nazionale | 8723 | 92801 |
| UniCredit SpA | 8822 | 730697 |
| Unipol Assicurazioni SpA | 2269 | 54437 |
|  |  | 4022333 |
| **Japan - 21.8%**  | **Japan - 21.8%**  | **Japan - 21.8%**  |
| Advantest Corp. | 4800 | 606950 |
| Aeon Co. Ltd. | 13800 | 218000 |
| AGC, Inc. | 1200 | 39796 |
| Aisin Corp. | 3000 | 56209 |
| Ajinomoto Co., Inc. | 5600 | 118384 |
| ANA Holdings, Inc. | 1000 | 18992 |
| Asahi Group Holdings Ltd. | 9500 | 99577 |
| Asahi Kasei Corp. | 8200 | 72888 |
| Asics Corp. | 4400 | 105628 |
| Astellas Pharma, Inc. | 11300 | 150397 |
| Bandai Namco Holdings, Inc. | 3600 | 95818 |
| Bridgestone Corp. | 7200 | 161995 |
| Canon, Inc. | 5400 | 159778 |
| Capcom Co. Ltd. | 2200 | 51104 |
| Central Japan Railway Co. | 4800 | 132960 |
| Chiba Bank Ltd. | 3500 | 39061 |
| Chubu Electric Power Co., Inc. | 4100 | 63167 |
| Chugai Pharmaceutical Co. Ltd. | 4200 | 220339 |
| Dai Nippon Printing Co. Ltd. | 2500 | 43035 |
| Daifuku Co. Ltd. | 2000 | 62951 |
| Dai-ichi Life Holdings, Inc. | 22200 | 184494 |
| Daiichi Sankyo Co. Ltd. | 11200 | 237827 |
| Daikin Industries Ltd. | 1700 | 217416 |
| Daito Trust Construction Co. Ltd. | 2000 | 38084 |
| Daiwa House Industry Co. Ltd. | 3500 | 116266 |
| Daiwa Securities Group, Inc. | 8400 | 73616 |
| Denso Corp. | 10800 | 149171 |
| Disco Corp. | 600 | 182797 |
| East Japan Railway Co. | 6000 | 158141 |
| Ebara Corp. | 2900 | 68352 |
| Eisai Co. Ltd. | 1600 | 47505 |
| ENEOS Holdings, Inc. | 16800 | 118862 |
| FANUC Corp. | 5800 | 225711 |
| Fast Retailing Co. Ltd. | 1200 | 435106 |
| Fuji Electric Co. Ltd. | 900 | 68252 |
| FUJIFILM Holdings Corp. | 6900 | 146407 |
| Fujikura Ltd. | 1600 | 177433 |
| Fujitsu Ltd. | 11100 | 305060 |
| Hankyu Hanshin Holdings, Inc. | 1500 | 37726 |
| Hikari Tsushin, Inc. | 100 | 28020 |
| Hitachi Ltd. | 28800 | 903213 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica MSCI EAFE Index VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Honda Motor Co. Ltd. | 22900 | $224756 |
| Hoya Corp. | 2200 | 333673 |
| Hulic Co. Ltd. | 2900 | 31729 |
| Idemitsu Kosan Co. Ltd. | 4600 | 34828 |
| IHI Corp. | 6300 | 110758 |
| Inpex Corp. | 5600 | 112003 |
| Isuzu Motors Ltd. | 3300 | 51503 |
| ITOCHU Corp. | 37500 | 473880 |
| Japan Airlines Co. Ltd. | 1000 | 18546 |
| Japan Exchange Group, Inc. | 6200 | 66176 |
| Japan Post Bank Co. Ltd. | 11100 | 156255 |
| Japan Post Holdings Co. Ltd. | 11300 | 119231 |
| Japan Post Insurance Co. Ltd. | 1200 | 36088 |
| Japan Tobacco, Inc. | 7600 | 273161 |
| JFE Holdings, Inc. | 3400 | 43346 |
| JX Advanced Metals Corp. | 3600 | 45004 |
| Kajima Corp. | 2600 | 96947 |
| Kansai Electric Power Co., Inc. | 5900 | 92658 |
| Kao Corp. | 2900 | 115744 |
| Kawasaki Heavy Industries Ltd. | 1000 | 66317 |
| Kawasaki Kisen Kaisha Ltd. | 2000 | 27840 |
| KDDI Corp. | 18500 | 320192 |
| Keyence Corp. | 1200 | 434070 |
| Kikkoman Corp. | 4300 | 39047 |
| Kioxia Holdings Corp. <sup>(A)</sup> <br>| 1200 | 79866 |
| Kirin Holdings Co. Ltd. | 4900 | 73348 |
| Kobe Bussan Co. Ltd. | 1000 | 24071 |
| Komatsu Ltd. | 6000 | 190395 |
| Konami Group Corp. | 600 | 81484 |
| Kubota Corp. | 6100 | 86441 |
| Kyocera Corp. | 7900 | 110748 |
| Kyowa Kirin Co. Ltd. | 1500 | 24142 |
| Lasertec Corp. | 500 | 95271 |
| LY Corp. | 16500 | 43906 |
| M3, Inc. | 2600 | 34977 |
| Makita Corp. | 1400 | 42433 |
| Marubeni Corp. | 8800 | 245080 |
| MatsukiyoCocokara & Co. | 2000 | 34627 |
| Minebea Mitsumi, Inc. | 2300 | 46280 |
| Mitsubishi Chemical Group Corp. | 7900 | 46244 |
| Mitsubishi Corp. | 20300 | 464315 |
| Mitsubishi Electric Corp. | 12000 | 349882 |
| Mitsubishi Estate Co. Ltd. | 6600 | 160348 |
| Mitsubishi HC Capital, Inc. | 5400 | 45172 |
| Mitsubishi Heavy Industries Ltd. | 20200 | 493131 |
| Mitsubishi UFJ Financial Group, Inc. | 72100 | 1144304 |
| Mitsui & Co. Ltd. | 15600 | 463278 |
| Mitsui Fudosan Co. Ltd. | 16700 | 189783 |
| Mitsui OSK Lines Ltd. | 2200 | 66142 |
| Mizuho Financial Group, Inc. | 15700 | 572965 |
| MonotaRO Co. Ltd. | 1400 | 22292 |
| MS&AD Insurance Group Holdings, Inc. | 8100 | 190164 |
| Murata Manufacturing Co. Ltd. | 10500 | 217013 |
| NEC Corp. | 8200 | 277451 |
| Nexon Co. Ltd. | 2300 | 56181 |
| Nidec Corp. | 5200 | 70606 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Nintendo Co. Ltd. | 7000 | $472602 |
| Nippon Building Fund, Inc., REIT | 50 | 45572 |
| Nippon Paint Holdings Co. Ltd. | 5600 | 37496 |
| Nippon Sanso Holdings Corp. | 1000 | 29874 |
| Nippon Steel Corp. | 30200 | 123580 |
| Nippon Yusen KK | 2600 | 84218 |
| Nissan Motor Co. Ltd. <sup>(A)</sup> <br>| 13200 | 32801 |
| Nitori Holdings Co. Ltd. | 2500 | 43635 |
| Nitto Denko Corp. | 4400 | 104763 |
| Nomura Holdings, Inc. | 18600 | 154947 |
| Nomura Research Institute Ltd. | 2400 | 91331 |
| NTT, Inc. | 185600 | 187361 |
| Obayashi Corp. | 4100 | 85804 |
| OBIC Co. Ltd. | 2000 | 62777 |
| Olympus Corp. | 6900 | 87487 |
| Oracle Corp. | 300 | 25215 |
| Oriental Land Co. Ltd. | 6700 | 123950 |
| ORIX Corp. | 7200 | 210580 |
| Osaka Gas Co. Ltd. | 2200 | 76443 |
| Otsuka Corp. | 1300 | 26787 |
| Otsuka Holdings Co. Ltd. | 2700 | 152710 |
| Pan Pacific International Holdings Corp. | 11900 | 70887 |
| Panasonic Holdings Corp. | 14700 | 190571 |
| Rakuten Group, Inc. <sup>(A)</sup> <br>| 9500 | 60876 |
| Recruit Holdings Co. Ltd. | 8900 | 500105 |
| Renesas Electronics Corp. <sup>(A)</sup> <br>| 11100 | 152035 |
| Resona Holdings, Inc. | 13000 | 123730 |
| Ryohin Keikaku Co. Ltd. | 3000 | 52972 |
| Sanrio Co. Ltd. | 1100 | 34419 |
| SBI Holdings, Inc. | 3600 | 77580 |
| SCREEN Holdings Co. Ltd. | 500 | 48702 |
| Secom Co. Ltd. | 2500 | 88835 |
| Seibu Holdings, Inc. | 1300 | 35720 |
| Sekisui Chemical Co. Ltd. | 2200 | 36998 |
| Sekisui House Ltd. | 3700 | 82559 |
| Seven & i Holdings Co. Ltd. | 12900 | 185334 |
| SG Holdings Co. Ltd. | 2000 | 18303 |
| Shimadzu Corp. | 1500 | 39932 |
| Shimano, Inc. | 500 | 52286 |
| Shin-Etsu Chemical Co. Ltd. | 10500 | 326142 |
| Shionogi & Co. Ltd. | 4700 | 85069 |
| Shiseido Co. Ltd. | 2500 | 36382 |
| SMC Corp. | 400 | 138400 |
| SoftBank Corp. | 178100 | 244524 |
| SoftBank Group Corp. | 24000 | 673280 |
| Sompo Holdings, Inc. | 5500 | 186682 |
| Sony Financial Group, Inc. <sup>(A)</sup> <br>| 37200 | 39423 |
| Sony Group Corp. | 38700 | 992693 |
| Subaru Corp. | 3700 | 79666 |
| Sumitomo Corp. | 6900 | 238826 |
| Sumitomo Electric Industries Ltd. | 4500 | 181248 |
| Sumitomo Metal Mining Co. Ltd. | 1600 | 64070 |
| Sumitomo Mitsui Financial Group, Inc. | 23100 | 742929 |
| Sumitomo Mitsui Trust Group, Inc. | 4000 | 121899 |
| Sumitomo Realty & Development Co. Ltd. | 3800 | 95403 |
| Suntory Beverage & Food Ltd. | 800 | 24059 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica MSCI EAFE Index VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Suzuki Motor Corp. | 9800 | $146564 |
| Sysmex Corp. | 2900 | 28479 |
| T&D Holdings, Inc. | 3100 | 71558 |
| Taisei Corp. | 1000 | 94771 |
| Takeda Pharmaceutical Co. Ltd. | 10000 | 310652 |
| TDK Corp. | 12100 | 171188 |
| Terumo Corp. | 8200 | 119188 |
| TIS, Inc. | 1300 | 43674 |
| Toho Co. Ltd. | 700 | 35661 |
| Tokio Marine Holdings, Inc. | 11600 | 428807 |
| Tokyo Electron Ltd. | 2800 | 623636 |
| Tokyo Gas Co. Ltd. | 2000 | 79289 |
| Tokyo Metro Co. Ltd. | 1700 | 17305 |
| Tokyu Corp. | 3200 | 37397 |
| TOPPAN Holdings, Inc. | 1400 | 41617 |
| Toray Industries, Inc. | 8800 | 57374 |
| Toyota Industries Corp. | 1000 | 113366 |
| Toyota Motor Corp. | 59600 | 1280035 |
| Toyota Tsusho Corp. | 4300 | 144993 |
| Trend Micro, Inc. | 800 | 33226 |
| Tsuruha Holdings, Inc. | 1600 | 29397 |
| Unicharm Corp. | 7100 | 40568 |
| West Japan Railway Co. | 2600 | 51805 |
| Yamaha Motor Co. Ltd. | 5500 | 40790 |
| Yokogawa Electric Corp. | 1500 | 48106 |
| Yokohama Financial Group, Inc. | 6200 | 51255 |
| Zensho Holdings Co. Ltd. | 600 | 34382 |
| ZOZO, Inc. | 2900 | 23916 |
|  |  | 28384051 |
| **Luxembourg - 0.2%**  | **Luxembourg - 0.2%**  | **Luxembourg - 0.2%**  |
| ArcelorMittal SA | 2895 | 132937 |
| CVC Capital Partners PLC <sup>(B)</sup> <br>| 1285 | 21521 |
| Eurofins Scientific SE | 750 | 54846 |
| Tenaris SA | 2362 | 45577 |
|  |  | 254881 |
| **Macau - 0.0% \*** | **Macau - 0.0% \*** | **Macau - 0.0% \*** |
| Sands China Ltd. | 14400 | 36323 |
| **Mexico - 0.1%**  | **Mexico - 0.1%**  | **Mexico - 0.1%**  |
| Fresnillo PLC | 1355 | 60420 |
| **Netherlands - 5.1%**  | **Netherlands - 5.1%**  | **Netherlands - 5.1%**  |
| ABN AMRO Bank NV <sup>(B)</sup> <br>| 3638 | 127108 |
| Adyen NV <sup>(A)(B)</sup> <br>| 159 | 256399 |
| Akzo Nobel NV | 1068 | 74312 |
| Argenx SE <sup>(A)</sup> <br>| 388 | 327295 |
| ASM International NV | 291 | 176170 |
| ASML Holding NV | 2440 | 2629149 |
| BE Semiconductor Industries NV | 494 | 77230 |
| Euronext NV <sup>(B)</sup> <br>| 489 | 73457 |
| EXOR NV | 563 | 47824 |
| Ferrovial SE | 3190 | 206682 |
| Heineken Holding NV | 818 | 59900 |
| Heineken NV | 1795 | 148100 |
| IMCD NV | 347 | 31495 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| ING Groep NV, Series N | 19027 | $534815 |
| JDE Peet's NV | 1076 | 40240 |
| Koninklijke Ahold Delhaize NV | 5581 | 228859 |
| Koninklijke KPN NV | 24104 | 112631 |
| Koninklijke Philips NV | 4718 | 128467 |
| Magnum Ice Cream Co. NV <sup>(A)</sup> <br>| 3030 | 48093 |
| Nebius Group NV <sup>(A)</sup> <br>| 1300 | 108816 |
| NN Group NV | 1656 | 127751 |
| Prosus NV | 8240 | 510212 |
| Qiagen NV | 1364 | 62031 |
| Randstad NV | 646 | 24525 |
| Stellantis NV | 12394 | 135723 |
| Universal Music Group NV | 6963 | 181524 |
| Wolters Kluwer NV | 1469 | 152154 |
|  |  | 6630962 |
| **New Zealand - 0.2%**  | **New Zealand - 0.2%**  | **New Zealand - 0.2%**  |
| Auckland International Airport Ltd. | 10916 | 52353 |
| Contact Energy Ltd. | 4908 | 26110 |
| Fisher & Paykel Healthcare Corp. Ltd. | 3682 | 79999 |
| Infratil Ltd. | 5609 | 35792 |
| Meridian Energy Ltd. | 8417 | 27185 |
| Xero Ltd. <sup>(A)</sup> <br>| 1014 | 76814 |
|  |  | 298253 |
| **Norway - 0.6%**  | **Norway - 0.6%**  | **Norway - 0.6%**  |
| Aker BP ASA | 2000 | 50892 |
| DNB Bank ASA | 5475 | 152538 |
| Equinor ASA | 4785 | 112839 |
| Gjensidige Forsikring ASA | 1247 | 37271 |
| Kongsberg Gruppen ASA | 2743 | 70290 |
| Mowi ASA | 2833 | 68148 |
| Norsk Hydro ASA | 8866 | 68438 |
| Orkla ASA | 4350 | 48441 |
| Salmar ASA | 439 | 26831 |
| Telenor ASA | 3957 | 57552 |
| Yara International ASA | 1059 | 43336 |
|  |  | 736576 |
| **Poland - 0.0% \*** | **Poland - 0.0% \*** | **Poland - 0.0% \*** |
| InPost SA <sup>(A)</sup> <br>| 1366 | 16786 |
| **Portugal - 0.2%**  | **Portugal - 0.2%**  | **Portugal - 0.2%**  |
| Banco Comercial Portugues SA, Class R | 50277 | 52924 |
| EDP SA | 19448 | 89573 |
| Galp Energia SGPS SA | 2636 | 45393 |
| Jeronimo Martins SGPS SA | 1671 | 39764 |
|  |  | 227654 |
| **Singapore - 1.6%**  | **Singapore - 1.6%**  | **Singapore - 1.6%**  |
| CapitaLand Ascendas, REIT | 23603 | 51893 |
| &nbsp;&nbsp; CapitaLand Integrated Commercial Trust, <br> REIT<br>| 38259 | 71010 |
| CapitaLand Investment Ltd. | 13294 | 27978 |
| DBS Group Holdings Ltd. | 13380 | 586106 |
| Grab Holdings Ltd., Class A <sup>(A)</sup> <br>| 14400 | 71856 |
| Keppel Ltd. | 9100 | 73161 |
| Oversea-Chinese Banking Corp. Ltd. | 21360 | 328158 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica MSCI EAFE Index VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| Sea Ltd., ADR <sup>(A)</sup> <br>| 2400 | $306168 |
| Sembcorp Industries Ltd. | 5300 | 24775 |
| Singapore Airlines Ltd. | 9900 | 49153 |
| Singapore Exchange Ltd. | 5400 | 71085 |
| Singapore Technologies Engineering Ltd. | 9800 | 64034 |
| Singapore Telecommunications Ltd. | 46200 | 163456 |
| United Overseas Bank Ltd. | 7800 | 212437 |
| Wilmar International Ltd. | 11400 | 27265 |
|  |  | 2128535 |
| **Spain - 3.7%**  | **Spain - 3.7%**  | **Spain - 3.7%**  |
| Acciona SA | 144 | 31340 |
| &nbsp;&nbsp; ACS Actividades de Construccion y <br> Servicios SA<br>| 1077 | 106909 |
| Aena SME SA <sup>(B)</sup> <br>| 4674 | 130596 |
| Amadeus IT Group SA | 2847 | 210709 |
| Banco Bilbao Vizcaya Argentaria SA | 36261 | 850582 |
| Banco de Sabadell SA | 31879 | 125630 |
| Banco Santander SA | 93618 | 1101930 |
| Bankinter SA | 4227 | 70063 |
| CaixaBank SA | 24585 | 300579 |
| Cellnex Telecom SA <sup>(A)(B)</sup> <br>| 3148 | 101371 |
| EDP Renovaveis SA | 1868 | 26380 |
| Endesa SA | 1996 | 71849 |
| Grifols SA | 1799 | 22487 |
| Iberdrola SA | 39933 | 864685 |
| Industria de Diseno Textil SA | 6872 | 453309 |
| Mapfre SA | 5961 | 29914 |
| Naturgy Energy Group SA | 1566 | 47682 |
| Redeia Corp. SA | 2377 | 42374 |
| Repsol SA | 6976 | 130161 |
| Telefonica SA | 23461 | 96306 |
|  |  | 4814856 |
| **Sweden - 3.6%**  | **Sweden - 3.6%**  | **Sweden - 3.6%**  |
| AddTech AB, B Shares | 1585 | 55821 |
| Alfa Laval AB | 1755 | 87998 |
| Assa Abloy AB, Class B | 6330 | 244533 |
| Atlas Copco AB, A Shares | 16947 | 301700 |
| Atlas Copco AB, B Shares | 9887 | 158061 |
| Beijer Ref AB | 2362 | 37905 |
| Boliden AB <sup>(A)</sup> <br>| 1729 | 95780 |
| Epiroc AB, Class A | 4197 | 94608 |
| Epiroc AB, Class B | 2285 | 45971 |
| EQT AB | 3083 | 120441 |
| Essity AB, Class B | 3765 | 108249 |
| Evolution AB <sup>(B)</sup> <br>| 855 | 58056 |
| Fastighets AB Balder, B Shares <sup>(A)</sup> <br>| 4355 | 32146 |
| H&M Hennes & Mauritz AB, B Shares | 3278 | 65704 |
| Hexagon AB, B Shares | 12819 | 150991 |
| Holmen AB, B Shares | 428 | 16417 |
| Industrivarden AB, A Shares | 709 | 31762 |
| Industrivarden AB, C Shares | 942 | 42167 |
| Indutrade AB | 1657 | 42951 |
| Investment AB Latour, B Shares | 814 | 19776 |
| Investor AB, B Shares | 11482 | 409168 |
| L E Lundbergforetagen AB, B Shares | 492 | 27164 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Lifco AB, B Shares | 1498 | $56772 |
| Nibe Industrier AB, B Shares | 9858 | 37681 |
| Saab AB, Class B | 2000 | 116040 |
| Sagax AB, Class B | 1405 | 30050 |
| Sandvik AB | 6621 | 213865 |
| Securitas AB, B Shares | 2923 | 46485 |
| Skandinaviska Enskilda Banken AB, Class A | 9407 | 198334 |
| Skanska AB, B Shares | 2185 | 59538 |
| SKF AB, B Shares | 2150 | 56908 |
| Spotify Technology SA <sup>(A)</sup> <br>| 1001 | 581291 |
| Svenska Cellulosa AB SCA, Class B | 3914 | 51907 |
| Svenska Handelsbanken AB, A Shares | 9253 | 134053 |
| Swedbank AB, A Shares | 5371 | 186347 |
| Swedish Orphan Biovitrum AB <sup>(A)</sup> <br>| 1149 | 41234 |
| Tele2 AB, B Shares | 3286 | 55062 |
| Telefonaktiebolaget LM Ericsson, B Shares | 17399 | 169328 |
| Telia Co. AB | 15126 | 64648 |
| Trelleborg AB, B Shares | 1246 | 52670 |
| Volvo AB, A Shares | 51 | 1626 |
| Volvo AB, B Shares | 9971 | 317323 |
|  |  | 4718531 |
| **Switzerland - 9.9%**  | **Switzerland - 9.9%**  | **Switzerland - 9.9%**  |
| ABB Ltd. | 9863 | 727076 |
| Alcon AG | 3155 | 249649 |
| Avolta AG | 548 | 32321 |
| Banque Cantonale Vaudoise | 182 | 23008 |
| Barry Callebaut AG | 23 | 37603 |
| Belimo Holding AG | 59 | 57647 |
| BKW AG | 117 | 24817 |
| Chocoladefabriken Lindt & Spruengli AG | 4 | 190492 |
| Cie Financiere Richemont SA, Class A | 3383 | 729547 |
| Coca-Cola HBC AG | 1373 | 71030 |
| DSM-Firmenich AG | 1122 | 90512 |
| EMS-Chemie Holding AG | 46 | 31732 |
| Galderma Group AG | 978 | 199153 |
| Geberit AG | 209 | 162314 |
| Givaudan SA | 58 | 229462 |
| Glencore PLC <sup>(A)</sup> <br>| 63396 | 346564 |
| Helvetia Baloise Holding AG | 504 | 132559 |
| Holcim AG | 3218 | 313273 |
| Julius Baer Group Ltd. | 1288 | 100633 |
| Kuehne & Nagel International AG | 293 | 62835 |
| Logitech International SA | 955 | 96950 |
| Lonza Group AG | 443 | 298679 |
| Nestle SA | 16198 | 1607799 |
| Novartis AG | 11952 | 1646936 |
| Partners Group Holding AG | 141 | 173004 |
| Roche Holding AG | 4617 | 1908546 |
| Sandoz Group AG | 2579 | 187251 |
| Schindler Holding AG | 391 | 143952 |
| SGS SA | 1033 | 118493 |
| Sika AG | 964 | 195717 |
| Sonova Holding AG | 306 | 79152 |
| STMicroelectronics NV | 4303 | 112459 |
| Straumann Holding AG | 676 | 78959 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica MSCI EAFE Index VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Swatch Group AG | 170 | $35744 |
| Swiss Life Holding AG | 180 | 207332 |
| Swiss Prime Site AG | 503 | 78100 |
| Swiss Re AG | 1885 | 314022 |
| Swisscom AG | 162 | 117670 |
| UBS Group AG | 19970 | 922106 |
| VAT Group AG <sup>(B)</sup> <br>| 170 | 81617 |
| Zurich Insurance Group AG | 921 | 696923 |
|  |  | 12913638 |
| **United Kingdom - 13.9%**  | **United Kingdom - 13.9%**  | **United Kingdom - 13.9%**  |
| 3i Group PLC | 6269 | 274888 |
| Admiral Group PLC | 1628 | 69642 |
| Anglo American PLC | 7063 | 292143 |
| Ashtead Group PLC | 2629 | 179243 |
| Associated British Foods PLC | 1951 | 55727 |
| AstraZeneca PLC | 9748 | 1803958 |
| Auto Trader Group PLC <sup>(B)</sup> <br>| 5129 | 40465 |
| Aviva PLC | 19011 | 174805 |
| BAE Systems PLC | 18933 | 435744 |
| Barclays PLC | 87920 | 562787 |
| Barratt Redrow PLC | 8648 | 44426 |
| BP PLC | 99057 | 577697 |
| British American Tobacco PLC | 13755 | 779780 |
| BT Group PLC | 38079 | 94339 |
| Bunzl PLC | 1955 | 54591 |
| Centrica PLC | 28966 | 66044 |
| Coca-Cola Europacific Partners PLC | 1347 | 122173 |
| Compass Group PLC | 10703 | 339125 |
| Diageo PLC | 14042 | 302576 |
| Endeavour Mining PLC | 1220 | 63742 |
| Entain PLC | 3509 | 36070 |
| GSK PLC | 25586 | 627297 |
| Haleon PLC | 56205 | 284025 |
| Halma PLC | 2412 | 114485 |
| Hikma Pharmaceuticals PLC | 922 | 19221 |
| HSBC Holdings PLC | 108224 | 1703006 |
| Imperial Brands PLC | 4837 | 203107 |
| Informa PLC | 8239 | 97758 |
| InterContinental Hotels Group PLC | 906 | 127319 |
| International Consolidated Airlines Group SA | 7146 | 39678 |
| Intertek Group PLC | 938 | 58172 |
| J Sainsbury PLC | 10832 | 47453 |
| JD Sports Fashion PLC | 13869 | 15720 |
| Kingfisher PLC | 10593 | 44592 |
| Land Securities Group PLC, REIT | 4185 | 34993 |
| Legal & General Group PLC | 36163 | 127279 |
| Lloyds Banking Group PLC | 372892 | 493230 |
| London Stock Exchange Group PLC | 2914 | 350521 |
| M&G PLC | 14692 | 56561 |
| Marks & Spencer Group PLC | 12201 | 54295 |
| Melrose Industries PLC | 7975 | 62898 |
| National Grid PLC | 31250 | 479327 |
| NatWest Group PLC | 50624 | 444088 |
| Next PLC | 723 | 133104 |
| Pearson PLC | 3546 | 50137 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Phoenix Group Holdings PLC | 4545 | $44995 |
| Reckitt Benckiser Group PLC | 4257 | 344474 |
| RELX PLC | 11496 | 463137 |
| Rentokil Initial PLC | 15818 | 94378 |
| Rio Tinto PLC | 7107 | 572476 |
| Rolls-Royce Holdings PLC | 52957 | 819018 |
| Sage Group PLC | 6021 | 87572 |
| Schroders PLC | 4819 | 26343 |
| Segro PLC, REIT | 8047 | 77960 |
| Severn Trent PLC | 1706 | 64062 |
| Shell PLC | 36423 | 1342270 |
| Smith & Nephew PLC | 5024 | 83554 |
| Smiths Group PLC | 2025 | 64051 |
| Spirax Group PLC | 455 | 41586 |
| SSE PLC | 7484 | 219415 |
| Standard Chartered PLC | 12148 | 296417 |
| Tesco PLC | 40351 | 239961 |
| Unilever PLC | 13711 | 895839 |
| United Utilities Group PLC | 4144 | 66579 |
| Vodafone Group PLC | 121293 | 161685 |
| Whitbread PLC | 1082 | 37086 |
| Wise PLC, Class A <sup>(A)</sup> <br>| 4047 | 48483 |
|  |  | 18129572 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $90,374,189)**<br>|  | 127432000 |
| **PREFERRED STOCKS - 0.3%**  | **PREFERRED STOCKS - 0.3%**  | **PREFERRED STOCKS - 0.3%**  |
| **Germany - 0.3%**  | **Germany - 0.3%**  | **Germany - 0.3%**  |
| Bayerische Motoren Werke AG, |  |  |
| 4.71% <sup>(C)</sup> <br>| 355 | 37829 |
| Dr. Ing. h.c. F. Porsche AG, |  |  |
| 5.03% <sup>(B)</sup><sup>(C)</sup> <br>| 664 | 35366 |
| Henkel AG & Co. KGaA, |  |  |
| 2.92% <sup>(C)</sup> <br>| 1023 | 83461 |
| Porsche Automobil Holding SE, |  |  |
| 4.80% <sup>(C)</sup> <br>| 975 | 45489 |
| Sartorius AG, |  |  |
| 0.30% <sup>(C)</sup> <br>| 166 | 47802 |
| Volkswagen AG, |  |  |
| 6.11% <sup>(C)</sup> <br>| 1283 | 156576 |
| &nbsp;&nbsp; **Total Preferred Stocks** <br>**(Cost $494,748)**<br>|  | 406523 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica MSCI EAFE Index VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.3%**  | **REPURCHASE AGREEMENT - 1.3%**  | **REPURCHASE AGREEMENT - 1.3%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(C)</sup>, dated 12/31/2025, to be <br> repurchased at $1,718,837 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 04/30/2027, and <br> with a value of $1,753,197.<br>| $1718708 | $1718708 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,718,708)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,718,708)** | 1718708 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $92,587,645)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $92,587,645)** | 129557231 |
| **Net Other Assets (Liabilities) - 0.4%** | **Net Other Assets (Liabilities) - 0.4%** | 536017 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$130093248** |

---

**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>|
| MSCI EAFE Index | 16 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; $2310877 | &nbsp;&nbsp;&nbsp; $2321680 | &nbsp;&nbsp;&nbsp; $10803 | &nbsp;&nbsp;&nbsp; $— |

---

**INVESTMENTS BY INDUSTRY:**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of** <br>**Total Investments**<br>| **Value** |
| Banks | 14.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19244077 |
| Pharmaceuticals | 8.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10584735 |
| Insurance | 5.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7436757 |
| Semiconductors & Semiconductor Equipment | 4.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5203026 |
| Aerospace & Defense | 3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4359608 |
| Capital Markets | 3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4110383 |
| Machinery | 3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4089163 |
| Oil, Gas & Consumable Fuels | 3.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3959443 |
| Metals & Mining | 2.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3729837 |
| Electrical Equipment | 2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3611014 |
| Automobiles | 2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3119003 |
| Textiles, Apparel & Luxury Goods | 2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3072852 |
| Food Products | 2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2853392 |
| Industrial Conglomerates | 2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2757120 |
| Trading Companies & Distributors | 2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2704915 |
| Chemicals | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2614115 |
| Electric Utilities | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2536502 |
| Software | 1.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2455214 |
| Health Care Equipment & Supplies | 1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2166321 |
| Diversified Telecommunication Services | 1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2152375 |
| Personal Care Products | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1764188 |
| Professional Services | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1716629 |
| Financial Services | 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1527301 |
| Broadline Retail | 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1519519 |
| Entertainment | 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1515047 |
| Beverages | 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1511180 |
| Consumer Staples Distribution & Retail | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1468822 |
| Wireless Telecommunication Services | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1454743 |
| Hotels, Restaurants & Leisure | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1394294 |
| Real Estate Management & Development | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1320173 |
| Household Durables | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1310249 |
| Electronic Equipment, Instruments & Components | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1286533 |
| Multi-Utilities | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1278017 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica MSCI EAFE Index VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**INVESTMENTS BY INDUSTRY (continued):**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of**<br> **Total Investments**<br>| **Value** |
| Tobacco | 1.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1256048 |
| Construction & Engineering | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1254186 |
| Specialty Retail | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1187848 |
| Building Products | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1145730 |
| IT Services | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1014352 |
| Biotechnology | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863014 |
| Automobile Components | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 742331 |
| Air Freight & Logistics | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 689831 |
| Household Products | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624927 |
| Ground Transportation | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580010 |
| Construction Materials | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562527 |
| Life Sciences Tools & Services | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509044 |
| Commercial Services & Supplies | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442407 |
| Transportation Infrastructure | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430385 |
| Technology Hardware, Storage & Peripherals | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403135 |
| Gas Utilities | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394894 |
| Industrial REITs | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391175 |
| Communications Equipment | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381359 |
| Passenger Airlines | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375052 |
| Marine Transportation | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368312 |
| Retail REITs | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337616 |
| Health Care Providers & Services | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325744 |
| Independent Power & Renewable Electricity Producers | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325101 |
| Media | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245741 |
| Interactive Media & Services | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215347 |
| Paper & Forest Products | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209026 |
| Diversified REITs | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186516 |
| Leisure Products | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148104 |
| Water Utilities | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130641 |
| Health Care Technology | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84910 |
| Office REITs | 0.0 \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69695 |
| Diversified Consumer Services | 0.0 \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50137 |
| Energy Equipment & Services | 0.0 \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45577 |
| Distributors | 0.0 \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21254 |
| **Investments** | **98.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **127838523** |
| Short-Term Investments | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1718708 |
| **Total Investments** | **100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$129557231** |

---

**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** |  |  |  |  |
| Common Stocks | $1949029 | &nbsp;&nbsp; $125482971 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $127432000 |
| Preferred Stocks |  | &nbsp;&nbsp; 406523 | &nbsp;&nbsp; — | &nbsp;&nbsp; 406523 |
| Repurchase Agreement |  | &nbsp;&nbsp; 1718708 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1718708 |
| **Total Investments** | **$1949029** | &nbsp;&nbsp; **$127608202** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$129557231** |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(E)</sup> <br>| $10803 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10803 |
| **Total Other Financial Instruments** | **$10803** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$10803** |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica MSCI EAFE Index VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</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 December 31, 2025, the total value of 144A securities is $1,411,915, representing 1.1% of the* *Portfolio's net assets.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 2025. Please reference the Investment Valuation section of the Notes* *to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(E)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *ADR* | *American Depositary Receipt* |
| *EAFE* | *Europe, Australasia and Far East* |
| *REIT* | *Real Estate Investment Trust* |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica MSCI EAFE Index VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $90,868,937) | &nbsp;&nbsp; $127838523 |
| Repurchase agreement, at value (cost $1,718,708) | &nbsp;&nbsp; 1718708 |
| Cash collateral pledged at broker for: |  |
| Futures contracts | &nbsp;&nbsp; 76788 |
| Foreign currency, at value (cost $174,618) | &nbsp;&nbsp; 174564 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 1733 |
| Dividends  | &nbsp;&nbsp; 84196 |
| Interest | &nbsp;&nbsp; 64 |
| Tax reclaims | &nbsp;&nbsp; 298409 |
| Due from investment manager | &nbsp;&nbsp; 16717 |
| Total assets | &nbsp;&nbsp; 130209702 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 1261 |
| Distribution and service fees | &nbsp;&nbsp; 26009 |
| Transfer agent costs | &nbsp;&nbsp; 122 |
| Trustee and CCO fees | &nbsp;&nbsp; 40 |
| Audit and tax fees  | &nbsp;&nbsp; 23663 |
| Custody fees | &nbsp;&nbsp; 37678 |
| Legal fees | &nbsp;&nbsp; 761 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 1706 |
| Other accrued expenses | &nbsp;&nbsp; 12752 |
| Variation margin payable on futures contracts | &nbsp;&nbsp; 12462 |
| Total liabilities | &nbsp;&nbsp; 116454 |
| **Net assets**  | &nbsp;&nbsp; $130093248 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $80028 |
| Additional paid-in capital | &nbsp;&nbsp; 92119575 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 37893645 |
| **Net assets** | &nbsp;&nbsp; $130093248 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $12606445 |
| Service Class | &nbsp;&nbsp; 117486803 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 770537 |
| Service Class | &nbsp;&nbsp; 7232274 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $16.36 |
| Service Class | 16.24 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $3432461 |
| Interest income | &nbsp;&nbsp; 25503 |
| Withholding taxes on foreign income | &nbsp;&nbsp; (323848)<br>|
| Total investment income  | &nbsp;&nbsp; 3134116 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 122588 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 248203 |
| Transfer agent costs | &nbsp;&nbsp; 1237 |
| Trustee and CCO fees | &nbsp;&nbsp; 5886 |
| Audit and tax fees | &nbsp;&nbsp; 58964 |
| Custody fees | &nbsp;&nbsp; 183226 |
| Legal fees | &nbsp;&nbsp; 10176 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 8823 |
| Insurance fees | &nbsp;&nbsp; 192 |
| Other | &nbsp;&nbsp; 26450 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 665745 |
| Expenses waived and/or reimbursed: |  |
| Initial Class | &nbsp;&nbsp; (23814)<br>|
| Service Class | &nbsp;&nbsp; (193493)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Initial Class | &nbsp;&nbsp; 174 |
| Service Class | &nbsp;&nbsp; 362 |
| Net expenses | &nbsp;&nbsp; 448974 |
| **Net investment income (loss)** | &nbsp;&nbsp; 2685142 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 777231 |
| Futures contracts | &nbsp;&nbsp; 342879 |
| Foreign currency transactions | &nbsp;&nbsp; 17246 |
| Net realized gain (loss) | &nbsp;&nbsp; 1137356 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 25608020 |
| Futures contracts | &nbsp;&nbsp; 78909 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 32052 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 25718981 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 26856337 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $29541479 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica MSCI EAFE Index VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $2685142 | &nbsp;&nbsp; $2232509 |
| Net realized gain (loss) | &nbsp;&nbsp; 1137356 | &nbsp;&nbsp; (637292)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 25718981 | &nbsp;&nbsp; 692399 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 29541479 | &nbsp;&nbsp; 2287616 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (275101)<br>| &nbsp;&nbsp; (304171)<br>|
| Service Class | &nbsp;&nbsp; (2096378)<br>| &nbsp;&nbsp; (1915738)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (2371479)<br>| &nbsp;&nbsp; (2219909)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 1098026 | &nbsp;&nbsp; 1514980 |
| Service Class | &nbsp;&nbsp; 19552965 | &nbsp;&nbsp; 18339103 |
|  | &nbsp;&nbsp; 20650991 | &nbsp;&nbsp; 19854083 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 275101 | &nbsp;&nbsp; 304171 |
| Service Class | &nbsp;&nbsp; 2096378 | &nbsp;&nbsp; 1915738 |
|  | &nbsp;&nbsp; 2371479 | &nbsp;&nbsp; 2219909 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (3969096)<br>| &nbsp;&nbsp; (1708496)<br>|
| Service Class | &nbsp;&nbsp; (12861113)<br>| &nbsp;&nbsp; (7090194)<br>|
|  | &nbsp;&nbsp; (16830209)<br>| &nbsp;&nbsp; (8798690)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; 6192261 | &nbsp;&nbsp; 13275302 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 33362261 | &nbsp;&nbsp; 13343009 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 96730987 | &nbsp;&nbsp; 83387978 |
| End of year | &nbsp;&nbsp; $130093248 | &nbsp;&nbsp; $96730987 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 78068 | &nbsp;&nbsp; 117932 |
| Service Class | &nbsp;&nbsp; 1321084 | &nbsp;&nbsp; 1387504 |
|  | &nbsp;&nbsp; 1399152 | &nbsp;&nbsp; 1505436 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 17852 | &nbsp;&nbsp; 22073 |
| Service Class | &nbsp;&nbsp; 136839 | &nbsp;&nbsp; 139733 |
|  | &nbsp;&nbsp; 154691 | &nbsp;&nbsp; 161806 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (276531)<br>| &nbsp;&nbsp; (128420)<br>|
| Service Class | &nbsp;&nbsp; (911064)<br>| &nbsp;&nbsp; (539011)<br>|
|  | &nbsp;&nbsp; (1187595)<br>| &nbsp;&nbsp; (667431)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (180611)<br>| &nbsp;&nbsp; 11585 |
| Service Class | &nbsp;&nbsp; 546859 | &nbsp;&nbsp; 988226 |
|  | &nbsp;&nbsp; 366248 | &nbsp;&nbsp; 999811 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica MSCI EAFE Index VP**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $12.74 | &nbsp;&nbsp; $12.63 | &nbsp;&nbsp; $10.98 | &nbsp;&nbsp; $13.25 | &nbsp;&nbsp; $12.10 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.39 | 0.36 | 0.33 | 0.34 | 0.35 |
| Net realized and unrealized gain (loss) | 3.58 | 0.09 | 1.62 | &nbsp;&nbsp; (2.25)<br>| 1.01 |
| Total investment operations | 3.97 | 0.45 | 1.95 | &nbsp;&nbsp; (1.91)<br>| 1.36 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.21)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $16.36 | &nbsp;&nbsp; $12.74 | &nbsp;&nbsp; $12.63 | &nbsp;&nbsp; $10.98 | &nbsp;&nbsp; $13.25 |
| **Total return**<sup>(B)</sup> <br>| 31.30<br> %<br>| 3.32<br> %<br>| 17.92<br> %<br>| &nbsp;&nbsp; (14.28)%<br>| 11.26<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $12606 | &nbsp;&nbsp; $12115 | &nbsp;&nbsp; $11862 | &nbsp;&nbsp; $7307 | &nbsp;&nbsp; $8288 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.37<br> %<br>| 0.31<br> %<br>| 0.36<br> %<br>| 0.50<br> %<br>| 0.34<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.18<br> %<br>| 0.18<br> %<br>| 0.18<br> %<br>| 0.18<br> %<br>| 0.18<br> %<br>|
| Net investment income (loss) to average net assets | 2.66<br> %<br>| 2.69<br> %<br>| 2.75<br> %<br>| 3.04<br> %<br>| 2.67<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 3<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.* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $12.66 | &nbsp;&nbsp; $12.55 | &nbsp;&nbsp; $10.93 | &nbsp;&nbsp; $13.18 | &nbsp;&nbsp; $12.04 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.35 | 0.31 | 0.30 | 0.31 | 0.31 |
| Net realized and unrealized gain (loss) | 3.55 | 0.11 | 1.59 | &nbsp;&nbsp; (2.23)<br>| 1.02 |
| Total investment operations | 3.90 | 0.42 | 1.89 | &nbsp;&nbsp; (1.92)<br>| 1.33 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.19)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $16.24 | &nbsp;&nbsp; $12.66 | &nbsp;&nbsp; $12.55 | &nbsp;&nbsp; $10.93 | &nbsp;&nbsp; $13.18 |
| **Total return**<sup>(B)</sup> <br>| 30.93<br> %<br>| 3.15<br> %<br>| 17.46<br> %<br>| &nbsp;&nbsp; (14.45)%<br>| 10.95<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $117487 | &nbsp;&nbsp; $84616 | &nbsp;&nbsp; $71526 | &nbsp;&nbsp; $59610 | &nbsp;&nbsp; $70417 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.62<br> %<br>| 0.56<br> %<br>| 0.61<br> %<br>| 0.75<br> %<br>| 0.59<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.43<br> %<br>| 0.43<br> %<br>| 0.43<br> %<br>| 0.43<br> %<br>| 0.43<br> %<br>|
| Net investment income (loss) to average net assets | 2.38<br> %<br>| 2.39<br> %<br>| 2.55<br> %<br>| 2.77<br> %<br>| 2.41<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 3<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.* 

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica MSCI EAFE Index VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 MSCI EAFE Index 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 management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2025,

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 15**

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**Transamerica MSCI EAFE Index VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**1. ORGANIZATION (continued)**

(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 year ended December 31, 2025 by the Portfolio.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica MSCI EAFE Index VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 December 31, 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**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica MSCI EAFE Index VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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.

*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 December 31, 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 year ended December 31, 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 year ended December 31, 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**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica MSCI EAFE Index VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 December 31, 2025.

Repurchase agreements at December 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**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.

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 December 31, 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica MSCI EAFE Index VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 Portfolio's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 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>| $— | $— | $10803 | $— | $— | $10803 |
| **Total** | **$—** | **$—** | **$10803** | **$—** | **$—** | **$10803** |

---

&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.* 

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 December 31, 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  | $— | $— | $342879 | $— | $— | $342879 |
| **Total** | **$—** | **$—** | **$342879** | **$—** | **$—** | **$342879** |

---

&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  | $— | $— | $78909 | $— | $— | $78909 |
| **Total** | **$—** | **$—** | **$78909** | **$—** | **$—** | **$78909** |

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $1928204 |

---

*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

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**Annual Financial Statements 2025**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 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.

**Passive strategy/index risk:** The Portfolio is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the index or of the actual securities comprising the index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Portfolio's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the index will affect the performance, volatility, and risk of the index and, consequently, the performance, volatility, and risk of the Portfolio.

**Index fund risk:** While the Portfolio seeks to track the performance of the MSCI EAFE Index (i.e., achieve a high degree of correlation with the index), the Portfolio's return may not match the return of the index. The Portfolio incurs a number of operating expenses not applicable to the index, and incurs costs in buying and selling securities. In addition, the Portfolio may not be fully invested at times, generally as a result of cash flows into or out of the Portfolio or reserves of cash held by the Portfolio to meet redemptions. The Portfolio may attempt to replicate the index return by investing in fewer than all of the securities in the index, or in some securities not included in the index, potentially increasing the risk of divergence between the Portfolio's return and that of the index.

**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

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**7. RISK FACTORS (continued)**

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.

**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.

**Non-diversification risk:** To the extent the Portfolio becomes "non-diversified" for periods of time solely as a result of tracking its index, the Portfolio will 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.

**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.

**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.

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**Annual Financial Statements 2025**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**8. 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 at an annual rate of 0.11% of daily average net assets.

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 | 0.18<br> % <br>| May 1, 2026 |
| Service Class | 0.43 | 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 year ended December 31, 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 December 31, 2025, the balances available for recapture by TAM for the Portfolio are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Initial Class | $22700 | $16317 | $23814 | $62831 |
| Service Class | 159222 | 105846 | 193493 | 458561 |

---

**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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**Annual Financial Statements 2025**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**8. 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 year ended December 31, 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 year ended December 31, 2025.

**9. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 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** |
| $13964184 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6870335 | &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. These differences are primarily due to different treatment for items including, but not limited to, wash sales, futures contracts mark-to-market and passive foreign investment companies. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 24**

------

**Transamerica MSCI EAFE Index VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

As of December 31, 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>|
| $94350627 | &nbsp;&nbsp; $39502269 | &nbsp;&nbsp; $(4295665)<br>| &nbsp;&nbsp; $35206604 |

---

As of December 31, 2025, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $216087 | &nbsp;&nbsp;&nbsp;&nbsp; $600650 |

---

During the year ended December 31, 2025, the capital loss carryforwards utilized are $1,177,248.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $2371479 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2219909 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $3480446 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(816737)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $35229936 |

---

**11. OPERATING SEGMENTS**

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**

**Annual Financial Statements 2025**

**Page 25**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica MSCI EAFE Index VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica MSCI EAFE Index VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862img7cafde7a3.gif)

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

Boston, Massachusetts

February 25, 2026

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 26**

------

**Transamerica MSCI EAFE Index VP**

------

**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made no long-term capital gain designations for the year ended December 31, 2025.

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

---

| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $2983659 | $320044 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 27**

------

**Transamerica MSCI EAFE Index 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**

**Annual Financial Statements 2025**

**Page 28**

------

**Transamerica MSCI EAFE Index 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**

**Annual Financial Statements 2025**

**Page 29**

------

**Transamerica MSCI EAFE Index VP** 

------

**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**

**Annual Financial Statements 2025**

**Page 30**

------

**Transamerica MSCI EAFE Index VP** 

------

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 31**

------

**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img7a6e6d044.gif)

Visit **transamerica.com**

![](g768862img9af91c3d5.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862imge18000b76.gif)

------

![](g768862imgd1cdfc081.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica Multi-Managed Balanced VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imgca877e882.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_b87c8e8b-e39c-46ae-9196-67e16d321add_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_b87c8e8b-e39c-46ae-9196-67e16d321add_SOI-RunningFooter-215_1) | 2 |
| [Statement of Assets and Liabilities](#xx_b87c8e8b-e39c-46ae-9196-67e16d321add_FS-RunningFooter-215_1) | 15 |
| [Statement of Operations](#xx_b87c8e8b-e39c-46ae-9196-67e16d321add_FS-RunningFooter-215_1) | 15 |
| [Statement of Changes in Net Assets](#xx_b87c8e8b-e39c-46ae-9196-67e16d321add_FS-RunningFooter-215_2) | 16 |
| [Financial Highlights](#xx_b87c8e8b-e39c-46ae-9196-67e16d321add_SCF-RunningFooter-215_1) | 17 |
| [Notes to Financial Statements](#xx_b87c8e8b-e39c-46ae-9196-67e16d321add_NTF-RunningFooter-215_1) | 18 |
| **[Report of Independent Registered Public Accounting Firm](#xx_b87c8e8b-e39c-46ae-9196-67e16d321add_AUD-RunningFooter-215_1)** | 32 |
| **[Supplemental Information](#xx_b87c8e8b-e39c-46ae-9196-67e16d321add_STI-RunningFooter-215_1)** | 33 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_b87c8e8b-e39c-46ae-9196-67e16d321add_DWA-RunningFooter-215_1)**<br> **[Companies](#xx_b87c8e8b-e39c-46ae-9196-67e16d321add_DWA-RunningFooter-215_1)**<br>| 34 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_b87c8e8b-e39c-46ae-9196-67e16d321add_PD-RunningFooter-215_1)** | 35 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_b87c8e8b-e39c-46ae-9196-67e16d321add_DTO-RunningFooter-215_1)**<br> **[Companies](#xx_b87c8e8b-e39c-46ae-9196-67e16d321add_DTO-RunningFooter-215_1)**<br>| 36 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_b87c8e8b-e39c-46ae-9196-67e16d321add_Mgmtagmt-RunningFooter-215_1)** | 37 |

---

***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 Multi-Managed Balanced VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 60.5%**  | **COMMON STOCKS - 60.5%**  | **COMMON STOCKS - 60.5%**  |
| **Aerospace & Defense - 1.5%**  | **Aerospace & Defense - 1.5%**  | **Aerospace & Defense - 1.5%**  |
| Boeing Co. <sup>(A)</sup> <br>| 5720 | $1241926 |
| Howmet Aerospace, Inc. | 37340 | 7655447 |
| RTX Corp. | 34647 | 6354260 |
| Textron, Inc. | 15925 | 1388182 |
| TransDigm Group, Inc. | 2604 | 3462930 |
|  |  | 20102745 |
| **Air Freight & Logistics - 0.2%**  | **Air Freight & Logistics - 0.2%**  | **Air Freight & Logistics - 0.2%**  |
| FedEx Corp. | 8166 | 2358831 |
| **Automobile Components - 0.0% \*** | **Automobile Components - 0.0% \*** | **Automobile Components - 0.0% \*** |
| Aptiv PLC <sup>(A)</sup> <br>| 6975 | 530728 |
| **Automobiles - 1.3%**  | **Automobiles - 1.3%**  | **Automobiles - 1.3%**  |
| Tesla, Inc. <sup>(A)</sup> <br>| 37500 | 16864500 |
| **Banks - 2.3%**  | **Banks - 2.3%**  | **Banks - 2.3%**  |
| Bank of America Corp. | 181124 | 9961820 |
| Citigroup, Inc. | 25776 | 3007801 |
| Fifth Third Bancorp | 56671 | 2652770 |
| Regions Financial Corp. | 46652 | 1264269 |
| Truist Financial Corp. | 41513 | 2042855 |
| U.S. Bancorp | 61752 | 3295087 |
| Wells Fargo & Co. | 100766 | 9391391 |
|  |  | 31615993 |
| **Beverages - 0.8%**  | **Beverages - 0.8%**  | **Beverages - 0.8%**  |
| Coca-Cola Co. | 21937 | 1533616 |
| Keurig Dr. Pepper, Inc. | 106258 | 2976286 |
| PepsiCo, Inc. | 48333 | 6936752 |
|  |  | 11446654 |
| **Biotechnology - 1.2%**  | **Biotechnology - 1.2%**  | **Biotechnology - 1.2%**  |
| AbbVie, Inc. | 42347 | 9675866 |
| Neurocrine Biosciences, Inc. <sup>(A)</sup> <br>| 4347 | 616535 |
| Regeneron Pharmaceuticals, Inc. | 4709 | 3634736 |
| Vertex Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 6207 | 2814005 |
|  |  | 16741142 |
| **Broadline Retail - 2.6%**  | **Broadline Retail - 2.6%**  | **Broadline Retail - 2.6%**  |
| Amazon.com, Inc. <sup>(A)</sup> <br>| 148834 | 34353864 |
| **Building Products - 0.8%**  | **Building Products - 0.8%**  | **Building Products - 0.8%**  |
| Carrier Global Corp. | 45570 | 2407919 |
| Masco Corp. | 24285 | 1541126 |
| Trane Technologies PLC | 17964 | 6991589 |
|  |  | 10940634 |
| **Capital Markets - 1.2%**  | **Capital Markets - 1.2%**  | **Capital Markets - 1.2%**  |
| Ameriprise Financial, Inc. | 4055 | 1988329 |
| Charles Schwab Corp. | 76663 | 7659400 |
| CME Group, Inc. | 12247 | 3344411 |
| LPL Financial Holdings, Inc. | 2358 | 842207 |
| Raymond James Financial, Inc. | 3424 | 549860 |
| State Street Corp. | 10306 | 1329577 |
|  |  | 15713784 |
| **Chemicals - 0.8%**  | **Chemicals - 0.8%**  | **Chemicals - 0.8%**  |
| Ecolab, Inc. | 20840 | 5470917 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Linde PLC | 8537 | $3640091 |
| PPG Industries, Inc. | 15771 | 1615897 |
|  |  | 10726905 |
| **Communications Equipment - 0.3%**  | **Communications Equipment - 0.3%**  | **Communications Equipment - 0.3%**  |
| Arista Networks, Inc. <sup>(A)</sup> <br>| 22459 | 2942803 |
| Motorola Solutions, Inc. | 2351 | 901185 |
|  |  | 3843988 |
| **Construction Materials - 0.2%**  | **Construction Materials - 0.2%**  | **Construction Materials - 0.2%**  |
| Martin Marietta Materials, Inc. | 2452 | 1526762 |
| Vulcan Materials Co. | 5866 | 1673101 |
|  |  | 3199863 |
| **Consumer Finance - 0.5%**  | **Consumer Finance - 0.5%**  | **Consumer Finance - 0.5%**  |
| American Express Co. | 8891 | 3289226 |
| Capital One Financial Corp. | 15512 | 3759488 |
|  |  | 7048714 |
| **Consumer Staples Distribution & Retail - 0.5%**  | **Consumer Staples Distribution & Retail - 0.5%**  | **Consumer Staples Distribution & Retail - 0.5%**  |
| Walmart, Inc. | 55618 | 6196401 |
| **Diversified Telecommunication Services - 0.3%**  | **Diversified Telecommunication Services - 0.3%**  | **Diversified Telecommunication Services - 0.3%**  |
| AT&T, Inc. | 174353 | 4330928 |
| **Electric Utilities - 1.1%**  | **Electric Utilities - 1.1%**  | **Electric Utilities - 1.1%**  |
| Entergy Corp. | 33286 | 3076625 |
| NextEra Energy, Inc. | 85610 | 6872771 |
| NRG Energy, Inc. | 2797 | 445394 |
| Southern Co. | 49978 | 4358082 |
|  |  | 14752872 |
| **Electrical Equipment - 0.6%**  | **Electrical Equipment - 0.6%**  | **Electrical Equipment - 0.6%**  |
| Eaton Corp. PLC | 9854 | 3138598 |
| Emerson Electric Co. | 15027 | 1994383 |
| GE Vernova, Inc. | 3832 | 2504480 |
|  |  | 7637461 |
| **Electronic Equipment, Instruments & Components - 0.3%**  | **Electronic Equipment, Instruments & Components - 0.3%**  | **Electronic Equipment, Instruments & Components - 0.3%**  |
| Amphenol Corp., Class A | 25858 | 3494450 |
| **Energy Equipment & Services - 0.2%**  | **Energy Equipment & Services - 0.2%**  | **Energy Equipment & Services - 0.2%**  |
| Baker Hughes Co. | 61188 | 2786501 |
| **Entertainment - 0.9%**  | **Entertainment - 0.9%**  | **Entertainment - 0.9%**  |
| Netflix, Inc. <sup>(A)</sup> <br>| 58999 | 5531746 |
| Walt Disney Co. | 47932 | 5453224 |
| Warner Music Group Corp., Class A | 22309 | 684217 |
|  |  | 11669187 |
| **Financial Services - 3.2%**  | **Financial Services - 3.2%**  | **Financial Services - 3.2%**  |
| Apollo Global Management, Inc. | 20954 | 3033301 |
| Berkshire Hathaway, Inc., Class B <sup>(A)</sup> <br>| 22778 | 11449362 |
| Corpay, Inc. <sup>(A)</sup> <br>| 9973 | 3001175 |
| Fidelity National Information Services, Inc. | 41401 | 2751510 |
| Mastercard, Inc., Class A | 22599 | 12901317 |
| Toast, Inc., Class A <sup>(A)</sup> <br>| 29001 | 1029825 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Multi-Managed Balanced VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Visa, Inc., Class A | 25843 | $9063399 |
| WEX, Inc. <sup>(A)</sup> <br>| 1958 | 291703 |
|  |  | 43521592 |
| **Food Products - 0.4%**  | **Food Products - 0.4%**  | **Food Products - 0.4%**  |
| Mondelez International, Inc., Class A | 92528 | 4980782 |
| **Ground Transportation - 0.2%**  | **Ground Transportation - 0.2%**  | **Ground Transportation - 0.2%**  |
| Union Pacific Corp. | 9680 | 2239178 |
| **Health Care Equipment & Supplies - 1.3%**  | **Health Care Equipment & Supplies - 1.3%**  | **Health Care Equipment & Supplies - 1.3%**  |
| Boston Scientific Corp. <sup>(A)</sup> <br>| 18285 | 1743475 |
| Dexcom, Inc. <sup>(A)</sup> <br>| 5410 | 359062 |
| Edwards Lifesciences Corp. <sup>(A)</sup> <br>| 43769 | 3731307 |
| Medline, Inc., Class A <sup>(A)</sup> <br>| 12175 | 511350 |
| Medtronic PLC | 61985 | 5954279 |
| Stryker Corp. | 16437 | 5777112 |
|  |  | 18076585 |
| **Health Care Providers & Services - 1.0%**  | **Health Care Providers & Services - 1.0%**  | **Health Care Providers & Services - 1.0%**  |
| Cigna Group | 10354 | 2849731 |
| HCA Healthcare, Inc. | 2292 | 1070043 |
| Humana, Inc. | 8689 | 2225514 |
| McKesson Corp. | 1864 | 1529020 |
| UnitedHealth Group, Inc. | 15835 | 5227292 |
|  |  | 12901600 |
| **Health Care REITs - 0.5%**  | **Health Care REITs - 0.5%**  | **Health Care REITs - 0.5%**  |
| Ventas, Inc. | 51367 | 3974779 |
| Welltower, Inc. | 14556 | 2701739 |
|  |  | 6676518 |
| **Hotels, Restaurants & Leisure - 1.9%**  | **Hotels, Restaurants & Leisure - 1.9%**  | **Hotels, Restaurants & Leisure - 1.9%**  |
| Booking Holdings, Inc. | 355 | 1901142 |
| Carnival Corp. <sup>(A)</sup> <br>| 82155 | 2509014 |
| Chipotle Mexican Grill, Inc. <sup>(A)</sup> <br>| 92587 | 3425719 |
| DoorDash, Inc., Class A <sup>(A)</sup> <br>| 4821 | 1091860 |
| Expedia Group, Inc. | 8108 | 2297078 |
| Hilton Worldwide Holdings, Inc. | 16108 | 4627023 |
| McDonald's Corp. | 19519 | 5965592 |
| Yum! Brands, Inc. | 25251 | 3819971 |
|  |  | 25637399 |
| **Household Durables - 0.1%**  | **Household Durables - 0.1%**  | **Household Durables - 0.1%**  |
| Lennar Corp., Class A | 6995 | 719086 |
| **Household Products - 0.1%**  | **Household Products - 0.1%**  | **Household Products - 0.1%**  |
| Church & Dwight Co., Inc. | 11853 | 993874 |
| **Independent Power & Renewable Electricity Producers - 0.0% \*** | **Independent Power & Renewable Electricity Producers - 0.0% \*** | **Independent Power & Renewable Electricity Producers - 0.0% \*** |
| Vistra Corp. | 2803 | 452208 |
| **Industrial Conglomerates - 0.5%**  | **Industrial Conglomerates - 0.5%**  | **Industrial Conglomerates - 0.5%**  |
| 3M Co. | 43278 | 6928808 |
| **Insurance - 1.0%**  | **Insurance - 1.0%**  | **Insurance - 1.0%**  |
| Aon PLC, Class A | 8090 | 2854799 |
| Arch Capital Group Ltd. <sup>(A)</sup> <br>| 14248 | 1366668 |
| Arthur J Gallagher & Co. | 19787 | 5120678 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Chubb Ltd. | 5156 | $1609291 |
| Progressive Corp. | 9157 | 2085232 |
|  |  | 13036668 |
| **Interactive Media & Services - 4.9%**  | **Interactive Media & Services - 4.9%**  | **Interactive Media & Services - 4.9%**  |
| Alphabet, Inc., Class A | 82851 | 25932363 |
| Alphabet, Inc., Class C | 54406 | 17072603 |
| Meta Platforms, Inc., Class A | 35027 | 23120972 |
|  |  | 66125938 |
| **IT Services - 0.3%**  | **IT Services - 0.3%**  | **IT Services - 0.3%**  |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 56295 | 4672485 |
| **Life Sciences Tools & Services - 0.4%**  | **Life Sciences Tools & Services - 0.4%**  | **Life Sciences Tools & Services - 0.4%**  |
| Danaher Corp. | 21388 | 4896141 |
| **Machinery - 0.5%**  | **Machinery - 0.5%**  | **Machinery - 0.5%**  |
| Deere & Co. | 9232 | 4298142 |
| Ingersoll Rand, Inc. | 15574 | 1233773 |
| Otis Worldwide Corp. | 21003 | 1834612 |
|  |  | 7366527 |
| **Media - 0.3%**  | **Media - 0.3%**  | **Media - 0.3%**  |
| Charter Communications, Inc., Class A <sup>(A)</sup> <br>| 4811 | 1004296 |
| Comcast Corp., Class A | 85445 | 2553951 |
| Omnicom Group, Inc. | 11876 | 958987 |
|  |  | 4517234 |
| **Multi-Utilities - 0.2%**  | **Multi-Utilities - 0.2%**  | **Multi-Utilities - 0.2%**  |
| Sempra | 36972 | 3264258 |
| **Oil, Gas & Consumable Fuels - 1.5%**  | **Oil, Gas & Consumable Fuels - 1.5%**  | **Oil, Gas & Consumable Fuels - 1.5%**  |
| Diamondback Energy, Inc. | 12567 | 1889197 |
| EOG Resources, Inc. | 45840 | 4813658 |
| EQT Corp. | 24546 | 1315666 |
| Exxon Mobil Corp. | 103994 | 12514638 |
|  |  | 20533159 |
| **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  |
| Delta Air Lines, Inc. | 19761 | 1371413 |
| United Airlines Holdings, Inc. <sup>(A)</sup> <br>| 5751 | 643077 |
|  |  | 2014490 |
| **Pharmaceuticals - 1.9%**  | **Pharmaceuticals - 1.9%**  | **Pharmaceuticals - 1.9%**  |
| Bristol-Myers Squibb Co. | 84178 | 4540561 |
| Eli Lilly & Co. | 9220 | 9908550 |
| Johnson & Johnson | 46628 | 9649665 |
| Merck & Co., Inc. | 8333 | 877131 |
|  |  | 24975907 |
| **Professional Services - 0.2%**  | **Professional Services - 0.2%**  | **Professional Services - 0.2%**  |
| Leidos Holdings, Inc. | 17869 | 3223568 |
| **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  |
| Equity LifeStyle Properties, Inc. | 17886 | 1084070 |
| **Semiconductors & Semiconductor Equipment - 8.7%**  | **Semiconductors & Semiconductor Equipment - 8.7%**  | **Semiconductors & Semiconductor Equipment - 8.7%**  |
| Advanced Micro Devices, Inc. <sup>(A)</sup> <br>| 10814 | 2315926 |
| Analog Devices, Inc. | 25316 | 6865699 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Multi-Managed Balanced VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Broadcom, Inc. | 64376 | $22280534 |
| Lam Research Corp. | 17507 | 2996848 |
| Micron Technology, Inc. | 19046 | 5435919 |
| NVIDIA Corp. | 362529 | 67611659 |
| NXP Semiconductors NV | 21690 | 4708031 |
| Texas Instruments, Inc. | 26638 | 4621427 |
|  |  | 116836043 |
| **Software - 6.5%**  | **Software - 6.5%**  | **Software - 6.5%**  |
| AppLovin Corp., Class A <sup>(A)</sup> <br>| 2282 | 1537657 |
| Cadence Design Systems, Inc. <sup>(A)</sup> <br>| 6883 | 2151488 |
| Intuit, Inc. | 7196 | 4766774 |
| Microsoft Corp. | 113889 | 55078998 |
| Oracle Corp. | 35990 | 7014811 |
| Palantir Technologies, Inc., Class A <sup>(A)</sup> <br>| 23712 | 4214808 |
| Roper Technologies, Inc. | 3735 | 1662561 |
| Salesforce, Inc. | 12849 | 3403829 |
| ServiceNow, Inc. <sup>(A)</sup> <br>| 49695 | 7612777 |
|  |  | 87443703 |
| **Specialized REITs - 0.5%**  | **Specialized REITs - 0.5%**  | **Specialized REITs - 0.5%**  |
| American Tower Corp. | 8378 | 1470926 |
| Equinix, Inc. | 3287 | 2518368 |
| SBA Communications Corp. | 11424 | 2209744 |
|  |  | 6199038 |
| **Specialty Retail - 1.2%**  | **Specialty Retail - 1.2%**  | **Specialty Retail - 1.2%**  |
| AutoZone, Inc. <sup>(A)</sup> <br>| 578 | 1960287 |
| Burlington Stores, Inc. <sup>(A)</sup> <br>| 8824 | 2548812 |
| Lowe's Cos., Inc. | 30198 | 7282550 |
| Ross Stores, Inc. | 21365 | 3848691 |
|  |  | 15640340 |
| **Technology Hardware, Storage & Peripherals - 4.7%**  | **Technology Hardware, Storage & Peripherals - 4.7%**  | **Technology Hardware, Storage & Peripherals - 4.7%**  |
| Apple, Inc. | 212636 | 57807223 |
| Seagate Technology Holdings PLC | 13299 | 3662412 |
| Western Digital Corp. | 12020 | 2070685 |
|  |  | 63540320 |
| **Textiles, Apparel & Luxury Goods - 0.2%**  | **Textiles, Apparel & Luxury Goods - 0.2%**  | **Textiles, Apparel & Luxury Goods - 0.2%**  |
| NIKE, Inc., Class B | 37268 | 2374344 |
| **Tobacco - 0.4%**  | **Tobacco - 0.4%**  | **Tobacco - 0.4%**  |
| Altria Group, Inc. | 23812 | 1373000 |
| Philip Morris International, Inc. | 25502 | 4090521 |
|  |  | 5463521 |
| **Trading Companies & Distributors - 0.1%**  | **Trading Companies & Distributors - 0.1%**  | **Trading Companies & Distributors - 0.1%**  |
| United Rentals, Inc. | 895 | 724341 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $514,114,984)**<br>|  | 813415870 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 13.9%**  | **CORPORATE DEBT SECURITIES - 13.9%**  | **CORPORATE DEBT SECURITIES - 13.9%**  |
| **Aerospace & Defense - 0.4%**  | **Aerospace & Defense - 0.4%**  | **Aerospace & Defense - 0.4%**  |
| Boeing Co. |  |  |
| 3.50%, 03/01/2039 | $1401000 | 1142996 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| Boeing Co. (continued) |  |  |
| 5.81%, 05/01/2050 | $742000 | $729827 |
| 6.53%, 05/01/2034 | 252000 | 278802 |
| 6.86%, 05/01/2054 | 430000 | 482950 |
| General Electric Co. |  |  |
| 4.13%, 10/09/2042 | 477000 | 403459 |
| 4.30%, 07/29/2030 | 655000 | 660566 |
| 4.50%, 03/11/2044 | 646000 | 581177 |
| 5.88%, 01/14/2038 | 126000 | 136525 |
| HEICO Corp. |  |  |
| 5.35%, 08/01/2033 | 1072000 | 1110464 |
|  |  | 5526766 |
| **Automobile Components - 0.1%**  | **Automobile Components - 0.1%**  | **Automobile Components - 0.1%**  |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.25%, 03/01/2032 | 532000 | 497118 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/23/2032 <sup>(B)</sup> <br>| 600000 | 586761 |
|  |  | 1083879 |
| **Automobiles - 0.3%**  | **Automobiles - 0.3%**  | **Automobiles - 0.3%**  |
| General Motors Co. |  |  |
| 5.35%, 04/15/2028 | 432000 | 442533 |
| 6.25%, 10/02/2043 | 226000 | 229170 |
| General Motors Financial Co., Inc. |  |  |
| 6.15%, 07/15/2035 | 508000 | 535325 |
| Hyundai Capital America |  |  |
| 5.40%, 06/23/2032 <sup>(B)</sup> <br>| 1368000 | 1418181 |
| Volkswagen Group of America <br> Finance LLC |  |  |
| 4.85%, 09/11/2030 <sup>(B)</sup> <br>| 812000 | 818641 |
|  |  | 3443850 |
| **Banks - 2.2%**  | **Banks - 2.2%**  | **Banks - 2.2%**  |
| Banco Santander SA |  |  |
| &nbsp;&nbsp; Fixed until 03/14/2027, <br>5.55% <sup>(C)</sup>, 03/14/2028<br>| 800000 | 813379 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 05/09/2035, <br>5.46% <sup>(C)</sup>, 05/09/2036<br>| 1525000 | 1587559 |
| &nbsp;&nbsp; Fixed until 09/15/2028, <br>5.82% <sup>(C)</sup>, 09/15/2029<br>| 2637000 | 2750612 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2034, <br>5.61% <sup>(C)</sup>, 07/21/2039<br>| 309000 | 322908 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 02/25/2035, <br>5.79% <sup>(C)</sup>, 02/25/2036<br>| 424000 | 443838 |
| CaixaBank SA |  |  |
| &nbsp;&nbsp; Fixed until 09/13/2033, <br>6.84% <sup>(C)</sup>, 09/13/2034 <sup>(B)</sup> <br>| 1693000 | 1888161 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp; Fixed until 01/13/2030, <br>5.25% <sup>(C)</sup>, 01/13/2031<br>| 658000 | 678545 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/25/2033, <br>6.17% <sup>(C)</sup>, 05/25/2034<br>| 399000 | 423732 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Multi-Managed Balanced VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp; Fixed until 12/10/2030, <br>4.47% <sup>(C)</sup>, 12/10/2031<br>| $734000 | $731501 |
| First Citizens BancShares, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 03/12/2030, <br>5.23% <sup>(C)</sup>, 03/12/2031<br>| 1138000 | 1155306 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 10/21/2031, <br>2.65% <sup>(C)</sup>, 10/21/2032<br>| 1120000 | 1010939 |
| &nbsp;&nbsp; Fixed until 10/21/2035, <br>4.94% <sup>(C)</sup>, 10/21/2036<br>| 826000 | 819988 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp; Fixed until 11/21/2032, <br>8.25% <sup>(C)</sup>, 11/21/2033 <sup>(B)</sup> <br>| 1029000 | 1214808 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 01/23/2029, <br>5.01% <sup>(C)</sup>, 01/23/2030<br>| 1146000 | 1174306 |
| &nbsp;&nbsp; Fixed until 04/22/2035, <br>5.57% <sup>(C)</sup>, 04/22/2036<br>| 499000 | 523530 |
| &nbsp;&nbsp; Fixed until 07/23/2035, <br>5.58% <sup>(C)</sup>, 07/23/2036<br>| 1127000 | 1165824 |
| &nbsp;&nbsp; Fixed until 04/22/2034, <br>5.77% <sup>(C)</sup>, 04/22/2035<br>| 800000 | 852474 |
| &nbsp;&nbsp; Fixed until 10/23/2028, <br>6.09% <sup>(C)</sup>, 10/23/2029<br>| 414000 | 436066 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/08/2030, <br>5.18% <sup>(C)</sup>, 07/08/2031<br>| 910000 | 934228 |
| &nbsp;&nbsp; Fixed until 01/16/2035, <br>5.39% <sup>(C)</sup>, 01/16/2036<br>| 300000 | 304846 |
| &nbsp;&nbsp; Fixed until 10/30/2028, <br>7.41% <sup>(C)</sup>, 10/30/2029<br>| 397000 | 430711 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 10/22/2035, <br>4.89% <sup>(C)</sup>, 10/22/2036<br>| 488000 | 483680 |
| &nbsp;&nbsp; Fixed until 07/19/2034, <br>5.32% <sup>(C)</sup>, 07/19/2035<br>| 683000 | 703081 |
| &nbsp;&nbsp; Fixed until 01/18/2034, <br>5.47% <sup>(C)</sup>, 01/18/2035<br>| 499000 | 518698 |
| &nbsp;&nbsp; Fixed until 04/18/2029, <br>5.66% <sup>(C)</sup>, 04/18/2030<br>| 2124000 | 2212838 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/01/2034, <br>5.78% <sup>(C)</sup>, 03/01/2035<br>| 1455000 | 1538462 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2035, <br>5.37% <sup>(C)</sup>, 07/21/2036<br>| 559000 | 574923 |
| &nbsp;&nbsp; Fixed until 08/18/2033, <br>5.94% <sup>(C)</sup>, 08/18/2034<br>| 772000 | 828805 |
| State Street Corp. |  |  |
| &nbsp;&nbsp; Fixed until 10/23/2035, <br>4.78% <sup>(C)</sup>, 10/23/2036<br>| 442000 | 439700 |
| UBS Group AG |  |  |
| &nbsp;&nbsp; Fixed until 09/23/2030, <br>4.40% <sup>(C)</sup>, 09/23/2031 <sup>(B)</sup> <br>| 708000 | 704556 |

---

---

| | | |
|:---|:---|:---|
|  | **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>(C)</sup>, 01/24/2031<br>| $913000 | $945430 |
| &nbsp;&nbsp; Fixed until 04/23/2035, <br>5.61% <sup>(C)</sup>, 04/23/2036<br>| 1051000 | 1101565 |
|  |  | 29714999 |
| **Beverages - 0.1%**  | **Beverages - 0.1%**  | **Beverages - 0.1%**  |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.44%, 10/06/2048 | 849000 | 730392 |
| Constellation Brands, Inc. |  |  |
| 4.95%, 11/01/2035 | 649000 | 641808 |
|  |  | 1372200 |
| **Biotechnology - 0.2%**  | **Biotechnology - 0.2%**  | **Biotechnology - 0.2%**  |
| Amgen, Inc. |  |  |
| 2.80%, 08/15/2041 | 488000 | 357166 |
| 5.60%, 03/02/2043 | 468000 | 470599 |
| CSL Finance PLC |  |  |
| 4.63%, 04/27/2042 <sup>(B)</sup> <br>| 488000 | 440674 |
| Gilead Sciences, Inc. |  |  |
| 5.10%, 06/15/2035 | 827000 | 847513 |
| Royalty Pharma PLC |  |  |
| 2.20%, 09/02/2030 | 649000 | 588317 |
| 5.20%, 09/25/2035 | 532000 | 534690 |
|  |  | 3238959 |
| **Building Products - 0.2%**  | **Building Products - 0.2%**  | **Building Products - 0.2%**  |
| Amrize Finance U.S. LLC |  |  |
| 4.75%, 09/22/2046 | 277000 | 243196 |
| 5.40%, 04/07/2035 | 562000 | 579559 |
| Carlisle Cos., Inc. |  |  |
| 5.25%, 09/15/2035 | 351000 | 358250 |
| Owens Corning |  |  |
| 4.30%, 07/15/2047 | 817000 | 664834 |
| Vulcan Materials Co. |  |  |
| 5.35%, 12/01/2034 | 647000 | 670593 |
|  |  | 2516432 |
| **Chemicals - 0.2%**  | **Chemicals - 0.2%**  | **Chemicals - 0.2%**  |
| LYB International Finance III LLC |  |  |
| 5.13%, 01/15/2031 | 183000 | 183679 |
| Mosaic Co. |  |  |
| 4.60%, 11/15/2030 | 530000 | 531047 |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/2028 | 603000 | 613896 |
| OCP SA |  |  |
| 6.75%, 05/02/2034 <sup>(B)</sup> <br>| 565000 | 608595 |
| Westlake Corp. |  |  |
| 5.55%, 11/15/2035 | 633000 | 632858 |
|  |  | 2570075 |
| **Commercial Services & Supplies - 0.4%**  | **Commercial Services & Supplies - 0.4%**  | **Commercial Services & Supplies - 0.4%**  |
| ADT Security Corp. |  |  |
| 4.13%, 08/01/2029 <sup>(B)</sup> <br>| 544000 | 530572 |
| Ashtead Capital, Inc. |  |  |
| 5.55%, 05/30/2033 <sup>(B)</sup> <br>| 801000 | 826443 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Multi-Managed Balanced VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Element Fleet Management Corp. |  |  |
| 5.04%, 03/25/2030 <sup>(B)</sup> <br>| $1521000 | $1554484 |
| Herc Holdings, Inc. |  |  |
| 7.00%, 06/15/2030 <sup>(B)</sup> <br>| 506000 | 532529 |
| Quanta Services, Inc. |  |  |
| 2.90%, 10/01/2030 | 616000 | 576554 |
| 5.25%, 08/09/2034 | 286000 | 293237 |
| Veralto Corp. |  |  |
| 5.45%, 09/18/2033 | 693000 | 723263 |
|  |  | 5037082 |
| **Communications Equipment - 0.3%**  | **Communications Equipment - 0.3%**  | **Communications Equipment - 0.3%**  |
| America Movil SAB de CV |  |  |
| 4.38%, 07/16/2042 | 250000 | 217097 |
| NTT Finance Corp. |  |  |
| 4.62%, 07/16/2028 <sup>(B)</sup> <br>| 626000 | 634326 |
| T-Mobile USA, Inc. |  |  |
| 3.50%, 04/15/2031 | 830000 | 793530 |
| 3.88%, 04/15/2030 | 550000 | 540856 |
| 4.95%, 11/15/2035 | 969000 | 963381 |
| Verizon Communications, Inc. |  |  |
| 2.99%, 10/30/2056 | 1334000 | 793645 |
| 4.75%, 01/15/2033 | 481000 | 480623 |
|  |  | 4423458 |
| **Construction & Engineering - 0.0% \*** | **Construction & Engineering - 0.0% \*** | **Construction & Engineering - 0.0% \*** |
| Sitios Latinoamerica SAB de CV |  |  |
| 6.00%, 11/25/2029 <sup>(B)</sup> <br>| 613000 | 635375 |
| **Consumer Staples Distribution & Retail - 0.1%**  | **Consumer Staples Distribution & Retail - 0.1%**  | **Consumer Staples Distribution & Retail - 0.1%**  |
| 7-Eleven, Inc. |  |  |
| 1.80%, 02/10/2031 <sup>(B)</sup> <br>| 949000 | 831018 |
| Lowe's Cos., Inc. |  |  |
| 3.75%, 04/01/2032 | 1156000 | 1107734 |
|  |  | 1938752 |
| **Distributors - 0.0% \*** | **Distributors - 0.0% \*** | **Distributors - 0.0% \*** |
| LKQ Corp. |  |  |
| 6.25%, 06/15/2033 | 443000 | 474402 |
| **Diversified REITs - 0.5%**  | **Diversified REITs - 0.5%**  | **Diversified REITs - 0.5%**  |
| American Tower Trust #1 |  |  |
| 3.65%, 03/15/2048 <sup>(B)</sup> <br>| 716000 | 708887 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 5.25%, 02/15/2033 | 996000 | 999607 |
| Safehold GL Holdings LLC |  |  |
| 6.10%, 04/01/2034 | 842000 | 892320 |
| SBA Tower Trust |  |  |
| 1.63%, 05/15/2051 <sup>(B)</sup> <br>| 848000 | 829676 |
| 1.88%, 07/15/2050 <sup>(B)</sup> <br>| 830000 | 829076 |
| VICI Properties LP |  |  |
| 4.95%, 02/15/2030 | 1201000 | 1215416 |
| Weyerhaeuser Co. |  |  |
| 4.00%, 04/15/2030 | 890000 | 877784 |
| WP Carey, Inc. |  |  |
| 5.38%, 06/30/2034 | 663000 | 684257 |
|  |  | 7037023 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electric Utilities - 0.7%**  | **Electric Utilities - 0.7%**  | **Electric Utilities - 0.7%**  |
| Black Hills Corp. |  |  |
| 4.55%, 01/31/2031 | $420000 | $420084 |
| Chile Electricity Lux MPC II SARL |  |  |
| 5.58%, 10/20/2035 <sup>(B)</sup> <br>| 1007808 | 1032817 |
| CMS Energy Corp. |  |  |
| 4.88%, 03/01/2044 | 145000 | 129543 |
| DTE Electric Co. |  |  |
| 4.30%, 07/01/2044 | 1391000 | 1184533 |
| Duke Energy Corp. |  |  |
| 3.75%, 09/01/2046 | 1430000 | 1084424 |
| 4.95%, 09/15/2035 | 1288000 | 1277193 |
| Duke Energy Progress LLC |  |  |
| 3.60%, 09/15/2047 | 989000 | 735808 |
| NRG Energy, Inc. |  |  |
| 6.00%, 02/01/2033 <sup>(B)</sup> <br>| 181000 | 184584 |
| Pacific Gas & Electric Co. |  |  |
| 2.50%, 02/01/2031 | 802000 | 721768 |
| Southern Power Co. |  |  |
| 4.25%, 10/01/2030 | 404000 | 402920 |
| 4.90%, 10/01/2035 | 545000 | 539127 |
| Vistra Operations Co. LLC |  |  |
| 5.25%, 10/15/2035 <sup>(B)</sup> <br>| 794000 | 791452 |
| 6.88%, 04/15/2032 <sup>(B)</sup> <br>| 596000 | 627838 |
|  |  | 9132091 |
| **Electronic Equipment, Instruments & Components - 0.3%**  | **Electronic Equipment, Instruments & Components - 0.3%**  | **Electronic Equipment, Instruments & Components - 0.3%**  |
| Arrow Electronics, Inc. |  |  |
| 5.88%, 04/10/2034 | 423000 | 441259 |
| Hubbell, Inc. |  |  |
| 4.80%, 11/15/2035 | 970000 | 963730 |
| Keysight Technologies, Inc. |  |  |
| 4.95%, 10/15/2034 | 343000 | 345473 |
| Sensata Technologies, Inc. |  |  |
| 4.38%, 02/15/2030 <sup>(B)</sup> <br>| 697000 | 680760 |
| Tyco Electronics Group SA |  |  |
| 5.00%, 05/09/2035 | 1053000 | 1065848 |
|  |  | 3497070 |
| **Financial Services - 0.8%**  | **Financial Services - 0.8%**  | **Financial Services - 0.8%**  |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust |  |  |
| 4.45%, 04/03/2026 | 1079000 | 1079096 |
| 4.95%, 09/10/2034 | 600000 | 598826 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/15/2028, <br>5.74% <sup>(C)</sup>, 05/15/2029<br>| 247000 | 253271 |
| American Express Co. |  |  |
| &nbsp;&nbsp; Fixed until 04/25/2029, <br>5.53% <sup>(C)</sup>, 04/25/2030<br>| 798000 | 832475 |
| Avolon Holdings Funding Ltd. |  |  |
| 5.75%, 11/15/2029 <sup>(B)</sup> <br>| 1226000 | 1271924 |
| Blackstone Reg Finance Co. LLC |  |  |
| 4.95%, 02/15/2036 | 404000 | 401047 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 09/11/2035, <br>5.20% <sup>(C)</sup>, 09/11/2036<br>| 1232000 | 1225786 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Multi-Managed Balanced VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Capital One Financial Corp. (continued) |  |  |
| &nbsp;&nbsp; Fixed until 07/26/2034, <br>5.88% <sup>(C)</sup>, 07/26/2035<br>| $1298000 | $1366153 |
| &nbsp;&nbsp; Fixed until 01/30/2035, <br>6.18% <sup>(C)</sup>, 01/30/2036<br>| 270000 | 281848 |
| Citadel Finance LLC |  |  |
| 5.90%, 02/10/2030 <sup>(B)</sup> <br>| 1051000 | 1072956 |
| LPL Holdings, Inc. |  |  |
| 5.70%, 05/20/2027 | 419000 | 427028 |
| Rocket Cos., Inc. |  |  |
| 6.13%, 08/01/2030 <sup>(B)</sup> <br>| 688000 | 711171 |
| UWM Holdings LLC |  |  |
| 6.25%, 03/15/2031 <sup>(B)</sup> <br>| 726000 | 724843 |
|  |  | 10246424 |
| **Food Products - 0.8%**  | **Food Products - 0.8%**  | **Food Products - 0.8%**  |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP |  |  |
| 5.50%, 03/31/2031 <sup>(B)</sup> <br>| 62000 | 62654 |
| 6.25%, 03/15/2033 <sup>(B)</sup> <br>| 136000 | 139806 |
| BAT Capital Corp. |  |  |
| 4.63%, 03/22/2033 | 757000 | 752681 |
| 5.63%, 08/15/2035 | 1301000 | 1355159 |
| Bunge Ltd. Finance Corp. |  |  |
| 5.15%, 08/04/2035 | 1238000 | 1257564 |
| Cargill, Inc. |  |  |
| 5.13%, 02/11/2035 <sup>(B)</sup> <br>| 770000 | 791293 |
| Imperial Brands Finance PLC |  |  |
| 5.63%, 07/01/2035 <sup>(B)</sup> <br>| 1075000 | 1103550 |
| J.M. Smucker Co. |  |  |
| 6.50%, 11/15/2043 | 411000 | 441046 |
| &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>(B)</sup> <br>| 1362000 | 1384007 |
| Kroger Co. |  |  |
| 5.00%, 09/15/2034 | 515000 | 517845 |
| Philip Morris International, Inc. |  |  |
| 4.63%, 10/29/2035 | 1219000 | 1192525 |
| Pilgrim's Pride Corp. |  |  |
| 6.88%, 05/15/2034 | 643000 | 713112 |
| Sysco Corp. |  |  |
| 5.40%, 03/23/2035 | 539000 | 558288 |
|  |  | 10269530 |
| **Health Care Equipment & Supplies - 0.1%**  | **Health Care Equipment & Supplies - 0.1%**  | **Health Care Equipment & Supplies - 0.1%**  |
| Alcon Finance Corp. |  |  |
| 5.75%, 12/06/2052 <sup>(B)</sup> <br>| 262000 | 264517 |
| Baxter International, Inc. |  |  |
| 5.65%, 12/15/2035 | 629000 | 636559 |
| GE HealthCare Technologies, Inc. |  |  |
| 4.80%, 08/14/2029 | 616000 | 629648 |
| 4.95%, 12/15/2035 | 322000 | 321288 |
|  |  | 1852012 |
| **Health Care Providers & Services - 0.5%**  | **Health Care Providers & Services - 0.5%**  | **Health Care Providers & Services - 0.5%**  |
| Centene Corp. |  |  |
| 3.38%, 02/15/2030 | 722000 | 664409 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Cigna Group |  |  |
| 2.40%, 03/15/2030 | $537000 | $498385 |
| 5.25%, 01/15/2036 | 899000 | 915187 |
| Elevance Health, Inc. |  |  |
| 5.70%, 09/15/2055 | 606000 | 593694 |
| HCA, Inc. |  |  |
| 4.90%, 11/15/2035 | 1014000 | 1000135 |
| 6.00%, 04/01/2054 | 679000 | 675028 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co. |  |  |
| 5.88%, 06/15/2054 <sup>(B)</sup> <br>| 312000 | 300254 |
| Laboratory Corp. of America Holdings |  |  |
| 2.95%, 12/01/2029 | 509000 | 484629 |
| 4.80%, 10/01/2034 | 911000 | 902932 |
| UnitedHealth Group, Inc. |  |  |
| 5.15%, 07/15/2034 | 662000 | 678053 |
|  |  | 6712706 |
| **Health Care REITs - 0.1%**  | **Health Care REITs - 0.1%**  | **Health Care REITs - 0.1%**  |
| Healthpeak OP LLC |  |  |
| 4.75%, 01/15/2033 | 1289000 | 1281978 |
| **Hotels, Restaurants & Leisure - 0.3%**  | **Hotels, Restaurants & Leisure - 0.3%**  | **Hotels, Restaurants & Leisure - 0.3%**  |
| Carnival Corp. |  |  |
| 5.75%, 08/01/2032 <sup>(B)</sup> <br>| 435000 | 446432 |
| 6.13%, 02/15/2033 <sup>(B)</sup> <br>| 639000 | 659825 |
| Hyatt Hotels Corp. |  |  |
| 5.40%, 12/15/2035 | 600000 | 601239 |
| MGM Resorts International |  |  |
| 6.13%, 09/15/2029 | 891000 | 915654 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 01/15/2036 | 844000 | 847534 |
|  |  | 3470684 |
| **Household Durables - 0.0% \*** | **Household Durables - 0.0% \*** | **Household Durables - 0.0% \*** |
| Whirlpool Corp. |  |  |
| 6.13%, 06/15/2030 | 335000 | 334593 |
| **Insurance - 0.8%**  | **Insurance - 0.8%**  | **Insurance - 0.8%**  |
| Allstate Corp. |  |  |
| 5.05%, 06/24/2029 | 1307000 | 1350016 |
| 5.25%, 03/30/2033 | 523000 | 544388 |
| American International Group, Inc. |  |  |
| 5.45%, 05/07/2035 | 400000 | 416685 |
| Brown & Brown, Inc. |  |  |
| 5.25%, 06/23/2032 | 284000 | 290427 |
| 5.55%, 06/23/2035 | 1094000 | 1121739 |
| Constellation Insurance, Inc. |  |  |
| 6.80%, 01/24/2030 <sup>(B)</sup> <br>| 2287000 | 2302715 |
| Corebridge Financial, Inc. |  |  |
| 5.75%, 01/15/2034 | 599000 | 626249 |
| Fortitude Group Holdings LLC |  |  |
| 6.25%, 04/01/2030 <sup>(B)</sup> <br>| 378000 | 393719 |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG |  |  |
| &nbsp;&nbsp; Fixed until 11/23/2031, <br>5.88% <sup>(C)</sup>, 05/23/2042 <sup>(B)</sup> <br>| 800000 | 835334 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Multi-Managed Balanced VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/01/2030, <br>3.70% <sup>(C)</sup>, 10/01/2050<br>| $953000 | $886421 |
| RenaissanceRe Holdings Ltd. |  |  |
| 5.80%, 04/01/2035 | 204000 | 213066 |
| RGA Global Funding |  |  |
| 5.05%, 12/06/2031 <sup>(B)</sup> <br>| 1258000 | 1283398 |
|  |  | 10264157 |
| **Internet & Catalog Retail - 0.2%**  | **Internet & Catalog Retail - 0.2%**  | **Internet & Catalog Retail - 0.2%**  |
| AppLovin Corp. |  |  |
| 5.50%, 12/01/2034 | 777000 | 798330 |
| Expedia Group, Inc. |  |  |
| 5.40%, 02/15/2035 | 1051000 | 1078022 |
| Meta Platforms, Inc. |  |  |
| 4.20%, 11/15/2030 | 1055000 | 1057230 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/2034 | 386000 | 385888 |
|  |  | 3319470 |
| **IT Services - 0.2%**  | **IT Services - 0.2%**  | **IT Services - 0.2%**  |
| Crowdstrike Holdings, Inc. |  |  |
| 3.00%, 02/15/2029 | 221000 | 212069 |
| Dell International LLC/EMC Corp. |  |  |
| 4.85%, 02/01/2035 | 998000 | 984698 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.00%, 10/15/2034 | 1013000 | 1004100 |
|  |  | 2200867 |
| **Machinery - 0.2%**  | **Machinery - 0.2%**  | **Machinery - 0.2%**  |
| Eaton Capital ULC |  |  |
| 4.45%, 05/09/2030 | 446000 | 450671 |
| Huntington Ingalls Industries, Inc. |  |  |
| 2.04%, 08/16/2028 | 1134000 | 1074005 |
| Ingersoll Rand, Inc. |  |  |
| 5.45%, 06/15/2034 | 626000 | 651339 |
|  |  | 2176015 |
| **Media - 0.1%**  | **Media - 0.1%**  | **Media - 0.1%**  |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 4.80%, 03/01/2050 | 693000 | 520582 |
| Comcast Corp. |  |  |
| 2.94%, 11/01/2056 | 413000 | 232054 |
| NBCUniversal Media LLC |  |  |
| 4.45%, 01/15/2043 | 614000 | 521954 |
|  |  | 1274590 |
| **Metals & Mining - 0.2%**  | **Metals & Mining - 0.2%**  | **Metals & Mining - 0.2%**  |
| Anglo American Capital PLC |  |  |
| 4.50%, 03/15/2028 <sup>(B)</sup> <br>| 845000 | 849827 |
| ArcelorMittal SA |  |  |
| 6.55%, 11/29/2027 | 1008000 | 1049501 |
| Glencore Funding LLC |  |  |
| 2.63%, 09/23/2031 <sup>(B)</sup> <br>| 811000 | 731106 |
|  |  | 2630434 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Mortgage Real Estate Investment Trusts - 0.0% \*** | **Mortgage Real Estate Investment Trusts - 0.0% \*** | **Mortgage Real Estate Investment Trusts - 0.0% \*** |
| Starwood Property Trust, Inc. |  |  |
| 6.00%, 04/15/2030 <sup>(B)</sup> <br>| $400000 | $410561 |
| **Office REITs - 0.0% \*** | **Office REITs - 0.0% \*** | **Office REITs - 0.0% \*** |
| Boston Properties LP |  |  |
| 5.75%, 01/15/2035 | 614000 | 631441 |
| **Oil, Gas & Consumable Fuels - 1.4%**  | **Oil, Gas & Consumable Fuels - 1.4%**  | **Oil, Gas & Consumable Fuels - 1.4%**  |
| Cheniere Energy Partners LP |  |  |
| 5.95%, 06/30/2033 | 1278000 | 1355156 |
| Diamondback Energy, Inc. |  |  |
| 5.40%, 04/18/2034 | 1109000 | 1135532 |
| Ecopetrol SA |  |  |
| 7.75%, 02/01/2032 | 686000 | 705956 |
| Enbridge, Inc. |  |  |
| 4.90%, 06/20/2030 | 702000 | 717658 |
| 5.63%, 04/05/2034 | 926000 | 966674 |
| Energy Transfer LP |  |  |
| 5.15%, 02/01/2043 | 562000 | 505808 |
| 5.55%, 02/15/2028 | 429000 | 440419 |
| 5.95%, 10/01/2043 | 473000 | 463151 |
| EQT Corp. |  |  |
| 6.38%, 04/01/2029 | 325000 | 336304 |
| Equinor ASA |  |  |
| 4.75%, 11/14/2035 | 1491000 | 1483300 |
| Greensaif Pipelines Bidco SARL |  |  |
| 5.85%, 02/23/2036 <sup>(B)</sup> <br>| 517000 | 540171 |
| Gulfstream Natural Gas System LLC |  |  |
| 5.60%, 07/23/2035 <sup>(B)</sup> <br>| 465000 | 476585 |
| Hess Midstream Operations LP |  |  |
| 6.50%, 06/01/2029 <sup>(B)</sup> <br>| 530000 | 547331 |
| Occidental Petroleum Corp. |  |  |
| 5.20%, 08/01/2029 | 426000 | 436646 |
| ONEOK, Inc. |  |  |
| 6.10%, 11/15/2032 | 998000 | 1067947 |
| Ovintiv, Inc. |  |  |
| 6.50%, 08/15/2034 | 844000 | 906599 |
| Petroleos Mexicanos |  |  |
| 6.50%, 01/23/2029 | 656000 | 666496 |
| 6.84%, 01/23/2030 | 596000 | 605239 |
| 7.69%, 01/23/2050 | 166000 | 148769 |
| Repsol E&P Capital Markets U.S. LLC |  |  |
| 5.98%, 09/16/2035 <sup>(B)</sup> <br>| 1024000 | 1044358 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20%, 03/15/2028 | 651000 | 651640 |
| Shell Finance U.S., Inc. |  |  |
| 3.75%, 09/12/2046 | 168000 | 130889 |
| Sunoco LP |  |  |
| 5.63%, 03/15/2031 <sup>(B)</sup> <br>| 172000 | 173260 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| 5.10%, 03/15/2036 <sup>(B)</sup> <br>| 735000 | 739999 |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.75%, 05/01/2035 <sup>(B)</sup> <br>| 1288000 | 1410300 |
| Western Midstream Operating LP |  |  |
| 6.15%, 04/01/2033 | 668000 | 707322 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Multi-Managed Balanced VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Williams Cos., Inc. |  |  |
| 5.40%, 03/04/2044 | $82000 | $78609 |
|  |  | 18442118 |
| **Paper & Forest Products - 0.0% \*** | **Paper & Forest Products - 0.0% \*** | **Paper & Forest Products - 0.0% \*** |
| Georgia-Pacific LLC |  |  |
| 4.95%, 06/30/2032 <sup>(B)</sup> <br>| 554000 | 569263 |
| **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  |
| American Airlines Pass-Through Trust |  |  |
| 3.20%, 12/15/2029 | 337858 | 330325 |
| Southwest Airlines Co. |  |  |
| 4.38%, 11/15/2028 | 1087000 | 1089274 |
| United Airlines Pass-Through Trust |  |  |
| 3.75%, 03/03/2028 | 517010 | 516437 |
|  |  | 1936036 |
| **Pharmaceuticals - 0.5%**  | **Pharmaceuticals - 0.5%**  | **Pharmaceuticals - 0.5%**  |
| Bayer U.S. Finance II LLC |  |  |
| 5.50%, 07/30/2035 <sup>(B)</sup> <br>| 802000 | 814163 |
| Bristol-Myers Squibb Co. |  |  |
| 5.65%, 02/22/2064 | 327000 | 321591 |
| CVS Health Corp. |  |  |
| 5.45%, 09/15/2035 | 1015000 | 1038964 |
| 6.00%, 06/01/2044 | 744000 | 747656 |
| &nbsp;&nbsp; Fixed until 12/10/2029, <br>7.00% <sup>(C)</sup>, 03/10/2055<br>| 1078000 | 1130874 |
| Merck & Co., Inc. |  |  |
| 5.00%, 05/17/2053 | 329000 | 302171 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.11%, 05/19/2043 | 592000 | 569679 |
| Takeda U.S. Financing, Inc. |  |  |
| 5.20%, 07/07/2035 | 964000 | 981861 |
| Viatris, Inc. |  |  |
| 2.30%, 06/22/2027 | 354000 | 343863 |
|  |  | 6250822 |
| **Residential REITs - 0.0% \*** | **Residential REITs - 0.0% \*** | **Residential REITs - 0.0% \*** |
| American Homes 4 Rent LP |  |  |
| 5.50%, 02/01/2034 | 684000 | 706294 |
| **Retail REITs - 0.1%**  | **Retail REITs - 0.1%**  | **Retail REITs - 0.1%**  |
| NNN REIT, Inc. |  |  |
| 4.60%, 02/15/2031 | 1289000 | 1297908 |
| **Semiconductors & Semiconductor Equipment - 0.6%**  | **Semiconductors & Semiconductor Equipment - 0.6%**  | **Semiconductors & Semiconductor Equipment - 0.6%**  |
| Broadcom, Inc. |  |  |
| 3.14%, 11/15/2035 <sup>(B)</sup> <br>| 859000 | 739759 |
| Foundry JV Holdco LLC |  |  |
| 5.88%, 01/25/2034 <sup>(B)</sup> <br>| 957000 | 982787 |
| 5.90%, 01/25/2033 <sup>(B)</sup> <br>| 1023000 | 1070413 |
| Intel Corp. |  |  |
| 4.80%, 10/01/2041 | 786000 | 697116 |
| Kioxia Holdings Corp. |  |  |
| 6.25%, 07/24/2030 <sup>(B)</sup> <br>| 1520000 | 1563830 |
| Microchip Technology, Inc. |  |  |
| 5.05%, 03/15/2029 | 810000 | 825843 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Micron Technology, Inc. |  |  |
| 5.30%, 01/15/2031 | $833000 | $862837 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 3.25%, 11/30/2051 | 563000 | 371761 |
| 5.25%, 08/19/2035 | 892000 | 905180 |
| QUALCOMM, Inc. |  |  |
| 3.25%, 05/20/2050 | 415000 | 286653 |
|  |  | 8306179 |
| **Software - 0.4%**  | **Software - 0.4%**  | **Software - 0.4%**  |
| Cadence Design Systems, Inc. |  |  |
| 4.70%, 09/10/2034 | 497000 | 496825 |
| Fair Isaac Corp. |  |  |
| 6.00%, 05/15/2033 <sup>(B)</sup> <br>| 335000 | 344094 |
| Fiserv, Inc. |  |  |
| 5.45%, 03/02/2028 | 692000 | 708600 |
| Intuit, Inc. |  |  |
| 5.50%, 09/15/2053 | 321000 | 316162 |
| Oracle Corp. |  |  |
| 5.88%, 09/26/2045 | 670000 | 605093 |
| 5.95%, 09/26/2055 | 258000 | 228592 |
| 6.90%, 11/09/2052 | 787000 | 777654 |
| Roper Technologies, Inc. |  |  |
| 4.90%, 10/15/2034 | 723000 | 721421 |
| Synopsys, Inc. |  |  |
| 5.15%, 04/01/2035 | 509000 | 517320 |
| 5.70%, 04/01/2055 | 365000 | 362076 |
|  |  | 5077837 |
| **Specialized REITs - 0.1%**  | **Specialized REITs - 0.1%**  | **Specialized REITs - 0.1%**  |
| Extra Space Storage LP |  |  |
| 5.40%, 06/15/2035 | 1045000 | 1071278 |
| **Transportation Infrastructure - 0.4%**  | **Transportation Infrastructure - 0.4%**  | **Transportation Infrastructure - 0.4%**  |
| Avolon Holdings Funding Ltd. |  |  |
| 4.90%, 10/10/2030 <sup>(B)</sup> <br>| 1094000 | 1099802 |
| Canadian Pacific Railway Co. |  |  |
| 2.45%, 12/02/2031 | 1775000 | 1596899 |
| GXO Logistics, Inc. |  |  |
| 2.65%, 07/15/2031 | 1253000 | 1127093 |
| 6.50%, 05/06/2034 | 482000 | 520683 |
| United Parcel Service, Inc. |  |  |
| 5.25%, 05/14/2035 | 509000 | 527518 |
|  |  | 4871995 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $187,470,045)**<br>|  | 187247605 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.5%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.5%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.5%**  |
| Federal Home Loan Mortgage Corp. |  |  |
| 5.00%, 08/01/2035 | 125386 | 127502 |
| 5.50%, 07/01/2037 - 07/01/2053 | 3496723 | 3556203 |
| 6.00%, 12/01/2037 | 11644 | 12293 |
| Federal National Mortgage Association |  |  |
| 3.50%, 07/01/2028 - 01/01/2029 | 45389 | 45077 |
| 4.00%, 06/01/2042 | 37990 | 37174 |
| 4.50%, 06/01/2026 - 08/01/2052 | 2308814 | 2263129 |
| 5.00%, 04/01/2039 - 02/01/2054 | 11267596 | 11301236 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Multi-Managed Balanced VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **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>|  |  |
| 5.50%, 04/01/2037 - 03/01/2053 | $2607917 | $2663612 |
| 6.00%, 08/01/2036 - 06/01/2054 | 3268853 | 3377828 |
| 6.50%, 05/01/2040 | 39193 | 41688 |
| 1-Year RFUCC Treasury + 1.52%, |  |  |
| 6.39% <sup>(C)</sup>, 02/01/2043 | 8258 | 8467 |
| &nbsp;&nbsp; Government National Mortgage <br> Association REMICS, Interest Only <br>STRIPS |  |  |
| 0.65% <sup>(C)</sup>, 02/16/2053 | 229574 | 3421 |
| Tennessee Valley Authority |  |  |
| 5.88%, 04/01/2036 | 1170000 | 1306729 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.00%, 01/01/2040 - 01/01/2055 <sup>(D)</sup> <br>| 10279000 | 8589273 |
| 2.50%, 01/01/2041 - 01/01/2055 <sup>(D)</sup> <br>| 26851000 | 22871112 |
| 3.00%, 01/01/2041 - 01/01/2056 <sup>(D)</sup> <br>| 19683000 | 17528725 |
| 3.50%, 01/01/2040 - 01/01/2056 <sup>(D)</sup> <br>| 9853000 | 9226162 |
| 4.00%, 01/01/2056 <sup>(D)</sup> <br>| 10620000 | 10072269 |
| 4.50%, 01/01/2055 <sup>(D)</sup> <br>| 10296000 | 10050360 |
| 5.00%, 01/01/2055 <sup>(D)</sup> <br>| 5593000 | 5577270 |
| 5.50%, 01/01/2055 <sup>(D)</sup> <br>| 11621000 | 11783492 |
| 6.00%, 01/01/2055 <sup>(D)</sup> <br>| 7583000 | 7785674 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $128,345,352)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $128,345,352)** | 128228696 |
| **U.S. GOVERNMENT OBLIGATIONS - 9.4%**  | **U.S. GOVERNMENT OBLIGATIONS - 9.4%**  | **U.S. GOVERNMENT OBLIGATIONS - 9.4%**  |
| **U.S. Treasury - 8.5%**  | **U.S. Treasury - 8.5%**  | **U.S. Treasury - 8.5%**  |
| U.S. Treasury Bonds |  |  |
| 1.25%, 05/15/2050 | 1883000 | 901339 |
| 1.38%, 11/15/2040 | 1272600 | 825997 |
| 1.88%, 11/15/2051 | 766000 | 423395 |
| 2.00%, 02/15/2050 | 2192000 | 1284889 |
| 2.25%, 05/15/2041 - 02/15/2052 | 5571000 | 3637087 |
| 2.38%, 05/15/2051 | 2232000 | 1406596 |
| 2.50%, 02/15/2045 - 05/15/2046 | 6953300 | 4860739 |
| 2.75%, 08/15/2047 - 11/15/2047 | 3370000 | 2404413 |
| 2.88%, 08/15/2045 - 05/15/2049 | 4472900 | 3291697 |
| 3.00%, 08/15/2048 - 08/15/2052 | 6068300 | 4432995 |
| 3.13%, 05/15/2048 | 63000 | 47848 |
| 3.63%, 02/15/2053 - 05/15/2053 | 2491000 | 2016067 |
| 4.00%, 11/15/2052 | 2317000 | 2009183 |
| 4.13%, 08/15/2053 | 1527000 | 1351753 |
| 4.25%, 02/15/2054 - 08/15/2054 | 2199500 | 1988587 |
| 4.50%, 11/15/2054 | 726000 | 684765 |
| 4.63%, 05/15/2044 - 11/15/2055 | 6058000 | 5853216 |
| 4.75%, 02/15/2045 - 08/15/2055 | 5879300 | 5790947 |
| 5.00%, 05/15/2045 | 677000 | 694983 |
| 5.25%, 02/15/2029 | 696000 | 731996 |
| U.S. Treasury Notes |  |  |
| 0.63%, 05/15/2030 - 08/15/2030 | 11300000 | 9878340 |
| 1.50%, 01/31/2027 - 02/15/2030 | 4956000 | 4665724 |
| 1.63%, 05/15/2031 | 3136300 | 2809806 |
| 2.25%, 11/15/2027 | 1239200 | 1211705 |
| 2.63%, 01/31/2026 - 02/15/2029 | 3971000 | 3945575 |
| 2.75%, 02/15/2028 - 08/15/2032 | 4861000 | 4647698 |
| 3.13%, 08/31/2027 - 11/15/2028 | 5681000 | 5645446 |

---

---

| | | |
|:---|:---|:---|
|  | **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) |  |  |
| 3.50%, 01/31/2028 | $3018000 | $3018589 |
| 3.63%, 05/31/2028 - 09/30/2031 | 3451000 | 3436312 |
| 3.75%, 12/31/2028 - 08/31/2031 | 5177000 | 5176100 |
| 3.88%, 11/30/2027 - 04/30/2030 | 4866800 | 4902855 |
| 4.00%, 01/15/2027 - 11/15/2035 | 14351000 | 14445734 |
| 4.13%, 09/30/2027 - 02/29/2032 | 3215000 | 3262589 |
| 4.25%, 11/30/2026 | 1420000 | 1428699 |
| 4.50%, 05/31/2029 | 1257000 | 1293139 |
|  |  | 114406803 |
| **U.S. Treasury Inflation-Protected Securities - 0.9%**  | **U.S. Treasury Inflation-Protected Securities - 0.9%**  | **U.S. Treasury Inflation-Protected Securities - 0.9%**  |
| U.S. Treasury Inflation-Protected Indexed <br> Bonds |  |  |
| 1.50%, 02/15/2053 | 2553121 | 1989946 |
| 2.50%, 01/15/2029 | 6250876 | 6451338 |
| U.S. Treasury Inflation-Protected Indexed <br> Notes |  |  |
| 0.13%, 07/15/2030 | 4213362 | 3976074 |
|  |  | 12417358 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $133,694,230)**<br>|  | 126824161 |
| **MORTGAGE-BACKED SECURITIES - 2.7%**  | **MORTGAGE-BACKED SECURITIES - 2.7%**  | **MORTGAGE-BACKED SECURITIES - 2.7%**  |
| Bank5 |  |  |
| &nbsp;&nbsp; Series 2025-5YR19, Class A3, <br>5.27%, 12/15/2058<br>| 1350000 | 1395248 |
| Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-V18, Class A3, <br>5.18%, 10/15/2058<br>| 1900000 | 1956626 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp; Series 2024-NQM3, Class A1, <br>6.19% <sup>(C)</sup>, 03/25/2064 <sup>(B)</sup> <br>| 586311 | 592051 |
| BX Trust |  |  |
| &nbsp;&nbsp; Series 2025-ARIA, Class A, <br>5.03% <sup>(C)</sup>, 12/13/2042 <sup>(B)</sup> <br>| 1142000 | 1152352 |
| CIM Trust |  |  |
| &nbsp;&nbsp; Series 2021-R6, Class A1, <br>1.43% <sup>(C)</sup>, 07/25/2061 <sup>(B)</sup> <br>| 1500452 | 1392159 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp; Series 2018-RP1, Class A1, <br>3.00% <sup>(C)</sup>, 09/25/2064 <sup>(B)</sup> <br>| 95116 | 93908 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2024-2, Class A1, <br>6.13% <sup>(C)</sup>, 04/25/2069 <sup>(B)</sup> <br>| 580003 | 585523 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-H8, Class A1, <br>5.00% <sup>(C)</sup>, 11/25/2070 <sup>(B)</sup> <br>| 593573 | 594722 |
| CSMC Trust |  |  |
| &nbsp;&nbsp; Series 2021-RPL2, Class A1A, <br>1.11% <sup>(C)</sup>, 01/25/2060 <sup>(B)</sup> <br>| 1676211 | 1431790 |
| &nbsp;&nbsp; Series 2021-RPL6, Class A1, <br>2.00% <sup>(C)</sup>, 10/25/2060 <sup>(B)</sup> <br>| 1655811 | 1510523 |
| Deutsche Alt-A Securities Mortgage Loan <br> Trust |  |  |
| &nbsp;&nbsp; Series 2007-RMP1, Class A2, <br>1-Month Term SOFR + 0.41%, <br>4.15% <sup>(C)</sup>, 12/25/2036<br>| 30723 | 28629 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Multi-Managed Balanced VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| ELP Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-ELP, Class A, <br>4.60% <sup>(C)</sup>, 11/13/2042 <sup>(B)</sup> <br>| $1805000 | $1803274 |
| GCAT Trust |  |  |
| &nbsp;&nbsp; Series 2025-NQM6, Class A1, <br>4.94% <sup>(C)</sup>, 10/25/2070 <sup>(B)</sup> <br>| 668728 | 669167 |
| Hudson Yards Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-SPRL, Class A, <br>5.47% <sup>(C)</sup>, 01/13/2040 <sup>(B)</sup> <br>| 1545000 | 1601840 |
| Manhattan West Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2020-1MW, Class A, <br>2.13%, 09/10/2039 <sup>(B)</sup> <br>| 1300000 | 1250784 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp; Series 2019-1A, Class A1A, <br>3.75% <sup>(C)</sup>, 04/25/2058 <sup>(B)</sup> <br>| 32277 | 31958 |
| Nationstar Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2013-A, Class A, <br>3.75% <sup>(C)</sup>, 12/25/2052 <sup>(B)</sup> <br>| 70148 | 67472 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2014-1A, Class A, <br>3.75% <sup>(C)</sup>, 01/25/2054 <sup>(B)</sup> <br>| 64836 | 63273 |
| &nbsp;&nbsp; Series 2014-2A, Class A3, <br>3.75% <sup>(C)</sup>, 05/25/2054 <sup>(B)</sup> <br>| 253389 | 243331 |
| &nbsp;&nbsp; Series 2014-3A, Class AFX3, <br>3.75% <sup>(C)</sup>, 11/25/2054 <sup>(B)</sup> <br>| 69867 | 67340 |
| &nbsp;&nbsp; Series 2015-2A, Class A1, <br>3.75% <sup>(C)</sup>, 08/25/2055 <sup>(B)</sup> <br>| 127479 | 124376 |
| &nbsp;&nbsp; Series 2016-2A, Class A1, <br>3.75% <sup>(C)</sup>, 11/26/2035 <sup>(B)</sup> <br>| 133471 | 129991 |
| &nbsp;&nbsp; Series 2016-3A, Class A1B, <br>3.25% <sup>(C)</sup>, 09/25/2056 <sup>(B)</sup> <br>| 231952 | 220730 |
| &nbsp;&nbsp; Series 2016-4A, Class A1, <br>3.75% <sup>(C)</sup>, 11/25/2056 <sup>(B)</sup> <br>| 299875 | 288785 |
| &nbsp;&nbsp; Series 2017-1A, Class A1, <br>4.00% <sup>(C)</sup>, 02/25/2057 <sup>(B)</sup> <br>| 336300 | 328549 |
| &nbsp;&nbsp; Series 2017-2A, Class A3, <br>4.00% <sup>(C)</sup>, 03/25/2057 <sup>(B)</sup> <br>| 338313 | 329477 |
| &nbsp;&nbsp; Series 2017-3A, Class A1, <br>4.00% <sup>(C)</sup>, 04/25/2057 <sup>(B)</sup> <br>| 514578 | 499580 |
| &nbsp;&nbsp; Series 2017-4A, Class A1, <br>4.00% <sup>(C)</sup>, 05/25/2057 <sup>(B)</sup> <br>| 374168 | 362549 |
| &nbsp;&nbsp; Series 2018-1A, Class A1A, <br>4.00% <sup>(C)</sup>, 12/25/2057 <sup>(B)</sup> <br>| 397272 | 389320 |
| &nbsp;&nbsp; Series 2018-RPL1, Class A1, <br>3.50% <sup>(C)</sup>, 12/25/2057 <sup>(B)</sup> <br>| 215998 | 211033 |
| &nbsp;&nbsp; Series 2019-4A, Class A1B, <br>3.50% <sup>(C)</sup>, 12/25/2058 <sup>(B)</sup> <br>| 841588 | 791562 |
| &nbsp;&nbsp; Series 2019-5A, Class A1B, <br>3.50% <sup>(C)</sup>, 08/25/2059 <sup>(B)</sup> <br>| 886368 | 841322 |
| OBX Trust |  |  |
| &nbsp;&nbsp; Series 2023-NQM4, Class A1, <br>6.11% <sup>(C)</sup>, 03/25/2063 <sup>(B)</sup> <br>| 602817 | 603561 |
| &nbsp;&nbsp; Series 2024-NQM4, Class A1, <br>6.07% <sup>(C)</sup>, 01/25/2064 <sup>(B)</sup> <br>| 703065 | 709067 |
| &nbsp;&nbsp; Series 2024-NQM5, Class A1, <br>5.99% <sup>(C)</sup>, 01/25/2064 <sup>(B)</sup> <br>| 280538 | 282938 |
| &nbsp;&nbsp; Series 2024-NQM6, Class A1, <br>6.45% <sup>(C)</sup>, 02/25/2064 <sup>(B)</sup> <br>| 736341 | 746107 |
| &nbsp;&nbsp; Series 2024-NQM7, Class A1, <br>6.24% <sup>(C)</sup>, 03/25/2064 <sup>(B)</sup> <br>| 991333 | 1002483 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| OBX Trust (continued) |  |  |
| &nbsp;&nbsp; Series 2025-NQM18, Class A1, <br>5.06% <sup>(C)</sup>, 09/25/2065 <sup>(B)</sup> <br>| $1251097 | $1255051 |
| &nbsp;&nbsp; Series 2025-NQM2, Class A1, <br>5.60% <sup>(C)</sup>, 11/25/2064 <sup>(B)</sup> <br>| 966886 | 975497 |
| Provident Funding Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-5, Class A2, <br>5.50% <sup>(C)</sup>, 11/25/2055 <sup>(B)</sup> <br>| 1413039 | 1422035 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2017-4, Class A1, <br>2.75% <sup>(C)</sup>, 06/25/2057 <sup>(B)</sup> <br>| 273295 | 268623 |
| &nbsp;&nbsp; Series 2017-6, Class A1, <br>2.75% <sup>(C)</sup>, 10/25/2057 <sup>(B)</sup> <br>| 194706 | 192173 |
| &nbsp;&nbsp; Series 2018-1, Class A1, <br>3.00% <sup>(C)</sup>, 01/25/2058 <sup>(B)</sup> <br>| 65891 | 65492 |
| &nbsp;&nbsp; Series 2018-4, Class A1, <br>3.00% <sup>(C)</sup>, 06/25/2058 <sup>(B)</sup> <br>| 726541 | 692644 |
| &nbsp;&nbsp; Series 2019-1, Class A1, <br>3.75% <sup>(C)</sup>, 03/25/2058 <sup>(B)</sup> <br>| 1261202 | 1232107 |
| &nbsp;&nbsp; Series 2020-4, Class A1, <br>1.75%, 10/25/2060 <sup>(B)</sup> <br>| 1979862 | 1814098 |
| &nbsp;&nbsp; Series 2021-1, Class A1, <br>2.25% <sup>(C)</sup>, 11/25/2061 <sup>(B)</sup> <br>| 1424750 | 1343071 |
| &nbsp;&nbsp; Series 2022-4, Class A1, <br>3.75%, 09/25/2062 <sup>(B)</sup> <br>| 439242 | 423286 |
| &nbsp;&nbsp; Series 2023-1, Class A1, <br>3.75%, 01/25/2063 <sup>(B)</sup> <br>| 1758167 | 1709283 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>**(Cost $36,759,010)**<br>|  | 35786760 |
| **ASSET-BACKED SECURITIES - 2.0%**  | **ASSET-BACKED SECURITIES - 2.0%**  | **ASSET-BACKED SECURITIES - 2.0%**  |
| 321 Henderson Receivables VI LLC |  |  |
| &nbsp;&nbsp; Series 2010-1A, Class A, <br>5.56%, 07/15/2059 <sup>(B)</sup> <br>| 100905 | 101551 |
| Accelerated LLC |  |  |
| &nbsp;&nbsp; Series 2021-1H, Class A, <br>1.35%, 10/20/2040 <sup>(B)</sup> <br>| 159288 | 149479 |
| Avis Budget Rental Car Funding <br> AESOP LLC |  |  |
| &nbsp;&nbsp; Series 2020-2A, Class A, <br>2.02%, 02/20/2027 <sup>(B)</sup> <br>| 220000 | 219553 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.36%, 06/20/2030 <sup>(B)</sup> <br>| 1230000 | 1268227 |
| Barings Equipment Finance LLC |  |  |
| &nbsp;&nbsp; Series 2025-B, Class A3, <br>4.13%, 10/13/2032 <sup>(B)</sup> <br>| 2030000 | 2034163 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-A, Class A, <br>5.77%, 11/15/2038 <sup>(B)</sup> <br>| 565050 | 576304 |
| First National Master Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-2, Class A, <br>5.77%, 09/15/2029<br>| 1375000 | 1392497 |
| GreatAmerica Leasing Receivables <br> Funding LLC |  |  |
| &nbsp;&nbsp; Series 2025-2, Class A3, <br>4.14%, 12/17/2029 <sup>(B)</sup> <br>| 2650000 | 2659429 |
| Hertz Vehicle Financing III LLC |  |  |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>5.94%, 02/25/2028 <sup>(B)</sup> <br>| 1215000 | 1233183 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Multi-Managed Balanced VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.72%, 01/25/2038 <sup>(B)</sup> <br>| $412531 | $422054 |
| &nbsp;&nbsp; Series 2024-1B, Class A, <br>5.75%, 09/15/2039 <sup>(B)</sup> <br>| 245097 | 250955 |
| &nbsp;&nbsp; Series 2024-2A, Class A, <br>5.50%, 03/25/2038 <sup>(B)</sup> <br>| 303387 | 309946 |
| &nbsp;&nbsp; Series 2024-3A, Class A, <br>4.98%, 08/27/2040 <sup>(B)</sup> <br>| 549913 | 556279 |
| &nbsp;&nbsp; Series 2025-2A, Class A, <br>4.54%, 05/25/2044 <sup>(B)</sup> <br>| 1084131 | 1088626 |
| HINNT LLC |  |  |
| &nbsp;&nbsp; Series 2024-A, Class A, <br>5.49%, 03/15/2043 <sup>(B)</sup> <br>| 693648 | 706939 |
| &nbsp;&nbsp; Series 2025-B, Class A, <br>4.51%, 05/15/2045 <sup>(B)</sup> <br>| 1867184 | 1869458 |
| ICG U.S. CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2014-1A, Class A1A2, <br>3-Month Term SOFR + 1.46%, <br>5.35% <sup>(C)</sup>, 10/20/2034 <sup>(B)</sup> <br>| 1400000 | 1401397 |
| JG Wentworth XXII LLC |  |  |
| &nbsp;&nbsp; Series 2010-3A, Class A, <br>3.82%, 12/15/2048 <sup>(B)</sup> <br>| 130545 | 129841 |
| JGWPT XXVIII LLC |  |  |
| &nbsp;&nbsp; Series 2013-1A, Class A, <br>3.22%, 04/15/2067 <sup>(B)</sup> <br>| 819724 | 762780 |
| MVW LLC |  |  |
| &nbsp;&nbsp; Series 2021-1WA, Class A, <br>1.14%, 01/22/2041 <sup>(B)</sup> <br>| 112608 | 108877 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>4.93%, 10/20/2040 <sup>(B)</sup> <br>| 468322 | 473641 |
| &nbsp;&nbsp; Series 2025-2A, Class A, <br>4.48%, 10/20/2044 <sup>(B)</sup> <br>| 1605541 | 1607827 |
| QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>5.44%, 05/25/2055 <sup>(B)</sup> <br>| 1415000 | 1424621 |
| SCF Equipment Leasing LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A3, <br>5.11%, 11/21/2033 <sup>(B)</sup> <br>| 1250000 | 1275994 |
| Sierra Timeshare Receivables <br> Funding LLC |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A, <br>0.99%, 11/20/2037 <sup>(B)</sup> <br>| 250142 | 249653 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.20%, 01/20/2040 <sup>(B)</sup> <br>| 259114 | 262814 |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>5.80%, 04/20/2040 <sup>(B)</sup> <br>| 515474 | 529438 |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>6.10%, 09/20/2040 <sup>(B)</sup> <br>| 644611 | 667338 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.15%, 01/20/2043 <sup>(B)</sup> <br>| 334035 | 338055 |
| &nbsp;&nbsp; Series 2025-1A, Class A, <br>4.81%, 01/21/2042 <sup>(B)</sup> <br>| 860462 | 866381 |
| &nbsp;&nbsp; Series 2025-2A, Class A, <br>4.72%, 04/20/2044 <sup>(B)</sup> <br>| 455405 | 457547 |
| Vantage Data Centers LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>5.13%, 08/15/2055 <sup>(B)</sup> <br>| 1570000 | 1551719 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $26,792,536)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $26,792,536)** | 26946566 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.3%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.3%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.3%**  |
| **Colombia - 0.1%**  | **Colombia - 0.1%**  | **Colombia - 0.1%**  |
| Colombia Government International Bonds |  |  |
| 7.75%, 11/07/2036 | $763000 | $795160 |
| **Dominican Republic - 0.1%**  | **Dominican Republic - 0.1%**  | **Dominican Republic - 0.1%**  |
| Dominican Republic International Bonds |  |  |
| 6.60%, 06/01/2036 <sup>(B)</sup> <br>| 1346000 | 1416598 |
| **Mexico - 0.1%**  | **Mexico - 0.1%**  | **Mexico - 0.1%**  |
| Mexico Government International Bonds |  |  |
| 3.75%, 01/11/2028 | 1148000 | 1136520 |
| **Panama - 0.0% \*** | **Panama - 0.0% \*** | **Panama - 0.0% \*** |
| Panama Government International Bonds |  |  |
| 3.88%, 03/17/2028 | 550000 | 539715 |
| **Peru - 0.0% \*** | **Peru - 0.0% \*** | **Peru - 0.0% \*** |
| Corporacion Financiera de Desarrollo SA |  |  |
| 5.50%, 05/06/2030 <sup>(B)</sup> <br>| 533000 | 550168 |
| &nbsp;&nbsp; **Total Foreign Government Obligations** <br>**(Cost $4,355,075)**<br>|  | 4438161 |
| **MUNICIPAL GOVERNMENT OBLIGATION - 0.0% \*** | **MUNICIPAL GOVERNMENT OBLIGATION - 0.0% \*** | **MUNICIPAL GOVERNMENT OBLIGATION - 0.0% \*** |
| **Georgia - 0.0% \*** | **Georgia - 0.0% \*** | **Georgia - 0.0% \*** |
| Municipal Electric Authority of Georgia, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 6.64%, 04/01/2057 | 44000 | 47584 |
| &nbsp;&nbsp; **Total Municipal Government Obligation** <br>**(Cost $48,159)**<br>|  | 47584 |
| **COMMERCIAL PAPER - 7.2%**  | **COMMERCIAL PAPER - 7.2%**  | **COMMERCIAL PAPER - 7.2%**  |
| **Banks - 1.2%**  | **Banks - 1.2%**  | **Banks - 1.2%**  |
| DNB Bank ASA |  |  |
| 3.80% <sup>(E)</sup>, 03/11/2026 <sup>(B)</sup> <br>| 3000000 | 2978702 |
| 3.90% <sup>(E)</sup>, 01/29/2026 <sup>(B)</sup> <br>| 6375000 | 6356601 |
| Sheffield Receivables Co. LLC |  |  |
| 4.10% <sup>(E)</sup>, 02/19/2026 <sup>(B)</sup> <br>| 1000000 | 994773 |
| Toronto-Dominion Bank |  |  |
| 3.91% <sup>(E)</sup>, 03/19/2026 <sup>(B)</sup> <br>| 5500000 | 5455011 |
|  |  | 15785087 |
| **Capital Markets - 0.5%**  | **Capital Markets - 0.5%**  | **Capital Markets - 0.5%**  |
| Ridgefield Funding Co. LLC |  |  |
| 3.92% <sup>(E)</sup>, 03/18/2026 <sup>(B)</sup> <br>| 1300000 | 1289498 |
| Verto Capital I Compartment |  |  |
| 4.06% <sup>(E)</sup>, 03/04/2026 <sup>(B)</sup> <br>| 3750000 | 3724472 |
| 4.10% <sup>(E)</sup>, 01/30/2026 <sup>(B)</sup> <br>| 1350000 | 1345635 |
|  |  | 6359605 |
| **Electrical Equipment - 0.3%**  | **Electrical Equipment - 0.3%**  | **Electrical Equipment - 0.3%**  |
| Emerson Electric Co. |  |  |
| 3.81% <sup>(E)</sup>, 03/30/2026 <sup>(B)</sup> <br>| 4825000 | 4781095 |
| **Financial Services - 5.2%**  | **Financial Services - 5.2%**  | **Financial Services - 5.2%**  |
| Anglesea Funding LLC |  |  |
| 4.02% <sup>(E)</sup>, 02/10/2026 <sup>(B)</sup> <br>| 5050000 | 5028411 |
| Bedford Row Funding Corp. |  |  |
| 3.97% <sup>(E)</sup>, 01/26/2026 <sup>(B)</sup> <br>| 4670000 | 4657391 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Multi-Managed Balanced VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Britannia Funding Co. LLC |  |  |
| 4.16% <sup>(E)</sup>, 01/08/2026 <sup>(B)</sup> <br>| $2950000 | $2947541 |
| Cancara Asset Securitisation LLC |  |  |
| 4.04% <sup>(E)</sup>, 02/20/2026 | 1500000 | 1492016 |
| Columbia Funding Co. LLC |  |  |
| 4.04% <sup>(E)</sup>, 02/02/2026 <sup>(B)</sup> <br>| 1250000 | 1245702 |
| 4.11% <sup>(E)</sup>, 03/17/2026 <sup>(B)</sup> <br>| 3000000 | 2976153 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.07% <sup>(E)</sup>, 03/11/2026 <sup>(B)</sup> <br>| 5075000 | 5037337 |
| Gotham Funding Corp. |  |  |
| 4.09% <sup>(E)</sup>, 02/12/2026 <sup>(B)</sup> <br>| 4700000 | 4678924 |
| GTA Funding LLC |  |  |
| 3.97% <sup>(E)</sup>, 04/01/2026 <sup>(B)</sup> <br>| 1500000 | 1485668 |
| 4.05% <sup>(E)</sup>, 03/11/2026 <sup>(B)</sup> <br>| 4000000 | 3970704 |
| Liberty Street Funding LLC |  |  |
| 4.02% <sup>(E)</sup>, 03/02/2026 <sup>(B)</sup> <br>| 5000000 | 4968223 |
| LMA-Americas LLC |  |  |
| 4.08% <sup>(E)</sup>, 02/05/2026 <sup>(B)</sup> <br>| 5200000 | 5180386 |
| Mainbeach Funding LLC |  |  |
| 4.08% <sup>(E)</sup>, 03/02/2026 <sup>(B)</sup> <br>| 5250000 | 5216282 |
| Mont Blanc Capital Corp. |  |  |
| 3.92% <sup>(E)</sup>, 03/16/2026 <sup>(B)</sup> <br>| 3000000 | 2976469 |
| Nieuw Amsterdam Receivables Corp. BV |  |  |
| 4.06% <sup>(E)</sup>, 02/23/2026 <sup>(B)</sup> <br>| 5000000 | 4971950 |
| Ranger Funding Co. LLC |  |  |
| 4.14% <sup>(E)</sup>, 03/12/2026 <sup>(B)</sup> <br>| 5500000 | 5459175 |
| Versailles Commercial Paper LLC |  |  |
| 3.87% <sup>(E)</sup>, 04/06/2026 | 3200000 | 3167471 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Victory Receivables Corp. |  |  |
| 3.91% <sup>(E)</sup>, 03/13/2026 <sup>(B)</sup> <br>| $5000000 | $4962360 |
|  |  | 70422163 |
| &nbsp;&nbsp; **Total Commercial Paper** <br>**(Cost $97,337,896)**<br>|  | 97347950 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.9%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.9%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.9%**  |
| U.S. Treasury Bills |  |  |
| 3.94% <sup>(E)</sup>, 01/08/2026 | 2228000 | 2226710 |
| 3.96% <sup>(E)</sup>, 01/15/2026 | 10015000 | 10002200 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $12,226,277)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $12,226,277)** | 12228910 |
| **REPURCHASE AGREEMENT - 1.0%**  | **REPURCHASE AGREEMENT - 1.0%**  | **REPURCHASE AGREEMENT - 1.0%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(E)</sup>, dated 12/31/2025, to be <br> repurchased at $12,627,576 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 04/30/2027, and <br> with a value of $12,879,324.<br>| 12626629 | 12626629 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $12,626,629)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $12,626,629)** | 12626629 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,153,770,193)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,153,770,193)** | 1445138892 |
| **Net Other Assets (Liabilities) - (7.4)%** | **Net Other Assets (Liabilities) - (7.4)%** | (99939569) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1345199323** |

---

**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>|
| S&P 500<sup>®</sup> E-Mini Index | 17 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; $5856284 | &nbsp;&nbsp;&nbsp; $5858625 | &nbsp;&nbsp;&nbsp; $2341 | &nbsp;&nbsp;&nbsp; $— |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica Multi-Managed Balanced VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**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 | $813415870 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $813415870 |
| Corporate Debt Securities |  | &nbsp;&nbsp; 187247605 | &nbsp;&nbsp; — | &nbsp;&nbsp; 187247605 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 128228696 | &nbsp;&nbsp; — | &nbsp;&nbsp; 128228696 |
| U.S. Government Obligations |  | &nbsp;&nbsp; 126824161 | &nbsp;&nbsp; — | &nbsp;&nbsp; 126824161 |
| Mortgage-Backed Securities |  | &nbsp;&nbsp; 35786760 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35786760 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 26946566 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26946566 |
| Foreign Government Obligations |  | &nbsp;&nbsp; 4438161 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4438161 |
| Municipal Government Obligation |  | &nbsp;&nbsp; 47584 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47584 |
| Commercial Paper |  | &nbsp;&nbsp; 97347950 | &nbsp;&nbsp; — | &nbsp;&nbsp; 97347950 |
| Short-Term U.S. Government Obligations |  | &nbsp;&nbsp; 12228910 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12228910 |
| Repurchase Agreement |  | &nbsp;&nbsp; 12626629 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12626629 |
| **Total Investments** | **$813415870** | &nbsp;&nbsp; **$631723022** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1445138892** |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(G)</sup> <br>| $2341 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2341 |
| **Total Other Financial Instruments** | **$2341** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2341** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</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 December 31, 2025, the total value of 144A securities is $199,381,776, representing 14.8% of* *the Portfolio's net assets.* 

<sup>(C)</sup> *Floating or variable rate security. The rate disclosed is as of December 31, 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> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after December 31, 2025.* *Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(E)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(F)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 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):** 

---

| | |
|:---|:---|
| *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**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica Multi-Managed Balanced VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $1,141,143,564) | &nbsp;&nbsp; $1432512263 |
| Repurchase agreement, at value (cost $12,626,629) | &nbsp;&nbsp; 12626629 |
| Cash | &nbsp;&nbsp; 504995 |
| Cash collateral pledged at broker for: |  |
| TBA commitments  | &nbsp;&nbsp; 32132 |
| Futures contracts | &nbsp;&nbsp; 581000 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 1560 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 53 |
| Dividends  | &nbsp;&nbsp; 563870 |
| Interest | &nbsp;&nbsp; 4105830 |
| Total assets | &nbsp;&nbsp; 1450928332 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| When-issued, delayed-delivery, forward and TBA <br> commitments purchased<br>| &nbsp;&nbsp; 103748565 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 826074 |
| Investment management fees | &nbsp;&nbsp; 723389 |
| Distribution and service fees | &nbsp;&nbsp; 227638 |
| Transfer agent costs | &nbsp;&nbsp; 1381 |
| Trustee and CCO fees | &nbsp;&nbsp; 452 |
| Audit and tax fees  | &nbsp;&nbsp; 39353 |
| Custody fees | &nbsp;&nbsp; 39664 |
| Legal fees | &nbsp;&nbsp; 10574 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 47026 |
| Other accrued expenses | &nbsp;&nbsp; 20923 |
| Variation margin payable on futures contracts | &nbsp;&nbsp; 43970 |
| Total liabilities | &nbsp;&nbsp; 105729009 |
| **Net assets**  | &nbsp;&nbsp; $1345199323 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $859939 |
| Additional paid-in capital | &nbsp;&nbsp; 914629125 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 429710259 |
| **Net assets** | &nbsp;&nbsp; $1345199323 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $347671892 |
| Service Class | &nbsp;&nbsp; 997527431 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 21597855 |
| Service Class | &nbsp;&nbsp; 64396073 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $16.10 |
| Service Class | 15.49 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $9931354 |
| Interest income | &nbsp;&nbsp; 24359592 |
| Net income from securities lending | &nbsp;&nbsp; 6801 |
| Withholding taxes on foreign income | &nbsp;&nbsp; (14352)<br>|
| Total investment income  | &nbsp;&nbsp; 34283395 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 8113078 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 2593162 |
| Transfer agent costs | &nbsp;&nbsp; 15237 |
| Trustee and CCO fees | &nbsp;&nbsp; 70884 |
| Audit and tax fees | &nbsp;&nbsp; 50836 |
| Custody fees | &nbsp;&nbsp; 162099 |
| Legal fees | &nbsp;&nbsp; 126703 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 162657 |
| Other | &nbsp;&nbsp; 105481 |
| Total expenses | &nbsp;&nbsp; 11400137 |
| **Net investment income (loss)** | &nbsp;&nbsp; 22883258 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 120941203 |
| Futures contracts | &nbsp;&nbsp; 679753 |
| Net realized gain (loss) | &nbsp;&nbsp; 121620956 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 20140646 |
| Futures contracts | &nbsp;&nbsp; 228297 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 20368943 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 141989899 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $164873157 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 15**

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**Transamerica Multi-Managed Balanced VP**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $22883258 | &nbsp;&nbsp; $26206326 |
| Net realized gain (loss) | &nbsp;&nbsp; 121620956 | &nbsp;&nbsp; 173475321 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 20368943 | &nbsp;&nbsp; 9075432 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 164873157 | &nbsp;&nbsp; 208757079 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (49556815)<br>| &nbsp;&nbsp; (20800148)<br>|
| Service Class | &nbsp;&nbsp; (150799954)<br>| &nbsp;&nbsp; (69514296)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (200356769)<br>| &nbsp;&nbsp; (90314444)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 10367423 | &nbsp;&nbsp; 5350372 |
| Service Class | &nbsp;&nbsp; 4709103 | &nbsp;&nbsp; 9995053 |
|  | &nbsp;&nbsp; 15076526 | &nbsp;&nbsp; 15345425 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 49556815 | &nbsp;&nbsp; 20800148 |
| Service Class | &nbsp;&nbsp; 150799954 | &nbsp;&nbsp; 69514296 |
|  | &nbsp;&nbsp; 200356769 | &nbsp;&nbsp; 90314444 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (43312248)<br>| &nbsp;&nbsp; (39042905)<br>|
| Service Class | &nbsp;&nbsp; (228937692)<br>| &nbsp;&nbsp; (272264919)<br>|
|  | &nbsp;&nbsp; (272249940)<br>| &nbsp;&nbsp; (311307824)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (56816645)<br>| &nbsp;&nbsp; (205647955)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (92300257)<br>| &nbsp;&nbsp; (87205320)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1437499580 | &nbsp;&nbsp; 1524704900 |
| End of year | &nbsp;&nbsp; $1345199323 | &nbsp;&nbsp; $1437499580 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 618483 | &nbsp;&nbsp; 326538 |
| Service Class | &nbsp;&nbsp; 293580 | &nbsp;&nbsp; 630939 |
|  | &nbsp;&nbsp; 912063 | &nbsp;&nbsp; 957477 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 3195152 | &nbsp;&nbsp; 1276866 |
| Service Class | &nbsp;&nbsp; 10093705 | &nbsp;&nbsp; 4408009 |
|  | &nbsp;&nbsp; 13288857 | &nbsp;&nbsp; 5684875 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (2627874)<br>| &nbsp;&nbsp; (2376607)<br>|
| Service Class | &nbsp;&nbsp; (14399165)<br>| &nbsp;&nbsp; (17105365)<br>|
|  | &nbsp;&nbsp; (17027039)<br>| &nbsp;&nbsp; (19481972)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; 1185761 | &nbsp;&nbsp; (773203)<br>|
| Service Class | &nbsp;&nbsp; (4011880)<br>| &nbsp;&nbsp; (12066417)<br>|
|  | &nbsp;&nbsp; (2826119)<br>| &nbsp;&nbsp; (12839620)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica Multi-Managed Balanced VP**

------

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $16.60 | &nbsp;&nbsp; $15.37 | &nbsp;&nbsp; $13.60 | &nbsp;&nbsp; $18.68 | &nbsp;&nbsp; $17.04 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.31 | 0.32 | 0.28 | 0.22 | 0.17 |
| Net realized and unrealized gain (loss) | 1.76 | 1.96 | 2.23 | &nbsp;&nbsp; (3.14)<br>| 2.68 |
| Total investment operations | 2.07 | 2.28 | 2.51 | &nbsp;&nbsp; (2.92)<br>| 2.85 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net realized gains | &nbsp;&nbsp; (2.20)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp; (1.00)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp; (1.21)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $16.10 | &nbsp;&nbsp; $16.60 | &nbsp;&nbsp; $15.37 | &nbsp;&nbsp; $13.60 | &nbsp;&nbsp; $18.68 |
| **Total return**<sup>(B)</sup> <br>| 13.06<br> %<br>| 14.94<br> %<br>| 18.73<br> %<br>| &nbsp;&nbsp; (16.28)%<br>| 17.04<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $347672 | &nbsp;&nbsp; $338916 | &nbsp;&nbsp; $325714 | &nbsp;&nbsp; $292382 | &nbsp;&nbsp; $381588 |
| Expenses to average net assets | 0.64<br> %<br>| 0.63<br> %<br>| 0.64<br> %<br>| 0.62<br> %<br>| 0.61<br> %<br>|
| Net investment income (loss) to average net assets | 1.85<br> %<br>| 1.93<br> %<br>| 1.92<br> %<br>| 1.43<br> %<br>| 0.97<br> %<br>|
| Portfolio turnover rate<sup>(C)</sup> <br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 35<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> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 139%, 138%, 135%, 128% and* *119%, for the years ended December 31, 2025, December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021,* *respectively.* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $16.06 | &nbsp;&nbsp; $14.90 | &nbsp;&nbsp; $13.20 | &nbsp;&nbsp; $18.19 | &nbsp;&nbsp; $16.62 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.25 | 0.27 | 0.23 | 0.18 | 0.13 |
| Net realized and unrealized gain (loss) | 1.70 | 1.90 | 2.17 | &nbsp;&nbsp; (3.06)<br>| 2.61 |
| Total investment operations | 1.95 | 2.17 | 2.40 | &nbsp;&nbsp; (2.88)<br>| 2.74 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net realized gains | &nbsp;&nbsp; (2.20)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp; (1.00)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (2.52)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp; (1.17)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $15.49 | &nbsp;&nbsp; $16.06 | &nbsp;&nbsp; $14.90 | &nbsp;&nbsp; $13.20 | &nbsp;&nbsp; $18.19 |
| **Total return**<sup>(B)</sup> <br>| 12.73<br> %<br>| 14.64<br> %<br>| 18.44<br> %<br>| &nbsp;&nbsp; (16.49)%<br>| 16.79<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $997527 | &nbsp;&nbsp; $1098584 | &nbsp;&nbsp; $1198991 | &nbsp;&nbsp; $1186551 | &nbsp;&nbsp; $1619087 |
| Expenses to average net assets | 0.89<br> %<br>| 0.88<br> %<br>| 0.89<br> %<br>| 0.87<br> %<br>| 0.86<br> %<br>|
| Net investment income (loss) to average net assets | 1.60<br> %<br>| 1.68<br> %<br>| 1.66<br> %<br>| 1.18<br> %<br>| 0.72<br> %<br>|
| Portfolio turnover rate<sup>(C)</sup> <br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 35<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> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 139%, 138%, 135%, 128% and* *119%, for the years ended December 31, 2025, 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.***

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**Annual Financial Statements 2025**

**Page 17**

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**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 Multi-Managed 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 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**

**Annual Financial Statements 2025**

**Page 18**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 year ended December 31, 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.

**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.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended December 31, 2025, commissions recaptured are $6,108.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 19**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 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 December 31, 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.

*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**

**Annual Financial Statements 2025**

**Page 20**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**3. INVESTMENT VALUATION (continued)**

*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.

*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. 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.

*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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 21**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

REITs held at December 31, 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 December 31, 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 December 31, 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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 22**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 year ended December 31, 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 year ended December 31, 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 December 31, 2025, or at any time during the year 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 December 31, 2025.

Repurchase agreements at December 31, 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 23**

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**Transamerica Multi-Managed Balanced VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2025, if any, are shown on a gross basis within the Schedule of Investments.

**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.

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 December 31, 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 24**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 Portfolio's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 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>| $— | $— | $2341 | $— | $— | $2341 |
| **Total** | **$—** | **$—** | **$2341** | **$—** | **$—** | **$2341** |

---

&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.* 

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 December 31, 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  | $— | $— | $679753 | $— | $— | $679753 |
| **Total** | **$—** | **$—** | **$679753** | **$—** | **$—** | **$679753** |

---

&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  | $— | $— | $228297 | $— | $— | $228297 |
| **Total** | **$—** | **$—** | **$228297** | **$—** | **$—** | **$228297** |

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $8090751 |

---

*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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 25**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 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 class allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset class 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 is incorrect. The Portfolio's balance between equity and debt securities limits its potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 26**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**7. RISK FACTORS (continued)**

**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.

**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.

**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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**7. RISK FACTORS (continued)**

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.

**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.

**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 an allocated portion of 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 28**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**8. 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 $500 million | 0.61<br> % <br>|
| Over $500 million up to $1 billion | 0.59 |
| Over $1 billion up to $1.5 billion | 0.56 |
| Over $1.5 billion up to $2 billion | 0.55 |
| Over $2 billion up to $5 billion | 0.52 |
| Over $5 billion | 0.50 |

---

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>|
| Effective May 1, 2025 |  |  |
| Initial Class | 0.68<br> % <br>| May 1, 2026 |
| Service Class | 0.93 | May 1, 2026 |
| Prior to May 1, 2025 |  |  |
| Initial Class | 0.75 |  |
| Service Class | 1.00 |  |

---

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 year ended December 31, 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 December 31, 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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 29**

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**Transamerica Multi-Managed Balanced VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**8. 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 year ended December 31, 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 year ended December 31, 2025.

**9. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 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** |
| $401970191 | &nbsp;&nbsp; $154232797 | &nbsp;&nbsp; $579755314 | &nbsp;&nbsp; $194049445 |

---

**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. These differences are primarily due to different treatment for items including, but not limited to, wash sales, futures contracts mark-to-market, premium amortization accruals, futures straddle loss deferrals and interest written off. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 30**

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**Transamerica Multi-Managed Balanced VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

As of December 31, 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>|
| $1160323652 | &nbsp;&nbsp; $311003143 | &nbsp;&nbsp; $(26187903)<br>| &nbsp;&nbsp; $284815240 |

---

As of December 31, 2025, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2025, the Portfolio did not utilize any capital loss carryforwards.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $40173861 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $160182908 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $26357487 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $63956957 | &nbsp;&nbsp;&nbsp; $— |

---

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $32001297 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $112894970 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1248)<br>| &nbsp;&nbsp; $284815240 |

---

**11. OPERATING SEGMENTS**

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**

**Annual Financial Statements 2025**

**Page 31**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Multi-Managed Balanced VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Multi-Managed Balanced VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862img645ffd423.gif)

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

Boston, Massachusetts

February 25, 2026

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 32**

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**Transamerica Multi-Managed Balanced VP**

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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $160,182,908 for the year ended December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 33**

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**Transamerica Multi-Managed 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**

**Annual Financial Statements 2025**

**Page 34**

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**Transamerica Multi-Managed 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**

**Annual Financial Statements 2025**

**Page 35**

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**Transamerica Multi-Managed 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**

**Annual Financial Statements 2025**

**Page 36**

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**Transamerica Multi-Managed Balanced VP** 

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 37**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img65823bbd4.gif)

Visit **transamerica.com**

![](g768862img22add8825.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862imge7396acd6.gif)

------

![](g768862imge9e974e01.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica PineBridge Inflation Opportunities VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imgcb4ef2982.gif)

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**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_e3f4d926-fb24-4b4f-9a1f-cc55363c90ec_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_e3f4d926-fb24-4b4f-9a1f-cc55363c90ec_SOI-RunningFooter-192_1) | 2 |
| [Statement of Assets and Liabilities](#xx_e3f4d926-fb24-4b4f-9a1f-cc55363c90ec_FS-RunningFooter-192_1) | 6 |
| [Statement of Operations](#xx_e3f4d926-fb24-4b4f-9a1f-cc55363c90ec_FS-RunningFooter-192_1) | 6 |
| [Statement of Changes in Net Assets](#xx_e3f4d926-fb24-4b4f-9a1f-cc55363c90ec_FS-RunningFooter-192_2) | 7 |
| [Financial Highlights](#xx_e3f4d926-fb24-4b4f-9a1f-cc55363c90ec_SCF-RunningFooter-192_1) | 8 |
| [Notes to Financial Statements](#xx_e3f4d926-fb24-4b4f-9a1f-cc55363c90ec_NTF-RunningFooter-192_1) | 9 |
| **[Report of Independent Registered Public Accounting Firm](#xx_e3f4d926-fb24-4b4f-9a1f-cc55363c90ec_AUD-RunningFooter-192_1)** | 22 |
| **[Supplemental Information](#xx_e3f4d926-fb24-4b4f-9a1f-cc55363c90ec_STI-RunningFooter-192_1)** | 23 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_e3f4d926-fb24-4b4f-9a1f-cc55363c90ec_DWA-RunningFooter-192_1)**<br> **[Companies](#xx_e3f4d926-fb24-4b4f-9a1f-cc55363c90ec_DWA-RunningFooter-192_1)**<br>| 24 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_e3f4d926-fb24-4b4f-9a1f-cc55363c90ec_PD-RunningFooter-192_1)** | 25 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_e3f4d926-fb24-4b4f-9a1f-cc55363c90ec_DTO-RunningFooter-192_1)**<br> **[Companies](#xx_e3f4d926-fb24-4b4f-9a1f-cc55363c90ec_DTO-RunningFooter-192_1)**<br>| 26 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_e3f4d926-fb24-4b4f-9a1f-cc55363c90ec_Mgmtagmt-RunningFooter-192_1)** | 27 |

---

***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 PineBridge Inflation Opportunities VP**

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**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 52.2%**  | **U.S. GOVERNMENT OBLIGATIONS - 52.2%**  | **U.S. GOVERNMENT OBLIGATIONS - 52.2%**  |
| **U.S. Treasury Inflation-Protected Securities - 52.2%**  | **U.S. Treasury Inflation-Protected Securities - 52.2%**  | **U.S. Treasury Inflation-Protected Securities - 52.2%**  |
| U.S. Treasury Inflation-Protected Indexed <br> Bonds |  |  |
| 0.13%, 02/15/2051 - 02/15/2052 | $2420100 | $1293048 |
| 0.63%, 02/15/2043 | 2832200 | 2106769 |
| 0.75%, 02/15/2042 - 02/15/2045 | 3514775 | 2632638 |
| 1.38%, 02/15/2044 | 1396980 | 1169210 |
| 1.50%, 02/15/2053 | 4162102 | 3244014 |
| 2.13%, 02/15/2040 | 451899 | 447186 |
| 2.38%, 01/15/2027 | 1937340 | 1952766 |
| 3.63%, 04/15/2028 | 1207782 | 1267017 |
| U.S. Treasury Inflation-Protected Indexed <br> Notes |  |  |
| 0.13%, 01/15/2030 - 01/15/2032 | 5497880 | 5112232 |
| 0.25%, 07/15/2029 | 1400102 | 1348842 |
| 0.38%, 01/15/2027 - 07/15/2027 | 3352690 | 3312149 |
| 0.50%, 01/15/2028 | 1319920 | 1296601 |
| 0.63%, 01/15/2026 - 07/15/2032 | 4296435 | 4152872 |
| 0.75%, 07/15/2028 | 2594080 | 2562995 |
| 0.88%, 01/15/2029 | 1160469 | 1142412 |
| 1.13%, 01/15/2033 | 1093000 | 1048690 |
| 1.25%, 04/15/2028 | 650179 | 647521 |
| 1.38%, 07/15/2033 | 2412022 | 2350907 |
| 1.75%, 01/15/2034 | 317751 | 315929 |
| 1.88%, 07/15/2034 - 07/15/2035 | 5532066 | 5533716 |
| 2.38%, 10/15/2028 | 2338512 | 2408092 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $48,543,146)**<br>|  | 45345606 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 31.6%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 31.6%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 31.6%**  |
| **Australia - 5.0%**  | **Australia - 5.0%**  | **Australia - 5.0%**  |
| Australia Government Bonds |  |  |
| 2.50%, 09/20/2030 <sup>(A)</sup> <br>| AUD 4,250,000 | 4361197 |
| **Germany - 1.3%**  | **Germany - 1.3%**  | **Germany - 1.3%**  |
| &nbsp;&nbsp; Deutsche Bundesrepublik Inflation-Linked <br> Bonds<br>|  |  |
| 0.50%, 04/15/2030 <sup>(A)</sup> <br>| EUR 976,200 | 1133670 |
| **Italy - 4.2%**  | **Italy - 4.2%**  | **Italy - 4.2%**  |
| Italy Buoni Poliennali Del Tesoro |  |  |
| 0.10%, 05/15/2033 <sup>(A)</sup> <br>| 2394840 | 2546343 |
| 1.30%, 05/15/2028 <sup>(A)</sup> <br>| 951944 | 1128779 |
|  |  | 3675122 |
| **Japan - 10.1%**  | **Japan - 10.1%**  | **Japan - 10.1%**  |
| Japan Government CPI-Linked Bonds |  |  |
| 0.10%, 03/10/2026 - 03/10/2029 | JPY 1,364,232,000 | 8801932 |
| **Mexico - 0.5%**  | **Mexico - 0.5%**  | **Mexico - 0.5%**  |
| Mexico Government International Bonds |  |  |
| 4.28%, 08/14/2041 | $254000 | 203962 |
| 5.38%, 03/22/2033 | 225000 | 222975 |
|  |  | 426937 |
| **Spain - 5.1%**  | **Spain - 5.1%**  | **Spain - 5.1%**  |
| Spain Government Inflation-Linked Bonds |  |  |
| 1.00%, 11/30/2030 <sup>(A)</sup> <br>| EUR 3,730,357 | 4401399 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **United Kingdom - 5.4%**  | **United Kingdom - 5.4%**  | **United Kingdom - 5.4%**  |
| U.K. Inflation-Linked Gilt |  |  |
| 0.13%, 03/22/2026 - 03/22/2029 <sup>(A)</sup> <br>| GBP 3,506,279 | $4639047 |
| &nbsp;&nbsp; **Total Foreign Government Obligations** <br>**(Cost $27,972,887)**<br>|  | 27439304 |
| **CORPORATE DEBT SECURITIES - 15.0%**  | **CORPORATE DEBT SECURITIES - 15.0%**  | **CORPORATE DEBT SECURITIES - 15.0%**  |
| **Automobiles - 0.5%**  | **Automobiles - 0.5%**  | **Automobiles - 0.5%**  |
| Ford Motor Credit Co. LLC |  |  |
| 6.05%, 11/05/2031 | $200000 | 204864 |
| Stellantis Finance U.S., Inc. |  |  |
| 6.45%, 03/18/2035 <sup>(B)</sup> <br>| 211000 | 219337 |
|  |  | 424201 |
| **Banks - 6.8%**  | **Banks - 6.8%**  | **Banks - 6.8%**  |
| BAC Capital Trust XIV |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 0.66%, <br>4.38% <sup>(C)</sup>, 01/15/2026 <sup>(D)</sup> <br>| 432000 | 339735 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 12/20/2027, <br>3.42% <sup>(C)</sup>, 12/20/2028<br>| 153000 | 151076 |
| &nbsp;&nbsp; Fixed until 10/25/2034, <br>5.52% <sup>(C)</sup>, 10/25/2035<br>| 1000000 | 1024222 |
| &nbsp;&nbsp; Fixed until 02/12/2035, <br>5.74% <sup>(C)</sup>, 02/12/2036<br>| 401000 | 417841 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 09/10/2029, <br>4.94% <sup>(C)</sup>, 09/10/2030<br>| 200000 | 203963 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp; Fixed until 05/09/2030, <br>5.09% <sup>(C)</sup>, 05/09/2031 <sup>(B)</sup> <br>| 246000 | 251122 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 09/11/2035, <br>5.17% <sup>(C)</sup>, 09/11/2036<br>| 151000 | 152411 |
| &nbsp;&nbsp; Fixed until 09/19/2034, <br>5.41% <sup>(C)</sup>, 09/19/2039<br>| 117000 | 117739 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp; Fixed until 05/28/2031, <br>3.04% <sup>(C)</sup>, 05/28/2032<br>| 222000 | 203807 |
| &nbsp;&nbsp; Fixed until 09/18/2030, <br>3.55% <sup>(C)</sup>, 09/18/2031<br>| 339000 | 323519 |
| &nbsp;&nbsp; Fixed until 12/10/2030, <br>4.47% <sup>(C)</sup>, 12/10/2031<br>| 150000 | 149489 |
| FNB Corp. |  |  |
| &nbsp;&nbsp; Fixed until 12/11/2029, <br>5.72% <sup>(C)</sup>, 12/11/2030<br>| 140000 | 142875 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 04/25/2034, <br>5.85% <sup>(C)</sup>, 04/25/2035<br>| 200000 | 212632 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp; Fixed until 09/10/2035, <br>5.74% <sup>(C)</sup>, 09/10/2036 <sup>(E)</sup> <br>| 335000 | 344845 |
| KeyBank NA |  |  |
| 3.40%, 05/20/2026 | 250000 | 249432 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 09/16/2031, <br>2.48% <sup>(C)</sup>, 09/16/2036<br>| 77000 | 67707 |
| &nbsp;&nbsp; Fixed until 10/18/2029, <br>4.65% <sup>(C)</sup>, 10/18/2030<br>| 560000 | 566775 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica PineBridge Inflation Opportunities VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 08/28/2030, <br>3.03% <sup>(C)</sup>, 11/28/2035<br>| $277000 | $254683 |
| &nbsp;&nbsp; Fixed until 08/15/2029, <br>4.96% <sup>(C)</sup>, 08/15/2030<br>| 300000 | 306171 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp; Fixed until 09/15/2028, <br>4.08% <sup>(C)</sup>, 09/15/2029<br>| 188000 | 187849 |
| Zions Bancorp NA |  |  |
| &nbsp;&nbsp; Fixed until 08/19/2034, <br>6.82% <sup>(C)</sup>, 11/19/2035<br>| 252000 | 267626 |
|  |  | 5935519 |
| **Chemicals - 0.8%**  | **Chemicals - 0.8%**  | **Chemicals - 0.8%**  |
| CF Industries, Inc. |  |  |
| 5.30%, 11/26/2035 | 117000 | 116594 |
| Dow Chemical Co. |  |  |
| 4.80%, 01/15/2031 | 148000 | 147161 |
| 5.60%, 02/15/2054 <sup>(E)</sup> <br>| 36000 | 31284 |
| Eastman Chemical Co. |  |  |
| 5.75%, 03/08/2033 | 128000 | 134132 |
| Mosaic Co. |  |  |
| 4.60%, 11/15/2030 | 136000 | 136269 |
| PPG Industries, Inc. |  |  |
| 4.38%, 03/15/2031 | 98000 | 97883 |
|  |  | 663323 |
| **Commercial Services & Supplies - 0.2%**  | **Commercial Services & Supplies - 0.2%**  | **Commercial Services & Supplies - 0.2%**  |
| Triton Container International Ltd. |  |  |
| 3.15%, 06/15/2031 <sup>(B)</sup> <br>| 223000 | 200915 |
| **Construction & Engineering - 0.1%**  | **Construction & Engineering - 0.1%**  | **Construction & Engineering - 0.1%**  |
| MasTec, Inc. |  |  |
| 5.90%, 06/15/2029 | 79000 | 82305 |
| **Containers & Packaging - 0.7%**  | **Containers & Packaging - 0.7%**  | **Containers & Packaging - 0.7%**  |
| AptarGroup, Inc. |  |  |
| 4.75%, 03/30/2031 | 139000 | 139981 |
| Packaging Corp. of America |  |  |
| 5.70%, 12/01/2033 | 200000 | 210982 |
| Smurfit Westrock Financing DAC |  |  |
| 5.19%, 01/15/2036 | 217000 | 218542 |
|  |  | 569505 |
| **Insurance - 0.6%**  | **Insurance - 0.6%**  | **Insurance - 0.6%**  |
| Hartford Insurance Group, Inc. |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 2.39%, <br>6.24% <sup>(C)</sup>, 02/12/2067 <sup>(B)</sup> <br>| 583000 | 551649 |
| **Machinery - 0.2%**  | **Machinery - 0.2%**  | **Machinery - 0.2%**  |
| Weir Group, Inc. |  |  |
| 5.35%, 05/06/2030 <sup>(B)</sup> <br>| 210000 | 215801 |
| **Metals & Mining - 1.2%**  | **Metals & Mining - 1.2%**  | **Metals & Mining - 1.2%**  |
| ArcelorMittal SA |  |  |
| 6.35%, 06/17/2054 <sup>(E)</sup> <br>| 98000 | 103256 |
| Corp. Nacional del Cobre de Chile |  |  |
| 6.33%, 01/13/2035 <sup>(B)</sup> <br>| 215000 | 229405 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Newmont Corp./Newcrest Finance Pty. Ltd. |  |  |
| 5.75%, 11/15/2041 | $61000 | $61712 |
| Rio Tinto Finance USA PLC |  |  |
| 5.75%, 03/14/2055 | 152000 | 154989 |
| South32 Treasury Ltd. |  |  |
| 4.35%, 04/14/2032 <sup>(B)</sup> <br>| 373000 | 361456 |
| Steel Dynamics, Inc. |  |  |
| 5.38%, 08/15/2034 | 150000 | 155397 |
|  |  | 1066215 |
| **Oil, Gas & Consumable Fuels - 3.2%**  | **Oil, Gas & Consumable Fuels - 3.2%**  | **Oil, Gas & Consumable Fuels - 3.2%**  |
| APA Corp. |  |  |
| 4.25%, 01/15/2030 | 520000 | 510419 |
| 6.10%, 02/15/2035 | 291000 | 299132 |
| Cheniere Energy Partners LP |  |  |
| 5.55%, 10/30/2035 <sup>(B)</sup> <br>| 87000 | 88947 |
| Enbridge, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/15/2027, <br>5.50% <sup>(C)</sup>, 07/15/2077<br>| 324000 | 321046 |
| Enterprise Products Operating LLC |  |  |
| 3.70%, 01/31/2051 | 203000 | 148861 |
| &nbsp;&nbsp; Fixed until 08/16/2027, <br>5.25% <sup>(C)</sup>, 08/16/2077<br>| 154000 | 153736 |
| ONEOK, Inc. |  |  |
| 4.95%, 10/15/2032 | 372000 | 373686 |
| Plains All American Pipeline LP/PAA <br> Finance Corp. |  |  |
| 4.70%, 01/15/2031 | 148000 | 148835 |
| 6.65%, 01/15/2037 | 280000 | 304211 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| 5.10%, 03/15/2036 <sup>(B)</sup> <br>| 181000 | 182231 |
| Woodside Finance Ltd. |  |  |
| 5.40%, 05/19/2030 | 279000 | 286488 |
|  |  | 2817592 |
| **Passenger Airlines - 0.4%**  | **Passenger Airlines - 0.4%**  | **Passenger Airlines - 0.4%**  |
| Southwest Airlines Co. |  |  |
| 5.25%, 11/15/2035 | 345000 | 337394 |
| **Semiconductors & Semiconductor Equipment - 0.3%**  | **Semiconductors & Semiconductor Equipment - 0.3%**  | **Semiconductors & Semiconductor Equipment - 0.3%**  |
| Foundry JV Holdco LLC |  |  |
| 5.88%, 01/25/2034 <sup>(B)</sup> <br>| 211000 | 216686 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $13,115,886)**<br>|  | 13081105 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENT COMPANY - 0.1%**  | **SHORT-TERM INVESTMENT COMPANY - 0.1%**  | **SHORT-TERM INVESTMENT COMPANY - 0.1%**  |
| **Money Market Fund - 0.1%**  | **Money Market Fund - 0.1%**  | **Money Market Fund - 0.1%**  |
| &nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, <br>3.74% <sup>(F)</sup> <br>| 140650 | 140650 |
| &nbsp;&nbsp; **Total Short-Term Investment Company** <br>**(Cost $140,650)**<br>|  | 140650 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica PineBridge Inflation Opportunities VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **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> 3.79% <sup>(F)</sup> <br>| 491110 | $491110 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $491,110)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $491,110)** | 491110 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $90,263,679)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $90,263,679)** | 86497775 |
| **Net Other Assets (Liabilities) - 0.5%** | **Net Other Assets (Liabilities) - 0.5%** | 440597 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$86938372** |

---

**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>|
| JPMS | 01/22/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 9422233 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 1374000000 | &nbsp;&nbsp;&nbsp; $632736 | &nbsp;&nbsp;&nbsp; $— |
| MSCS | 01/22/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 4310660 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 6520000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (41044)<br>|
| MSCS | 01/22/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 8264586 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 29355 | &nbsp;&nbsp;&nbsp; — |
| MSCS | 01/22/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 988393 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11599)<br>|
| MSCS | 01/22/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 9145970 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 6800000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (19836)<br>|
| MSCS | 01/22/2026 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 4476073 | &nbsp;&nbsp;&nbsp; 106830 | &nbsp;&nbsp;&nbsp; — |
| **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$768921** | &nbsp;&nbsp;&nbsp; **$(72479)**<br>|

---

**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** |  |  |  |  |
| U.S. Government Obligations | $— | &nbsp;&nbsp; $45345606 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45345606 |
| Foreign Government Obligations |  | &nbsp;&nbsp; 27439304 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27439304 |
| Corporate Debt Securities |  | &nbsp;&nbsp; 13081105 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13081105 |
| Short-Term Investment Company | 140650 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 140650 |
| Other Investment Company | 491110 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 491110 |
| **Total Investments** | **$631760** | &nbsp;&nbsp; **$85866015** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$86497775** |
| **Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Contracts <sup>(H)</sup> <br>| $— | &nbsp;&nbsp; $768921 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $768921 |
| **Total Other Financial Instruments** | **$—** | &nbsp;&nbsp; **$768921** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$768921** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Contracts <sup>(H)</sup> <br>| $— | &nbsp;&nbsp; $(72479)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(72479)<br>|
| **Total Other Financial Instruments** | **$—** | &nbsp;&nbsp; **$(72479)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(72479)**<br>|

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</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 December 31, 2025, the total value of the Regulation S securities is $18,210,435,* *representing 20.9% of the Portfolio's net assets.* 

<sup>(B)</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 December 31, 2025, the total value of 144A securities is $2,517,549, representing 2.9% of the* *Portfolio's net assets.* 

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

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**Transamerica PineBridge Inflation Opportunities VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

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

<sup>(C)</sup> *Floating or variable rate security. The rate disclosed is as of December 31, 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> *Perpetual maturity. The date displayed is the next call date.*

<sup>(E)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $481,371, collateralized by cash collateral of $491,110. 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 December 31, 2025.*

<sup>(G)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 2025. Please reference the Investment Valuation section of the Notes* *to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(H)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**CURRENCY ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *AUD* | *Australian Dollar* |
| *EUR* | *Euro* |
| *GBP* | *British Pound* |
| *JPY* | *Japanese Yen* |
| *USD* | *United States Dollar* |

---

**COUNTERPARTY ABBREVIATION(S):** 

*JPMS* *JPMorgan Securities LLC* <br> *MSCS* *Morgan Stanley Capital Services Inc.*

**PORTFOLIO ABBREVIATION(S):** 

*SOFR* *Secured Overnight Financing Rate*

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica PineBridge Inflation Opportunities VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $90,263,679) (including securities <br> loaned of $481,371)<br>| &nbsp;&nbsp; $86497775 |
| Foreign currency, at value (cost $258) | &nbsp;&nbsp; 261 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 201 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 34647 |
| Interest | &nbsp;&nbsp; 395454 |
| Unrealized appreciation on forward foreign currency <br> contracts<br>| &nbsp;&nbsp; 768921 |
| Total assets | &nbsp;&nbsp; 87697259 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 491110 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 76728 |
| Investment management fees | &nbsp;&nbsp; 34043 |
| Distribution and service fees | &nbsp;&nbsp; 19789 |
| Transfer agent costs | &nbsp;&nbsp; 90 |
| Trustee and CCO fees | &nbsp;&nbsp; 30 |
| Audit and tax fees  | &nbsp;&nbsp; 43142 |
| Custody fees | &nbsp;&nbsp; 5182 |
| Legal fees | &nbsp;&nbsp; 746 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 9000 |
| Other accrued expenses | &nbsp;&nbsp; 6548 |
| Unrealized depreciation on forward foreign currency <br> contracts<br>| &nbsp;&nbsp; 72479 |
| Total liabilities | &nbsp;&nbsp; 758887 |
| **Net assets**  | &nbsp;&nbsp; $86938372 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $87619 |
| Additional paid-in capital | &nbsp;&nbsp; 103765154 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (16914401)<br>|
| **Net assets** | &nbsp;&nbsp; $86938372 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $12745 |
| Service Class | &nbsp;&nbsp; 86925627 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 1310 |
| Service Class | &nbsp;&nbsp; 8760584 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $9.73 |
| Service Class | 9.92 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | &nbsp;&nbsp; $4032551 |
| Net income from securities lending | &nbsp;&nbsp; 2316 |
| Total investment income  | &nbsp;&nbsp; 4034867 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 403289 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 234362 |
| Transfer agent costs | &nbsp;&nbsp; 1032 |
| Trustee and CCO fees | &nbsp;&nbsp; 4779 |
| Audit and tax fees | &nbsp;&nbsp; 44251 |
| Custody fees | &nbsp;&nbsp; 20040 |
| Legal fees | &nbsp;&nbsp; 8773 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 27965 |
| Other | &nbsp;&nbsp; 16963 |
| Total expenses | &nbsp;&nbsp; 761454 |
| **Net investment income (loss)** | &nbsp;&nbsp; 3273413 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; (2925643)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (1083195)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (26725)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (4035563)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 6064748 |
| Forward foreign currency contracts | &nbsp;&nbsp; (301100)<br>|
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 632 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 5764280 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 1728717 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $5002130 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica PineBridge Inflation Opportunities VP**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $3273413 | &nbsp;&nbsp; $2713215 |
| Net realized gain (loss) | &nbsp;&nbsp; (4035563)<br>| &nbsp;&nbsp; (839910)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 5764280 | &nbsp;&nbsp; 88324 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 5002130 | &nbsp;&nbsp; 1961629 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (466)<br>| &nbsp;&nbsp; (6323)<br>|
| Service Class | &nbsp;&nbsp; (3055670)<br>| &nbsp;&nbsp; (3686675)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (3056136)<br>| &nbsp;&nbsp; (3692998)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 60000 |
| Service Class | &nbsp;&nbsp; 1405495 | &nbsp;&nbsp; 1851888 |
|  | &nbsp;&nbsp; 1405495 | &nbsp;&nbsp; 1911888 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 466 | &nbsp;&nbsp; 6323 |
| Service Class | &nbsp;&nbsp; 3055670 | &nbsp;&nbsp; 3686675 |
|  | &nbsp;&nbsp; 3056136 | &nbsp;&nbsp; 3692998 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (188143)<br>| &nbsp;&nbsp; — |
| Service Class | &nbsp;&nbsp; (20319847)<br>| &nbsp;&nbsp; (27376674)<br>|
|  | &nbsp;&nbsp; (20507990)<br>| &nbsp;&nbsp; (27376674)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (16046359)<br>| &nbsp;&nbsp; (21771788)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (14100365)<br>| &nbsp;&nbsp; (23503157)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 101038737 | &nbsp;&nbsp; 124541894 |
| End of year | &nbsp;&nbsp; $86938372 | &nbsp;&nbsp; $101038737 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 6178 |
| Service Class | &nbsp;&nbsp; 141290 | &nbsp;&nbsp; 186855 |
|  | &nbsp;&nbsp; 141290 | &nbsp;&nbsp; 193033 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 653 |
| Service Class | &nbsp;&nbsp; 310220 | &nbsp;&nbsp; 373902 |
|  | &nbsp;&nbsp; 310269 | &nbsp;&nbsp; 374555 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (19317)<br>| &nbsp;&nbsp; — |
| Service Class | &nbsp;&nbsp; (2045464)<br>| &nbsp;&nbsp; (2770478)<br>|
|  | &nbsp;&nbsp; (2064781)<br>| &nbsp;&nbsp; (2770478)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (19268)<br>| &nbsp;&nbsp; 6831 |
| Service Class | &nbsp;&nbsp; (1593954)<br>| &nbsp;&nbsp; (2209721)<br>|
|  | &nbsp;&nbsp; (1613222)<br>| &nbsp;&nbsp; (2202890)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica PineBridge Inflation Opportunities VP**

------

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $9.57 | &nbsp;&nbsp; $9.74 | &nbsp;&nbsp; $9.80 | &nbsp;&nbsp; $11.37 | &nbsp;&nbsp; $11.08 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.24 | 0.27 | 0.29 | 0.62 | 0.45 |
| Net realized and unrealized gain (loss) | 0.29 | &nbsp;&nbsp; (0.06)<br>| 0.24 | &nbsp;&nbsp; (1.76)<br>| 0.00 <br><sup>(B)</sup><br>|
| Total investment operations | 0.53 | 0.21 | 0.53 | &nbsp;&nbsp; (1.14)<br>| 0.45 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.16)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $9.73 | &nbsp;&nbsp; $9.57 | &nbsp;&nbsp; $9.74 | &nbsp;&nbsp; $9.80 | &nbsp;&nbsp; $11.37 |
| **Total return**<sup>(C)</sup> <br>| 5.56<br> %<br>| 2.07<br> %<br>| 5.67<br> %<br>| &nbsp;&nbsp; (10.21)%<br>| 4.08<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $13 | &nbsp;&nbsp; $197 | &nbsp;&nbsp; $134 | &nbsp;&nbsp; $98 | &nbsp;&nbsp; $184 |
| Expenses to average net assets<sup>(D)</sup> <br>| 0.56<br> %<br>| 0.53<br> %<br>| 0.59<br> %<br>| 0.56<br> %<br>| 0.57<br> %<br>|
| Net investment income (loss) to average net assets | 2.42<br> %<br>| 2.73<br> %<br>| 2.97<br> %<br>| 5.84<br> %<br>| 4.01<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 32<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> *Does not include expenses of the underlying investments in which the Portfolio invests.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $9.74 | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp; $9.94 | &nbsp;&nbsp; $11.54 | &nbsp;&nbsp; $11.24 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.35 | 0.24 | 0.27 | 0.59 | 0.39 |
| Net realized and unrealized gain (loss) | 0.17 | &nbsp;&nbsp; (0.06)<br>| 0.25 | &nbsp;&nbsp; (1.79)<br>| 0.04 |
| Total investment operations | 0.52 | 0.18 | 0.52 | &nbsp;&nbsp; (1.20)<br>| 0.43 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.13)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $9.74 | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp; $9.94 | &nbsp;&nbsp; $11.54 |
| **Total return**<sup>(B)</sup> <br>| 5.35<br> %<br>| 1.82<br> %<br>| 5.44<br> %<br>| &nbsp;&nbsp; (10.55)%<br>| 3.86<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $86925 | &nbsp;&nbsp; $100842 | &nbsp;&nbsp; $124408 | &nbsp;&nbsp; $144585 | &nbsp;&nbsp; $168860 |
| Expenses to average net assets<sup>(C)</sup> <br>| 0.81<br> %<br>| 0.78<br> %<br>| 0.84<br> %<br>| 0.81<br> %<br>| 0.82<br> %<br>|
| Net investment income (loss) to average net assets | 3.49<br> %<br>| 2.43<br> %<br>| 2.75<br> %<br>| 5.54<br> %<br>| 3.40<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 32<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> *Does not include expenses of the underlying investments in which the Portfolio invests.*

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica PineBridge Inflation Opportunities VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 PineBridge Inflation Opportunities 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**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica PineBridge Inflation Opportunities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 year ended December 31, 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.

**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 year ended December 31, 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica PineBridge Inflation Opportunities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**3. INVESTMENT VALUATION (continued)**

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 December 31, 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.

*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.

*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.

*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.

*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,

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica PineBridge Inflation Opportunities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**3. INVESTMENT VALUATION (continued)**

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**

**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 December 31, 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.

**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 year ended December 31, 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 December 31, 2025, or at any time during the year then ended.

**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**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica PineBridge Inflation Opportunities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 December 31, 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 December 31, 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 | $491110 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $491110 |
| **Total Borrowings** | **$491110** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$491110** |

---

**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.

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica PineBridge Inflation Opportunities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

**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 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 December 31, 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 December 31, 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>| $— | $768921 | $— | $— | $— | $768921 |
| **Total** | **$—** | **$768921** | **$—** | **$—** | **$—** | **$768921** |

---

&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** |
| Forward foreign currency contracts: <br>Unrealized depreciation on forward <br> foreign currency contracts<br>| $— | $(72479)<br>| $— | $— | $— | $(72479)<br>|
| **Total** | **$—** | **$(72479)**<br>| **$—** | **$—** | **$—** | **$(72479)**<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 December 31, 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** |
| Forward foreign currency contracts  | $— | $(1083195)<br>| $— | $— | $— | $(1083195)<br>|
| **Total** | **$—** | **$(1083195)**<br>| **$—** | **$—** | **$—** | **$(1083195)**<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** |
| Forward foreign currency contracts  | $— | $(301100)<br>| $— | $— | $— | $(301100)<br>|
| **Total** | **$—** | **$(301100)**<br>| **$—** | **$—** | **$—** | **$(301100)**<br>|

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica PineBridge Inflation Opportunities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 ending monthly average volume on derivative activity during the year ended December 31, 2025.

---

| | |
|:---|:---|
| **Forward foreign currency exchange contracts:** |  |
| Average contract amounts purchased — in USD | $1475733 |
| Average contract amounts sold — in USD | 32466195 |

---

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 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 December 31, 2025. For financial reporting purposes, the Portfolio does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 15**

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**Transamerica PineBridge Inflation Opportunities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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** |
| JPMorgan Securities LLC | $632736 | $— | $— | $632736 | $— | $— | $— | $— |
| Morgan Stanley Capital <br> Services LLC<br>| 136185 | (72479)<br>|  | 63706 | 72479 | (72479)<br>|  |  |
| **Total** | **$768921** | **$(72479)**<br>| **$—** | **$696442** | **$72479** | **$(72479)**<br>| **$—** | **$—** |

---

&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.

**Inflation-protected securities risk:** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica PineBridge Inflation Opportunities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**7. RISK FACTORS (continued)**

**Sovereign debt risk:** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**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.

**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.

**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.

**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.

**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.

**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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica PineBridge Inflation Opportunities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**7. RISK FACTORS (continued)**

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.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica PineBridge Inflation Opportunities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 $100 million | 0.430<br> % <br>|
| Over $100 million up to $500 million | 0.380 |
| Over $500 million up to $750 million | 0.375 |
| Over $750 million | 0.370 |

---

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 year ended December 31, 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 December 31, 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 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica PineBridge Inflation Opportunities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

**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 year ended December 31, 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 year ended December 31, 2025.

**9. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 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** |
| $13073154 | &nbsp;&nbsp; $5067850 | &nbsp;&nbsp; $19150272 | &nbsp;&nbsp; $17021190 |

---

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

As of December 31, 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>|
| $90524869 | &nbsp;&nbsp; $1408006 | &nbsp;&nbsp; $(5435100)<br>| &nbsp;&nbsp; $(4027094)<br>|

---

As of December 31, 2025, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $693790 | &nbsp;&nbsp;&nbsp;&nbsp; $15425435 |

---

During the year ended December 31, 2025, the Portfolio did not utilize any capital loss carryforwards.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica PineBridge Inflation Opportunities VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $3056136 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3692998 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $3231885 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(16119225)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4027061)<br>|

---

**11. OPERATING SEGMENTS**

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**

**Annual Financial Statements 2025**

**Page 21**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica PineBridge Inflation Opportunities VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica PineBridge Inflation Opportunities VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862img1a89374e3.gif)

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

Boston, Massachusetts

February 25, 2026

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica PineBridge Inflation Opportunities VP**

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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made no long-term capital gain designations for the year ended December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 23**

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**Transamerica PineBridge Inflation Opportunities 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**

**Annual Financial Statements 2025**

**Page 24**

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**Transamerica PineBridge Inflation Opportunities 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**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica PineBridge Inflation Opportunities 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**

**Annual Financial Statements 2025**

**Page 26**

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**Transamerica PineBridge Inflation Opportunities VP** 

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

**(unaudited)**

**APPROVAL OF SUB-ADVISORY AGREEMENT**

In December 2024, MetLife Investment Management, Inc. announced that it had agreed to enter into a transaction with PineBridge Investments, L.P., the parent company of PineBridge Investments, LLC ("PineBridge" or the "Sub-Adviser"), for the acquisition of 100% of the ownership interests in PineBridge (the "Transaction"). The Transaction, upon its closing, constituted an "assignment," within the meaning of the Investment Company Act of 1940, as amended, of the investment sub-advisory agreement for Transamerica PineBridge Inflation Opportunities VP (the "Portfolio") between Transamerica Asset Management, Inc. ("TAM") and PineBridge (the "Prior PineBridge Sub-Advisory Agreement"), resulting in its automatic termination.

In anticipation of the closing of the Transaction, the Board of Trustees of Transamerica Series Trust (the "Trustees" or the "Board"), at a meeting held on August 6-7, 2025, considered the retention of PineBridge as sub-adviser to the Portfolio and the approval of a new sub-advisory agreement for the Portfolio between TAM and PineBridge (the "New PineBridge Sub-Advisory Agreement") to take effect upon the closing of the Transaction.

Following its review and consideration, the Board determined that the terms of the New PineBridge Sub-Advisory Agreement were reasonable and that the approval of the New PineBridge Sub-Advisory Agreement was in the best interests of the Portfolio and its holders. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the New PineBridge Sub-Advisory Agreement for an initial two-year term to take effect upon the closing of the Transaction.

The Board reviewed and considered whether the terms of the New PineBridge Sub-Advisory Agreement were reasonable and in the best interests of the Portfolio and its holders. To assist the Board in its consideration of the New PineBridge Sub-Advisory Agreement, the Board had requested and received from TAM and PineBridge certain materials and information in advance of the meeting. In addition, the Independent Board Members consulted with counsel, including independent legal counsel, discussing, among other things, the legal standards, and certain other considerations relevant to the Independent Board Members' deliberations.

Among other matters, the Board considered

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the Transaction is not expected to result in any diminution in the nature, extent and quality of sub-advisory services provided to the Portfolio and its holders, including compliance services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that PineBridge does not anticipate any restructuring of PineBridge's management and operations following the Transaction, and that PineBridge will continue to have investment and operational autonomy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that PineBridge will continue to have the capabilities, resources, and personnel necessary to provide services to the Portfolio based on an assessment of PineBridge, its investment personnel, and the services PineBridge currently provides to the Portfolio; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that the New PineBridge Sub-Advisory Agreement will not result in any change in the rate of sub-advisory fees payable by TAM to PineBridge.

In considering the New PineBridge Sub-Advisory Agreement, the Board also relied, as to PineBridge's services, fees, profitability, and fallout benefits, on its prior deliberations in approving the renewal of the Prior PineBridge Sub-Advisory Agreement at the Board meeting held on June 11-12, 2025, as supplemented by the new information concerning the Transaction.

In their deliberations, the Board 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 its own business judgment. The Board based its decisions on the considerations discussed above, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors.

After consideration of the factors described above, as well as other factors, the Board, including all of the Independent Trustees, concluded that the approval of the New PineBridge Sub-Advisory Agreement is in the best interests of the Portfolio and its holders and unanimously approved the New PineBridge Sub-Advisory Agreement to take effect upon the closing of the Transaction.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 27**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img94e80f9d4.gif)

Visit **transamerica.com**

![](g768862img8e30f9045.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img88de0d5a6.gif)

------

![](g768862img2367787b1.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica ProFund UltraBear VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imgde4add692.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_803f896b-a325-4c95-a198-6829f8f5ae2e_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_803f896b-a325-4c95-a198-6829f8f5ae2e_SOI-RunningFooter-239_1) | 2 |
| [Statement of Assets and Liabilities](#xx_803f896b-a325-4c95-a198-6829f8f5ae2e_FS-RunningFooter-239_1) | 3 |
| [Statement of Operations](#xx_803f896b-a325-4c95-a198-6829f8f5ae2e_FS-RunningFooter-239_1) | 3 |
| [Statement of Changes in Net Assets](#xx_803f896b-a325-4c95-a198-6829f8f5ae2e_FS-RunningFooter-239_2) | 4 |
| [Financial Highlights](#xx_803f896b-a325-4c95-a198-6829f8f5ae2e_SCF-RunningFooter-239_1) | 5 |
| [Notes to Financial Statements](#xx_803f896b-a325-4c95-a198-6829f8f5ae2e_NTF-RunningFooter-239_1) | 6 |
| **[Report of Independent Registered Public Accounting Firm](#xx_803f896b-a325-4c95-a198-6829f8f5ae2e_AUD-RunningFooter-239_1)** | 17 |
| **[Supplemental Information](#xx_803f896b-a325-4c95-a198-6829f8f5ae2e_STI-RunningFooter-239_1)** | 18 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_803f896b-a325-4c95-a198-6829f8f5ae2e_DWA-RunningFooter-239_1)**<br> **[Companies](#xx_803f896b-a325-4c95-a198-6829f8f5ae2e_DWA-RunningFooter-239_1)**<br>| 19 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_803f896b-a325-4c95-a198-6829f8f5ae2e_PD-RunningFooter-239_1)** | 20 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_803f896b-a325-4c95-a198-6829f8f5ae2e_DTO-RunningFooter-239_1)**<br> **[Companies](#xx_803f896b-a325-4c95-a198-6829f8f5ae2e_DTO-RunningFooter-239_1)**<br>| 21 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_803f896b-a325-4c95-a198-6829f8f5ae2e_Mgmtagmt-RunningFooter-239_1)** | 22 |

---

***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 ProFund UltraBear VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENT COMPANIES - 68.5%**  | **SHORT-TERM INVESTMENT COMPANIES - 68.5%**  | **SHORT-TERM INVESTMENT COMPANIES - 68.5%**  |
| **Money Market Funds - 68.5%**  | **Money Market Funds - 68.5%**  | **Money Market Funds - 68.5%**  |
| &nbsp;&nbsp; BlackRock Liquidity Funds T-Fund, <br>3.65% <sup>(A)</sup> <br>| 1566860 | $1566860 |
| &nbsp;&nbsp; Dreyfus Treasury & Agency Cash <br> Management Fund, <br>3.65% <sup>(A)</sup> <br>| 1585811 | 1585811 |
| &nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, <br>3.74% <sup>(A)</sup> <br>| 1566860 | 1566860 |
| &nbsp;&nbsp; UBS Select Treasury Preferred Fund, <br>3.71% <sup>(A)</sup> <br>| 1566860 | 1566860 |
| &nbsp;&nbsp; **Total Short-Term Investment Companies** <br>**(Cost $6,286,391)**<br>|  | 6286391 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 17.0%**  | **REPURCHASE AGREEMENT - 17.0%**  | **REPURCHASE AGREEMENT - 17.0%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(A)</sup>, dated 12/31/2025, to be <br> repurchased at $1,566,977 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 04/30/2027, and <br> with a value of $1,598,288.<br>| $1566860 | $1566860 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,566,860)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,566,860)** | 1566860 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $7,853,251)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $7,853,251)** | 7853251 |
| **Net Other Assets (Liabilities) - 14.5%** | **Net Other Assets (Liabilities) - 14.5%** | 1328231 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$9181482** |

---

**FUTURES CONTRACTS:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>|
| S&P 500<sup>®</sup> E-Mini Index | (52)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; $(18046042)<br>| &nbsp;&nbsp;&nbsp; $(17920500)<br>| &nbsp;&nbsp;&nbsp; $125542 | &nbsp;&nbsp;&nbsp; $— |

---

**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** |  |  |  |  |
| Short-Term Investment Companies | $6286391 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6286391 |
| Repurchase Agreement |  | &nbsp;&nbsp; 1566860 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1566860 |
| **Total Investments** | **$6286391** | &nbsp;&nbsp; **$1566860** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$7853251** |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(C)</sup> <br>| $125542 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $125542 |
| **Total Other Financial Instruments** | **$125542** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$125542** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(B)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 2025. Please reference the Investment Valuation section of the Notes* *to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(C)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

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**Transamerica ProFund UltraBear VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $6,286,391) | &nbsp;&nbsp; $6286391 |
| Repurchase agreement, at value (cost $1,566,860) | &nbsp;&nbsp; 1566860 |
| Cash | &nbsp;&nbsp; 28291 |
| Cash collateral pledged at broker for: |  |
| Futures contracts | &nbsp;&nbsp; 1197463 |
| Receivables and other assets: |  |
| Interest | &nbsp;&nbsp; 797 |
| Variation margin receivable on futures contracts | &nbsp;&nbsp; 135802 |
| Total assets | &nbsp;&nbsp; 9215604 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 4789 |
| Investment management fees | &nbsp;&nbsp; 2593 |
| Distribution and service fees | &nbsp;&nbsp; 2080 |
| Transfer agent costs | &nbsp;&nbsp; 9 |
| Trustee and CCO fees | &nbsp;&nbsp; 3 |
| Audit and tax fees  | &nbsp;&nbsp; 15950 |
| Custody fees | &nbsp;&nbsp; 617 |
| Legal fees | &nbsp;&nbsp; 82 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 3008 |
| Other accrued expenses | &nbsp;&nbsp; 4991 |
| Total liabilities | &nbsp;&nbsp; 34122 |
| **Net assets**  | &nbsp;&nbsp; $9181482 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $22938 |
| Additional paid-in capital | &nbsp;&nbsp; 219545842 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (210387298)<br>|
| **Net assets** | &nbsp;&nbsp; $9181482 |
| **Shares outstanding** | &nbsp;&nbsp; 2293813 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $4.00 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income from unaffiliated investments | &nbsp;&nbsp; $204466 |
| Total investment income  | &nbsp;&nbsp; 204466 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 90189 |
| Distribution and service fees | &nbsp;&nbsp; 25622 |
| Transfer agent costs | &nbsp;&nbsp; 108 |
| Trustee and CCO fees | &nbsp;&nbsp; 525 |
| Audit and tax fees | &nbsp;&nbsp; 16262 |
| Custody fees | &nbsp;&nbsp; 2354 |
| Legal fees | &nbsp;&nbsp; 2223 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 9125 |
| Filing fees | &nbsp;&nbsp; 7829 |
| Other | &nbsp;&nbsp; 1856 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 156093 |
| Expenses waived and/or reimbursed | &nbsp;&nbsp; (29478)<br>|
| Net expenses | &nbsp;&nbsp; 126615 |
| **Net investment income (loss)** | &nbsp;&nbsp; 77851 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 38 |
| Futures contracts | &nbsp;&nbsp; (2827343)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (2827305)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Futures contracts | &nbsp;&nbsp; (620018)<br>|
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; (3447323)<br>|
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $(3369472)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

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**Transamerica ProFund UltraBear VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $77851 | &nbsp;&nbsp; $241772 |
| Net realized gain (loss) | &nbsp;&nbsp; (2827305)<br>| &nbsp;&nbsp; (9111088)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (620018)<br>| &nbsp;&nbsp; 2391314 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (3369472)<br>| &nbsp;&nbsp; (6478002)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |
| Dividends and/or distributions to shareholders | &nbsp;&nbsp; (250101)<br>| &nbsp;&nbsp; (358857)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (250101)<br>| &nbsp;&nbsp; (358857)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 5082300 | &nbsp;&nbsp; 4305791 |
| Dividends and/or distributions reinvested | &nbsp;&nbsp; 250101 | &nbsp;&nbsp; 358857 |
| Cost of shares redeemed | &nbsp;&nbsp; (4066723)<br>| &nbsp;&nbsp; (7314806)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; 1265678 | &nbsp;&nbsp; (2650158)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (2353895)<br>| &nbsp;&nbsp; (9487017)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 11535377 | &nbsp;&nbsp; 21022394 |
| End of year | &nbsp;&nbsp; $9181482 | &nbsp;&nbsp; $11535377 |
| **Capital share transactions - shares:** |  |  |
| Shares issued | &nbsp;&nbsp; 1016842 | &nbsp;&nbsp; 598531 |
| Shares reinvested | &nbsp;&nbsp; 57101 | &nbsp;&nbsp; 58446 |
| Shares redeemed | &nbsp;&nbsp; (814919)<br>| &nbsp;&nbsp; (1159720)<br>|
| Net increase (decrease) in shares outstanding | &nbsp;&nbsp; 259024 | &nbsp;&nbsp; (502743)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

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**Transamerica ProFund UltraBear VP**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022** <sup>(A)</sup> <br>| **December 31,** <br> **2021** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $5.67 | &nbsp;&nbsp; $8.28 | &nbsp;&nbsp; $12.31 | &nbsp;&nbsp; $9.41 | &nbsp;&nbsp; $16.51 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(B)</sup> <br>| 0.04 | 0.10 | 0.14 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp; (4.17)<br>| 2.92 | &nbsp;&nbsp; (6.95)<br>|
| Total investment operations | &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp; (4.03)<br>| 2.90 | &nbsp;&nbsp; (7.10)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net asset value, end of year** | &nbsp;&nbsp; $4.00 | &nbsp;&nbsp; $5.67 | &nbsp;&nbsp; $8.28 | &nbsp;&nbsp; $12.31 | &nbsp;&nbsp; $9.41 |
| **Total return**<sup>(C)</sup> <br>| &nbsp;&nbsp; (27.61)%<br>| &nbsp;&nbsp; (29.96)%<br>| &nbsp;&nbsp; (32.74)%<br>| 23.10<br> %<br>| &nbsp;&nbsp; (38.46)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $9181 | &nbsp;&nbsp; $11535 | &nbsp;&nbsp; $21022 | &nbsp;&nbsp; $31709 | &nbsp;&nbsp; $7424 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.52<br> %<br>| 1.36<br> %<br>| 1.33<br> %<br>| 1.27<br> %<br>| 1.58<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.24 %<sup>(E)</sup><br>| 1.23<br> %<br>| 1.23<br> %<br>| 1.23<br> %<br>| 1.24 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 0.76<br> %<br>| 1.46<br> %<br>| 1.34<br> %<br>| &nbsp;&nbsp; (0.60)%<br>| &nbsp;&nbsp; (1.24)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|

---

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

<sup>(A)</sup> *Updated to reflect the effect of a 1-for-125 reverse share split on January 21, 2022.*

<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> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(E)</sup> *Includes interest expense outside the operating expense limit.*

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica ProFund UltraBear VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 ProFund UltraBear 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 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 management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2025,

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica ProFund UltraBear VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**1. ORGANIZATION (continued)**

(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 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 December 31, 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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica ProFund UltraBear VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**3. INVESTMENT VALUATION (continued)**

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.

*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. 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 year ended December 31, 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 year ended December 31, 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 December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica ProFund UltraBear VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

Repurchase agreements at December 31, 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.

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.

Open futures contracts at December 31, 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica ProFund UltraBear VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 December 31, 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>| $— | $— | $125542 | $— | $— | $125542 |
| **Total** | **$—** | **$—** | **$125542** | **$—** | **$—** | **$125542** |

---

&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.* 

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 December 31, 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  | $— | $— | $(2827343)<br>| $— | $— | $(2827343)<br>|
| **Total** | **$—** | **$—** | **$(2827343)**<br>| **$—** | **$—** | **$(2827343)**<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  | $— | $— | $(620018)<br>| $— | $— | $(620018)<br>|
| **Total** | **$—** | **$—** | **$(620018)**<br>| **$—** | **$—** | **$(620018)**<br>|

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — short | $(19741627)<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

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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.

**Inverse correlation risk:** Investors will lose money when the Index rises – a result that is the opposite from traditional funds.

**Equity and market risk:** Equity markets are volatile, and the value of securities, swaps, futures and other instruments related to equity markets may fluctuate dramatically from day-to-day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market. Further, stocks in the Index may underperform other equity investments. Volatility in the markets and/or market developments may cause the value of an investment in the Portfolio to decrease over short or long periods of time. As a portfolio seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily return of the S&P 500 Index, the value of an investment in the Portfolio is expected to decline when market conditions cause the level of the Index to rise.

**Leveraging risk:** The Portfolio obtains investment exposure in excess of its assets in seeking to achieve its investment objective—a form of leverage—and will lose more money in market environments adverse to its daily objective than a similar fund that does not employ such leverage. The use of leverage could result in the total loss of an investor's investment. For example, because the Portfolio includes a multiplier of two times the inverse (-2x) of the Index, a single day movement in the Index approaching 50% at any point in the day could result in the total loss of an investor's investment if that movement is contrary to the investment objective of the Portfolio, even if the Index subsequently moves in an opposite direction, eliminating all or a portion of the earlier movement. This would be the case with any such single day movements in the Index, even if the Index maintains a level greater than zero at all times.

**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

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**6. RISK FACTORS (continued)**

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.

**Index performance risk:** The Portfolio is linked to a benchmark maintained by a third party provider that is unaffiliated with the Portfolio. There can be no guarantee or assurance that the methodology used by the third party provider to create the benchmark will result in the Portfolio achieving high, or even positive, returns. Further, there can be no guarantee that the methodology underlying the benchmark or the daily calculation of the benchmark will be free from error. It is also possible that the value of the benchmark or its underlying reference assets (i.e., the constituent securities of the benchmark) may be subject to intentional manipulation by third-party market participants. The particular benchmark used by the Portfolio may underperform other asset classes and may underperform other indices or benchmarks based upon the same underlying reference assets. Each of these factors could have a negative impact on the performance of the Portfolio.

**Compounding risk:** The Portfolio has a single day investment objective, and the Portfolio's performance for periods greater than a single day will be the result of each day's returns compounded over the period, which is likely to be either better or worse than the Index performance times the stated multiple in the Portfolio 's investment objective, before accounting for fees and fund expenses. Compounding affects all investments, but has a more significant impact on an inverse leveraged fund. Particularly during periods of higher Index volatility, compounding will cause results for periods longer than a single day to vary from two times the inverse(-2x) of the return of the Index. This effect becomes more pronounced as volatility increases.

**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.

**Industry concentration risk:** The Portfolio will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. 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 portfolios investing in a broader range of industries.

**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. 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**

**Annual Financial Statements 2025**

**Page 12**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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.

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 $250 million  | 0.88<br> % <br>|
| Over $250 million up to $750 million | 0.83 |
| Over $750 million | 0.78 |

---

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 | 1.23<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 year ended December 31, 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**

**Annual Financial Statements 2025**

**Page 13**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

For the 36-month period ended December 31, 2025, the balances available for recapture by TAM for the Portfolio are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Service Class | $26415 | $23180 | $29478 | $79073 |

---

**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 year ended December 31, 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 year ended December 31, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

During the year ended December 31, 2025, there were no proceeds from securities purchased or securities sold (excluding short-term securities).

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

As of December 31, 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>|
| $7853251 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

As of December 31, 2025, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $84181200 | &nbsp;&nbsp;&nbsp;&nbsp; $126265405 |

---

During the year ended December 31, 2025, the Portfolio did not utilize any capital loss carryforwards.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $250101 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $358857 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $59307 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(210446605)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

**10. OPERATING SEGMENTS**

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.

**11. STOCK SPLIT**

Effective as of the close of business on the date listed in the subsequent table, the Portfolio's shares underwent a stock split. There was no impact to the aggregate market value of shares outstanding. The historical per share data presented within the Financial Highlights was

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 15**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**11. STOCK SPLIT (continued)**

retroactively adjusted to reflect the stock split. The stock split ratios, net effect on the NAV per share, and the number of shares outstanding as of the date indicated were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date** | **Share Split Ratio** | &nbsp;&nbsp;&nbsp; **Shares Prior to** <br> **Stock Split**<br>| &nbsp;&nbsp;&nbsp; **Shares After** <br> **Stock Split**<br>| &nbsp;&nbsp;&nbsp; **Increase** <br> &nbsp;&nbsp;&nbsp;&nbsp;**(Decrease) Net** <br> **Asset Value per** <br> **Share**<br>| &nbsp;&nbsp;&nbsp; **Increase** <br> &nbsp;&nbsp;&nbsp;&nbsp;**(Decrease) Net** <br> **Shares** <br> **Outstanding**<br>|
| January 21, 2022 | 125 for 1 | &nbsp;&nbsp;&nbsp; 98591154 | &nbsp;&nbsp;&nbsp; 788729 | Increase | Decrease |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica ProFund UltraBear VP

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica ProFund UltraBear VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862img30c4cad93.gif)

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

Boston, Massachusetts

February 25, 2026

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**Annual Financial Statements 2025**

**Page 17**

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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made no long-term capital gain designations for the year ended December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica ProFund UltraBear 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**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica ProFund UltraBear 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**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica ProFund UltraBear 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**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica ProFund UltraBear VP** 

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862imge998169e4.gif)

Visit **transamerica.com**

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Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

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![](g768862imgd058481b1.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica S&P 500 Index VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img1f52de232.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_a1f1fc52-e713-4392-9070-02c0dfeefe78_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_a1f1fc52-e713-4392-9070-02c0dfeefe78_SOI-RunningFooter-210_1) | 2 |
| [Statement of Assets and Liabilities](#xx_a1f1fc52-e713-4392-9070-02c0dfeefe78_FS-RunningFooter-210_1) | 10 |
| [Statement of Operations](#xx_a1f1fc52-e713-4392-9070-02c0dfeefe78_FS-RunningFooter-210_1) | 10 |
| [Statement of Changes in Net Assets](#xx_a1f1fc52-e713-4392-9070-02c0dfeefe78_FS-RunningFooter-210_2) | 11 |
| [Financial Highlights](#xx_a1f1fc52-e713-4392-9070-02c0dfeefe78_FS-RunningFooter-210_3) | 12 |
| [Notes to Financial Statements](#xx_a1f1fc52-e713-4392-9070-02c0dfeefe78_NTF-RunningFooter-210_1) | 13 |
| **[Report of Independent Registered Public Accounting Firm](#xx_a1f1fc52-e713-4392-9070-02c0dfeefe78_AUD-RunningFooter-210_1)** | 24 |
| **[Supplemental Information](#xx_a1f1fc52-e713-4392-9070-02c0dfeefe78_STI-RunningFooter-210_1)** | 25 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_a1f1fc52-e713-4392-9070-02c0dfeefe78_DWA-RunningFooter-210_1)**<br> **[Companies](#xx_a1f1fc52-e713-4392-9070-02c0dfeefe78_DWA-RunningFooter-210_1)**<br>| 26 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_a1f1fc52-e713-4392-9070-02c0dfeefe78_PD-RunningFooter-210_1)** | 27 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_a1f1fc52-e713-4392-9070-02c0dfeefe78_DTO-RunningFooter-210_1)**<br> **[Companies](#xx_a1f1fc52-e713-4392-9070-02c0dfeefe78_DTO-RunningFooter-210_1)**<br>| 28 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_a1f1fc52-e713-4392-9070-02c0dfeefe78_Mgmtagmt-RunningFooter-210_1)** | 29 |

---

***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 S&P 500 Index VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.8%**  | **COMMON STOCKS - 99.8%**  | **COMMON STOCKS - 99.8%**  |
| **Aerospace & Defense - 2.2%**  | **Aerospace & Defense - 2.2%**  | **Aerospace & Defense - 2.2%**  |
| Axon Enterprise, Inc. <sup>(A)</sup> <br>| 1905 | $1081907 |
| Boeing Co. <sup>(A)</sup> <br>| 19010 | 4127451 |
| General Dynamics Corp. | 6226 | 2096045 |
| General Electric Co. | 25772 | 7938549 |
| Howmet Aerospace, Inc. | 9695 | 1987669 |
| Huntington Ingalls Industries, Inc. | 996 | 338710 |
| L3 Harris Technologies, Inc. | 4550 | 1335744 |
| Lockheed Martin Corp. | 4995 | 2415932 |
| Northrop Grumman Corp. | 3278 | 1869148 |
| RTX Corp. | 32778 | 6011485 |
| Textron, Inc. | 4311 | 375790 |
| TransDigm Group, Inc. | 1372 | 1824554 |
|  |  | 31402984 |
| **Air Freight & Logistics - 0.3%**  | **Air Freight & Logistics - 0.3%**  | **Air Freight & Logistics - 0.3%**  |
| CH Robinson Worldwide, Inc. | 2891 | 464757 |
| Expeditors International of Washington, Inc. | 3271 | 487412 |
| FedEx Corp. | 5298 | 1530380 |
| United Parcel Service, Inc., Class B | 17812 | 1766772 |
|  |  | 4249321 |
| **Automobile Components - 0.0% \*** | **Automobile Components - 0.0% \*** | **Automobile Components - 0.0% \*** |
| Aptiv PLC <sup>(A)</sup> <br>| 5404 | 411190 |
| **Automobiles - 2.4%**  | **Automobiles - 2.4%**  | **Automobiles - 2.4%**  |
| Ford Motor Co. | 95551 | 1253629 |
| General Motors Co. | 22870 | 1859789 |
| Tesla, Inc. <sup>(A)</sup> <br>| 68563 | 30834152 |
|  |  | 33947570 |
| **Banks - 3.6%**  | **Banks - 3.6%**  | **Banks - 3.6%**  |
| Bank of America Corp. | 164112 | 9026160 |
| Citigroup, Inc. | 43761 | 5106471 |
| Citizens Financial Group, Inc. | 10698 | 624870 |
| Fifth Third Bancorp | 16369 | 766233 |
| Huntington Bancshares, Inc. | 37806 | 655934 |
| JPMorgan Chase & Co. | 66438 | 21407653 |
| KeyCorp | 22376 | 461841 |
| M&T Bank Corp. | 3759 | 757363 |
| PNC Financial Services Group, Inc. | 9532 | 1989614 |
| Regions Financial Corp. | 22134 | 599832 |
| Truist Financial Corp. | 30933 | 1522213 |
| U.S. Bancorp | 37909 | 2022824 |
| Wells Fargo & Co. | 76711 | 7149465 |
|  |  | 52090473 |
| **Beverages - 1.0%**  | **Beverages - 1.0%**  | **Beverages - 1.0%**  |
| Brown-Forman Corp., Class B | 4099 | 106820 |
| Coca-Cola Co. | 94626 | 6615304 |
| Constellation Brands, Inc., Class A | 3434 | 473754 |
| Keurig Dr. Pepper, Inc. | 33182 | 929428 |
| Molson Coors Beverage Co., Class B | 4397 | 205252 |
| Monster Beverage Corp. <sup>(A)</sup> <br>| 17081 | 1309600 |
| PepsiCo, Inc. | 33377 | 4790267 |
|  |  | 14430425 |
| **Biotechnology - 1.7%**  | **Biotechnology - 1.7%**  | **Biotechnology - 1.7%**  |
| AbbVie, Inc. | 43009 | 9827126 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Amgen, Inc. | 13131 | $4297908 |
| Biogen, Inc. <sup>(A)</sup> <br>| 3575 | 629164 |
| Gilead Sciences, Inc. | 30374 | 3728105 |
| Incyte Corp. <sup>(A)</sup> <br>| 3945 | 389648 |
| Moderna, Inc. <sup>(A)</sup> <br>| 8625 | 254351 |
| Regeneron Pharmaceuticals, Inc. | 2482 | 1915781 |
| Vertex Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 6135 | 2781364 |
|  |  | 23823447 |
| **Broadline Retail - 3.9%**  | **Broadline Retail - 3.9%**  | **Broadline Retail - 3.9%**  |
| Amazon.com, Inc. <sup>(A)</sup> <br>| 237321 | 54778433 |
| eBay, Inc. | 11185 | 974214 |
|  |  | 55752647 |
| **Building Products - 0.4%**  | **Building Products - 0.4%**  | **Building Products - 0.4%**  |
| A.O. Smith Corp. | 2663 | 178101 |
| Allegion PLC | 2053 | 326879 |
| Builders FirstSource, Inc. <sup>(A)</sup> <br>| 2718 | 279655 |
| Carrier Global Corp. | 19408 | 1025519 |
| Johnson Controls International PLC | 14733 | 1764277 |
| Lennox International, Inc. | 803 | 389921 |
| Masco Corp. | 5053 | 320663 |
| Trane Technologies PLC | 5356 | 2084555 |
|  |  | 6369570 |
| **Capital Markets - 3.4%**  | **Capital Markets - 3.4%**  | **Capital Markets - 3.4%**  |
| Ameriprise Financial, Inc. | 2229 | 1092968 |
| Ares Management Corp., Class A | 4968 | 802978 |
| Bank of New York Mellon Corp. | 17175 | 1993846 |
| Blackrock, Inc. | 3514 | 3761175 |
| Blackstone, Inc. | 18103 | 2790396 |
| Cboe Global Markets, Inc. | 2548 | 639548 |
| Charles Schwab Corp. | 40448 | 4041160 |
| CME Group, Inc. | 8715 | 2379892 |
| Coinbase Global, Inc., Class A <sup>(A)</sup> <br>| 5534 | 1251459 |
| FactSet Research Systems, Inc. | 967 | 280614 |
| Franklin Resources, Inc. | 7222 | 172533 |
| Goldman Sachs Group, Inc. | 7331 | 6443949 |
| Interactive Brokers Group, Inc., Class A | 10709 | 688696 |
| Intercontinental Exchange, Inc. | 13926 | 2255455 |
| Invesco Ltd. | 10579 | 277910 |
| KKR & Co., Inc. | 16850 | 2148038 |
| Moody's Corp. | 3728 | 1904449 |
| Morgan Stanley | 29539 | 5244059 |
| MSCI, Inc. | 1874 | 1075170 |
| Nasdaq, Inc. | 11143 | 1082320 |
| Northern Trust Corp. | 4738 | 647163 |
| Raymond James Financial, Inc. | 4260 | 684113 |
| Robinhood Markets, Inc., Class A <sup>(A)</sup> <br>| 19301 | 2182943 |
| S&P Global, Inc. | 7506 | 3922560 |
| State Street Corp. | 6817 | 879461 |
| T. Rowe Price Group, Inc. | 5363 | 549064 |
|  |  | 49191919 |
| **Chemicals - 1.0%**  | **Chemicals - 1.0%**  | **Chemicals - 1.0%**  |
| Air Products & Chemicals, Inc. | 5370 | 1326497 |
| Albemarle Corp. | 2831 | 400417 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica S&P 500 Index VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| CF Industries Holdings, Inc. | 3985 | $308200 |
| Corteva, Inc. | 16670 | 1117390 |
| Dow, Inc. | 17386 | 406485 |
| DuPont de Nemours, Inc. | 10483 | 421417 |
| Ecolab, Inc. | 6179 | 1622111 |
| International Flavors & Fragrances, Inc. | 6416 | 432374 |
| Linde PLC | 11368 | 4847201 |
| LyondellBasell Industries NV, Class A | 6526 | 282576 |
| Mosaic Co. | 8271 | 199248 |
| PPG Industries, Inc. | 5584 | 572137 |
| Sherwin-Williams Co. | 5609 | 1817484 |
|  |  | 13753537 |
| **Commercial Services & Supplies - 0.5%**  | **Commercial Services & Supplies - 0.5%**  | **Commercial Services & Supplies - 0.5%**  |
| Cintas Corp. | 8273 | 1555903 |
| Copart, Inc. <sup>(A)</sup> <br>| 21440 | 839376 |
| Republic Services, Inc. | 4915 | 1041636 |
| Rollins, Inc. | 7059 | 423681 |
| Veralto Corp. | 6051 | 603769 |
| Waste Management, Inc. | 8912 | 1958056 |
|  |  | 6422421 |
| **Communications Equipment - 0.9%**  | **Communications Equipment - 0.9%**  | **Communications Equipment - 0.9%**  |
| Arista Networks, Inc. <sup>(A)</sup> <br>| 25022 | 3278633 |
| Cisco Systems, Inc. | 96295 | 7417604 |
| F5, Inc. <sup>(A)</sup> <br>| 1452 | 370637 |
| Motorola Solutions, Inc. | 4025 | 1542863 |
|  |  | 12609737 |
| **Construction & Engineering - 0.2%**  | **Construction & Engineering - 0.2%**  | **Construction & Engineering - 0.2%**  |
| Comfort Systems USA, Inc. | 840 | 783963 |
| EMCOR Group, Inc. | 1077 | 658898 |
| Quanta Services, Inc. | 3633 | 1533344 |
|  |  | 2976205 |
| **Construction Materials - 0.3%**  | **Construction Materials - 0.3%**  | **Construction Materials - 0.3%**  |
| CRH PLC | 16179 | 2019139 |
| Martin Marietta Materials, Inc. | 1452 | 904102 |
| Vulcan Materials Co. | 3225 | 919835 |
|  |  | 3843076 |
| **Consumer Finance - 0.7%**  | **Consumer Finance - 0.7%**  | **Consumer Finance - 0.7%**  |
| American Express Co. | 13143 | 4862253 |
| Capital One Financial Corp. | 15392 | 3730405 |
| Synchrony Financial | 8949 | 746615 |
|  |  | 9339273 |
| **Consumer Staples Distribution & Retail - 1.8%**  | **Consumer Staples Distribution & Retail - 1.8%**  | **Consumer Staples Distribution & Retail - 1.8%**  |
| Costco Wholesale Corp. | 10798 | 9311547 |
| Dollar General Corp. | 5457 | 724526 |
| Dollar Tree, Inc. <sup>(A)</sup> <br>| 4729 | 581714 |
| Kroger Co. | 14526 | 907585 |
| Sysco Corp. | 11500 | 847435 |
| Target Corp. | 11028 | 1077987 |
| Walmart, Inc. | 107075 | 11929226 |
|  |  | 25380020 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Containers & Packaging - 0.2%**  | **Containers & Packaging - 0.2%**  | **Containers & Packaging - 0.2%**  |
| Amcor PLC | 55448 | $462436 |
| Avery Dennison Corp. | 1880 | 341934 |
| Ball Corp. | 6883 | 364593 |
| International Paper Co. | 12878 | 507264 |
| Packaging Corp. of America | 2189 | 451438 |
| Smurfit WestRock PLC | 12828 | 496059 |
|  |  | 2623724 |
| **Distributors - 0.0% \*** | **Distributors - 0.0% \*** | **Distributors - 0.0% \*** |
| Genuine Parts Co. | 3471 | 426794 |
| Pool Corp. | 820 | 187575 |
|  |  | 614369 |
| **Diversified Telecommunication Services - 0.6%**  | **Diversified Telecommunication Services - 0.6%**  | **Diversified Telecommunication Services - 0.6%**  |
| AT&T, Inc. | 173383 | 4306834 |
| Verizon Communications, Inc. | 102849 | 4189040 |
|  |  | 8495874 |
| **Electric Utilities - 1.5%**  | **Electric Utilities - 1.5%**  | **Electric Utilities - 1.5%**  |
| Alliant Energy Corp. | 6197 | 402867 |
| American Electric Power Co., Inc. | 12906 | 1488191 |
| Constellation Energy Corp. | 7657 | 2704988 |
| Duke Energy Corp. | 18798 | 2203314 |
| Edison International | 9256 | 555545 |
| Entergy Corp. | 10772 | 995656 |
| Evergy, Inc. | 5744 | 416383 |
| Eversource Energy | 9181 | 618157 |
| Exelon Corp. | 24616 | 1073011 |
| FirstEnergy Corp. | 12499 | 559580 |
| NextEra Energy, Inc. | 50972 | 4092032 |
| NRG Energy, Inc. | 4652 | 740785 |
| PG&E Corp. | 53998 | 867748 |
| Pinnacle West Capital Corp. | 2872 | 254746 |
| PPL Corp. | 18011 | 630745 |
| Southern Co. | 26589 | 2318561 |
| Xcel Energy, Inc. | 14337 | 1058931 |
|  |  | 20981240 |
| **Electrical Equipment - 0.8%**  | **Electrical Equipment - 0.8%**  | **Electrical Equipment - 0.8%**  |
| AMETEK, Inc. | 5596 | 1148915 |
| Eaton Corp. PLC | 9389 | 2990490 |
| Emerson Electric Co. | 13644 | 1810832 |
| GE Vernova, Inc. | 6572 | 4295262 |
| Generac Holdings, Inc. <sup>(A)</sup> <br>| 1408 | 192009 |
| Hubbell, Inc. | 1272 | 564908 |
| Rockwell Automation, Inc. | 2728 | 1061383 |
|  |  | 12063799 |
| **Electronic Equipment, Instruments & Components - 0.7%**  | **Electronic Equipment, Instruments & Components - 0.7%**  | **Electronic Equipment, Instruments & Components - 0.7%**  |
| Amphenol Corp., Class A | 29959 | 4048659 |
| CDW Corp. | 3196 | 435295 |
| Corning, Inc. | 19011 | 1664603 |
| Jabil, Inc. | 2621 | 597640 |
| Keysight Technologies, Inc. <sup>(A)</sup> <br>| 4187 | 850757 |
| TE Connectivity PLC | 7170 | 1631247 |
| Teledyne Technologies, Inc. <sup>(A)</sup> <br>| 1144 | 584275 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica S&P 500 Index VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Trimble, Inc. <sup>(A)</sup> <br>| 5839 | $457486 |
| Zebra Technologies Corp., Class A <sup>(A)</sup> <br>| 1241 | 301340 |
|  |  | 10571302 |
| **Energy Equipment & Services - 0.2%**  | **Energy Equipment & Services - 0.2%**  | **Energy Equipment & Services - 0.2%**  |
| Baker Hughes Co. | 24033 | 1094463 |
| Halliburton Co. | 20499 | 579302 |
| SLB Ltd. | 36446 | 1398797 |
|  |  | 3072562 |
| **Entertainment - 1.4%**  | **Entertainment - 1.4%**  | **Entertainment - 1.4%**  |
| Electronic Arts, Inc. | 5528 | 1129536 |
| Live Nation Entertainment, Inc. <sup>(A)</sup> <br>| 3852 | 548910 |
| Netflix, Inc. <sup>(A)</sup> <br>| 103497 | 9703879 |
| Take-Two Interactive Software, Inc. <sup>(A)</sup> <br>| 4207 | 1077118 |
| TKO Group Holdings, Inc. | 1700 | 355300 |
| Walt Disney Co. | 43667 | 4967994 |
| Warner Bros Discovery, Inc. <sup>(A)</sup> <br>| 60935 | 1756147 |
|  |  | 19538884 |
| **Financial Services - 3.9%**  | **Financial Services - 3.9%**  | **Financial Services - 3.9%**  |
| Apollo Global Management, Inc. | 11125 | 1610455 |
| Berkshire Hathaway, Inc., Class B <sup>(A)</sup> <br>| 44752 | 22494593 |
| Block, Inc. <sup>(A)</sup> <br>| 13249 | 862377 |
| Corpay, Inc. <sup>(A)</sup> <br>| 1727 | 519706 |
| Fidelity National Information Services, Inc. | 12877 | 855805 |
| Fiserv, Inc. <sup>(A)</sup> <br>| 13210 | 887316 |
| Global Payments, Inc. | 5847 | 452558 |
| Jack Henry & Associates, Inc. | 1752 | 319705 |
| Mastercard, Inc., Class A | 20023 | 11430730 |
| PayPal Holdings, Inc. | 22918 | 1337953 |
| Visa, Inc., Class A | 41200 | 14449252 |
|  |  | 55220450 |
| **Food Products - 0.4%**  | **Food Products - 0.4%**  | **Food Products - 0.4%**  |
| Archer-Daniels-Midland Co. | 11698 | 672518 |
| Bunge Global SA | 3368 | 300021 |
| Campbell's Co. | 5201 | 144952 |
| Conagra Brands, Inc. | 12405 | 214731 |
| General Mills, Inc. | 12921 | 600826 |
| Hershey Co. | 3608 | 656584 |
| Hormel Foods Corp. | 6871 | 162843 |
| J.M. Smucker Co. | 2710 | 265065 |
| Kraft Heinz Co. | 21211 | 514367 |
| Lamb Weston Holdings, Inc. | 3289 | 137776 |
| McCormick & Co., Inc. | 6343 | 432022 |
| Mondelez International, Inc., Class A | 31307 | 1685256 |
| Tyson Foods, Inc., Class A | 7170 | 420305 |
|  |  | 6207266 |
| **Gas Utilities - 0.0% \*** | **Gas Utilities - 0.0% \*** | **Gas Utilities - 0.0% \*** |
| Atmos Energy Corp. | 3905 | 654595 |
| **Ground Transportation - 0.8%**  | **Ground Transportation - 0.8%**  | **Ground Transportation - 0.8%**  |
| CSX Corp. | 44757 | 1622441 |
| JB Hunt Transport Services, Inc. | 1876 | 364582 |
| Norfolk Southern Corp. | 5386 | 1555046 |
| Old Dominion Freight Line, Inc. | 4510 | 707168 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** |
| Uber Technologies, Inc. <sup>(A)</sup> <br>| 50320 | $4111647 |
| Union Pacific Corp. | 14476 | 3348589 |
|  |  | 11709473 |
| **Health Care Equipment & Supplies - 2.0%**  | **Health Care Equipment & Supplies - 2.0%**  | **Health Care Equipment & Supplies - 2.0%**  |
| Abbott Laboratories | 42180 | 5284732 |
| Align Technology, Inc. <sup>(A)</sup> <br>| 1641 | 256242 |
| Baxter International, Inc. | 12322 | 235473 |
| Becton Dickinson & Co. | 6944 | 1347622 |
| Boston Scientific Corp. <sup>(A)</sup> <br>| 36305 | 3461682 |
| Cooper Cos., Inc. <sup>(A)</sup> <br>| 5018 | 411275 |
| Dexcom, Inc. <sup>(A)</sup> <br>| 9729 | 645714 |
| Edwards Lifesciences Corp. <sup>(A)</sup> <br>| 14201 | 1210635 |
| GE HealthCare Technologies, Inc. | 11098 | 910258 |
| Hologic, Inc. <sup>(A)</sup> <br>| 5299 | 394723 |
| IDEXX Laboratories, Inc. <sup>(A)</sup> <br>| 1948 | 1317880 |
| Insulet Corp. <sup>(A)</sup> <br>| 1750 | 497420 |
| Intuitive Surgical, Inc. <sup>(A)</sup> <br>| 8671 | 4910908 |
| Medtronic PLC | 31431 | 3019262 |
| ResMed, Inc. | 3578 | 861833 |
| Solventum Corp. <sup>(A)</sup> <br>| 3706 | 293663 |
| STERIS PLC | 2419 | 613265 |
| Stryker Corp. | 8435 | 2964649 |
| Zimmer Biomet Holdings, Inc. | 4830 | 434314 |
|  |  | 29071550 |
| **Health Care Providers & Services - 1.6%**  | **Health Care Providers & Services - 1.6%**  | **Health Care Providers & Services - 1.6%**  |
| Cardinal Health, Inc. | 5789 | 1189640 |
| Cencora, Inc. | 4724 | 1595531 |
| Centene Corp. <sup>(A)</sup> <br>| 11663 | 479932 |
| Cigna Group | 6415 | 1765600 |
| CVS Health Corp. | 30837 | 2447224 |
| DaVita, Inc. <sup>(A)</sup> <br>| 919 | 104408 |
| Elevance Health, Inc. | 5459 | 1913652 |
| HCA Healthcare, Inc. | 3852 | 1798345 |
| Henry Schein, Inc. <sup>(A)</sup> <br>| 2475 | 187061 |
| Humana, Inc. | 2944 | 754047 |
| Labcorp Holdings, Inc. | 2067 | 518569 |
| McKesson Corp. | 3008 | 2467432 |
| Molina Healthcare, Inc. <sup>(A)</sup> <br>| 1311 | 227511 |
| Quest Diagnostics, Inc. | 2761 | 479116 |
| UnitedHealth Group, Inc. | 22059 | 7281896 |
| Universal Health Services, Inc., Class B | 1425 | 310679 |
|  |  | 23520643 |
| **Health Care REITs - 0.3%**  | **Health Care REITs - 0.3%**  | **Health Care REITs - 0.3%**  |
| Alexandria Real Estate Equities, Inc. | 3884 | 190083 |
| Healthpeak Properties, Inc. | 17147 | 275724 |
| Ventas, Inc. | 11637 | 900471 |
| Welltower, Inc. | 16604 | 3081868 |
|  |  | 4448146 |
| **Hotel & Resort REITs - 0.0% \*** | **Hotel & Resort REITs - 0.0% \*** | **Hotel & Resort REITs - 0.0% \*** |
| Host Hotels & Resorts, Inc. | 15351 | 272173 |
| **Hotels, Restaurants & Leisure - 1.8%**  | **Hotels, Restaurants & Leisure - 1.8%**  | **Hotels, Restaurants & Leisure - 1.8%**  |
| Airbnb, Inc., Class A <sup>(A)</sup> <br>| 10276 | 1394659 |
| Booking Holdings, Inc. | 788 | 4220000 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica S&P 500 Index VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Carnival Corp. <sup>(A)</sup> <br>| 26480 | $808699 |
| Chipotle Mexican Grill, Inc. <sup>(A)</sup> <br>| 32854 | 1215598 |
| Darden Restaurants, Inc. | 2860 | 526297 |
| Domino's Pizza, Inc. | 770 | 320951 |
| DoorDash, Inc., Class A <sup>(A)</sup> <br>| 9016 | 2041943 |
| Expedia Group, Inc. | 2899 | 821316 |
| Hilton Worldwide Holdings, Inc. | 5703 | 1638187 |
| Las Vegas Sands Corp. | 7430 | 483619 |
| Marriott International, Inc., Class A | 5412 | 1679019 |
| McDonald's Corp. | 17295 | 5285871 |
| MGM Resorts International <sup>(A)</sup> <br>| 5118 | 186756 |
| Norwegian Cruise Line Holdings Ltd. <sup>(A)</sup> <br>| 11694 | 261010 |
| Royal Caribbean Cruises Ltd. | 6236 | 1739345 |
| Starbucks Corp. | 27492 | 2315101 |
| Wynn Resorts Ltd. | 2093 | 251851 |
| Yum! Brands, Inc. | 6801 | 1028855 |
|  |  | 26219077 |
| **Household Durables - 0.2%**  | **Household Durables - 0.2%**  | **Household Durables - 0.2%**  |
| D.R. Horton, Inc. | 6706 | 965865 |
| Garmin Ltd. | 3975 | 806329 |
| Lennar Corp., Class A | 5154 | 529831 |
| NVR, Inc. <sup>(A)</sup> <br>| 71 | 517787 |
| PulteGroup, Inc. | 4847 | 568359 |
|  |  | 3388171 |
| **Household Products - 0.8%**  | **Household Products - 0.8%**  | **Household Products - 0.8%**  |
| Church & Dwight Co., Inc. | 5927 | 496979 |
| Clorox Co. | 3096 | 312169 |
| Colgate-Palmolive Co. | 19537 | 1543814 |
| Kimberly-Clark Corp. | 8092 | 816402 |
| Procter & Gamble Co. | 57090 | 8181568 |
|  |  | 11350932 |
| **Independent Power & Renewable Electricity Producers - 0.1%**  | **Independent Power & Renewable Electricity Producers - 0.1%**  | **Independent Power & Renewable Electricity Producers - 0.1%**  |
| AES Corp. | 16790 | 240768 |
| Vistra Corp. | 7799 | 1258213 |
|  |  | 1498981 |
| **Industrial Conglomerates - 0.4%**  | **Industrial Conglomerates - 0.4%**  | **Industrial Conglomerates - 0.4%**  |
| 3M Co. | 12957 | 2074416 |
| Honeywell International, Inc. | 15557 | 3035015 |
|  |  | 5109431 |
| **Industrial REITs - 0.2%**  | **Industrial REITs - 0.2%**  | **Industrial REITs - 0.2%**  |
| Prologis, Inc. | 22766 | 2906308 |
| **Insurance - 1.8%**  | **Insurance - 1.8%**  | **Insurance - 1.8%**  |
| Aflac, Inc. | 11688 | 1288836 |
| Allstate Corp. | 6404 | 1332993 |
| American International Group, Inc. | 13237 | 1132425 |
| Aon PLC, Class A | 5183 | 1828977 |
| Arch Capital Group Ltd. <sup>(A)</sup> <br>| 9033 | 866445 |
| Arthur J Gallagher & Co. | 6205 | 1605792 |
| Assurant, Inc. | 1281 | 308529 |
| Brown & Brown, Inc. | 7164 | 570971 |
| Chubb Ltd. | 8849 | 2761950 |
| Cincinnati Financial Corp. | 3771 | 615880 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Erie Indemnity Co., Class A | 664 | $190336 |
| Everest Group Ltd. | 1048 | 355639 |
| Globe Life, Inc. | 1996 | 279160 |
| Hartford Insurance Group, Inc. | 6919 | 953438 |
| Loews Corp. | 4172 | 439353 |
| Marsh & McLennan Cos., Inc. | 11886 | 2205091 |
| MetLife, Inc. | 13634 | 1076268 |
| Principal Financial Group, Inc. | 4908 | 432935 |
| Progressive Corp. | 14311 | 3258901 |
| Prudential Financial, Inc. | 8484 | 957674 |
| Travelers Cos., Inc. | 5490 | 1592429 |
| W.R. Berkley Corp. | 7312 | 512717 |
| Willis Towers Watson PLC | 2394 | 786668 |
|  |  | 25353407 |
| **Interactive Media & Services - 8.1%**  | **Interactive Media & Services - 8.1%**  | **Interactive Media & Services - 8.1%**  |
| Alphabet, Inc., Class A | 141941 | 44427533 |
| Alphabet, Inc., Class C | 113455 | 35602179 |
| Match Group, Inc. | 5901 | 190543 |
| Meta Platforms, Inc., Class A | 53138 | 35075863 |
|  |  | 115296118 |
| **IT Services - 1.0%**  | **IT Services - 1.0%**  | **IT Services - 1.0%**  |
| Accenture PLC, Class A | 15019 | 4029597 |
| Akamai Technologies, Inc. <sup>(A)</sup> <br>| 3547 | 309476 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 11964 | 993012 |
| EPAM Systems, Inc. <sup>(A)</sup> <br>| 1339 | 274334 |
| Gartner, Inc. <sup>(A)</sup> <br>| 1824 | 460159 |
| GoDaddy, Inc., Class A <sup>(A)</sup> <br>| 3337 | 414055 |
| International Business Machines Corp. | 22844 | 6766621 |
| VeriSign, Inc. | 2065 | 501692 |
|  |  | 13748946 |
| **Leisure Products - 0.0% \*** | **Leisure Products - 0.0% \*** | **Leisure Products - 0.0% \*** |
| Hasbro, Inc. | 3399 | 278718 |
| **Life Sciences Tools & Services - 0.9%**  | **Life Sciences Tools & Services - 0.9%**  | **Life Sciences Tools & Services - 0.9%**  |
| Agilent Technologies, Inc. | 6978 | 949497 |
| Bio-Techne Corp. | 3720 | 218773 |
| &nbsp;&nbsp; Charles River Laboratories International, <br> Inc. <sup>(A)</sup> <br>| 1240 | 247355 |
| Danaher Corp. | 15215 | 3483018 |
| IQVIA Holdings, Inc. <sup>(A)</sup> <br>| 4144 | 934099 |
| Mettler-Toledo International, Inc. <sup>(A)</sup> <br>| 499 | 695701 |
| Revvity, Inc. | 2874 | 278060 |
| Thermo Fisher Scientific, Inc. | 9152 | 5303126 |
| Waters Corp. <sup>(A)</sup> <br>| 1453 | 551893 |
| West Pharmaceutical Services, Inc. | 1760 | 484246 |
|  |  | 13145768 |
| **Machinery - 1.6%**  | **Machinery - 1.6%**  | **Machinery - 1.6%**  |
| Caterpillar, Inc. | 11438 | 6552487 |
| Cummins, Inc. | 3336 | 1702861 |
| Deere & Co. | 6117 | 2847892 |
| Dover Corp. | 3343 | 652687 |
| Fortive Corp. | 8142 | 449520 |
| IDEX Corp. | 1833 | 326164 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica S&P 500 Index VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Illinois Tool Works, Inc. | 6369 | $1568685 |
| Ingersoll Rand, Inc. | 8699 | 689135 |
| Nordson Corp. | 1299 | 312319 |
| Otis Worldwide Corp. | 9673 | 844936 |
| PACCAR, Inc. | 12775 | 1398990 |
| Parker-Hannifin Corp. | 3050 | 2680828 |
| Pentair PLC | 4021 | 418747 |
| Snap-on, Inc. | 1306 | 450048 |
| Stanley Black & Decker, Inc. | 3766 | 279738 |
| Westinghouse Air Brake Technologies Corp. | 4190 | 894355 |
| Xylem, Inc. | 5954 | 810816 |
|  |  | 22880208 |
| **Media - 0.4%**  | **Media - 0.4%**  | **Media - 0.4%**  |
| Charter Communications, Inc., Class A <sup>(A)</sup> <br>| 2271 | 474071 |
| Comcast Corp., Class A | 87861 | 2626165 |
| Fox Corp., Class A | 4981 | 363962 |
| Fox Corp., Class B | 3570 | 231800 |
| News Corp., Class A | 8927 | 233173 |
| News Corp., Class B | 3233 | 95794 |
| Omnicom Group, Inc. | 7934 | 640671 |
| Paramount Skydance Corp., Class B | 8253 | 110590 |
| Trade Desk, Inc., Class A <sup>(A)</sup> <br>| 10690 | 405792 |
|  |  | 5182018 |
| **Metals & Mining - 0.4%**  | **Metals & Mining - 0.4%**  | **Metals & Mining - 0.4%**  |
| Freeport-McMoRan, Inc. | 34644 | 1759569 |
| Newmont Corp. | 26553 | 2651317 |
| Nucor Corp. | 5543 | 904118 |
| Steel Dynamics, Inc. | 3373 | 571555 |
|  |  | 5886559 |
| **Multi-Utilities - 0.6%**  | **Multi-Utilities - 0.6%**  | **Multi-Utilities - 0.6%**  |
| Ameren Corp. | 6640 | 663070 |
| CenterPoint Energy, Inc. | 15909 | 609951 |
| CMS Energy Corp. | 7308 | 511048 |
| Consolidated Edison, Inc. | 8697 | 863786 |
| Dominion Energy, Inc. | 20912 | 1225234 |
| DTE Energy Co. | 5054 | 651865 |
| NiSource, Inc. | 11509 | 480616 |
| Public Service Enterprise Group, Inc. | 12180 | 978054 |
| Sempra | 15965 | 1409550 |
| WEC Energy Group, Inc. | 7808 | 823432 |
|  |  | 8216606 |
| **Office REITs - 0.0% \*** | **Office REITs - 0.0% \*** | **Office REITs - 0.0% \*** |
| BXP, Inc. | 3758 | 253590 |
| **Oil, Gas & Consumable Fuels - 2.6%**  | **Oil, Gas & Consumable Fuels - 2.6%**  | **Oil, Gas & Consumable Fuels - 2.6%**  |
| APA Corp. | 8736 | 213683 |
| Chevron Corp. | 46257 | 7050029 |
| ConocoPhillips | 30099 | 2817567 |
| Coterra Energy, Inc. | 18775 | 494158 |
| Devon Energy Corp. | 15512 | 568205 |
| Diamondback Energy, Inc. | 4564 | 686106 |
| EOG Resources, Inc. | 13193 | 1385397 |
| EQT Corp. | 15200 | 814720 |
| Expand Energy Corp. | 5833 | 643730 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Exxon Mobil Corp. | 102972 | $12391651 |
| Kinder Morgan, Inc. | 47505 | 1305912 |
| Marathon Petroleum Corp. | 7293 | 1186061 |
| Occidental Petroleum Corp. | 17702 | 727906 |
| ONEOK, Inc. | 15064 | 1107204 |
| Phillips 66 | 9870 | 1273625 |
| Targa Resources Corp. | 5282 | 974529 |
| Texas Pacific Land Corp. | 1392 | 399810 |
| Valero Energy Corp. | 7566 | 1231669 |
| Williams Cos., Inc. | 29545 | 1775950 |
|  |  | 37047912 |
| **Passenger Airlines - 0.2%**  | **Passenger Airlines - 0.2%**  | **Passenger Airlines - 0.2%**  |
| Delta Air Lines, Inc. | 15689 | 1088817 |
| Southwest Airlines Co. | 12609 | 521130 |
| United Airlines Holdings, Inc. <sup>(A)</sup> <br>| 7778 | 869736 |
|  |  | 2479683 |
| **Personal Care Products - 0.1%**  | **Personal Care Products - 0.1%**  | **Personal Care Products - 0.1%**  |
| Estee Lauder Cos., Inc., Class A | 5913 | 619209 |
| Kenvue, Inc. | 46560 | 803160 |
|  |  | 1422369 |
| **Pharmaceuticals - 3.3%**  | **Pharmaceuticals - 3.3%**  | **Pharmaceuticals - 3.3%**  |
| Bristol-Myers Squibb Co. | 49204 | 2654064 |
| Eli Lilly & Co. | 19381 | 20828373 |
| Johnson & Johnson | 58830 | 12174868 |
| Merck & Co., Inc. | 60521 | 6370440 |
| Pfizer, Inc. | 138755 | 3455000 |
| Viatris, Inc. | 28185 | 350903 |
| Zoetis, Inc. | 10625 | 1336838 |
|  |  | 47170486 |
| **Professional Services - 0.5%**  | **Professional Services - 0.5%**  | **Professional Services - 0.5%**  |
| Automatic Data Processing, Inc. | 9846 | 2532687 |
| Broadridge Financial Solutions, Inc., ADR | 2865 | 639382 |
| Dayforce, Inc. <sup>(A)</sup> <br>| 3840 | 265574 |
| Equifax, Inc. | 3059 | 663742 |
| Jacobs Solutions, Inc. | 2894 | 383339 |
| Leidos Holdings, Inc. | 3157 | 569523 |
| Paychex, Inc. | 7962 | 893177 |
| Paycom Software, Inc. | 1222 | 194738 |
| Verisk Analytics, Inc. | 3399 | 760322 |
|  |  | 6902484 |
| **Real Estate Management & Development - 0.1%**  | **Real Estate Management & Development - 0.1%**  | **Real Estate Management & Development - 0.1%**  |
| CBRE Group, Inc., Class A <sup>(A)</sup> <br>| 7073 | 1137268 |
| CoStar Group, Inc. <sup>(A)</sup> <br>| 10259 | 689815 |
|  |  | 1827083 |
| **Residential REITs - 0.2%**  | **Residential REITs - 0.2%**  | **Residential REITs - 0.2%**  |
| AvalonBay Communities, Inc. | 3466 | 628420 |
| Camden Property Trust | 2717 | 299087 |
| Equity Residential | 8359 | 526951 |
| Essex Property Trust, Inc. | 1579 | 413193 |
| Invitation Homes, Inc. | 13745 | 381974 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica S&P 500 Index VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Residential REITs (continued)** | **Residential REITs (continued)** | **Residential REITs (continued)** |
| Mid-America Apartment Communities, Inc. | 2836 | $393949 |
| UDR, Inc. | 7395 | 271249 |
|  |  | 2914823 |
| **Retail REITs - 0.3%**  | **Retail REITs - 0.3%**  | **Retail REITs - 0.3%**  |
| Federal Realty Investment Trust | 2046 | 206237 |
| Kimco Realty Corp. | 16133 | 327016 |
| Realty Income Corp. | 22689 | 1278979 |
| Regency Centers Corp. | 4160 | 287165 |
| Simon Property Group, Inc. | 7894 | 1461258 |
|  |  | 3560655 |
| **Semiconductors & Semiconductor Equipment - 14.2%**  | **Semiconductors & Semiconductor Equipment - 14.2%**  | **Semiconductors & Semiconductor Equipment - 14.2%**  |
| Advanced Micro Devices, Inc. <sup>(A)</sup> <br>| 39773 | 8517786 |
| Analog Devices, Inc. | 11904 | 3228365 |
| Applied Materials, Inc. | 19484 | 5007193 |
| Broadcom, Inc. | 115215 | 39875911 |
| First Solar, Inc. <sup>(A)</sup> <br>| 2651 | 692521 |
| Intel Corp. <sup>(A)</sup> <br>| 108956 | 4020476 |
| KLA Corp. | 3182 | 3866385 |
| Lam Research Corp. | 30715 | 5257794 |
| Microchip Technology, Inc. | 13136 | 837026 |
| Micron Technology, Inc. | 27425 | 7827369 |
| Monolithic Power Systems, Inc. | 1163 | 1054097 |
| NVIDIA Corp. | 592729 | 110543958 |
| NXP Semiconductors NV | 6166 | 1338392 |
| ON Semiconductor Corp. <sup>(A)</sup> <br>| 9951 | 538847 |
| Qnity Electronics, Inc. | 5233 | 427274 |
| QUALCOMM, Inc. | 25947 | 4438234 |
| Skyworks Solutions, Inc. | 3563 | 225930 |
| Teradyne, Inc. | 3875 | 750045 |
| Texas Instruments, Inc. | 22181 | 3848182 |
|  |  | 202295785 |
| **Software - 10.3%**  | **Software - 10.3%**  | **Software - 10.3%**  |
| Adobe, Inc. <sup>(A)</sup> <br>| 10133 | 3546449 |
| AppLovin Corp., Class A <sup>(A)</sup> <br>| 6602 | 4448559 |
| Autodesk, Inc. <sup>(A)</sup> <br>| 5192 | 1536884 |
| Cadence Design Systems, Inc. <sup>(A)</sup> <br>| 6555 | 2048962 |
| Crowdstrike Holdings, Inc., Class A <sup>(A)</sup> <br>| 6151 | 2883343 |
| Datadog, Inc., Class A <sup>(A)</sup> <br>| 7924 | 1077585 |
| Fair Isaac Corp. <sup>(A)</sup> <br>| 574 | 970416 |
| Fortinet, Inc. <sup>(A)</sup> <br>| 15185 | 1205841 |
| Gen Digital, Inc. | 13480 | 366521 |
| Intuit, Inc. | 6803 | 4506443 |
| Microsoft Corp. | 181298 | 87679339 |
| Oracle Corp. | 40872 | 7966361 |
| Palantir Technologies, Inc., Class A <sup>(A)</sup> <br>| 55791 | 9916850 |
| Palo Alto Networks, Inc. <sup>(A)</sup> <br>| 16547 | 3047957 |
| PTC, Inc. <sup>(A)</sup> <br>| 2884 | 502422 |
| Roper Technologies, Inc. | 2596 | 1155557 |
| Salesforce, Inc. | 23169 | 6137700 |
| ServiceNow, Inc. <sup>(A)</sup> <br>| 25225 | 3864218 |
| Synopsys, Inc. <sup>(A)</sup> <br>| 4475 | 2101997 |
| Tyler Technologies, Inc. <sup>(A)</sup> <br>| 1057 | 479825 |
| Workday, Inc., Class A <sup>(A)</sup> <br>| 5301 | 1138549 |
|  |  | 146581778 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Specialized REITs - 0.7%**  | **Specialized REITs - 0.7%**  | **Specialized REITs - 0.7%**  |
| American Tower Corp. | 11323 | $1987979 |
| Crown Castle, Inc. | 10571 | 939445 |
| Digital Realty Trust, Inc. | 7770 | 1202097 |
| Equinix, Inc. | 2367 | 1813501 |
| Extra Space Storage, Inc. | 5168 | 672977 |
| Iron Mountain, Inc. | 7194 | 596742 |
| Public Storage | 3823 | 992069 |
| SBA Communications Corp. | 2590 | 500984 |
| VICI Properties, Inc. | 25929 | 729123 |
| Weyerhaeuser Co. | 17592 | 416754 |
|  |  | 9851671 |
| **Specialty Retail - 1.7%**  | **Specialty Retail - 1.7%**  | **Specialty Retail - 1.7%**  |
| AutoZone, Inc. <sup>(A)</sup> <br>| 405 | 1373558 |
| Best Buy Co., Inc. | 4935 | 330300 |
| Carvana Co. <sup>(A)</sup> <br>| 3407 | 1437822 |
| Home Depot, Inc. | 24227 | 8336511 |
| Lowe's Cos., Inc. | 13737 | 3312815 |
| O'Reilly Automotive, Inc. <sup>(A)</sup> <br>| 20649 | 1883395 |
| Ross Stores, Inc. | 7844 | 1413018 |
| TJX Cos., Inc. | 27212 | 4180035 |
| Tractor Supply Co. | 12897 | 644979 |
| Ulta Beauty, Inc. <sup>(A)</sup> <br>| 1079 | 652806 |
| Williams-Sonoma, Inc. | 3002 | 536127 |
|  |  | 24101366 |
| **Technology Hardware, Storage & Peripherals - 7.3%**  | **Technology Hardware, Storage & Peripherals - 7.3%**  | **Technology Hardware, Storage & Peripherals - 7.3%**  |
| Apple, Inc. | 360433 | 97987315 |
| Dell Technologies, Inc., Class C | 7321 | 921568 |
| Hewlett Packard Enterprise Co. | 32454 | 779545 |
| HP, Inc. | 23058 | 513732 |
| NetApp, Inc. | 4886 | 523242 |
| Sandisk Corp. <sup>(A)</sup> <br>| 3327 | 789763 |
| Seagate Technology Holdings PLC | 5365 | 1477467 |
| Super Micro Computer, Inc. <sup>(A)</sup> <br>| 12002 | 351299 |
| Western Digital Corp. | 8405 | 1447929 |
|  |  | 104791860 |
| **Textiles, Apparel & Luxury Goods - 0.3%**  | **Textiles, Apparel & Luxury Goods - 0.3%**  | **Textiles, Apparel & Luxury Goods - 0.3%**  |
| Deckers Outdoor Corp. <sup>(A)</sup> <br>| 3543 | 367303 |
| Lululemon Athletica, Inc. <sup>(A)</sup> <br>| 2659 | 552567 |
| NIKE, Inc., Class B | 28740 | 1831025 |
| Ralph Lauren Corp. | 942 | 333100 |
| Tapestry, Inc. | 5127 | 655077 |
|  |  | 3739072 |
| **Tobacco - 0.6%**  | **Tobacco - 0.6%**  | **Tobacco - 0.6%**  |
| Altria Group, Inc. | 40456 | 2332693 |
| Philip Morris International, Inc. | 38054 | 6103862 |
|  |  | 8436555 |
| **Trading Companies & Distributors - 0.2%**  | **Trading Companies & Distributors - 0.2%**  | **Trading Companies & Distributors - 0.2%**  |
| Fastenal Co. | 27751 | 1113648 |
| United Rentals, Inc. | 1577 | 1276298 |
| WW Grainger, Inc. | 1068 | 1077665 |
|  |  | 3467611 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica S&P 500 Index VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Water Utilities - 0.0% \*** | **Water Utilities - 0.0% \*** | **Water Utilities - 0.0% \*** |
| American Water Works Co., Inc. | 4838 | $631359 |
| **Wireless Telecommunication Services - 0.2%**  | **Wireless Telecommunication Services - 0.2%**  | **Wireless Telecommunication Services - 0.2%**  |
| T-Mobile U.S., Inc. | 11763 | 2388360 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $907,677,878)**<br>|  | 1425385615 |

---

&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>1.35% <sup>(B)</sup>, dated 12/31/2025, to be <br> repurchased at $1,905,617 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 04/30/2027, and <br> with a value of $1,943,777.<br>| $1905474 | 1905474 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,905,474)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,905,474)** | 1905474 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $909,583,352)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $909,583,352)** | 1427291089 |
| **Net Other Assets (Liabilities) - 0.1%** | **Net Other Assets (Liabilities) - 0.1%** | 788139 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1428079228** |

---

**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>|
| S&P 500<sup>®</sup> E-Mini Index | 8 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; $2779955 | &nbsp;&nbsp;&nbsp; $2757000 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(22955)<br>|

---

**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 | $1425385615 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1425385615 |
| Repurchase Agreement |  | &nbsp;&nbsp; 1905474 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1905474 |
| **Total Investments** | **$1425385615** | &nbsp;&nbsp; **$1905474** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1427291089** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(D)</sup> <br>| $(22955)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(22955)<br>|
| **Total Other Financial Instruments** | **$(22955)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(22955)**<br>|

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(C)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 2025. Please reference the Investment Valuation section of the Notes* *to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(D)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica S&P 500 Index VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**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**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica S&P 500 Index VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $907,677,878) | &nbsp;&nbsp; $1425385615 |
| Repurchase agreement, at value (cost $1,905,474) | &nbsp;&nbsp; 1905474 |
| Cash collateral pledged at broker for: |  |
| Futures contracts | &nbsp;&nbsp; 197304 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 357305 |
| Dividends  | &nbsp;&nbsp; 723121 |
| Interest | &nbsp;&nbsp; 71 |
| Total assets | &nbsp;&nbsp; 1428568890 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 6872 |
| Investment management fees | &nbsp;&nbsp; 103080 |
| Distribution and service fees | &nbsp;&nbsp; 246970 |
| Transfer agent costs | &nbsp;&nbsp; 1393 |
| Trustee and CCO fees | &nbsp;&nbsp; 457 |
| Audit and tax fees  | &nbsp;&nbsp; 22742 |
| Custody fees | &nbsp;&nbsp; 20388 |
| Legal fees | &nbsp;&nbsp; 8464 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 13351 |
| Other accrued expenses | &nbsp;&nbsp; 45125 |
| Variation margin payable on futures contracts | &nbsp;&nbsp; 20820 |
| Total liabilities | &nbsp;&nbsp; 489662 |
| **Net assets**  | &nbsp;&nbsp; $1428079228 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $506356 |
| Additional paid-in capital | &nbsp;&nbsp; 871806612 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 555766260 |
| **Net assets** | &nbsp;&nbsp; $1428079228 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $332827018 |
| Service Class | &nbsp;&nbsp; 1095252210 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 11722000 |
| Service Class | &nbsp;&nbsp; 38913617 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $28.39 |
| Service Class | 28.15 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $15448451 |
| Interest income | &nbsp;&nbsp; 93565 |
| Withholding taxes on foreign income | &nbsp;&nbsp; (3650)<br>|
| Total investment income  | &nbsp;&nbsp; 15538366 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 997182 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 2384591 |
| Transfer agent costs | &nbsp;&nbsp; 13989 |
| Trustee and CCO fees | &nbsp;&nbsp; 65567 |
| Audit and tax fees | &nbsp;&nbsp; 57638 |
| Custody fees | &nbsp;&nbsp; 87438 |
| Legal fees | &nbsp;&nbsp; 124074 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 48927 |
| Index fees | &nbsp;&nbsp; 161101 |
| Other | &nbsp;&nbsp; 65334 |
| Total expenses | &nbsp;&nbsp; 4005841 |
| **Net investment income (loss)** | &nbsp;&nbsp; 11532525 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 28743901 |
| Futures contracts | &nbsp;&nbsp; 798194 |
| Net realized gain (loss) | &nbsp;&nbsp; 29542095 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 168059164 |
| Futures contracts | &nbsp;&nbsp; 48666 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 168107830 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 197649925 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $209182450 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica S&P 500 Index VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $11532525 | &nbsp;&nbsp; $9692687 |
| Net realized gain (loss) | &nbsp;&nbsp; 29542095 | &nbsp;&nbsp; 6360876 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 168107830 | &nbsp;&nbsp; 178306441 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 209182450 | &nbsp;&nbsp; 194360004 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (4243551)<br>| &nbsp;&nbsp; (6114035)<br>|
| Service Class | &nbsp;&nbsp; (11867719)<br>| &nbsp;&nbsp; (19534742)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (16111270)<br>| &nbsp;&nbsp; (25648777)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 101632248 | &nbsp;&nbsp; 108432159 |
| Service Class | &nbsp;&nbsp; 140998624 | &nbsp;&nbsp; 191568951 |
|  | &nbsp;&nbsp; 242630872 | &nbsp;&nbsp; 300001110 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 4243551 | &nbsp;&nbsp; 6114035 |
| Service Class | &nbsp;&nbsp; 11867719 | &nbsp;&nbsp; 19534742 |
|  | &nbsp;&nbsp; 16111270 | &nbsp;&nbsp; 25648777 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (78269424)<br>| &nbsp;&nbsp; (34419946)<br>|
| Service Class | &nbsp;&nbsp; (64755640)<br>| &nbsp;&nbsp; (65805464)<br>|
|  | &nbsp;&nbsp; (143025064)<br>| &nbsp;&nbsp; (100225410)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; 115717078 | &nbsp;&nbsp; 225424477 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 308788258 | &nbsp;&nbsp; 394135704 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1119290970 | &nbsp;&nbsp; 725155266 |
| End of year | &nbsp;&nbsp; $1428079228 | &nbsp;&nbsp; $1119290970 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 4078291 | &nbsp;&nbsp; 4758265 |
| Service Class | &nbsp;&nbsp; 5532557 | &nbsp;&nbsp; 8377246 |
|  | &nbsp;&nbsp; 9610848 | &nbsp;&nbsp; 13135511 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 157929 | &nbsp;&nbsp; 263991 |
| Service Class | &nbsp;&nbsp; 445151 | &nbsp;&nbsp; 849337 |
|  | &nbsp;&nbsp; 603080 | &nbsp;&nbsp; 1113328 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (3078397)<br>| &nbsp;&nbsp; (1504985)<br>|
| Service Class | &nbsp;&nbsp; (2540634)<br>| &nbsp;&nbsp; (2912836)<br>|
|  | &nbsp;&nbsp; (5619031)<br>| &nbsp;&nbsp; (4417821)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; 1157823 | &nbsp;&nbsp; 3517271 |
| Service Class | &nbsp;&nbsp; 3437074 | &nbsp;&nbsp; 6313747 |
|  | &nbsp;&nbsp; 4594897 | &nbsp;&nbsp; 9831018 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica S&P 500 Index VP**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $24.46 | &nbsp;&nbsp; $20.14 | &nbsp;&nbsp; $16.37 | &nbsp;&nbsp; $20.52 | &nbsp;&nbsp; $16.39 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.29 | 0.29 | 0.28 | 0.26 | 0.23 |
| Net realized and unrealized gain (loss) | 4.00 | 4.67 | 3.96 | &nbsp;&nbsp; (3.97)<br>| 4.41 |
| Total investment operations | 4.29 | 4.96 | 4.24 | &nbsp;&nbsp; (3.71)<br>| 4.64 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.18)<br>|
| Net realized gains | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.33)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.51)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $28.39 | &nbsp;&nbsp; $24.46 | &nbsp;&nbsp; $20.14 | &nbsp;&nbsp; $16.37 | &nbsp;&nbsp; $20.52 |
| **Total return**<sup>(B)</sup> <br>| 17.65<br> %<br>| 24.82<br> %<br>| 26.09<br> %<br>| &nbsp;&nbsp; (18.22)%<br>| 28.50<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $332827 | &nbsp;&nbsp; $258402 | &nbsp;&nbsp; $141895 | &nbsp;&nbsp; $59133 | &nbsp;&nbsp; $39034 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.13<br> %<br>| 0.12<br> %<br>| 0.14<br> %<br>| 0.13<br> %<br>| 0.13<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.13<br> %<br>| 0.12<br> %<br>| 0.14 %<sup>(C)</sup><br>| 0.14<br> %<br>| 0.14<br> %<br>|
| Net investment income (loss) to average net assets | 1.12<br> %<br>| 1.25<br> %<br>| 1.54<br> %<br>| 1.48<br> %<br>| 1.24<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 3<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> *Waiver and/or reimbursement rounds to less than 0.01%.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $24.27 | &nbsp;&nbsp; $20.00 | &nbsp;&nbsp; $16.27 | &nbsp;&nbsp; $20.40 | &nbsp;&nbsp; $16.32 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.22 | 0.22 | 0.23 | 0.21 | 0.18 |
| Net realized and unrealized gain (loss) | 3.98 | 4.66 | 3.92 | &nbsp;&nbsp; (3.94)<br>| 4.38 |
| Total investment operations | 4.20 | 4.88 | 4.15 | &nbsp;&nbsp; (3.73)<br>| 4.56 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net realized gains | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.33)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.48)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $28.15 | &nbsp;&nbsp; $24.27 | &nbsp;&nbsp; $20.00 | &nbsp;&nbsp; $16.27 | &nbsp;&nbsp; $20.40 |
| **Total return**<sup>(B)</sup> <br>| 17.37<br> %<br>| 24.54<br> %<br>| 25.73<br> %<br>| &nbsp;&nbsp; (18.44)%<br>| 28.14<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $1095252 | &nbsp;&nbsp; $860889 | &nbsp;&nbsp; $583260 | &nbsp;&nbsp; $417940 | &nbsp;&nbsp; $518804 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.38<br> %<br>| 0.37<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.38<br> %<br>| 0.38<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>|
| Net investment income (loss) to average net assets | 0.87<br> %<br>| 0.99<br> %<br>| 1.28<br> %<br>| 1.20<br> %<br>| 0.99<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 3<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.* 

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica S&P 500 Index VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 S&P 500 Index 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 management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2025,

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica S&P 500 Index VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**1. ORGANIZATION (continued)**

(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.

**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 year ended December 31, 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.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 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 December 31, 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.

*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,

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 December 31, 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 year ended December 31, 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 year ended December 31, 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 December 31, 2025.

Repurchase agreements at December 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**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.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

*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.

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 December 31, 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 December 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>| $— | $— | $(22955)<br>| $— | $— | $(22955)<br>|
| **Total** | **$—** | **$—** | **$(22955)**<br>| **$—** | **$—** | **$(22955)**<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.* 

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**Page 17**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 December 31, 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  | $— | $— | $798194 | $— | $— | $798194 |
| **Total** | **$—** | **$—** | **$798194** | **$—** | **$—** | **$798194** |

---

&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  | $— | $— | $48666 | $— | $— | $48666 |
| **Total** | **$—** | **$—** | **$48666** | **$—** | **$—** | **$48666** |

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $4764891 |

---

*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 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

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**7. 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.

**Passive strategy/index risk:** The Portfolio is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the index or of the actual securities comprising the index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Portfolio's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the index will affect the performance, volatility, and risk of the index and, consequently, the performance, volatility, and risk of the Portfolio.

**Index fund risk:** While the Portfolio seeks to track the performance of the S&P 500<sup>®</sup> Index (i.e., achieve a high degree of correlation with the index), the Portfolio's return may not match the return of the index. The Portfolio incurs a number of operating expenses not applicable to the index, and incurs costs in buying and selling securities. In addition, the Portfolio may not be fully invested at times, generally as a result of cash flows into or out of the Portfolio or reserves of cash held by the Portfolio to meet redemptions. The Portfolio may attempt to replicate the index return by investing in fewer than all of the securities in the index, or in some securities not included in the index, potentially increasing the risk of divergence between the Portfolio's return and that of the index.

**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.

**Non-diversification risk:** To the extent the Portfolio becomes "non-diversified" for periods of time solely as a result of tracking its index, the Portfolio will 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.

**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

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**7. RISK FACTORS (continued)**

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.

**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 at an annual rate of 0.08% of daily average net assets.

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 | 0.14<br> % <br>| May 1, 2026 |
| Service Class | 0.39 | 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 year ended December 31, 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 December 31, 2025, there are no amounts available for recapture by TAM.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica S&P 500 Index VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

**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 year ended December 31, 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 year ended December 31, 2025.

**9. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 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** |
| $170854886 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $54467206 | &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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica S&P 500 Index VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, straddle loss deferrals and futures contracts mark-to-market. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to real estate investment trust adjustments. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| &nbsp;&nbsp;&nbsp; $(479)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $479 |

---

As of December 31, 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>|
| $913046065 | &nbsp;&nbsp; $547511576 | &nbsp;&nbsp; $(33266552)<br>| &nbsp;&nbsp; $514245024 |

---

As of December 31, 2025, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2025, the Portfolio did not utilize any capital loss carryforwards.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $10083958 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $6027312 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $7902534 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $17746243 | &nbsp;&nbsp;&nbsp; $— |

---

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $12054666 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29485423 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18853)<br>| &nbsp;&nbsp; $514245024 |

---

**11. OPERATING SEGMENTS**

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica S&P 500 Index VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**11. OPERATING SEGMENTS (continued)**

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**

**Annual Financial Statements 2025**

**Page 23**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica S&P 500 Index VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica S&P 500 Index VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862imgcbf6bbb53.gif)

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

Boston, Massachusetts

February 25, 2026

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 24**

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**Transamerica S&P 500 Index VP**

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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $6,027,312 for the year ended December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica S&P 500 Index 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**

**Annual Financial Statements 2025**

**Page 26**

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**Transamerica S&P 500 Index 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**

**Annual Financial Statements 2025**

**Page 27**

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**Transamerica S&P 500 Index 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**

**Annual Financial Statements 2025**

**Page 28**

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**Transamerica S&P 500 Index VP** 

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 29**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img7664a9974.gif)

Visit **transamerica.com**

![](g768862img255aa6e95.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img161069306.gif)

------

![](g768862img26eff4971.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica Small/Mid Cap Value VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imga5c2a9382.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_2fecdc91-e661-4ccc-8401-7f2a3bf55b22_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_2fecdc91-e661-4ccc-8401-7f2a3bf55b22_SOI-RunningFooter-212_1) | 2 |
| [Statement of Assets and Liabilities](#xx_2fecdc91-e661-4ccc-8401-7f2a3bf55b22_FS-RunningFooter-212_1) | 7 |
| [Statement of Operations](#xx_2fecdc91-e661-4ccc-8401-7f2a3bf55b22_FS-RunningFooter-212_1) | 7 |
| [Statement of Changes in Net Assets](#xx_2fecdc91-e661-4ccc-8401-7f2a3bf55b22_FS-RunningFooter-212_2) | 8 |
| [Financial Highlights](#xx_2fecdc91-e661-4ccc-8401-7f2a3bf55b22_SCF-RunningFooter-212_1) | 9 |
| [Notes to Financial Statements](#xx_2fecdc91-e661-4ccc-8401-7f2a3bf55b22_NTF-RunningFooter-212_1) | 10 |
| **[Report of Independent Registered Public Accounting Firm](#xx_2fecdc91-e661-4ccc-8401-7f2a3bf55b22_AUD-RunningFooter-212_1)** | 20 |
| **[Supplemental Information](#xx_2fecdc91-e661-4ccc-8401-7f2a3bf55b22_STI-RunningFooter-212_1)** | 21 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_2fecdc91-e661-4ccc-8401-7f2a3bf55b22_DWA-RunningFooter-212_1)**<br> **[Companies](#xx_2fecdc91-e661-4ccc-8401-7f2a3bf55b22_DWA-RunningFooter-212_1)**<br>| 22 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_2fecdc91-e661-4ccc-8401-7f2a3bf55b22_PD-RunningFooter-212_1)** | 23 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_2fecdc91-e661-4ccc-8401-7f2a3bf55b22_DTO-RunningFooter-212_1)**<br> **[Companies](#xx_2fecdc91-e661-4ccc-8401-7f2a3bf55b22_DTO-RunningFooter-212_1)**<br>| 24 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_2fecdc91-e661-4ccc-8401-7f2a3bf55b22_Mgmtagmt-RunningFooter-212_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.***

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Small/Mid Cap Value VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 96.8%**  | **COMMON STOCKS - 96.8%**  | **COMMON STOCKS - 96.8%**  |
| **Aerospace & Defense - 1.6%**  | **Aerospace & Defense - 1.6%**  | **Aerospace & Defense - 1.6%**  |
| Curtiss-Wright Corp. | 1565 | $862737 |
| Elbit Systems Ltd. | 1870 | 1080318 |
| Huntington Ingalls Industries, Inc. | 15700 | 5339099 |
| V2X, Inc. <sup>(A)</sup> <br>| 20400 | 1112820 |
|  |  | 8394974 |
| **Automobile Components - 0.4%**  | **Automobile Components - 0.4%**  | **Automobile Components - 0.4%**  |
| Gentex Corp. | 20250 | 471218 |
| Visteon Corp. | 15500 | 1474050 |
|  |  | 1945268 |
| **Banks - 7.8%**  | **Banks - 7.8%**  | **Banks - 7.8%**  |
| Atlantic Union Bankshares Corp. | 88350 | 3118755 |
| Beacon Financial Corp. | 63900 | 1685043 |
| Columbia Banking System, Inc. | 72800 | 2034760 |
| Community West Bancshares | 16250 | 365625 |
| Dime Community Bancshares, Inc. | 64150 | 1930273 |
| Eastern Bankshares, Inc. | 110100 | 2029143 |
| First Citizens BancShares, Inc., Class A | 4093 | 8784315 |
| First Community Bankshares, Inc. | 30400 | 1025392 |
| First Merchants Corp. | 44600 | 1671608 |
| Hancock Whitney Corp. | 7000 | 445760 |
| OceanFirst Financial Corp. | 67650 | 1214318 |
| Princeton Bancorp, Inc. | 6500 | 225485 |
| Provident Financial Services, Inc. | 118300 | 2336425 |
| TrustCo Bank Corp. | 68650 | 2837304 |
| UMB Financial Corp. | 20600 | 2369824 |
| United Bankshares, Inc. | 25900 | 994560 |
| United Community Banks, Inc. | 57800 | 1804516 |
| WaFd, Inc. | 87000 | 2786610 |
| Webster Financial Corp. | 62100 | 3908574 |
|  |  | 41568290 |
| **Beverages - 2.8%**  | **Beverages - 2.8%**  | **Beverages - 2.8%**  |
| Brown-Forman Corp., Class B <sup>(B)</sup> <br>| 118200 | 3080292 |
| Constellation Brands, Inc., Class A | 39900 | 5504604 |
| Molson Coors Beverage Co., Class B | 136475 | 6370653 |
|  |  | 14955549 |
| **Biotechnology - 1.5%**  | **Biotechnology - 1.5%**  | **Biotechnology - 1.5%**  |
| Biogen, Inc. <sup>(A)</sup> <br>| 23100 | 4065369 |
| BioMarin Pharmaceutical, Inc. <sup>(A)</sup> <br>| 11450 | 680473 |
| Catalyst Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 40700 | 949938 |
| Exelixis, Inc. <sup>(A)</sup> <br>| 54300 | 2379969 |
|  |  | 8075749 |
| **Building Products - 1.2%**  | **Building Products - 1.2%**  | **Building Products - 1.2%**  |
| American Woodmark Corp. <sup>(A)</sup> <br>| 21100 | 1137290 |
| Fortune Brands Innovations, Inc. | 13300 | 665266 |
| Gibraltar Industries, Inc. <sup>(A)</sup> <br>| 5200 | 257088 |
| Hayward Holdings, Inc. <sup>(A)</sup> <br>| 83600 | 1291620 |
| Owens Corning | 14050 | 1572335 |
| Quanex Building Products Corp. | 92000 | 1414960 |
|  |  | 6338559 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Capital Markets - 1.2%**  | **Capital Markets - 1.2%**  | **Capital Markets - 1.2%**  |
| Piper Sandler Cos. | 10375 | $3524491 |
| Stifel Financial Corp. | 23100 | 2892582 |
|  |  | 6417073 |
| **Chemicals - 3.3%**  | **Chemicals - 3.3%**  | **Chemicals - 3.3%**  |
| LSB Industries, Inc. <sup>(A)</sup> <br>| 103650 | 881025 |
| Mosaic Co. | 264519 | 6372263 |
| PPG Industries, Inc. | 61400 | 6291044 |
| Westlake Corp. | 54300 | 4014942 |
|  |  | 17559274 |
| **Commercial Services & Supplies - 0.3%**  | **Commercial Services & Supplies - 0.3%**  | **Commercial Services & Supplies - 0.3%**  |
| HNI Corp. | 32550 | 1368402 |
| Tetra Tech, Inc. | 11450 | 384033 |
|  |  | 1752435 |
| **Communications Equipment - 0.2%**  | **Communications Equipment - 0.2%**  | **Communications Equipment - 0.2%**  |
| Harmonic, Inc. <sup>(A)</sup> <br>| 63000 | 623070 |
| KVH Industries, Inc. <sup>(A)</sup> <br>| 50000 | 348500 |
| Silicom Ltd. <sup>(A)</sup> <br>| 19000 | 279300 |
|  |  | 1250870 |
| **Construction & Engineering - 2.5%**  | **Construction & Engineering - 2.5%**  | **Construction & Engineering - 2.5%**  |
| Comfort Systems USA, Inc. | 2550 | 2379889 |
| EMCOR Group, Inc. | 6935 | 4242764 |
| Fluor Corp. <sup>(A)</sup> <br>| 77100 | 3055473 |
| Granite Construction, Inc. | 29625 | 3417244 |
|  |  | 13095370 |
| **Consumer Staples Distribution & Retail - 1.3%**  | **Consumer Staples Distribution & Retail - 1.3%**  | **Consumer Staples Distribution & Retail - 1.3%**  |
| Dollar General Corp. | 11800 | 1566686 |
| Dollar Tree, Inc. <sup>(A)</sup> <br>| 30100 | 3702601 |
| Ingles Markets, Inc., Class A | 12250 | 839737 |
| Village Super Market, Inc., Class A | 18250 | 645959 |
|  |  | 6754983 |
| **Containers & Packaging - 2.7%**  | **Containers & Packaging - 2.7%**  | **Containers & Packaging - 2.7%**  |
| Crown Holdings, Inc. | 51200 | 5272064 |
| Graphic Packaging Holding Co. | 523950 | 7890687 |
| Greif, Inc., Class A | 16350 | 1106895 |
|  |  | 14269646 |
| **Distributors - 1.5%**  | **Distributors - 1.5%**  | **Distributors - 1.5%**  |
| LKQ Corp. | 265100 | 8006020 |
| **Diversified Consumer Services - 0.2%**  | **Diversified Consumer Services - 0.2%**  | **Diversified Consumer Services - 0.2%**  |
| American Public Education, Inc. <sup>(A)</sup> <br>| 3500 | 132300 |
| Stride, Inc. <sup>(A)</sup> <br>| 17150 | 1113550 |
|  |  | 1245850 |
| **Diversified REITs - 0.3%**  | **Diversified REITs - 0.3%**  | **Diversified REITs - 0.3%**  |
| Broadstone Net Lease, Inc. | 83000 | 1441710 |
| **Diversified Telecommunication Services - 0.6%**  | **Diversified Telecommunication Services - 0.6%**  | **Diversified Telecommunication Services - 0.6%**  |
| GCI Liberty, Inc. <sup>(A)(C)(D)(E)</sup> <br>| 60500 | 0 |
| Liberty Global Ltd., Class A <sup>(A)</sup> <br>| 268200 | 2987748 |
|  |  | 2987748 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Small/Mid Cap Value VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Electric Utilities - 2.4%**  | **Electric Utilities - 2.4%**  | **Electric Utilities - 2.4%**  |
| Evergy, Inc. | 98001 | $7104092 |
| OGE Energy Corp. | 95900 | 4094930 |
| Portland General Electric Co. | 33850 | 1624462 |
|  |  | 12823484 |
| **Electrical Equipment - 0.9%**  | **Electrical Equipment - 0.9%**  | **Electrical Equipment - 0.9%**  |
| Acuity, Inc. | 1175 | 423047 |
| LSI Industries, Inc. | 151350 | 2772732 |
| Regal Rexnord Corp. | 10050 | 1410216 |
|  |  | 4605995 |
| **Electronic Equipment, Instruments & Components - 3.2%**  | **Electronic Equipment, Instruments & Components - 3.2%**  | **Electronic Equipment, Instruments & Components - 3.2%**  |
| Coherent Corp. <sup>(A)</sup> <br>| 11700 | 2159469 |
| IPG Photonics Corp. <sup>(A)</sup> <br>| 7000 | 501200 |
| Itron, Inc. <sup>(A)</sup> <br>| 6625 | 615198 |
| OSI Systems, Inc. <sup>(A)</sup> <br>| 13425 | 3424180 |
| TD SYNNEX Corp. | 27600 | 4146348 |
| Vishay Intertechnology, Inc. | 81450 | 1180210 |
| Vontier Corp. | 134787 | 5011381 |
|  |  | 17037986 |
| **Energy Equipment & Services - 2.2%**  | **Energy Equipment & Services - 2.2%**  | **Energy Equipment & Services - 2.2%**  |
| Halliburton Co. | 180100 | 5089626 |
| Helix Energy Solutions Group, Inc. <sup>(A)</sup> <br>| 157200 | 985644 |
| Helmerich & Payne, Inc. | 31650 | 907722 |
| Noble Corp. PLC <sup>(B)</sup> <br>| 114800 | 3241952 |
| Seadrill Ltd. <sup>(A)</sup> <br>| 23100 | 799260 |
| Select Water Solutions, Inc. | 64800 | 681696 |
|  |  | 11705900 |
| **Entertainment - 1.1%**  | **Entertainment - 1.1%**  | **Entertainment - 1.1%**  |
| &nbsp;&nbsp; Madison Square Garden Entertainment <br> Corp. <sup>(A)</sup> <br>| 45000 | 2425050 |
| Madison Square Garden Sports Corp. <sup>(A)</sup> <br>| 8225 | 2127396 |
| Sphere Entertainment Co. <sup>(A)(B)</sup> <br>| 16300 | 1549804 |
|  |  | 6102250 |
| **Financial Services - 2.6%**  | **Financial Services - 2.6%**  | **Financial Services - 2.6%**  |
| Corpay, Inc. <sup>(A)</sup> <br>| 17000 | 5115810 |
| Fiserv, Inc. <sup>(A)</sup> <br>| 50400 | 3385368 |
| Global Payments, Inc. | 71700 | 5549580 |
|  |  | 14050758 |
| **Food Products - 6.0%**  | **Food Products - 6.0%**  | **Food Products - 6.0%**  |
| Archer-Daniels-Midland Co. | 81600 | 4691184 |
| Campbell's Co. | 111900 | 3118653 |
| Conagra Brands, Inc. | 406900 | 7043439 |
| Kraft Heinz Co. | 332500 | 8063125 |
| Nomad Foods Ltd. | 79850 | 998924 |
| Post Holdings, Inc. <sup>(A)</sup> <br>| 23668 | 2344315 |
| Smithfield Foods, Inc. | 38400 | 857472 |
| Tyson Foods, Inc., Class A | 80300 | 4707186 |
| Utz Brands, Inc. | 12650 | 131307 |
|  |  | 31955605 |
| **Ground Transportation - 1.0%**  | **Ground Transportation - 1.0%**  | **Ground Transportation - 1.0%**  |
| U-Haul Holding Co. | 113700 | 5314338 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Health Care Equipment & Supplies - 3.2%**  | **Health Care Equipment & Supplies - 3.2%**  | **Health Care Equipment & Supplies - 3.2%**  |
| Align Technology, Inc. <sup>(A)</sup> <br>| 11700 | $1826955 |
| AngioDynamics, Inc. <sup>(A)</sup> <br>| 106400 | 1366176 |
| Baxter International, Inc. | 262800 | 5022108 |
| Inmode Ltd. <sup>(A)</sup> <br>| 61100 | 897559 |
| Integra LifeSciences Holdings Corp. <sup>(A)</sup> <br>| 54450 | 676269 |
| Omnicell, Inc. <sup>(A)</sup> <br>| 5100 | 231030 |
| OraSure Technologies, Inc. <sup>(A)</sup> <br>| 85300 | 206426 |
| QuidelOrtho Corp. <sup>(A)</sup> <br>| 9950 | 284172 |
| Zimmer Biomet Holdings, Inc. | 69500 | 6249440 |
|  |  | 16760135 |
| **Health Care Providers & Services - 3.3%**  | **Health Care Providers & Services - 3.3%**  | **Health Care Providers & Services - 3.3%**  |
| AMN Healthcare Services, Inc. <sup>(A)</sup> <br>| 11650 | 183604 |
| Centene Corp. <sup>(A)</sup> <br>| 136022 | 5597306 |
| Cross Country Healthcare, Inc. <sup>(A)</sup> <br>| 27600 | 223560 |
| Encompass Health Corp. | 24250 | 2573895 |
| Enhabit, Inc. <sup>(A)</sup> <br>| 91500 | 843630 |
| Henry Schein, Inc. <sup>(A)</sup> <br>| 61200 | 4625496 |
| Molina Healthcare, Inc. <sup>(A)</sup> <br>| 14500 | 2516330 |
| National HealthCare Corp. | 6225 | 853385 |
|  |  | 17417206 |
| **Health Care REITs - 0.9%**  | **Health Care REITs - 0.9%**  | **Health Care REITs - 0.9%**  |
| Community Healthcare Trust, Inc. | 54900 | 901458 |
| Healthpeak Properties, Inc. | 90650 | 1457652 |
| Sabra Health Care, Inc. | 123600 | 2340984 |
|  |  | 4700094 |
| **Hotel & Resort REITs - 0.5%**  | **Hotel & Resort REITs - 0.5%**  | **Hotel & Resort REITs - 0.5%**  |
| Apple Hospitality, Inc. | 122350 | 1449848 |
| DiamondRock Hospitality Co. | 89900 | 805504 |
| Summit Hotel Properties, Inc. | 39000 | 189930 |
|  |  | 2445282 |
| **Hotels, Restaurants & Leisure - 0.5%**  | **Hotels, Restaurants & Leisure - 0.5%**  | **Hotels, Restaurants & Leisure - 0.5%**  |
| Bloomin' Brands, Inc. | 31500 | 194355 |
| Churchill Downs, Inc. | 10600 | 1206068 |
| Golden Entertainment, Inc. | 27300 | 742287 |
| &nbsp;&nbsp; Lucky Strike Entertainment Corp., <br> Class C <sup>(B)</sup> <br>| 30500 | 258335 |
|  |  | 2401045 |
| **Household Durables - 1.0%**  | **Household Durables - 1.0%**  | **Household Durables - 1.0%**  |
| Helen of Troy Ltd. <sup>(A)</sup> <br>| 20250 | 430313 |
| KB Home | 27175 | 1532942 |
| La-Z-Boy, Inc. | 28600 | 1065922 |
| M/I Homes, Inc. <sup>(A)</sup> <br>| 4300 | 550185 |
| PulteGroup, Inc. | 4475 | 524738 |
| Sonos, Inc. <sup>(A)</sup> <br>| 67650 | 1187934 |
|  |  | 5292034 |
| **Household Products - 0.2%**  | **Household Products - 0.2%**  | **Household Products - 0.2%**  |
| Spectrum Brands Holdings, Inc. | 19125 | 1129905 |
| **Industrial REITs - 0.3%**  | **Industrial REITs - 0.3%**  | **Industrial REITs - 0.3%**  |
| LXP Industrial Trust | 32600 | 1616308 |
| **Insurance - 3.3%**  | **Insurance - 3.3%**  | **Insurance - 3.3%**  |
| Everest Group Ltd. | 6400 | 2171840 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Small/Mid Cap Value VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| F&G Annuities & Life, Inc. | 4938 | $152337 |
| Fidelity National Financial, Inc. | 86107 | 4700581 |
| Markel Group, Inc. <sup>(A)</sup> <br>| 2678 | 5756763 |
| Old Republic International Corp. | 46000 | 2099440 |
| Selective Insurance Group, Inc. | 17425 | 1457950 |
| United Fire Group, Inc. | 33650 | 1223177 |
|  |  | 17562088 |
| **Interactive Media & Services - 2.1%**  | **Interactive Media & Services - 2.1%**  | **Interactive Media & Services - 2.1%**  |
| IAC, Inc. <sup>(A)</sup> <br>| 163664 | 6399262 |
| Match Group, Inc. | 144600 | 4669134 |
|  |  | 11068396 |
| **IT Services - 1.1%**  | **IT Services - 1.1%**  | **IT Services - 1.1%**  |
| ASGN, Inc. <sup>(A)</sup> <br>| 22350 | 1076600 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 55000 | 4565000 |
|  |  | 5641600 |
| **Leisure Products - 0.5%**  | **Leisure Products - 0.5%**  | **Leisure Products - 0.5%**  |
| BRP, Inc. | 13950 | 987102 |
| MasterCraft Boat Holdings, Inc. <sup>(A)</sup> <br>| 56650 | 1071252 |
| Polaris, Inc. | 10700 | 676775 |
|  |  | 2735129 |
| **Life Sciences Tools & Services - 1.8%**  | **Life Sciences Tools & Services - 1.8%**  | **Life Sciences Tools & Services - 1.8%**  |
| Azenta, Inc. <sup>(A)</sup> <br>| 21100 | 701786 |
| Bio-Rad Laboratories, Inc., Class A <sup>(A)</sup> <br>| 13160 | 3987348 |
| IQVIA Holdings, Inc. <sup>(A)</sup> <br>| 19400 | 4372954 |
| &nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., <br> Class A <sup>(A)</sup> <br>| 75850 | 246513 |
|  |  | 9308601 |
| **Machinery - 2.1%**  | **Machinery - 2.1%**  | **Machinery - 2.1%**  |
| CNH Industrial NV | 312500 | 2881250 |
| Columbus McKinnon Corp. | 10100 | 174225 |
| Douglas Dynamics, Inc. | 17100 | 558315 |
| Flowserve Corp. | 9200 | 638296 |
| Gencor Industries, Inc. <sup>(A)</sup> <br>| 42000 | 544320 |
| Miller Industries, Inc. | 19850 | 741794 |
| Mueller Industries, Inc. | 43350 | 4976580 |
| Oshkosh Corp. | 5750 | 722373 |
|  |  | 11237153 |
| **Media - 2.8%**  | **Media - 2.8%**  | **Media - 2.8%**  |
| Charter Communications, Inc., Class A <sup>(A)</sup> <br>| 12000 | 2505000 |
| News Corp., Class A | 182800 | 4774736 |
| Omnicom Group, Inc. | 34600 | 2793950 |
| Perion Network Ltd. <sup>(A)(B)</sup> <br>| 29650 | 284047 |
| Sirius XM Holdings, Inc. <sup>(B)</sup> <br>| 228023 | 4559320 |
|  |  | 14917053 |
| **Metals & Mining - 1.7%**  | **Metals & Mining - 1.7%**  | **Metals & Mining - 1.7%**  |
| Century Aluminum Co. <sup>(A)</sup> <br>| 2000 | 78360 |
| Commercial Metals Co. | 87000 | 6022140 |
| Kaiser Aluminum Corp. | 14475 | 1662598 |
| Metallus, Inc. <sup>(A)</sup> <br>| 72350 | 1241526 |
|  |  | 9004624 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Multi-Utilities - 2.1%**  | **Multi-Utilities - 2.1%**  | **Multi-Utilities - 2.1%**  |
| Dominion Energy, Inc. | 126100 | $7388199 |
| Northwestern Energy Group, Inc. | 62600 | 4040204 |
|  |  | 11428403 |
| **Office REITs - 0.1%**  | **Office REITs - 0.1%**  | **Office REITs - 0.1%**  |
| Piedmont Realty Trust, Inc., Class A | 74450 | 620913 |
| **Oil, Gas & Consumable Fuels - 4.2%**  | **Oil, Gas & Consumable Fuels - 4.2%**  | **Oil, Gas & Consumable Fuels - 4.2%**  |
| Delek U.S. Holdings, Inc. | 35900 | 1064794 |
| Expand Energy Corp. | 37000 | 4083320 |
| Gulfport Energy Corp. <sup>(A)</sup> <br>| 5000 | 1039950 |
| HF Sinclair Corp. | 90000 | 4147200 |
| Kinder Morgan, Inc. | 136400 | 3749636 |
| Magnolia Oil & Gas Corp., Class A | 164600 | 3603094 |
| Ovintiv, Inc. | 41400 | 1622466 |
| REX American Resources Corp. <sup>(A)</sup> <br>| 67250 | 2173520 |
| Teekay Tankers Ltd., Class A | 12100 | 646382 |
|  |  | 22130362 |
| **Pharmaceuticals - 4.2%**  | **Pharmaceuticals - 4.2%**  | **Pharmaceuticals - 4.2%**  |
| Amphastar Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 23500 | 629330 |
| Innoviva, Inc. <sup>(A)</sup> <br>| 108000 | 2158920 |
| Jazz Pharmaceuticals PLC <sup>(A)</sup> <br>| 39150 | 6655500 |
| Perrigo Co. PLC | 495600 | 6898752 |
| Supernus Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 15050 | 747985 |
| Viatris, Inc. | 439000 | 5465550 |
|  |  | 22556037 |
| **Professional Services - 3.1%**  | **Professional Services - 3.1%**  | **Professional Services - 3.1%**  |
| Amentum Holdings, Inc. <sup>(A)</sup> <br>| 154196 | 4471684 |
| Clarivate PLC <sup>(A)(B)</sup> <br>| 813000 | 2715420 |
| FTI Consulting, Inc. <sup>(A)</sup> <br>| 2600 | 444158 |
| ICF International, Inc. | 6800 | 580040 |
| Jacobs Solutions, Inc. | 9600 | 1271616 |
| KBR, Inc. | 41700 | 1676340 |
| Leidos Holdings, Inc. | 7825 | 1411630 |
| Science Applications International Corp. | 9625 | 968852 |
| SS&C Technologies Holdings, Inc. | 34100 | 2981022 |
|  |  | 16520762 |
| **Real Estate Management & Development - 0.2%**  | **Real Estate Management & Development - 0.2%**  | **Real Estate Management & Development - 0.2%**  |
| Newmark Group, Inc., Class A | 71700 | 1243278 |
| **Residential REITs - 0.2%**  | **Residential REITs - 0.2%**  | **Residential REITs - 0.2%**  |
| Centerspace | 16900 | 1127568 |
| **Retail REITs - 0.5%**  | **Retail REITs - 0.5%**  | **Retail REITs - 0.5%**  |
| Agree Realty Corp. | 20100 | 1447803 |
| Kite Realty Group Trust | 51150 | 1226066 |
|  |  | 2673869 |
| **Semiconductors & Semiconductor Equipment - 2.7%**  | **Semiconductors & Semiconductor Equipment - 2.7%**  | **Semiconductors & Semiconductor Equipment - 2.7%**  |
| Cohu, Inc. <sup>(A)</sup> <br>| 78000 | 1815060 |
| Kulicke & Soffa Industries, Inc. | 11950 | 544442 |
| MKS, Inc. | 13600 | 2173280 |
| Onto Innovation, Inc. <sup>(A)</sup> <br>| 9400 | 1483884 |
| Silicon Motion Technology Corp., ADR | 32800 | 3040560 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Small/Mid Cap Value VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Tower Semiconductor Ltd. <sup>(A)</sup> <br>| 33725 | $3959989 |
| Universal Display Corp. | 9750 | 1138605 |
|  |  | 14155820 |
| **Software - 0.9%**  | **Software - 0.9%**  | **Software - 0.9%**  |
| Adeia, Inc. | 141400 | 2439150 |
| Progress Software Corp. <sup>(A)</sup> <br>| 49850 | 2141556 |
|  |  | 4580706 |
| **Specialized REITs - 1.3%**  | **Specialized REITs - 1.3%**  | **Specialized REITs - 1.3%**  |
| Gaming & Leisure Properties, Inc. | 158052 | 7063344 |
| **Specialty Retail - 2.2%**  | **Specialty Retail - 2.2%**  | **Specialty Retail - 2.2%**  |
| Abercrombie & Fitch Co., Class A <sup>(A)</sup> <br>| 18350 | 2309714 |
| Academy Sports & Outdoors, Inc. | 14750 | 736910 |
| American Eagle Outfitters, Inc. | 50500 | 1331685 |
| Lithia Motors, Inc. | 8900 | 2957737 |
| Urban Outfitters, Inc. <sup>(A)</sup> <br>| 36200 | 2724412 |
| Williams-Sonoma, Inc. | 8825 | 1576057 |
|  |  | 11636515 |
| **Textiles, Apparel & Luxury Goods - 0.5%**  | **Textiles, Apparel & Luxury Goods - 0.5%**  | **Textiles, Apparel & Luxury Goods - 0.5%**  |
| Steven Madden Ltd. | 24000 | 999360 |
| Tapestry, Inc. | 13150 | 1680176 |
|  |  | 2679536 |
| **Trading Companies & Distributors - 0.5%**  | **Trading Companies & Distributors - 0.5%**  | **Trading Companies & Distributors - 0.5%**  |
| WESCO International, Inc. | 11900 | 2911216 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $439,146,997)**<br>|  | 514220666 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.3%**  | **OTHER INVESTMENT COMPANY - 0.3%**  | **OTHER INVESTMENT COMPANY - 0.3%**  |
| **Securities Lending Collateral - 0.3%**  | **Securities Lending Collateral - 0.3%**  | **Securities Lending Collateral - 0.3%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 3.79% <sup>(F)</sup> <br>| 1568311 | $1568311 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $1,568,311)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $1,568,311)** | 1568311 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 3.2%**  | **REPURCHASE AGREEMENT - 3.2%**  | **REPURCHASE AGREEMENT - 3.2%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(F)</sup>, dated 12/31/2025, to be <br> repurchased at $17,170,995 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 04/30/2027, and <br> with a value of $17,513,334.<br>| $17169707 | 17169707 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $17,169,707)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $17,169,707)** | 17169707 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $457,885,015)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $457,885,015)** | 532958684 |
| **Net Other Assets (Liabilities) - (0.3)%** | **Net Other Assets (Liabilities) - (0.3)%** | (1626750) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$531331934** |

---

**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** <sup>(H)</sup> <br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $514220666 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $514220666 |
| Other Investment Company | 1568311 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1568311 |
| Repurchase Agreement |  | &nbsp;&nbsp; 17169707 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17169707 |
| **Total Investments** | **$515788977** | &nbsp;&nbsp; **$17169707** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$532958684** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $5,695,920, collateralized by cash collateral of $1,568,311 and* *non-cash collateral, such as U.S. government securities of $4,292,557. 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> *Security is Level 3 of the fair value hierarchy and is valued based on unobservable inputs (see note 3). At December 31, 2025, the total value of the* *securities is $0, representing less than 0.0% of the Portfolio's net assets.* 

<sup>(D)</sup> *Fair valued as determined in good faith in accordance with TAM's procedures. At December 31, 2025, the total value of the securities is $0, representing* *0.0% of the Portfolio's net assets.* 

<sup>(E)</sup> *Security deemed worthless.*

<sup>(F)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(G)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 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**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Small/Mid Cap Value VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

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

<sup>(H)</sup> *Level 3 security was not considered significant to the Portfolio.*

**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**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Small/Mid Cap Value VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $440,715,308) (including <br> securities loaned of $5,695,920)<br>| &nbsp;&nbsp; $515788977 |
| Repurchase agreement, at value (cost $17,169,707) | &nbsp;&nbsp; 17169707 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 519932 |
| Net income from securities lending | &nbsp;&nbsp; 4419 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 33993 |
| Dividends  | &nbsp;&nbsp; 512324 |
| Interest | &nbsp;&nbsp; 644 |
| Total assets | &nbsp;&nbsp; 534029996 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 1568311 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 530913 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 50488 |
| Due to custodian  | &nbsp;&nbsp; 42800 |
| Investment management fees | &nbsp;&nbsp; 363789 |
| Distribution and service fees | &nbsp;&nbsp; 53368 |
| Transfer agent costs | &nbsp;&nbsp; 529 |
| Trustee and CCO fees | &nbsp;&nbsp; 173 |
| Audit and tax fees  | &nbsp;&nbsp; 19736 |
| Custody fees | &nbsp;&nbsp; 9791 |
| Legal fees | &nbsp;&nbsp; 3906 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 38672 |
| Other accrued expenses | &nbsp;&nbsp; 15586 |
| Total liabilities | &nbsp;&nbsp; 2698062 |
| **Net assets**  | &nbsp;&nbsp; $531331934 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $281486 |
| Additional paid-in capital | &nbsp;&nbsp; 427591536 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 103458912 |
| **Net assets** | &nbsp;&nbsp; $531331934 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $297405833 |
| Service Class | &nbsp;&nbsp; 233926101 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 15395382 |
| Service Class | &nbsp;&nbsp; 12753207 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $19.32 |
| Service Class | 18.34 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $11017369 |
| Interest income | &nbsp;&nbsp; 322469 |
| Net income from securities lending | &nbsp;&nbsp; 72302 |
| Withholding taxes on foreign income | &nbsp;&nbsp; (2132)<br>|
| Total investment income  | &nbsp;&nbsp; 11410008 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 3906518 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 573013 |
| Transfer agent costs | &nbsp;&nbsp; 5737 |
| Trustee and CCO fees | &nbsp;&nbsp; 26849 |
| Audit and tax fees | &nbsp;&nbsp; 26211 |
| Custody fees | &nbsp;&nbsp; 38446 |
| Legal fees | &nbsp;&nbsp; 47790 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 131279 |
| Other | &nbsp;&nbsp; 50243 |
| Total expenses | &nbsp;&nbsp; 4806086 |
| **Net investment income (loss)** | &nbsp;&nbsp; 6603922 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 35953753 |
| Foreign currency transactions | &nbsp;&nbsp; 25 |
| Net realized gain (loss) | &nbsp;&nbsp; 35953778 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 5361125 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; (3)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 5361122 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 41314900 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $47918822 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica Small/Mid Cap Value VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $6603922 | &nbsp;&nbsp; $5658756 |
| Net realized gain (loss) | &nbsp;&nbsp; 35953778 | &nbsp;&nbsp; 57442605 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 5361122 | &nbsp;&nbsp; (17587537)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 47918822 | &nbsp;&nbsp; 45513824 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (33842926)<br>| &nbsp;&nbsp; (12426473)<br>|
| Service Class | &nbsp;&nbsp; (27567273)<br>| &nbsp;&nbsp; (9599830)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (61410199)<br>| &nbsp;&nbsp; (22026303)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 1811488 | &nbsp;&nbsp; 6051327 |
| Service Class | &nbsp;&nbsp; 10402937 | &nbsp;&nbsp; 15809482 |
|  | &nbsp;&nbsp; 12214425 | &nbsp;&nbsp; 21860809 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 33842926 | &nbsp;&nbsp; 12426473 |
| Service Class | &nbsp;&nbsp; 27567273 | &nbsp;&nbsp; 9599830 |
|  | &nbsp;&nbsp; 61410199 | &nbsp;&nbsp; 22026303 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (30509684)<br>| &nbsp;&nbsp; (38980168)<br>|
| Service Class | &nbsp;&nbsp; (31348745)<br>| &nbsp;&nbsp; (33088605)<br>|
|  | &nbsp;&nbsp; (61858429)<br>| &nbsp;&nbsp; (72068773)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; 11766195 | &nbsp;&nbsp; (28181661)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (1725182)<br>| &nbsp;&nbsp; (4694140)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 533057116 | &nbsp;&nbsp; 537751256 |
| End of year | &nbsp;&nbsp; $531331934 | &nbsp;&nbsp; $533057116 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 92294 | &nbsp;&nbsp; 304972 |
| Service Class | &nbsp;&nbsp; 556512 | &nbsp;&nbsp; 836913 |
|  | &nbsp;&nbsp; 648806 | &nbsp;&nbsp; 1141885 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 1786849 | &nbsp;&nbsp; 622569 |
| Service Class | &nbsp;&nbsp; 1531515 | &nbsp;&nbsp; 503136 |
|  | &nbsp;&nbsp; 3318364 | &nbsp;&nbsp; 1125705 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (1569963)<br>| &nbsp;&nbsp; (1973620)<br>|
| Service Class | &nbsp;&nbsp; (1700609)<br>| &nbsp;&nbsp; (1748404)<br>|
|  | &nbsp;&nbsp; (3270572)<br>| &nbsp;&nbsp; (3722024)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; 309180 | &nbsp;&nbsp; (1046079)<br>|
| Service Class | &nbsp;&nbsp; 387418 | &nbsp;&nbsp; (408355)<br>|
|  | &nbsp;&nbsp; 696598 | &nbsp;&nbsp; (1454434)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica Small/Mid Cap Value VP**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $19.82 | &nbsp;&nbsp; $18.96 | &nbsp;&nbsp; $18.83 | &nbsp;&nbsp; $24.43 | &nbsp;&nbsp; $19.19 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.27 | 0.23 | 0.19 | 0.20 | 0.13 |
| Net realized and unrealized gain (loss) | 1.63 | 1.46 | 2.05 | &nbsp;&nbsp; (2.09)<br>| 5.26 |
| Total investment operations | 1.90 | 1.69 | 2.24 | &nbsp;&nbsp; (1.89)<br>| 5.39 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net realized gains | &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; — |
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp; (0.15)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $19.32 | &nbsp;&nbsp; $19.82 | &nbsp;&nbsp; $18.96 | &nbsp;&nbsp; $18.83 | &nbsp;&nbsp; $24.43 |
| **Total return**<sup>(B)</sup> <br>| 9.81<br> %<br>| 8.86<br> %<br>| 12.40<br> %<br>| &nbsp;&nbsp; (8.31)%<br>| 28.12<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $297406 | &nbsp;&nbsp; $298987 | &nbsp;&nbsp; $305914 | &nbsp;&nbsp; $298340 | &nbsp;&nbsp; $355144 |
| Expenses to average net assets | 0.81<br> %<br>| 0.82<br> %<br>| 0.85<br> %<br>| 0.81<br> %<br>| 0.82<br> %<br>|
| Net investment income (loss) to average net assets | 1.38<br> %<br>| 1.15<br> %<br>| 0.98<br> %<br>| 0.91<br> %<br>| 0.57<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 46<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.* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $18.93 | &nbsp;&nbsp; $18.15 | &nbsp;&nbsp; $18.10 | &nbsp;&nbsp; $23.62 | &nbsp;&nbsp; $18.57 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.21 | 0.17 | 0.13 | 0.14 | 0.07 |
| Net realized and unrealized gain (loss) | 1.55 | 1.39 | 1.98 | &nbsp;&nbsp; (2.01)<br>| 5.09 |
| Total investment operations | 1.76 | 1.56 | 2.11 | &nbsp;&nbsp; (1.87)<br>| 5.16 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.11)<br>|
| Net realized gains | &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; — |
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp; (3.65)<br>| &nbsp;&nbsp; (0.11)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $18.34 | &nbsp;&nbsp; $18.93 | &nbsp;&nbsp; $18.15 | &nbsp;&nbsp; $18.10 | &nbsp;&nbsp; $23.62 |
| **Total return**<sup>(B)</sup> <br>| 9.51<br> %<br>| 8.56<br> %<br>| 12.15<br> %<br>| &nbsp;&nbsp; (8.53)%<br>| 27.81<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $233926 | &nbsp;&nbsp; $234070 | &nbsp;&nbsp; $231837 | &nbsp;&nbsp; $219682 | &nbsp;&nbsp; $276007 |
| Expenses to average net assets | 1.06<br> %<br>| 1.07<br> %<br>| 1.10<br> %<br>| 1.06<br> %<br>| 1.07<br> %<br>|
| Net investment income (loss) to average net assets | 1.13<br> %<br>| 0.90<br> %<br>| 0.73<br> %<br>| 0.66<br> %<br>| 0.32<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 46<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.* 

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica Small/Mid Cap Value VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 Small/Mid Cap Value 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**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica Small/Mid Cap Value VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 year ended December 31, 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.

**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.

**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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica Small/Mid Cap Value VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 year ended December 31, 2025, commissions recaptured are $15,462.

**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 December 31, 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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica Small/Mid Cap Value VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**3. INVESTMENT VALUATION (continued)**

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.

*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 December 31, 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 year ended December 31, 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 December 31, 2025, or at any time during the year 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**

**Annual Financial Statements 2025**

**Page 13**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**5. 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 December 31, 2025.

Repurchase agreements at December 31, 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 December 31, 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 December 31, 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 | $1568311 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1568311 |
| **Total Borrowings** | **$1568311** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1568311** |

---

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**6. 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.

**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.

**Small capitalization companies risk:** The Portfolio will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Medium capitalization companies risk:** The Portfolio will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**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.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 15**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**6. 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.

**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.

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 $100 million | 0.775<br> % <br>|
| Over $100 million up to $350 million | 0.755 |
| Over $350 million up to $500 million | 0.735 |
| Over $500 million up to $750 million | 0.725 |
| Over $750 million up to $1 billion | 0.715 |
| Over $1 billion up to $1.5 billion | 0.690 |
| Over $1.5 billion up to $2 billion | 0.680 |
| Over $2 billion | 0.670 |

---

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

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**Page 16**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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 | 0.83<br> % <br>| May 1, 2026 |
| Service Class | 1.08 | 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 year ended December 31, 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 December 31, 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 year ended December 31, 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 year ended December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**8. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 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** |
| $234745977 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $277601825 | &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. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 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>|
| $473301415 | &nbsp;&nbsp; $99239354 | &nbsp;&nbsp; $(39582085)<br>| &nbsp;&nbsp; $59657269 |

---

As of December 31, 2025, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2025, the Portfolio did not utilize any capital loss carryforwards.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $16011132 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $45399067 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4640398 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $17385905 | &nbsp;&nbsp;&nbsp; $— |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 18**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $13976788 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29824857 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59657267 |

---

**10. OPERATING SEGMENTS**

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**

**Annual Financial Statements 2025**

**Page 19**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Small/Mid Cap Value VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Small/Mid Cap Value VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862imgf354f9e53.gif)

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

Boston, Massachusetts

February 25, 2026

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica Small/Mid Cap Value VP**

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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $45,399,067 for the year ended December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica Small/Mid 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**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica Small/Mid 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**

**Annual Financial Statements 2025**

**Page 23**

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**Transamerica Small/Mid 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**

**Annual Financial Statements 2025**

**Page 24**

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**Transamerica Small/Mid Cap Value VP** 

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img47c777ef4.gif)

Visit **transamerica.com**

![](g768862img6f0839045.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862imgb1701ec66.gif)

------

![](g768862imgd990252a1.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica T. Rowe Price Small Cap VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imgb9260bd72.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_591f4a25-2030-4f77-adf8-be33129667e6_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_591f4a25-2030-4f77-adf8-be33129667e6_SOI-RunningFooter-226_1) | 2 |
| [Statement of Assets and Liabilities](#xx_591f4a25-2030-4f77-adf8-be33129667e6_FS-RunningFooter-226_1) | 8 |
| [Statement of Operations](#xx_591f4a25-2030-4f77-adf8-be33129667e6_FS-RunningFooter-226_1) | 8 |
| [Statement of Changes in Net Assets](#xx_591f4a25-2030-4f77-adf8-be33129667e6_FS-RunningFooter-226_2) | 9 |
| [Financial Highlights](#xx_591f4a25-2030-4f77-adf8-be33129667e6_SCF-RunningFooter-226_1) | 10 |
| [Notes to Financial Statements](#xx_591f4a25-2030-4f77-adf8-be33129667e6_NTF-RunningFooter-226_1) | 11 |
| **[Report of Independent Registered Public Accounting Firm](#xx_591f4a25-2030-4f77-adf8-be33129667e6_AUD-RunningFooter-226_1)** | 21 |
| **[Supplemental Information](#xx_591f4a25-2030-4f77-adf8-be33129667e6_STI-RunningFooter-226_1)** | 22 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_591f4a25-2030-4f77-adf8-be33129667e6_DWA-RunningFooter-226_1)**<br> **[Companies](#xx_591f4a25-2030-4f77-adf8-be33129667e6_DWA-RunningFooter-226_1)**<br>| 23 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_591f4a25-2030-4f77-adf8-be33129667e6_PD-RunningFooter-226_1)** | 24 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_591f4a25-2030-4f77-adf8-be33129667e6_DTO-RunningFooter-226_1)**<br> **[Companies](#xx_591f4a25-2030-4f77-adf8-be33129667e6_DTO-RunningFooter-226_1)**<br>| 25 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_591f4a25-2030-4f77-adf8-be33129667e6_Mgmtagmt-RunningFooter-226_1)** | 26 |

---

***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 T. Rowe Price Small Cap VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.6%**  | **COMMON STOCKS - 99.6%**  | **COMMON STOCKS - 99.6%**  |
| **Aerospace & Defense - 3.5%**  | **Aerospace & Defense - 3.5%**  | **Aerospace & Defense - 3.5%**  |
| Archer Aviation, Inc., Class A <sup>(A)</sup> <br>| 33000 | $248160 |
| ATI, Inc. <sup>(A)</sup> <br>| 23951 | 2748617 |
| Beta Technologies, Inc., Class A <sup>(A)</sup> <br>| 13331 | 376067 |
| BWX Technologies, Inc. | 9428 | 1629535 |
| Carpenter Technology Corp. | 7532 | 2371375 |
| Curtiss-Wright Corp. | 4040 | 2227131 |
| Hexcel Corp. | 29535 | 2182636 |
| Karman Holdings, Inc. <sup>(A)</sup> <br>| 44099 | 3226724 |
| Kratos Defense & Security Solutions, Inc. <sup>(A)</sup> <br>| 24900 | 1890159 |
| Leonardo DRS, Inc. | 41377 | 1410542 |
| Moog, Inc., Class A | 7525 | 1832714 |
| VSE Corp. | 2010 | 347268 |
| Woodward, Inc. | 8066 | 2438513 |
|  |  | 22929441 |
| **Air Freight & Logistics - 0.2%**  | **Air Freight & Logistics - 0.2%**  | **Air Freight & Logistics - 0.2%**  |
| GXO Logistics, Inc. <sup>(A)</sup> <br>| 22084 | 1162502 |
| **Automobile Components - 0.6%**  | **Automobile Components - 0.6%**  | **Automobile Components - 0.6%**  |
| Dorman Products, Inc. <sup>(A)</sup> <br>| 18581 | 2288993 |
| Visteon Corp. | 19310 | 1836381 |
|  |  | 4125374 |
| **Banks - 2.3%**  | **Banks - 2.3%**  | **Banks - 2.3%**  |
| Bancorp, Inc. <sup>(A)</sup> <br>| 47362 | 3197882 |
| First BanCorp | 176919 | 3667531 |
| International Bancshares Corp. | 13519 | 898202 |
| Popular, Inc. | 22632 | 2818137 |
| UMB Financial Corp. | 14200 | 1633568 |
| Webster Financial Corp. | 47732 | 3004252 |
|  |  | 15219572 |
| **Beverages - 0.3%**  | **Beverages - 0.3%**  | **Beverages - 0.3%**  |
| Coca-Cola Consolidated, Inc. | 12656 | 1940165 |
| **Biotechnology - 12.6%**  | **Biotechnology - 12.6%**  | **Biotechnology - 12.6%**  |
| ACADIA Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 28105 | 750685 |
| ADMA Biologics, Inc. <sup>(A)</sup> <br>| 119867 | 2186374 |
| Alkermes PLC <sup>(A)</sup> <br>| 83466 | 2335379 |
| Apogee Therapeutics, Inc. <sup>(A)</sup> <br>| 20839 | 1572928 |
| Arcellx, Inc. <sup>(A)</sup> <br>| 24706 | 1610831 |
| Arcutis Biotherapeutics, Inc. <sup>(A)</sup> <br>| 19750 | 573540 |
| Arrowhead Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 17113 | 1136132 |
| Ascendis Pharma AS, ADR <sup>(A)</sup> <br>| 6149 | 1311213 |
| Beam Therapeutics, Inc. <sup>(A)</sup> <br>| 69201 | 1918252 |
| Bicara Therapeutics, Inc. <sup>(A)</sup> <br>| 22700 | 382041 |
| Biohaven Ltd. <sup>(A)</sup> <br>| 48811 | 551076 |
| Bridgebio Pharma, Inc. <sup>(A)</sup> <br>| 74248 | 5679229 |
| Caris Life Sciences, Inc. <sup>(A)</sup> <br>| 10442 | 281725 |
| Catalyst Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 39506 | 922070 |
| Celcuity, Inc. <sup>(A)</sup> <br>| 9846 | 982040 |
| Celldex Therapeutics, Inc. <sup>(A)</sup> <br>| 21583 | 586194 |
| Centessa Pharmaceuticals PLC, ADR <sup>(A)</sup> <br>| 29908 | 747999 |
| CG oncology, Inc. <sup>(A)</sup> <br>| 49857 | 2070063 |
| Cogent Biosciences, Inc. <sup>(A)</sup> <br>| 50762 | 1803066 |
| Cytokinetics, Inc. <sup>(A)</sup> <br>| 16156 | 1026552 |
| Denali Therapeutics, Inc. <sup>(A)</sup> <br>| 84548 | 1395887 |
| Dianthus Therapeutics, Inc. <sup>(A)</sup> <br>| 7627 | 314309 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Disc Medicine, Inc. <sup>(A)</sup> <br>| 20553 | $1632114 |
| Dyne Therapeutics, Inc. <sup>(A)</sup> <br>| 42541 | 832102 |
| GRAIL, Inc. <sup>(A)</sup> <br>| 3400 | 291006 |
| Halozyme Therapeutics, Inc. <sup>(A)</sup> <br>| 7053 | 474667 |
| Ideaya Biosciences, Inc. <sup>(A)</sup> <br>| 8900 | 307673 |
| Immunome, Inc. <sup>(A)</sup> <br>| 17986 | 386339 |
| Immunovant, Inc. <sup>(A)</sup> <br>| 8600 | 218612 |
| Insmed, Inc. <sup>(A)</sup> <br>| 6196 | 1078352 |
| Ionis Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 17108 | 1353414 |
| Janux Therapeutics, Inc. <sup>(A)</sup> <br>| 10200 | 140760 |
| Krystal Biotech, Inc. <sup>(A)</sup> <br>| 6095 | 1502661 |
| Kymera Therapeutics, Inc. <sup>(A)</sup> <br>| 45697 | 3555684 |
| Madrigal Pharmaceuticals, Inc., ADR <sup>(A)</sup> <br>| 5847 | 3404942 |
| Mineralys Therapeutics, Inc. <sup>(A)</sup> <br>| 33598 | 1219271 |
| Mirum Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 25594 | 2021670 |
| Monte Rosa Therapeutics, Inc. <sup>(A)(B)</sup> <br>| 42100 | 660128 |
| Natera, Inc. <sup>(A)</sup> <br>| 13777 | 3156173 |
| Neurocrine Biosciences, Inc. <sup>(A)</sup> <br>| 9001 | 1276612 |
| Nurix Therapeutics, Inc. <sup>(A)</sup> <br>| 36030 | 683489 |
| Nuvalent, Inc., Class A <sup>(A)</sup> <br>| 30977 | 3115976 |
| ORIC Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 48890 | 399920 |
| Praxis Precision Medicines, Inc. <sup>(A)</sup> <br>| 7142 | 2105033 |
| Protagonist Therapeutics, Inc. <sup>(A)</sup> <br>| 7578 | 661863 |
| PTC Therapeutics, Inc. <sup>(A)</sup> <br>| 24556 | 1865274 |
| Replimune Group, Inc. <sup>(A)</sup> <br>| 132971 | 1292478 |
| Revolution Medicines, Inc. <sup>(A)</sup> <br>| 21228 | 1690810 |
| Rhythm Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 24280 | 2598931 |
| Roivant Sciences Ltd. <sup>(A)</sup> <br>| 28300 | 614110 |
| Scholar Rock Holding Corp. <sup>(A)</sup> <br>| 67694 | 2981921 |
| Soleno Therapeutics, Inc. <sup>(A)</sup> <br>| 32227 | 1492110 |
| Spyre Therapeutics, Inc. <sup>(A)</sup> <br>| 21619 | 708238 |
| Stoke Therapeutics, Inc. <sup>(A)</sup> <br>| 25696 | 815591 |
| TG Therapeutics, Inc. <sup>(A)</sup> <br>| 27969 | 833756 |
| Travere Therapeutics, Inc. <sup>(A)</sup> <br>| 24866 | 950130 |
| Ultragenyx Pharmaceutical, Inc. <sup>(A)</sup> <br>| 23996 | 551908 |
| Vaxcyte, Inc. <sup>(A)</sup> <br>| 11693 | 539515 |
| Vera Therapeutics, Inc. <sup>(A)</sup> <br>| 53604 | 2714507 |
| Viridian Therapeutics, Inc. <sup>(A)</sup> <br>| 47174 | 1468055 |
| Xencor, Inc. <sup>(A)</sup> <br>| 43657 | 668389 |
| Xenon Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 13673 | 612824 |
|  |  | 83014593 |
| **Broadline Retail - 0.2%**  | **Broadline Retail - 0.2%**  | **Broadline Retail - 0.2%**  |
| Ollie's Bargain Outlet Holdings, Inc. <sup>(A)</sup> <br>| 11300 | 1238593 |
| **Building Products - 2.0%**  | **Building Products - 2.0%**  | **Building Products - 2.0%**  |
| AAON, Inc. <sup>(B)</sup> <br>| 11959 | 911874 |
| AZZ, Inc. | 14846 | 1591194 |
| CSW Industrials, Inc. | 8121 | 2383757 |
| Griffon Corp. | 23043 | 1697117 |
| Modine Manufacturing Co. <sup>(A)</sup> <br>| 32100 | 4285671 |
| Simpson Manufacturing Co., Inc. | 14441 | 2331788 |
|  |  | 13201401 |
| **Capital Markets - 2.7%**  | **Capital Markets - 2.7%**  | **Capital Markets - 2.7%**  |
| Affiliated Managers Group, Inc. | 7617 | 2195829 |
| Galaxy Digital, Inc., Class A <sup>(A)(B)</sup> <br>| 32600 | 728936 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica T. Rowe Price Small Cap VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Hamilton Lane, Inc., Class A | 4056 | $544761 |
| Lazard, Inc. | 23557 | 1143928 |
| Marex Group PLC | 84342 | 3235359 |
| Moelis & Co., Class A | 19487 | 1339536 |
| StepStone Group, Inc., Class A | 29478 | 1891603 |
| StoneX Group, Inc. <sup>(A)</sup> <br>| 59959 | 5703900 |
| TPG, Inc. | 18900 | 1206576 |
|  |  | 17990428 |
| **Chemicals - 1.5%**  | **Chemicals - 1.5%**  | **Chemicals - 1.5%**  |
| Axalta Coating Systems Ltd. <sup>(A)</sup> <br>| 55422 | 1790685 |
| Balchem Corp. | 8723 | 1337759 |
| Cabot Corp. | 25101 | 1663694 |
| Element Solutions, Inc. | 26015 | 650115 |
| NewMarket Corp. | 3271 | 2248028 |
| RPM International, Inc. | 22423 | 2331992 |
|  |  | 10022273 |
| **Commercial Services & Supplies - 0.5%**  | **Commercial Services & Supplies - 0.5%**  | **Commercial Services & Supplies - 0.5%**  |
| Brink's Co. | 27087 | 3161865 |
| **Construction & Engineering - 3.3%**  | **Construction & Engineering - 3.3%**  | **Construction & Engineering - 3.3%**  |
| API Group Corp. <sup>(A)</sup> <br>| 80719 | 3088309 |
| Argan, Inc. | 2700 | 845964 |
| Dycom Industries, Inc. <sup>(A)</sup> <br>| 7585 | 2562971 |
| EMCOR Group, Inc. | 1068 | 653392 |
| Fluor Corp. <sup>(A)</sup> <br>| 15200 | 602376 |
| Granite Construction, Inc. | 4900 | 565215 |
| IES Holdings, Inc. <sup>(A)</sup> <br>| 3348 | 1302439 |
| Primoris Services Corp. | 24800 | 3078672 |
| Sterling Infrastructure, Inc. <sup>(A)</sup> <br>| 18637 | 5707209 |
| Valmont Industries, Inc. | 7538 | 3032688 |
|  |  | 21439235 |
| **Construction Materials - 0.5%**  | **Construction Materials - 0.5%**  | **Construction Materials - 0.5%**  |
| Eagle Materials, Inc. | 6205 | 1282449 |
| Knife River Corp. <sup>(A)</sup> <br>| 30542 | 2148630 |
|  |  | 3431079 |
| **Consumer Finance - 1.2%**  | **Consumer Finance - 1.2%**  | **Consumer Finance - 1.2%**  |
| Enova International, Inc. <sup>(A)</sup> <br>| 19082 | 2999690 |
| FirstCash Holdings, Inc. | 30884 | 4922292 |
|  |  | 7921982 |
| **Consumer Staples Distribution & Retail - 0.6%**  | **Consumer Staples Distribution & Retail - 0.6%**  | **Consumer Staples Distribution & Retail - 0.6%**  |
| Casey's General Stores, Inc. | 2785 | 1539297 |
| Performance Food Group Co. <sup>(A)</sup> <br>| 6563 | 590145 |
| PriceSmart, Inc. | 11157 | 1368629 |
| Sprouts Farmers Market, Inc. <sup>(A)</sup> <br>| 5531 | 440655 |
|  |  | 3938726 |
| **Diversified Consumer Services - 2.3%**  | **Diversified Consumer Services - 2.3%**  | **Diversified Consumer Services - 2.3%**  |
| Adtalem Global Education, Inc. <sup>(A)</sup> <br>| 25206 | 2608065 |
| Duolingo, Inc. <sup>(A)</sup> <br>| 4530 | 795015 |
| Frontdoor, Inc. <sup>(A)</sup> <br>| 45760 | 2639894 |
| Grand Canyon Education, Inc. <sup>(A)</sup> <br>| 10765 | 1790327 |
| H&R Block, Inc. | 30688 | 1337383 |
| Laureate Education, Inc. <sup>(A)</sup> <br>| 71525 | 2408247 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** |
| Stride, Inc. <sup>(A)</sup> <br>| 28876 | $1874919 |
| Universal Technical Institute, Inc. <sup>(A)</sup> <br>| 54450 | 1422778 |
|  |  | 14876628 |
| **Diversified Telecommunication Services - 0.0%**  | **Diversified Telecommunication Services - 0.0%**  | **Diversified Telecommunication Services - 0.0%**  |
| GCI Liberty, Inc. <sup>(A)(C)(D)(E)</sup> <br>| 66048 | 0 |
| **Electrical Equipment - 2.3%**  | **Electrical Equipment - 2.3%**  | **Electrical Equipment - 2.3%**  |
| Bloom Energy Corp., Class A <sup>(A)</sup> <br>| 46504 | 4040733 |
| Eos Energy Enterprises, Inc. <sup>(A)(B)</sup> <br>| 20600 | 236076 |
| Fluence Energy, Inc. <sup>(A)(B)</sup> <br>| 18800 | 371864 |
| Nextpower, Inc., Class A <sup>(A)</sup> <br>| 72138 | 6283941 |
| nVent Electric PLC | 33071 | 3372250 |
| Powell Industries, Inc. | 1600 | 510048 |
| Shoals Technologies Group, Inc., Class A <sup>(A)</sup> <br>| 50790 | 431715 |
|  |  | 15246627 |
| **Electronic Equipment, Instruments & Components - 5.9%**  | **Electronic Equipment, Instruments & Components - 5.9%**  | **Electronic Equipment, Instruments & Components - 5.9%**  |
| Badger Meter, Inc. | 10439 | 1820666 |
| Bel Fuse, Inc., Class B | 22926 | 3888937 |
| Belden, Inc. | 47042 | 5482745 |
| Cognex Corp. | 78818 | 2835872 |
| ePlus, Inc. | 13758 | 1206577 |
| Fabrinet <sup>(A)</sup> <br>| 24804 | 11292765 |
| Itron, Inc. <sup>(A)</sup> <br>| 27095 | 2516042 |
| Novanta, Inc. <sup>(A)</sup> <br>| 14559 | 1732375 |
| OSI Systems, Inc. <sup>(A)</sup> <br>| 13774 | 3513197 |
| Teledyne Technologies, Inc. <sup>(A)</sup> <br>| 8958 | 4575119 |
|  |  | 38864295 |
| **Energy Equipment & Services - 1.4%**  | **Energy Equipment & Services - 1.4%**  | **Energy Equipment & Services - 1.4%**  |
| TechnipFMC PLC | 117861 | 5251886 |
| Tidewater, Inc. <sup>(A)</sup> <br>| 12900 | 651579 |
| Weatherford International PLC | 45519 | 3562317 |
|  |  | 9465782 |
| **Entertainment - 0.5%**  | **Entertainment - 0.5%**  | **Entertainment - 0.5%**  |
| IMAX Corp. <sup>(A)</sup> <br>| 30600 | 1130976 |
| Liberty Live Holdings, Inc., Class C <sup>(A)</sup> <br>| 22262 | 1851308 |
| TKO Group Holdings, Inc. | 2477 | 517693 |
|  |  | 3499977 |
| **Financial Services - 1.8%**  | **Financial Services - 1.8%**  | **Financial Services - 1.8%**  |
| Equitable Holdings, Inc. | 68675 | 3272364 |
| Euronet Worldwide, Inc. <sup>(A)</sup> <br>| 8049 | 612609 |
| EVERTEC, Inc. | 36460 | 1060621 |
| Marqeta, Inc., Class A <sup>(A)</sup> <br>| 278414 | 1322467 |
| Payoneer Global, Inc. <sup>(A)</sup> <br>| 514295 | 2890338 |
| Sezzle, Inc. <sup>(A)(B)</sup> <br>| 22549 | 1431298 |
| Shift4 Payments, Inc., Class A <sup>(A)(B)</sup> <br>| 14053 | 884917 |
|  |  | 11474614 |
| **Food Products - 0.3%**  | **Food Products - 0.3%**  | **Food Products - 0.3%**  |
| Simply Good Foods Co. <sup>(A)</sup> <br>| 35992 | 722720 |
| Vital Farms, Inc. <sup>(A)</sup> <br>| 38278 | 1222599 |
|  |  | 1945319 |
| **Ground Transportation - 0.4%**  | **Ground Transportation - 0.4%**  | **Ground Transportation - 0.4%**  |
| Saia, Inc. <sup>(A)</sup> <br>| 8415 | 2747666 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica T. Rowe Price Small Cap VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Health Care Equipment & Supplies - 3.4%**  | **Health Care Equipment & Supplies - 3.4%**  | **Health Care Equipment & Supplies - 3.4%**  |
| CONMED Corp. | 7860 | $319116 |
| Globus Medical, Inc., Class A <sup>(A)</sup> <br>| 33376 | 2914058 |
| Haemonetics Corp. <sup>(A)</sup> <br>| 18951 | 1518923 |
| Inspire Medical Systems, Inc. <sup>(A)</sup> <br>| 5216 | 481072 |
| iRhythm Technologies, Inc. <sup>(A)</sup> <br>| 2800 | 496832 |
| Lantheus Holdings, Inc. <sup>(A)</sup> <br>| 43271 | 2879685 |
| LeMaitre Vascular, Inc. | 16158 | 1310414 |
| Merit Medical Systems, Inc. <sup>(A)</sup> <br>| 37221 | 3280659 |
| Penumbra, Inc. <sup>(A)</sup> <br>| 10384 | 3228489 |
| PROCEPT BioRobotics Corp. <sup>(A)</sup> <br>| 11086 | 348765 |
| STERIS PLC | 5715 | 1448867 |
| TransMedics Group, Inc. <sup>(A)</sup> <br>| 16612 | 2020850 |
| UFP Technologies, Inc. <sup>(A)</sup> <br>| 10004 | 2221188 |
|  |  | 22468918 |
| **Health Care Providers & Services - 5.6%**  | **Health Care Providers & Services - 5.6%**  | **Health Care Providers & Services - 5.6%**  |
| Addus HomeCare Corp. <sup>(A)</sup> <br>| 13238 | 1421629 |
| Billiontoone, Inc., Class A <sup>(A)</sup> <br>| 3056 | 250103 |
| BrightSpring Health Services, Inc. <sup>(A)</sup> <br>| 125593 | 4703458 |
| Concentra Group Holdings Parent, Inc. | 54387 | 1070336 |
| CorVel Corp. <sup>(A)</sup> <br>| 12689 | 858665 |
| Encompass Health Corp. | 31540 | 3347656 |
| Ensign Group, Inc. | 33015 | 5751213 |
| Guardant Health, Inc. <sup>(A)</sup> <br>| 54153 | 5531187 |
| HealthEquity, Inc. <sup>(A)</sup> <br>| 35057 | 3211572 |
| Hims & Hers Health, Inc. <sup>(A)(B)</sup> <br>| 24440 | 793567 |
| Option Care Health, Inc. <sup>(A)</sup> <br>| 94253 | 3002900 |
| RadNet, Inc. <sup>(A)</sup> <br>| 31182 | 2224836 |
| Tenet Healthcare Corp. <sup>(A)</sup> <br>| 23348 | 4639714 |
|  |  | 36806836 |
| **Health Care REITs - 0.4%**  | **Health Care REITs - 0.4%**  | **Health Care REITs - 0.4%**  |
| American Healthcare, Inc. | 52333 | 2462791 |
| **Health Care Technology - 0.4%**  | **Health Care Technology - 0.4%**  | **Health Care Technology - 0.4%**  |
| HeartFlow, Inc. <sup>(A)</sup> <br>| 10484 | 305609 |
| Waystar Holding Corp. <sup>(A)</sup> <br>| 69146 | 2264531 |
|  |  | 2570140 |
| **Hotel & Resort REITs - 0.3%**  | **Hotel & Resort REITs - 0.3%**  | **Hotel & Resort REITs - 0.3%**  |
| Ryman Hospitality Properties, Inc. | 18791 | 1778004 |
| **Hotels, Restaurants & Leisure - 2.3%**  | **Hotels, Restaurants & Leisure - 2.3%**  | **Hotels, Restaurants & Leisure - 2.3%**  |
| Boyd Gaming Corp. | 29346 | 2501453 |
| Brinker International, Inc. <sup>(A)</sup> <br>| 10630 | 1525617 |
| Cava Group, Inc. <sup>(A)</sup> <br>| 6900 | 404961 |
| Churchill Downs, Inc. | 9670 | 1100252 |
| Dutch Bros, Inc., Class A <sup>(A)</sup> <br>| 28113 | 1721078 |
| Navan, Inc., Class A <sup>(A)</sup> <br>| 24325 | 415471 |
| Planet Fitness, Inc., Class A <sup>(A)</sup> <br>| 27978 | 3034774 |
| Travel & Leisure Co. | 19756 | 1393391 |
| United Parks & Resorts, Inc. <sup>(A)</sup> <br>| 14596 | 529835 |
| Wingstop, Inc. | 9139 | 2179560 |
|  |  | 14806392 |
| **Household Durables - 1.6%**  | **Household Durables - 1.6%**  | **Household Durables - 1.6%**  |
| Cavco Industries, Inc. <sup>(A)</sup> <br>| 5757 | 3400890 |
| Green Brick Partners, Inc. <sup>(A)</sup> <br>| 34003 | 2130628 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
| Installed Building Products, Inc. | 11693 | $3033048 |
| SharkNinja, Inc. <sup>(A)</sup> <br>| 5400 | 604260 |
| TopBuild Corp. <sup>(A)</sup> <br>| 3701 | 1544020 |
|  |  | 10712846 |
| **Industrial REITs - 0.1%**  | **Industrial REITs - 0.1%**  | **Industrial REITs - 0.1%**  |
| Rexford Industrial Realty, Inc. | 18573 | 719146 |
| **Insurance - 1.2%**  | **Insurance - 1.2%**  | **Insurance - 1.2%**  |
| Oscar Health, Inc., Class A <sup>(A)</sup> <br>| 42000 | 603540 |
| Palomar Holdings, Inc. <sup>(A)</sup> <br>| 15506 | 2089589 |
| Primerica, Inc. | 7368 | 1903596 |
| Skyward Specialty Insurance Group, Inc. <sup>(A)</sup> <br>| 59305 | 3031079 |
|  |  | 7627804 |
| **Interactive Media & Services - 0.4%**  | **Interactive Media & Services - 0.4%**  | **Interactive Media & Services - 0.4%**  |
| Cargurus, Inc. <sup>(A)</sup> <br>| 18073 | 693100 |
| Cars.com, Inc. <sup>(A)</sup> <br>| 42321 | 516316 |
| Pinterest, Inc., Class A <sup>(A)</sup> <br>| 56500 | 1462785 |
|  |  | 2672201 |
| **IT Services - 0.2%**  | **IT Services - 0.2%**  | **IT Services - 0.2%**  |
| Applied Digital Corp. <sup>(A)(B)</sup> <br>| 14500 | 355540 |
| Okta, Inc. <sup>(A)</sup> <br>| 14075 | 1217065 |
|  |  | 1572605 |
| **Life Sciences Tools & Services - 0.7%**  | **Life Sciences Tools & Services - 0.7%**  | **Life Sciences Tools & Services - 0.7%**  |
| Adaptive Biotechnologies Corp. <sup>(A)</sup> <br>| 86379 | 1402795 |
| Medpace Holdings, Inc. <sup>(A)</sup> <br>| 3476 | 1952295 |
| Repligen Corp. <sup>(A)</sup> <br>| 8971 | 1469988 |
|  |  | 4825078 |
| **Machinery - 6.5%**  | **Machinery - 6.5%**  | **Machinery - 6.5%**  |
| Alamo Group, Inc. | 1957 | 328522 |
| Allison Transmission Holdings, Inc. | 15865 | 1553184 |
| Atmus Filtration Technologies, Inc. | 94801 | 4921120 |
| Crane Co. | 9339 | 1722392 |
| Esab Corp. | 42307 | 4726538 |
| ESCO Technologies, Inc. | 7816 | 1527168 |
| Federal Signal Corp. | 41941 | 4554373 |
| JBT Marel Corp. | 15137 | 2280692 |
| Kadant, Inc. | 10959 | 3123534 |
| Mueller Industries, Inc. | 34587 | 3970588 |
| RBC Bearings, Inc. <sup>(A)</sup> <br>| 1843 | 826456 |
| SPX Technologies, Inc. <sup>(A)</sup> <br>| 29555 | 5912773 |
| Toro Co. | 22910 | 1803475 |
| Watts Water Technologies, Inc., Class A | 19193 | 5297652 |
|  |  | 42548467 |
| **Marine Transportation - 0.3%**  | **Marine Transportation - 0.3%**  | **Marine Transportation - 0.3%**  |
| Kirby Corp. <sup>(A)</sup> <br>| 17846 | 1966272 |
| **Media - 0.6%**  | **Media - 0.6%**  | **Media - 0.6%**  |
| DoubleVerify Holdings, Inc. <sup>(A)</sup> <br>| 117921 | 1349016 |
| Magnite, Inc. <sup>(A)</sup> <br>| 35345 | 573649 |
| Nexstar Media Group, Inc. | 8512 | 1728362 |
|  |  | 3651027 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica T. Rowe Price Small Cap VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Metals & Mining - 1.6%**  | **Metals & Mining - 1.6%**  | **Metals & Mining - 1.6%**  |
| Alamos Gold, Inc., Class A <sup>(B)</sup> <br>| 15800 | $610106 |
| Alpha Metallurgical Resources, Inc. <sup>(A)</sup> <br>| 6249 | 1249050 |
| Coeur Mining, Inc. <sup>(A)</sup> <br>| 196724 | 3507589 |
| Ivanhoe Electric, Inc. <sup>(A)</sup> <br>| 48989 | 782844 |
| MP Materials Corp. <sup>(A)(B)</sup> <br>| 20204 | 1020706 |
| Warrior Met Coal, Inc. | 34559 | 3047067 |
|  |  | 10217362 |
| **Oil, Gas & Consumable Fuels - 2.4%**  | **Oil, Gas & Consumable Fuels - 2.4%**  | **Oil, Gas & Consumable Fuels - 2.4%**  |
| Centrus Energy Corp., Class A <sup>(A)(B)</sup> <br>| 9122 | 2214457 |
| Energy Fuels, Inc. <sup>(A)(B)</sup> <br>| 12100 | 175934 |
| Gulfport Energy Corp. <sup>(A)</sup> <br>| 6900 | 1435131 |
| Matador Resources Co. | 21377 | 907240 |
| Permian Resources Corp. | 186788 | 2620635 |
| Range Resources Corp. | 56832 | 2003896 |
| Uranium Energy Corp. <sup>(A)</sup> <br>| 343619 | 4013470 |
| Viper Energy, Inc., Class A | 53228 | 2056198 |
|  |  | 15426961 |
| **Paper & Forest Products - 0.1%**  | **Paper & Forest Products - 0.1%**  | **Paper & Forest Products - 0.1%**  |
| Louisiana-Pacific Corp. | 11304 | 912911 |
| **Passenger Airlines - 0.2%**  | **Passenger Airlines - 0.2%**  | **Passenger Airlines - 0.2%**  |
| Sun Country Airlines Holdings, Inc. <sup>(A)</sup> <br>| 81517 | 1173030 |
| **Personal Care Products - 0.5%**  | **Personal Care Products - 0.5%**  | **Personal Care Products - 0.5%**  |
| elf Beauty, Inc. <sup>(A)</sup> <br>| 27234 | 2070873 |
| Interparfums, Inc. | 11590 | 983180 |
|  |  | 3054053 |
| **Pharmaceuticals - 1.8%**  | **Pharmaceuticals - 1.8%**  | **Pharmaceuticals - 1.8%**  |
| Axsome Therapeutics, Inc. <sup>(A)</sup> <br>| 26850 | 4903884 |
| Corcept Therapeutics, Inc. <sup>(A)</sup> <br>| 12100 | 421080 |
| Crinetics Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 65358 | 3042415 |
| LENZ Therapeutics, Inc. <sup>(A)(B)</sup> <br>| 13239 | 211824 |
| Prestige Consumer Healthcare, Inc. <sup>(A)</sup> <br>| 27135 | 1673958 |
| WaVe Life Sciences Ltd. <sup>(A)</sup> <br>| 93324 | 1586508 |
|  |  | 11839669 |
| **Professional Services - 2.7%**  | **Professional Services - 2.7%**  | **Professional Services - 2.7%**  |
| Booz Allen Hamilton Holding Corp. | 18356 | 1548512 |
| Broadridge Financial Solutions, Inc., ADR | 1870 | 417328 |
| CACI International, Inc., Class A <sup>(A)</sup> <br>| 1351 | 719826 |
| ExlService Holdings, Inc. <sup>(A)</sup> <br>| 47949 | 2034956 |
| FTI Consulting, Inc. <sup>(A)</sup> <br>| 9929 | 1696171 |
| Genpact Ltd. | 52951 | 2477048 |
| Huron Consulting Group, Inc. <sup>(A)</sup> <br>| 10923 | 1888696 |
| Legalzoom.com, Inc. <sup>(A)</sup> <br>| 100782 | 1000765 |
| Upwork, Inc. <sup>(A)</sup> <br>| 275736 | 5465088 |
| Verra Mobility Corp. <sup>(A)</sup> <br>| 34379 | 770433 |
|  |  | 18018823 |
| **Semiconductors & Semiconductor Equipment - 6.4%**  | **Semiconductors & Semiconductor Equipment - 6.4%**  | **Semiconductors & Semiconductor Equipment - 6.4%**  |
| Astera Labs, Inc. <sup>(A)</sup> <br>| 2900 | 482444 |
| Axcelis Technologies, Inc. <sup>(A)</sup> <br>| 21798 | 1751251 |
| Cirrus Logic, Inc. <sup>(A)</sup> <br>| 12945 | 1533983 |
| Credo Technology Group Holding Ltd. <sup>(A)</sup> <br>| 46199 | 6647574 |
| Entegris, Inc. | 21889 | 1844148 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Impinj, Inc. <sup>(A)</sup> <br>| 10200 | $1774902 |
| Lattice Semiconductor Corp. <sup>(A)</sup> <br>| 46250 | 3403075 |
| &nbsp;&nbsp; MACOM Technology Solutions Holdings, <br> Inc. <sup>(A)</sup> <br>| 17314 | 2965542 |
| MKS, Inc. | 16824 | 2688475 |
| Monolithic Power Systems, Inc. | 2192 | 1986741 |
| Onto Innovation, Inc. <sup>(A)</sup> <br>| 12434 | 1962831 |
| Photronics, Inc. <sup>(A)</sup> <br>| 47797 | 1529504 |
| Power Integrations, Inc. | 14600 | 518884 |
| Rambus, Inc. <sup>(A)</sup> <br>| 98247 | 9027917 |
| Rigetti Computing, Inc. <sup>(A)</sup> <br>| 38244 | 847105 |
| SiTime Corp. <sup>(A)</sup> <br>| 6543 | 2310922 |
| Synaptics, Inc. <sup>(A)</sup> <br>| 13679 | 1012520 |
|  |  | 42287818 |
| **Software - 8.6%**  | **Software - 8.6%**  | **Software - 8.6%**  |
| A10 Networks, Inc. | 73096 | 1293068 |
| ACI Worldwide, Inc. <sup>(A)</sup> <br>| 57060 | 2728039 |
| Agilysys, Inc. <sup>(A)</sup> <br>| 23748 | 2822212 |
| Alarm.com Holdings, Inc. <sup>(A)</sup> <br>| 21377 | 1090655 |
| Appfolio, Inc., Class A <sup>(A)</sup> <br>| 15683 | 3648650 |
| Bill Holdings, Inc. <sup>(A)</sup> <br>| 55789 | 3042732 |
| BlackLine, Inc. <sup>(A)</sup> <br>| 13000 | 718770 |
| CCC Intelligent Solutions Holdings, Inc. <sup>(A)</sup> <br>| 414209 | 3292962 |
| &nbsp;&nbsp; Clearwater Analytics Holdings, Inc., <br> Class A <sup>(A)</sup> <br>| 124895 | 3012467 |
| Commvault Systems, Inc. <sup>(A)</sup> <br>| 22581 | 2830754 |
| Core Scientific, Inc. <sup>(A)</sup> <br>| 22900 | 333424 |
| CyberArk Software Ltd. <sup>(A)</sup> <br>| 1387 | 618685 |
| Descartes Systems Group, Inc. <sup>(A)</sup> <br>| 37826 | 3315827 |
| Freshworks, Inc., Class A <sup>(A)</sup> <br>| 83600 | 1024100 |
| Gitlab, Inc., Class A, Class A <sup>(A)</sup> <br>| 19600 | 735588 |
| HubSpot, Inc. <sup>(A)</sup> <br>| 3400 | 1364420 |
| InterDigital, Inc. <sup>(B)</sup> <br>| 25726 | 8190644 |
| JFrog Ltd. <sup>(A)</sup> <br>| 10200 | 637092 |
| Manhattan Associates, Inc. <sup>(A)</sup> <br>| 9379 | 1625475 |
| Monday.com Ltd. <sup>(A)</sup> <br>| 3332 | 491670 |
| nCino, Inc. <sup>(A)</sup> <br>| 15300 | 392292 |
| Pegasystems, Inc. | 32538 | 1943169 |
| Procore Technologies, Inc. <sup>(A)</sup> <br>| 15700 | 1142018 |
| PTC, Inc. <sup>(A)</sup> <br>| 18483 | 3219923 |
| Q2 Holdings, Inc. <sup>(A)</sup> <br>| 28432 | 2051653 |
| Qualys, Inc. <sup>(A)</sup> <br>| 9119 | 1211915 |
| SPS Commerce, Inc. <sup>(A)</sup> <br>| 11265 | 1004050 |
| Teradata Corp. <sup>(A)</sup> <br>| 17100 | 520524 |
| Workiva, Inc. <sup>(A)</sup> <br>| 25292 | 2181435 |
|  |  | 56484213 |
| **Specialized REITs - 0.4%**  | **Specialized REITs - 0.4%**  | **Specialized REITs - 0.4%**  |
| Lamar Advertising Co., Class A | 12567 | 1590731 |
| Smartstop Self Storage REIT, Inc. | 29504 | 912854 |
|  |  | 2503585 |
| **Specialty Retail - 1.7%**  | **Specialty Retail - 1.7%**  | **Specialty Retail - 1.7%**  |
| Abercrombie & Fitch Co., Class A <sup>(A)</sup> <br>| 31617 | 3979632 |
| Asbury Automotive Group, Inc. <sup>(A)</sup> <br>| 3832 | 891055 |
| Boot Barn Holdings, Inc. <sup>(A)</sup> <br>| 17275 | 3048519 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica T. Rowe Price Small Cap VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| Build-A-Bear Workshop, Inc. <sup>(B)</sup> <br>| 18514 | $1134353 |
| Group 1 Automotive, Inc. | 5000 | 1966500 |
| Urban Outfitters, Inc. <sup>(A)</sup> <br>| 4208 | 316694 |
|  |  | 11336753 |
| **Technology Hardware, Storage & Peripherals - 0.5%**  | **Technology Hardware, Storage & Peripherals - 0.5%**  | **Technology Hardware, Storage & Peripherals - 0.5%**  |
| IonQ, Inc. <sup>(A)(B)</sup> <br>| 64676 | 2902012 |
| Pure Storage, Inc., Class A <sup>(A)</sup> <br>| 8349 | 559467 |
|  |  | 3461479 |
| **Textiles, Apparel & Luxury Goods - 0.7%**  | **Textiles, Apparel & Luxury Goods - 0.7%**  | **Textiles, Apparel & Luxury Goods - 0.7%**  |
| Birkenstock Holding PLC <sup>(A)</sup> <br>| 43924 | 1796492 |
| Crocs, Inc. <sup>(A)</sup> <br>| 12557 | 1073875 |
| Deckers Outdoor Corp. <sup>(A)</sup> <br>| 8158 | 845740 |
| Kontoor Brands, Inc. | 14984 | 915372 |
|  |  | 4631479 |
| **Trading Companies & Distributors - 1.1%**  | **Trading Companies & Distributors - 1.1%**  | **Trading Companies & Distributors - 1.1%**  |
| Applied Industrial Technologies, Inc. | 11799 | 3029629 |
| FTAI Aviation Ltd. | 7460 | 1468501 |
| SiteOne Landscape Supply, Inc. <sup>(A)</sup> <br>| 22651 | 2821409 |
|  |  | 7319539 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $550,352,831)**<br>|  | 654714339 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.2%**  | **OTHER INVESTMENT COMPANY - 0.2%**  | **OTHER INVESTMENT COMPANY - 0.2%**  |
| **Securities Lending Collateral - 0.2%**  | **Securities Lending Collateral - 0.2%**  | **Securities Lending Collateral - 0.2%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 3.79% <sup>(F)</sup> <br>| 1432395 | $1432395 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $1,432,395)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $1,432,395)** | 1432395 |

---

&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>1.35% <sup>(F)</sup>, dated 12/31/2025, to be <br> repurchased at $3,285,258 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 04/30/2027, and <br> with a value of $3,350,840.<br>| $3285012 | 3285012 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $3,285,012)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $3,285,012)** | 3285012 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $555,070,238)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $555,070,238)** | 659431746 |
| **Net Other Assets (Liabilities) - (0.3)%** | **Net Other Assets (Liabilities) - (0.3)%** | (2073324) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$657358422** |

---

**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** <sup>(H)</sup> <br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $654714339 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $654714339 |
| Other Investment Company | 1432395 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1432395 |
| Repurchase Agreement |  | &nbsp;&nbsp; 3285012 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3285012 |
| **Total Investments** | **$656146734** | &nbsp;&nbsp; **$3285012** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$659431746** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $17,045,787, collateralized by cash collateral of $1,432,395 and* *non-cash collateral, such as U.S. government securities of $16,014,180. 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> *Fair valued as determined in good faith in accordance with TAM's procedures. At December 31, 2025, the total value of the securities is $0, representing* *0.0% of the Portfolio's net assets.* 

<sup>(D)</sup> *Security is Level 3 of the fair value hierarchy and is valued based on unobservable inputs (see note 3). At December 31, 2025, the total value of the* *securities is $0, representing 0.0% of the Portfolio's net assets.* 

<sup>(E)</sup> *Security deemed worthless.*

<sup>(F)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(G)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 2025. Please reference the Investment Valuation section of the Notes* *to Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(H)</sup> *Level 3 security was not considered significant to the Portfolio.*

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica T. Rowe Price Small Cap VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**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**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica T. Rowe Price Small Cap VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $551,785,226) (including <br> securities loaned of $17,045,787)<br>| &nbsp;&nbsp; $656146734 |
| Repurchase agreement, at value (cost $3,285,012) | &nbsp;&nbsp; 3285012 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 4664 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 144731 |
| Dividends  | &nbsp;&nbsp; 152395 |
| Interest | &nbsp;&nbsp; 123 |
| Total assets | &nbsp;&nbsp; 659733659 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 1432395 |
| Payables and other liabilities: |  |
| Interest expense | &nbsp;&nbsp; 185 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 293465 |
| Investment management fees | &nbsp;&nbsp; 472412 |
| Distribution and service fees | &nbsp;&nbsp; 92758 |
| Transfer agent costs | &nbsp;&nbsp; 667 |
| Trustee and CCO fees | &nbsp;&nbsp; 219 |
| Audit and tax fees  | &nbsp;&nbsp; 20111 |
| Custody fees | &nbsp;&nbsp; 11995 |
| Legal fees | &nbsp;&nbsp; 4727 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 35530 |
| Other accrued expenses | &nbsp;&nbsp; 10773 |
| Total liabilities | &nbsp;&nbsp; 2375237 |
| **Net assets**  | &nbsp;&nbsp; $657358422 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $638858 |
| Additional paid-in capital | &nbsp;&nbsp; 488251169 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 168468395 |
| **Net assets** | &nbsp;&nbsp; $657358422 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $256047274 |
| Service Class | &nbsp;&nbsp; 401311148 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 22033302 |
| Service Class | &nbsp;&nbsp; 41852467 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $11.62 |
| Service Class | 9.59 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $2763743 |
| Interest income | &nbsp;&nbsp; 61985 |
| Net income from securities lending | &nbsp;&nbsp; 70304 |
| Withholding taxes on foreign income | &nbsp;&nbsp; (20149)<br>|
| Total investment income  | &nbsp;&nbsp; 2875883 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 4970713 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 974515 |
| Transfer agent costs | &nbsp;&nbsp; 7039 |
| Trustee and CCO fees | &nbsp;&nbsp; 32761 |
| Audit and tax fees | &nbsp;&nbsp; 26253 |
| Custody fees | &nbsp;&nbsp; 48377 |
| Legal fees | &nbsp;&nbsp; 58175 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 120598 |
| Interest | &nbsp;&nbsp; 185 |
| Other | &nbsp;&nbsp; 55013 |
| Total expenses | &nbsp;&nbsp; 6293629 |
| **Net investment income (loss)** | &nbsp;&nbsp; (3417746)<br>|
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 70731973 |
| Foreign currency transactions | &nbsp;&nbsp; 11320 |
| Net realized gain (loss) | &nbsp;&nbsp; 70743293 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; (5937765)<br>|
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 64805528 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $61387782 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica T. Rowe Price Small Cap VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(3417746)<br>| &nbsp;&nbsp; $(3453111)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 70743293 | &nbsp;&nbsp; 112712435 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (5937765)<br>| &nbsp;&nbsp; (29608224)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 61387782 | &nbsp;&nbsp; 79651100 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (38205872)<br>| &nbsp;&nbsp; (9325809)<br>|
| Service Class | &nbsp;&nbsp; (71630779)<br>| &nbsp;&nbsp; (16407110)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (109836651)<br>| &nbsp;&nbsp; (25732919)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 14441836 | &nbsp;&nbsp; 14206639 |
| Service Class | &nbsp;&nbsp; 12830362 | &nbsp;&nbsp; 27980296 |
|  | &nbsp;&nbsp; 27272198 | &nbsp;&nbsp; 42186935 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 38205872 | &nbsp;&nbsp; 9325809 |
| Service Class | &nbsp;&nbsp; 71630779 | &nbsp;&nbsp; 16407110 |
|  | &nbsp;&nbsp; 109836651 | &nbsp;&nbsp; 25732919 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (40030670)<br>| &nbsp;&nbsp; (103483612)<br>|
| Service Class | &nbsp;&nbsp; (43351462)<br>| &nbsp;&nbsp; (55450199)<br>|
|  | &nbsp;&nbsp; (83382132)<br>| &nbsp;&nbsp; (158933811)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; 53726717 | &nbsp;&nbsp; (91013957)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 5277848 | &nbsp;&nbsp; (37095776)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 652080574 | &nbsp;&nbsp; 689176350 |
| End of year | &nbsp;&nbsp; $657358422 | &nbsp;&nbsp; $652080574 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 1207312 | &nbsp;&nbsp; 1158421 |
| Service Class | &nbsp;&nbsp; 1262065 | &nbsp;&nbsp; 2628756 |
|  | &nbsp;&nbsp; 2469377 | &nbsp;&nbsp; 3787177 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 3378061 | &nbsp;&nbsp; 744873 |
| Service Class | &nbsp;&nbsp; 7669249 | &nbsp;&nbsp; 1534809 |
|  | &nbsp;&nbsp; 11047310 | &nbsp;&nbsp; 2279682 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (3326881)<br>| &nbsp;&nbsp; (8653630)<br>|
| Service Class | &nbsp;&nbsp; (4336636)<br>| &nbsp;&nbsp; (5235601)<br>|
|  | &nbsp;&nbsp; (7663517)<br>| &nbsp;&nbsp; (13889231)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; 1258492 | &nbsp;&nbsp; (6750336)<br>|
| Service Class | &nbsp;&nbsp; 4594678 | &nbsp;&nbsp; (1072036)<br>|
|  | &nbsp;&nbsp; 5853170 | &nbsp;&nbsp; (7822372)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica T. Rowe Price Small Cap VP**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $12.40 | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $19.01 | &nbsp;&nbsp; $18.92 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.08)<br>|
| Net realized and unrealized gain (loss) | 1.27 | 1.50 | 2.07 | &nbsp;&nbsp; (3.97)<br>| 2.17 |
| Total investment operations | 1.22 | 1.46 | 2.04 | &nbsp;&nbsp; (4.00)<br>| 2.09 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (5.23)<br>| &nbsp;&nbsp; (2.00)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $11.62 | &nbsp;&nbsp; $12.40 | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $19.01 |
| **Total return**<sup>(B)</sup> <br>| 10.27<br> %<br>| 12.78<br> %<br>| 21.20<br> %<br>| &nbsp;&nbsp; (22.39)%<br>| 11.37<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $256047 | &nbsp;&nbsp; $257691 | &nbsp;&nbsp; $313491 | &nbsp;&nbsp; $272748 | &nbsp;&nbsp; $448767 |
| Expenses to average net assets | 0.83<br> %<br>| 0.83<br> %<br>| 0.84<br> %<br>| 0.81<br> %<br>| 0.81<br> %<br>|
| Net investment income (loss) to average net assets | &nbsp;&nbsp; (0.38)%<br>| &nbsp;&nbsp; (0.37)%<br>| &nbsp;&nbsp; (0.31)%<br>| &nbsp;&nbsp; (0.24)%<br>| &nbsp;&nbsp; (0.43)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 28<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.* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $10.59 | &nbsp;&nbsp; $9.80 | &nbsp;&nbsp; $8.49 | &nbsp;&nbsp; $17.39 | &nbsp;&nbsp; $17.51 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.12)<br>|
| Net realized and unrealized gain (loss) | 1.06 | 1.30 | 1.79 | &nbsp;&nbsp; (3.61)<br>| 2.00 |
| Total investment operations | 1.00 | 1.24 | 1.74 | &nbsp;&nbsp; (3.67)<br>| 1.88 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (5.23)<br>| &nbsp;&nbsp; (2.00)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $10.59 | &nbsp;&nbsp; $9.80 | &nbsp;&nbsp; $8.49 | &nbsp;&nbsp; $17.39 |
| **Total return**<sup>(B)</sup> <br>| 9.93<br> %<br>| 12.61<br> %<br>| 20.88<br> %<br>| &nbsp;&nbsp; (22.60)%<br>| 11.08<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $401311 | &nbsp;&nbsp; $394390 | &nbsp;&nbsp; $375685 | &nbsp;&nbsp; $334348 | &nbsp;&nbsp; $479458 |
| Expenses to average net assets | 1.08<br> %<br>| 1.08<br> %<br>| 1.09<br> %<br>| 1.06<br> %<br>| 1.06<br> %<br>|
| Net investment income (loss) to average net assets | &nbsp;&nbsp; (0.63)%<br>| &nbsp;&nbsp; (0.62)%<br>| &nbsp;&nbsp; (0.56)%<br>| &nbsp;&nbsp; (0.49)%<br>| &nbsp;&nbsp; (0.67)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 28<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.* 

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica T. Rowe Price Small Cap VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 T. Rowe Price Small Cap 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**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica T. Rowe Price Small Cap VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 year ended December 31, 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 year ended December 31, 2025 by the Portfolio.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica T. Rowe Price Small Cap VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 December 31, 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**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica T. Rowe Price Small Cap VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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. 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 December 31, 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 year ended December 31, 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.

For the year ended December 31, 2025, the Portfolio's average borrowings are as follows:

---

| | | |
|:---|:---|:---|
| **Average** <br>**Daily** <br>**Borrowing**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Number** <br>**of Days** <br>**Outstanding**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Weighted** <br>**Average** <br>**Interest Rate**<br>|
| $1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13<br> % <br>|

---

**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**

**Annual Financial Statements 2025**

**Page 14**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**5. 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 December 31, 2025.

Repurchase agreements at December 31, 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 December 31, 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 December 31, 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 | $1432395 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1432395 |
| **Total Borrowings** | **$1432395** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1432395** |

---

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 15**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**6. 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.

**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.

**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.

**Small capitalization companies risk:** The Portfolio will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**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.

**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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**6. RISK FACTORS (continued)**

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.

**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.

**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 | 0.78<br> % <br>|
| Over $1 billion up to $1.5 billion | 0.77 |
| Over $1.5 billion | 0.76 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**7. 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 | 0.88<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 year ended December 31, 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 December 31, 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 year ended December 31, 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**

**Annual Financial Statements 2025**

**Page 18**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**7. 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 year ended December 31, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 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** |
| $321909689 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $378720711 | &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. These differences are primarily due to different treatment for items including, but not limited to, wash sales and passive foreign investment companies. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 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>|
| $556227743 | &nbsp;&nbsp; $136306022 | &nbsp;&nbsp; $(33102019)<br>| &nbsp;&nbsp; $103204003 |

---

As of December 31, 2025, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2025, the Portfolio did not utilize any capital loss carryforwards.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $20251579 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $89585072 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $25732919 | &nbsp;&nbsp;&nbsp; $— |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 19**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $2777279 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $62487113 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $103204003 |

---

**10. OPERATING SEGMENTS**

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**

**Annual Financial Statements 2025**

**Page 20**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica T. Rowe Price Small Cap VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica T. Rowe Price Small Cap VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862imgf932f67e3.gif)

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

Boston, Massachusetts

February 25, 2026

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica T. Rowe Price Small Cap VP**

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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $89,585,072 for the year ended December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica T. Rowe Price Small Cap 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**

**Annual Financial Statements 2025**

**Page 23**

------

**Transamerica T. Rowe Price Small Cap 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**

**Annual Financial Statements 2025**

**Page 24**

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**Transamerica T. Rowe Price Small Cap 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**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica T. Rowe Price Small Cap VP** 

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 26**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img629e351e4.gif)

Visit **transamerica.com**

![](g768862img28d040305.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862imga1624f816.gif)

------

![](g768862img0df668091.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica TSW International Equity VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img369570002.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_2fe18e25-10d6-451d-99d8-1a0b9ba0c789_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_2fe18e25-10d6-451d-99d8-1a0b9ba0c789_SOI-RunningFooter-216_1) | 2 |
| [Statement of Assets and Liabilities](#xx_2fe18e25-10d6-451d-99d8-1a0b9ba0c789_FS-RunningFooter-216_1) | 6 |
| [Statement of Operations](#xx_2fe18e25-10d6-451d-99d8-1a0b9ba0c789_FS-RunningFooter-216_1) | 6 |
| [Statement of Changes in Net Assets](#xx_2fe18e25-10d6-451d-99d8-1a0b9ba0c789_FS-RunningFooter-216_2) | 7 |
| [Financial Highlights](#xx_2fe18e25-10d6-451d-99d8-1a0b9ba0c789_SCF-RunningFooter-216_1) | 8 |
| [Notes to Financial Statements](#xx_2fe18e25-10d6-451d-99d8-1a0b9ba0c789_NTF-RunningFooter-216_1) | 9 |
| **[Report of Independent Registered Public Accounting Firm](#xx_2fe18e25-10d6-451d-99d8-1a0b9ba0c789_AUD-RunningFooter-216_1)** | 18 |
| **[Supplemental Information](#xx_2fe18e25-10d6-451d-99d8-1a0b9ba0c789_STI-RunningFooter-216_1)** | 19 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_2fe18e25-10d6-451d-99d8-1a0b9ba0c789_DWA-RunningFooter-216_1)**<br> **[Companies](#xx_2fe18e25-10d6-451d-99d8-1a0b9ba0c789_DWA-RunningFooter-216_1)**<br>| 20 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_2fe18e25-10d6-451d-99d8-1a0b9ba0c789_PD-RunningFooter-216_1)** | 21 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_2fe18e25-10d6-451d-99d8-1a0b9ba0c789_DTO-RunningFooter-216_1)**<br> **[Companies](#xx_2fe18e25-10d6-451d-99d8-1a0b9ba0c789_DTO-RunningFooter-216_1)**<br>| 22 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_2fe18e25-10d6-451d-99d8-1a0b9ba0c789_Mgmtagmt-RunningFooter-216_1)** | 23 |

---

***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 TSW International Equity VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 91.9%**  | **COMMON STOCKS - 91.9%**  | **COMMON STOCKS - 91.9%**  |
| **Australia - 2.3%**  | **Australia - 2.3%**  | **Australia - 2.3%**  |
| BHP Group Ltd. | 10500 | $316881 |
| Macquarie Group Ltd. | 11100 | 1499944 |
| Santos Ltd. | 294100 | 1207923 |
| Sonic Healthcare Ltd. | 69600 | 1047966 |
| Whitehaven Coal Ltd. | 150600 | 775213 |
|  |  | 4847927 |
| **Belgium - 2.1%**  | **Belgium - 2.1%**  | **Belgium - 2.1%**  |
| Anheuser-Busch InBev SA | 28000 | 1797068 |
| KBC Group NV | 19700 | 2565648 |
|  |  | 4362716 |
| **Canada - 1.0%**  | **Canada - 1.0%**  | **Canada - 1.0%**  |
| Canadian National Railway Co. | 10400 | 1028597 |
| CCL Industries, Inc., Class B | 18600 | 1174908 |
|  |  | 2203505 |
| **Denmark - 0.6%**  | **Denmark - 0.6%**  | **Denmark - 0.6%**  |
| Novo Nordisk AS, Class B | 17200 | 872357 |
| Rockwool AS, B Shares | 10200 | 358366 |
|  |  | 1230723 |
| **France - 11.3%**  | **France - 11.3%**  | **France - 11.3%**  |
| Accor SA | 40200 | 2266332 |
| Amundi SA <sup>(A)</sup> <br>| 18800 | 1553816 |
| Capgemini SE | 13898 | 2307737 |
| Cie de Saint-Gobain SA | 15300 | 1555886 |
| Edenred SE | 49600 | 1096456 |
| FDJ UNITED | 11200 | 310024 |
| Rexel SA | 20100 | 788365 |
| Sanofi SA | 21768 | 2106166 |
| Societe Generale SA | 59400 | 4781936 |
| Sodexo SA | 17200 | 881259 |
| Teleperformance SE | 9600 | 694751 |
| TotalEnergies SE | 28300 | 1845103 |
| Veolia Environnement SA | 104256 | 3627845 |
|  |  | 23815676 |
| **Germany - 11.2%**  | **Germany - 11.2%**  | **Germany - 11.2%**  |
| Allianz SE | 4341 | 2007179 |
| BASF SE | 22400 | 1178656 |
| CTS Eventim AG & Co. KGaA | 10700 | 979503 |
| Deutsche Boerse AG | 8000 | 2102570 |
| Deutsche Post AG | 31700 | 1728465 |
| Heidelberg Materials AG | 10400 | 2696271 |
| Infineon Technologies AG | 55085 | 2403410 |
| Merck KGaA | 14500 | 2069486 |
| SAP SE | 13600 | 3304372 |
| Siemens AG | 12007 | 3362877 |
| Zalando SE <sup>(A)(B)</sup> <br>| 59900 | 1767472 |
|  |  | 23600261 |
| **Hong Kong - 3.1%**  | **Hong Kong - 3.1%**  | **Hong Kong - 3.1%**  |
| AIA Group Ltd. | 242600 | 2497104 |
| CK Asset Holdings Ltd. | 257000 | 1299619 |
| CK Hutchison Holdings Ltd. | 364500 | 2478037 |
| SITC International Holdings Co. Ltd. | 83000 | 297007 |
|  |  | 6571767 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Ireland - 5.3%**  | **Ireland - 5.3%**  | **Ireland - 5.3%**  |
| AerCap Holdings NV | 20890 | $3003146 |
| AIB Group PLC | 301400 | 3222071 |
| DCC PLC | 29280 | 1824106 |
| Ryanair Holdings PLC | 35700 | 1230850 |
| Smurfit WestRock PLC | 46521 | 1798967 |
|  |  | 11079140 |
| **Israel - 0.7%**  | **Israel - 0.7%**  | **Israel - 0.7%**  |
| Check Point Software Technologies Ltd. <sup>(B)</sup> <br>| 8100 | 1503036 |
| **Japan - 18.5%**  | **Japan - 18.5%**  | **Japan - 18.5%**  |
| Canon, Inc. <sup>(C)</sup> <br>| 35600 | 1053354 |
| Dai Nippon Printing Co. Ltd. | 42000 | 722987 |
| Daikin Industries Ltd. | 8200 | 1048713 |
| FANUC Corp. | 40900 | 1591654 |
| Fujitsu Ltd. | 106400 | 2924181 |
| Hitachi Ltd. | 122600 | 3844928 |
| Komatsu Ltd. | 33800 | 1072557 |
| Kyocera Corp. | 110700 | 1551870 |
| Nintendo Co. Ltd. | 12100 | 816926 |
| Nomura Holdings, Inc. | 106300 | 885529 |
| Olympus Corp. | 108500 | 1375699 |
| ORIX Corp. | 122900 | 3594489 |
| Panasonic Holdings Corp. | 137800 | 1786443 |
| Rakuten Group, Inc. <sup>(B)</sup> <br>| 222200 | 1423850 |
| Renesas Electronics Corp. <sup>(B)</sup> <br>| 100800 | 1380642 |
| SBI Holdings, Inc. | 120800 | 2603239 |
| Seven & i Holdings Co. Ltd. | 175800 | 2525720 |
| Sony Group Corp. | 161100 | 4132371 |
| Sumitomo Mitsui Financial Group, Inc. | 122700 | 3946205 |
| Toyota Industries Corp. | 5100 | 578169 |
|  |  | 38859526 |
| **Luxembourg - 1.8%**  | **Luxembourg - 1.8%**  | **Luxembourg - 1.8%**  |
| ArcelorMittal SA | 10700 | 491339 |
| Eurofins Scientific SE | 24700 | 1806271 |
| Tenaris SA | 76700 | 1479992 |
|  |  | 3777602 |
| **Netherlands - 4.9%**  | **Netherlands - 4.9%**  | **Netherlands - 4.9%**  |
| ASML Holding NV | 4255 | 4584848 |
| EXOR NV | 5700 | 484182 |
| ING Groep NV, Series N | 84400 | 2372334 |
| Koninklijke Philips NV | 29720 | 809252 |
| Magnum Ice Cream Co. NV <sup>(B)(C)</sup> <br>| 3254 | 51648 |
| Prosus NV | 34100 | 2111436 |
|  |  | 10413700 |
| **Norway - 2.3%**  | **Norway - 2.3%**  | **Norway - 2.3%**  |
| Aker BP ASA | 56438 | 1436130 |
| DNB Bank ASA | 124900 | 3479809 |
|  |  | 4915939 |
| **Republic of Korea - 1.7%**  | **Republic of Korea - 1.7%**  | **Republic of Korea - 1.7%**  |
| Samsung Electronics Co. Ltd. | 43600 | 3654329 |
| **Singapore - 1.4%**  | **Singapore - 1.4%**  | **Singapore - 1.4%**  |
| DBS Group Holdings Ltd. | 68270 | 2990541 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica TSW International Equity VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Sweden - 2.6%**  | **Sweden - 2.6%**  | **Sweden - 2.6%**  |
| Boliden AB <sup>(B)</sup> <br>| 24800 | $1373827 |
| Essity AB, Class B | 54600 | 1569824 |
| Skandinaviska Enskilda Banken AB, Class A | 115300 | 2430949 |
|  |  | 5374600 |
| **Switzerland - 7.0%**  | **Switzerland - 7.0%**  | **Switzerland - 7.0%**  |
| Cie Financiere Richemont SA, Class A | 10100 | 2178074 |
| Glencore PLC <sup>(B)</sup> <br>| 308100 | 1684278 |
| Julius Baer Group Ltd. | 19200 | 1500111 |
| Nestle SA | 29176 | 2895984 |
| Novartis AG | 13180 | 1816150 |
| Roche Holding AG | 11032 | 4555887 |
|  |  | 14630484 |
| **United Kingdom - 13.5%**  | **United Kingdom - 13.5%**  | **United Kingdom - 13.5%**  |
| Ashtead Group PLC | 22200 | 1513579 |
| Aviva PLC | 164665 | 1514081 |
| Barratt Redrow PLC | 161300 | 828628 |
| Beazley PLC | 36300 | 405928 |
| BP PLC | 322700 | 1881975 |
| Bunzl PLC | 22500 | 628290 |
| GSK PLC | 88480 | 2169283 |
| Inchcape PLC | 102787 | 1065463 |
| Informa PLC | 66304 | 786712 |
| Kingfisher PLC | 190500 | 801920 |
| Legal & General Group PLC | 437200 | 1538768 |
| Lloyds Banking Group PLC | 3025000 | 4001211 |
| Pearson PLC | 82500 | 1166470 |
| Persimmon PLC | 46600 | 851790 |
| Reckitt Benckiser Group PLC | 26700 | 2160547 |
| Shell PLC | 61300 | 2259043 |
| Smith & Nephew PLC | 51900 | 863146 |
| Tesco PLC | 304874 | 1813034 |
| Unilever PLC | 22660 | 1480541 |
| Wise PLC, Class A <sup>(B)</sup> <br>| 62200 | 745157 |
|  |  | 28475566 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States - 0.6%**  | **United States - 0.6%**  | **United States - 0.6%**  |
| Linde PLC | 2800 | $1193892 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $144,339,638)**<br>|  | 193500930 |
| **PREFERRED STOCK - 0.6%**  | **PREFERRED STOCK - 0.6%**  | **PREFERRED STOCK - 0.6%**  |
| **Germany - 0.6%**  | **Germany - 0.6%**  | **Germany - 0.6%**  |
| Henkel AG & Co. KGaA, |  |  |
| 2.92% <sup>(D)</sup> <br>| 15900 | 1297198 |
| &nbsp;&nbsp; **Total Preferred Stock** <br>**(Cost $1,251,285)**<br>|  | 1297198 |
| **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> 3.79% <sup>(D)</sup> <br>| 1133620 | 1133620 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $1,133,620)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $1,133,620)** | 1133620 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.9%**  | **REPURCHASE AGREEMENT - 0.9%**  | **REPURCHASE AGREEMENT - 0.9%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(D)</sup>, dated 12/31/2025, to be <br> repurchased at $1,953,368 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 04/30/2027, and <br> with a value of $1,992,416.<br>| $1953221 | 1953221 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,953,221)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,953,221)** | 1953221 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $148,677,764)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $148,677,764)** | 197884969 |
| **Net Other Assets (Liabilities) - 6.0%** | **Net Other Assets (Liabilities) - 6.0%** | 12668364 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$210553333** |

---

**INVESTMENTS BY INDUSTRY:**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of** <br>**Total Investments**<br>| **Value** |
| Banks | 15.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29790704 |
| Pharmaceuticals | 6.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13589329 |
| Industrial Conglomerates | 5.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11509948 |
| Capital Markets | 5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10145209 |
| Oil, Gas & Consumable Fuels | 4.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9405387 |
| Semiconductors & Semiconductor Equipment | 4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8368900 |
| Insurance | 4.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7963060 |
| Household Durables | 3.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7599232 |
| Trading Companies & Distributors | 3.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5933380 |
| Financial Services | 3.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5920284 |
| IT Services | 2.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5231918 |
| Household Products | 2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5027569 |
| Software | 2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4807408 |
| Technology Hardware, Storage & Peripherals | 2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4707683 |
| Consumer Staples Distribution & Retail | 2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4338754 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica TSW International Equity VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**INVESTMENTS BY INDUSTRY (continued):**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of**<br> **Total Investments**<br>| **Value** |
| Metals & Mining | 2.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3866325 |
| Multi-Utilities | 1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3627845 |
| Broadline Retail | 1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3535286 |
| Hotels, Restaurants & Leisure | 1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3457615 |
| Machinery | 1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3242380 |
| Health Care Equipment & Supplies | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3048097 |
| Containers & Packaging | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2973875 |
| Building Products | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2962965 |
| Food Products | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2947632 |
| Construction Materials | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2696271 |
| Specialty Retail | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2569392 |
| Chemicals | 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2372548 |
| Textiles, Apparel & Luxury Goods | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2178074 |
| Life Sciences Tools & Services | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1806271 |
| Beverages | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1797068 |
| Entertainment | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1796429 |
| Air Freight & Logistics | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1728465 |
| Electronic Equipment, Instruments & Components | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1551870 |
| Personal Care Products | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1480541 |
| Energy Equipment & Services | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1479992 |
| Real Estate Management & Development | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1299619 |
| Passenger Airlines | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1230850 |
| Diversified Consumer Services | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1166470 |
| Distributors | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1065463 |
| Health Care Providers & Services | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1047966 |
| Ground Transportation | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1028597 |
| Media | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786712 |
| Commercial Services & Supplies | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722987 |
| Professional Services | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 694751 |
| Marine Transportation | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297007 |
| **Investments** | **98.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **194798128** |
| Short-Term Investments | 1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3086841 |
| **Total Investments** | **100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$197884969** |

---

**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 | $9702546 | &nbsp;&nbsp; $183798384 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $193500930 |
| Preferred Stock |  | &nbsp;&nbsp; 1297198 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1297198 |
| Other Investment Company | 1133620 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1133620 |
| Repurchase Agreement |  | &nbsp;&nbsp; 1953221 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1953221 |
| **Total Investments** | **$10836166** | &nbsp;&nbsp; **$187048803** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$197884969** |

---

**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 December 31, 2025, the total value of 144A securities is $3,321,288, representing 1.6% of the* *Portfolio's net assets.* 

<sup>(B)</sup> *Non-income producing security.*

<sup>(C)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $1,079,172, collateralized by cash collateral of $1,133,620. 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**

**Annual Financial Statements 2025**

**Page 4**

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**Transamerica TSW International Equity VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

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

<sup>(D)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(E)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 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**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica TSW International Equity VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $146,724,543) (including <br> securities loaned of $1,079,172)<br>| &nbsp;&nbsp; $195931748 |
| Repurchase agreement, at value (cost $1,953,221) | &nbsp;&nbsp; 1953221 |
| Foreign currency, at value (cost $108,133) | &nbsp;&nbsp; 108326 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 22450 |
| Net income from securities lending | &nbsp;&nbsp; 869 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 13000000 |
| Dividends  | &nbsp;&nbsp; 81817 |
| Interest | &nbsp;&nbsp; 73 |
| Tax reclaims | &nbsp;&nbsp; 955718 |
| Total assets | &nbsp;&nbsp; 212054222 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 1133620 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 157070 |
| Investment management fees | &nbsp;&nbsp; 135743 |
| Distribution and service fees | &nbsp;&nbsp; 18060 |
| Transfer agent costs | &nbsp;&nbsp; 198 |
| Trustee and CCO fees | &nbsp;&nbsp; 65 |
| Audit and tax fees  | &nbsp;&nbsp; 20024 |
| Custody fees | &nbsp;&nbsp; 19002 |
| Legal fees | &nbsp;&nbsp; 1539 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 8830 |
| Other accrued expenses | &nbsp;&nbsp; 6738 |
| Total liabilities | &nbsp;&nbsp; 1500889 |
| **Net assets**  | &nbsp;&nbsp; $210553333 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $118724 |
| Additional paid-in capital | &nbsp;&nbsp; 142657713 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 67776896 |
| **Net assets** | &nbsp;&nbsp; $210553333 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $129366015 |
| Service Class | &nbsp;&nbsp; 81187318 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 7260118 |
| Service Class | &nbsp;&nbsp; 4612269 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $17.82 |
| Service Class | 17.60 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $6467636 |
| Interest income | &nbsp;&nbsp; 57210 |
| Net income from securities lending | &nbsp;&nbsp; 21766 |
| Withholding taxes on foreign income | &nbsp;&nbsp; (533326)<br>|
| Total investment income  | &nbsp;&nbsp; 6013286 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 1521919 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 184443 |
| Transfer agent costs | &nbsp;&nbsp; 2230 |
| Trustee and CCO fees | &nbsp;&nbsp; 10449 |
| Audit and tax fees | &nbsp;&nbsp; 22992 |
| Custody fees | &nbsp;&nbsp; 75865 |
| Legal fees | &nbsp;&nbsp; 18857 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 30501 |
| Other | &nbsp;&nbsp; 24780 |
| Total expenses | &nbsp;&nbsp; 1892036 |
| **Net investment income (loss)** | &nbsp;&nbsp; 4121250 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 16336361 |
| Foreign currency transactions | &nbsp;&nbsp; 45048 |
| Net realized gain (loss) | &nbsp;&nbsp; 16381409 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 33767256 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 99627 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 33866883 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 50248292 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $54369542 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica TSW International Equity VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $4121250 | &nbsp;&nbsp; $4126656 |
| Net realized gain (loss) | &nbsp;&nbsp; 16381409 | &nbsp;&nbsp; 10480890 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 33866883 | &nbsp;&nbsp; (7344108)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 54369542 | &nbsp;&nbsp; 7263438 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (9093140)<br>| &nbsp;&nbsp; (3420570)<br>|
| Service Class | &nbsp;&nbsp; (5300000)<br>| &nbsp;&nbsp; (1810190)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (14393140)<br>| &nbsp;&nbsp; (5230760)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 37800591 | &nbsp;&nbsp; 40652171 |
| Service Class | &nbsp;&nbsp; 11781585 | &nbsp;&nbsp; 7844813 |
|  | &nbsp;&nbsp; 49582176 | &nbsp;&nbsp; 48496984 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 9093140 | &nbsp;&nbsp; 3420570 |
| Service Class | &nbsp;&nbsp; 5300000 | &nbsp;&nbsp; 1810190 |
|  | &nbsp;&nbsp; 14393140 | &nbsp;&nbsp; 5230760 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (72715584)<br>| &nbsp;&nbsp; (40698266)<br>|
| Service Class | &nbsp;&nbsp; (14200015)<br>| &nbsp;&nbsp; (10959354)<br>|
|  | &nbsp;&nbsp; (86915599)<br>| &nbsp;&nbsp; (51657620)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (22940283)<br>| &nbsp;&nbsp; 2070124 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 17036119 | &nbsp;&nbsp; 4102802 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 193517214 | &nbsp;&nbsp; 189414412 |
| End of year | &nbsp;&nbsp; $210553333 | &nbsp;&nbsp; $193517214 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 2188788 | &nbsp;&nbsp; 2744928 |
| Service Class | &nbsp;&nbsp; 718439 | &nbsp;&nbsp; 528956 |
|  | &nbsp;&nbsp; 2907227 | &nbsp;&nbsp; 3273884 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 551099 | &nbsp;&nbsp; 220540 |
| Service Class | &nbsp;&nbsp; 324954 | &nbsp;&nbsp; 117851 |
|  | &nbsp;&nbsp; 876053 | &nbsp;&nbsp; 338391 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (4417776)<br>| &nbsp;&nbsp; (2650486)<br>|
| Service Class | &nbsp;&nbsp; (866810)<br>| &nbsp;&nbsp; (739617)<br>|
|  | &nbsp;&nbsp; (5284586)<br>| &nbsp;&nbsp; (3390103)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (1677889)<br>| &nbsp;&nbsp; 314982 |
| Service Class | &nbsp;&nbsp; 176583 | &nbsp;&nbsp; (92810)<br>|
|  | &nbsp;&nbsp; (1501306)<br>| &nbsp;&nbsp; 222172 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica TSW International Equity VP**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $14.52 | &nbsp;&nbsp; $14.45 | &nbsp;&nbsp; $12.65 | &nbsp;&nbsp; $16.04 | &nbsp;&nbsp; $14.40 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.36 | 0.34 | 0.30 | 0.34 | 0.31 |
| Net realized and unrealized gain (loss) | 4.17 | 0.18 | 1.65 | &nbsp;&nbsp; (2.70)<br>| 1.62 |
| Total investment operations | 4.53 | 0.52 | 1.95 | &nbsp;&nbsp; (2.36)<br>| 1.93 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.29)<br>|
| Net realized gains | &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; — |
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $17.82 | &nbsp;&nbsp; $14.52 | &nbsp;&nbsp; $14.45 | &nbsp;&nbsp; $12.65 | &nbsp;&nbsp; $16.04 |
| **Total return**<sup>(B)</sup> <br>| 31.86<br> %<br>| 3.38<br> %<br>| 15.48<br> %<br>| &nbsp;&nbsp; (14.40)%<br>| 13.41<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $129366 | &nbsp;&nbsp; $129798 | &nbsp;&nbsp; $124632 | &nbsp;&nbsp; $102637 | &nbsp;&nbsp; $124895 |
| Expenses to average net assets | 0.86<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>|
| Net investment income (loss) to average net assets | 2.19<br> %<br>| 2.29<br> %<br>| 2.21<br> %<br>| 2.49<br> %<br>| 1.97<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 19<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.* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $14.37 | &nbsp;&nbsp; $14.31 | &nbsp;&nbsp; $12.52 | &nbsp;&nbsp; $15.88 | &nbsp;&nbsp; $14.26 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.31 | 0.29 | 0.27 | 0.31 | 0.26 |
| Net realized and unrealized gain (loss) | 4.11 | 0.18 | 1.63 | &nbsp;&nbsp; (2.68)<br>| 1.62 |
| Total investment operations | 4.42 | 0.47 | 1.90 | &nbsp;&nbsp; (2.37)<br>| 1.88 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.26)<br>|
| Net realized gains | &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; — |
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (0.26)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $17.60 | &nbsp;&nbsp; $14.37 | &nbsp;&nbsp; $14.31 | &nbsp;&nbsp; $12.52 | &nbsp;&nbsp; $15.88 |
| **Total return**<sup>(B)</sup> <br>| 31.42<br> %<br>| 3.11<br> %<br>| 15.26<br> %<br>| &nbsp;&nbsp; (14.63)%<br>| 13.20<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $81187 | &nbsp;&nbsp; $63719 | &nbsp;&nbsp; $64782 | &nbsp;&nbsp; $59762 | &nbsp;&nbsp; $77923 |
| Expenses to average net assets | 1.11<br> %<br>| 1.11<br> %<br>| 1.11<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>|
| Net investment income (loss) to average net assets | 1.92<br> %<br>| 1.96<br> %<br>| 2.02<br> %<br>| 2.29<br> %<br>| 1.67<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 19<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.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica TSW International Equity VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 TSW International Equity 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**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica TSW International Equity VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 year ended December 31, 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.

The dollar amount of applicable foreign withholding taxes on foreign income is included on a net basis in Withholding taxes on foreign income within the Statement of Operations. The Portfolio records a foreign tax reclaim receivable on the ex-dividend date if the tax reclaim is "more likely than not" to be sustained assuming examination by tax authorities. This determination is based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Foreign tax reclaims, if any, that have been recorded but not yet received are reflected in Tax reclaims within the Statement of Assets and Liabilities.

**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

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**Annual Financial Statements 2025**

**Page 10**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

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 year ended December 31, 2025, commissions recaptured are $5,817.

**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 December 31, 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

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

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.

*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 year ended December 31, 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.

For the year ended December 31, 2025, the Portfolio's average borrowings are as follows:

---

| | | |
|:---|:---|:---|
| **Average** <br>**Daily** <br>**Borrowing**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Number** <br>**of Days** <br>**Outstanding**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Weighted** <br>**Average** <br>**Interest Rate**<br>|
| $2354545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54<br> % <br>|

---

**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 December 31, 2025**

&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 December 31, 2025.

Repurchase agreements at December 31, 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 December 31, 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 December 31, 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 | $1133620 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1133620 |
| **Total Borrowings** | **$1133620** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1133620** |

---

**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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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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.

**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.

**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.

**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.

**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.

**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.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 $250 million | 0.77<br> % <br>|
| Over $250 million up to $1 billion | 0.74 |
| Over $1 billion up to $2 billion | 0.72 |
| Over $2 billion up to $6 billion | 0.69 |
| Over $6 billion up to $8 billion | 0.68 |
| Over $8 billion | 0.66 |

---

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 | 0.91<br> % <br>| May 1, 2026 |
| Service Class | 1.16 | 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 year ended December 31, 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 December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

As of December 31, 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 year ended December 31, 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 year ended December 31, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 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** |
| $37256147 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $77538403 | &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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica TSW International Equity VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, forward contracts mark-to-market and passive foreign investment companies. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 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>|
| $152065511 | &nbsp;&nbsp; $50501587 | &nbsp;&nbsp; $(4682165)<br>| &nbsp;&nbsp; $45819422 |

---

As of December 31, 2025, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2025, the Portfolio did not utilize any capital loss carryforwards.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $4847204 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $9545936 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5230760 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $7104790 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14791513 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45880593 |

---

**9. OPERATING SEGMENTS**

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**

**Annual Financial Statements 2025**

**Page 17**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica TSW International Equity VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica TSW International Equity VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862img82eaa7de3.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 25, 2026

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica TSW International Equity VP**

------

**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $9,545,936 for the year ended December 31, 2025.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

---

| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $4575963 | $423458 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica TSW International Equity 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**

**Annual Financial Statements 2025**

**Page 20**

------

**Transamerica TSW International Equity 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**

**Annual Financial Statements 2025**

**Page 21**

------

**Transamerica TSW International Equity VP** 

------

**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**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica TSW International Equity VP** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862imgc1c99cfc4.gif)

Visit **transamerica.com**

![](g768862img88c0308a5.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img5966e92c6.gif)

------

![](g768862imgafb123ee1.gif)

Transamerica Series Trust Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica TSW Mid Cap Value Opportunities VP

December 31, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imgbe37e82f2.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_358cd809-6842-4dd0-a8fd-065101dc9d63_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_358cd809-6842-4dd0-a8fd-065101dc9d63_SOI-RunningFooter-191_1) | 2 |
| [Statement of Assets and Liabilities](#xx_358cd809-6842-4dd0-a8fd-065101dc9d63_FS-RunningFooter-191_1) | 4 |
| [Statement of Operations](#xx_358cd809-6842-4dd0-a8fd-065101dc9d63_FS-RunningFooter-191_1) | 4 |
| [Statement of Changes in Net Assets](#xx_358cd809-6842-4dd0-a8fd-065101dc9d63_FS-RunningFooter-191_2) | 5 |
| [Financial Highlights](#xx_358cd809-6842-4dd0-a8fd-065101dc9d63_FS-RunningFooter-191_3) | 6 |
| [Notes to Financial Statements](#xx_358cd809-6842-4dd0-a8fd-065101dc9d63_NTF-RunningFooter-191_1) | 7 |
| **[Report of Independent Registered Public Accounting Firm](#xx_358cd809-6842-4dd0-a8fd-065101dc9d63_AUD-RunningFooter-191_1)** | 16 |
| **[Supplemental Information](#xx_358cd809-6842-4dd0-a8fd-065101dc9d63_STI-RunningFooter-191_1)** | 17 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_358cd809-6842-4dd0-a8fd-065101dc9d63_DWA-RunningFooter-191_1)**<br> **[Companies](#xx_358cd809-6842-4dd0-a8fd-065101dc9d63_DWA-RunningFooter-191_1)**<br>| 18 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_358cd809-6842-4dd0-a8fd-065101dc9d63_PD-RunningFooter-191_1)** | 19 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_358cd809-6842-4dd0-a8fd-065101dc9d63_DTO-RunningFooter-191_1)**<br> **[Companies](#xx_358cd809-6842-4dd0-a8fd-065101dc9d63_DTO-RunningFooter-191_1)**<br>| 20 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_358cd809-6842-4dd0-a8fd-065101dc9d63_Mgmtagmt-RunningFooter-191_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.***

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica TSW Mid Cap Value Opportunities VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 95.3%**  | **COMMON STOCKS - 95.3%**  | **COMMON STOCKS - 95.3%**  |
| **Aerospace & Defense - 1.7%**  | **Aerospace & Defense - 1.7%**  | **Aerospace & Defense - 1.7%**  |
| Huntington Ingalls Industries, Inc. | 11500 | $3910805 |
| **Banks - 2.4%**  | **Banks - 2.4%**  | **Banks - 2.4%**  |
| First Citizens BancShares, Inc., Class A | 2635 | 5655184 |
| **Beverages - 4.4%**  | **Beverages - 4.4%**  | **Beverages - 4.4%**  |
| Brown-Forman Corp., Class B | 88700 | 2311522 |
| Constellation Brands, Inc., Class A | 25400 | 3504184 |
| Molson Coors Beverage Co., Class B | 98600 | 4602648 |
|  |  | 10418354 |
| **Biotechnology - 1.3%**  | **Biotechnology - 1.3%**  | **Biotechnology - 1.3%**  |
| Biogen, Inc. <sup>(A)</sup> <br>| 17300 | 3044627 |
| **Chemicals - 5.3%**  | **Chemicals - 5.3%**  | **Chemicals - 5.3%**  |
| Mosaic Co. | 198600 | 4784274 |
| PPG Industries, Inc. | 46100 | 4723406 |
| Westlake Corp. | 40500 | 2994570 |
|  |  | 12502250 |
| **Construction & Engineering - 1.2%**  | **Construction & Engineering - 1.2%**  | **Construction & Engineering - 1.2%**  |
| Fluor Corp. <sup>(A)</sup> <br>| 72300 | 2865249 |
| **Consumer Staples Distribution & Retail - 1.7%**  | **Consumer Staples Distribution & Retail - 1.7%**  | **Consumer Staples Distribution & Retail - 1.7%**  |
| Dollar General Corp. | 8700 | 1155099 |
| Dollar Tree, Inc. <sup>(A)</sup> <br>| 22600 | 2780026 |
|  |  | 3935125 |
| **Containers & Packaging - 4.2%**  | **Containers & Packaging - 4.2%**  | **Containers & Packaging - 4.2%**  |
| Crown Holdings, Inc. | 38500 | 3964345 |
| Graphic Packaging Holding Co. | 393452 | 5925387 |
|  |  | 9889732 |
| **Distributors - 2.6%**  | **Distributors - 2.6%**  | **Distributors - 2.6%**  |
| LKQ Corp. | 198898 | 6006720 |
| **Diversified Telecommunication Services - 1.0%**  | **Diversified Telecommunication Services - 1.0%**  | **Diversified Telecommunication Services - 1.0%**  |
| Liberty Global Ltd., Class A <sup>(A)</sup> <br>| 204300 | 2275902 |
| **Electric Utilities - 3.5%**  | **Electric Utilities - 3.5%**  | **Electric Utilities - 3.5%**  |
| Evergy, Inc. | 72600 | 5262774 |
| OGE Energy Corp. | 69175 | 2953772 |
|  |  | 8216546 |
| **Electronic Equipment, Instruments & Components - 3.0%**  | **Electronic Equipment, Instruments & Components - 3.0%**  | **Electronic Equipment, Instruments & Components - 3.0%**  |
| TD SYNNEX Corp. | 21020 | 3157835 |
| Vontier Corp. | 102672 | 3817345 |
|  |  | 6975180 |
| **Energy Equipment & Services - 2.7%**  | **Energy Equipment & Services - 2.7%**  | **Energy Equipment & Services - 2.7%**  |
| Halliburton Co. | 135400 | 3826404 |
| Noble Corp. PLC | 85500 | 2414520 |
|  |  | 6240924 |
| **Financial Services - 4.5%**  | **Financial Services - 4.5%**  | **Financial Services - 4.5%**  |
| Corpay, Inc. <sup>(A)</sup> <br>| 12900 | 3881997 |
| Fiserv, Inc. <sup>(A)</sup> <br>| 37900 | 2545743 |
| Global Payments, Inc. | 52700 | 4078980 |
|  |  | 10506720 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Food Products - 9.5%**  | **Food Products - 9.5%**  | **Food Products - 9.5%**  |
| Archer-Daniels-Midland Co. | 56700 | $3259683 |
| Campbell's Co. | 84000 | 2341080 |
| Conagra Brands, Inc. | 305400 | 5286474 |
| Kraft Heinz Co. | 247300 | 5997025 |
| Post Holdings, Inc. <sup>(A)</sup> <br>| 17796 | 1762694 |
| Tyson Foods, Inc., Class A | 60400 | 3540648 |
|  |  | 22187604 |
| **Ground Transportation - 1.5%**  | **Ground Transportation - 1.5%**  | **Ground Transportation - 1.5%**  |
| U-Haul Holding Co. | 75100 | 3510174 |
| **Health Care Equipment & Supplies - 4.1%**  | **Health Care Equipment & Supplies - 4.1%**  | **Health Care Equipment & Supplies - 4.1%**  |
| Align Technology, Inc. <sup>(A)</sup> <br>| 8900 | 1389735 |
| Baxter International, Inc. | 197800 | 3779958 |
| Zimmer Biomet Holdings, Inc. | 48500 | 4361120 |
|  |  | 9530813 |
| **Health Care Providers & Services - 4.1%**  | **Health Care Providers & Services - 4.1%**  | **Health Care Providers & Services - 4.1%**  |
| Centene Corp. <sup>(A)</sup> <br>| 102100 | 4201415 |
| Henry Schein, Inc. <sup>(A)</sup> <br>| 45764 | 3458843 |
| Molina Healthcare, Inc. <sup>(A)</sup> <br>| 10900 | 1891586 |
|  |  | 9551844 |
| **Insurance - 3.5%**  | **Insurance - 3.5%**  | **Insurance - 3.5%**  |
| F&G Annuities & Life, Inc. | 3708 | 114392 |
| Fidelity National Financial, Inc. | 64600 | 3526514 |
| Markel Group, Inc. <sup>(A)</sup> <br>| 2100 | 4514265 |
|  |  | 8155171 |
| **Interactive Media & Services - 3.5%**  | **Interactive Media & Services - 3.5%**  | **Interactive Media & Services - 3.5%**  |
| IAC, Inc. <sup>(A)</sup> <br>| 122758 | 4799838 |
| Match Group, Inc. | 106350 | 3434041 |
|  |  | 8233879 |
| **IT Services - 1.5%**  | **IT Services - 1.5%**  | **IT Services - 1.5%**  |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 42100 | 3494300 |
| **Life Sciences Tools & Services - 2.6%**  | **Life Sciences Tools & Services - 2.6%**  | **Life Sciences Tools & Services - 2.6%**  |
| Bio-Rad Laboratories, Inc., Class A <sup>(A)</sup> <br>| 9900 | 2999601 |
| IQVIA Holdings, Inc. <sup>(A)</sup> <br>| 13800 | 3110658 |
|  |  | 6110259 |
| **Machinery - 0.9%**  | **Machinery - 0.9%**  | **Machinery - 0.9%**  |
| CNH Industrial NV | 239200 | 2205424 |
| **Media - 4.6%**  | **Media - 4.6%**  | **Media - 4.6%**  |
| Charter Communications, Inc., Class A <sup>(A)</sup> <br>| 7700 | 1607375 |
| News Corp., Class A | 137300 | 3586276 |
| Omnicom Group, Inc. | 26000 | 2099500 |
| Sirius XM Holdings, Inc. | 173728 | 3473691 |
|  |  | 10766842 |
| **Metals & Mining - 1.3%**  | **Metals & Mining - 1.3%**  | **Metals & Mining - 1.3%**  |
| Commercial Metals Co. | 45000 | 3114900 |
| **Multi-Utilities - 2.4%**  | **Multi-Utilities - 2.4%**  | **Multi-Utilities - 2.4%**  |
| Dominion Energy, Inc. | 94600 | 5542614 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica TSW Mid Cap Value Opportunities VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Oil, Gas & Consumable Fuels - 3.8%**  | **Oil, Gas & Consumable Fuels - 3.8%**  | **Oil, Gas & Consumable Fuels - 3.8%**  |
| Expand Energy Corp. | 27700 | $3056972 |
| HF Sinclair Corp. | 67600 | 3115008 |
| Kinder Morgan, Inc. | 104110 | 2861984 |
|  |  | 9033964 |
| **Pharmaceuticals - 4.6%**  | **Pharmaceuticals - 4.6%**  | **Pharmaceuticals - 4.6%**  |
| Jazz Pharmaceuticals PLC <sup>(A)</sup> <br>| 13907 | 2364190 |
| Perrigo Co. PLC | 316200 | 4401504 |
| Viatris, Inc. | 329500 | 4102275 |
|  |  | 10867969 |
| **Professional Services - 3.8%**  | **Professional Services - 3.8%**  | **Professional Services - 3.8%**  |
| Amentum Holdings, Inc. <sup>(A)</sup> <br>| 115814 | 3358606 |
| Clarivate PLC <sup>(A)</sup> <br>| 670209 | 2238498 |
| Jacobs Solutions, Inc. | 8100 | 1072926 |
| SS&C Technologies Holdings, Inc. | 26400 | 2307888 |
|  |  | 8977918 |
| **Specialized REITs - 2.3%**  | **Specialized REITs - 2.3%**  | **Specialized REITs - 2.3%**  |
| Gaming & Leisure Properties, Inc. | 118600 | 5300234 |
| **Specialty Retail - 0.9%**  | **Specialty Retail - 0.9%**  | **Specialty Retail - 0.9%**  |
| Lithia Motors, Inc. | 6700 | 2226611 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Trading Companies & Distributors - 0.9%**  | **Trading Companies & Distributors - 0.9%**  | **Trading Companies & Distributors - 0.9%**  |
| WESCO International, Inc. | 9000 | $2201760 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $219,390,610)**<br>|  | 223455598 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 4.7%**  | **REPURCHASE AGREEMENT - 4.7%**  | **REPURCHASE AGREEMENT - 4.7%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(B)</sup>, dated 12/31/2025, to be <br> repurchased at $10,968,897 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 04/30/2027, and <br> with a value of $11,187,558.<br>| $10968075 | 10968075 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $10,968,075)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $10,968,075)** | 10968075 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $230,358,685)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $230,358,685)** | 234423673 |
| **Net Other Assets (Liabilities) - (0.0)%\*** | **Net Other Assets (Liabilities) - (0.0)%\*** | (79413) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$234344260** |

---

**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 | $223455598 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $223455598 |
| Repurchase Agreement |  | &nbsp;&nbsp; 10968075 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10968075 |
| **Total Investments** | **$223455598** | &nbsp;&nbsp; **$10968075** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$234423673** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(C)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 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**

**Annual Financial Statements 2025**

**Page 3**

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**Transamerica TSW Mid Cap Value Opportunities VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $219,390,610) | &nbsp;&nbsp; $223455598 |
| Repurchase agreement, at value (cost $10,968,075) | &nbsp;&nbsp; 10968075 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 366762 |
| Net income from securities lending | &nbsp;&nbsp; 340 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 6874 |
| Dividends  | &nbsp;&nbsp; 216767 |
| Interest | &nbsp;&nbsp; 411 |
| Total assets | &nbsp;&nbsp; 235014827 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 281806 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 110629 |
| Due to custodian  | &nbsp;&nbsp; 32136 |
| Investment management fees | &nbsp;&nbsp; 148319 |
| Distribution and service fees | &nbsp;&nbsp; 49747 |
| Transfer agent costs | &nbsp;&nbsp; 235 |
| Trustee and CCO fees | &nbsp;&nbsp; 77 |
| Audit and tax fees  | &nbsp;&nbsp; 18815 |
| Custody fees | &nbsp;&nbsp; 5203 |
| Legal fees | &nbsp;&nbsp; 1802 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 13758 |
| Other accrued expenses | &nbsp;&nbsp; 8040 |
| Total liabilities | &nbsp;&nbsp; 670567 |
| **Net assets**  | &nbsp;&nbsp; $234344260 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $231733 |
| Additional paid-in capital | &nbsp;&nbsp; 214178586 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 19933941 |
| **Net assets** | &nbsp;&nbsp; $234344260 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $15873826 |
| Service Class | &nbsp;&nbsp; 218470434 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 1501101 |
| Service Class | &nbsp;&nbsp; 21672208 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $10.57 |
| Service Class | 10.08 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $5285671 |
| Interest income | &nbsp;&nbsp; 184856 |
| Net income from securities lending | &nbsp;&nbsp; 4177 |
| Total investment income  | &nbsp;&nbsp; 5474704 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 1636198 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 549286 |
| Transfer agent costs | &nbsp;&nbsp; 2602 |
| Trustee and CCO fees | &nbsp;&nbsp; 12147 |
| Audit and tax fees | &nbsp;&nbsp; 22004 |
| Custody fees | &nbsp;&nbsp; 19988 |
| Legal fees | &nbsp;&nbsp; 21490 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 45729 |
| Other | &nbsp;&nbsp; 26206 |
| Total expenses | &nbsp;&nbsp; 2335650 |
| **Net investment income (loss)** | &nbsp;&nbsp; 3139054 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 14839265 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 3045462 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 17884727 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $21023781 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

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**Transamerica TSW Mid Cap Value Opportunities VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $3139054 | &nbsp;&nbsp; $2176325 |
| Net realized gain (loss) | &nbsp;&nbsp; 14839265 | &nbsp;&nbsp; 62429051 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 3045462 | &nbsp;&nbsp; (42913630)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 21023781 | &nbsp;&nbsp; 21691746 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (4230916)<br>| &nbsp;&nbsp; (2788877)<br>|
| Service Class | &nbsp;&nbsp; (60594320)<br>| &nbsp;&nbsp; (41385029)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (64825236)<br>| &nbsp;&nbsp; (44173906)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 176251 | &nbsp;&nbsp; 147038 |
| Service Class | &nbsp;&nbsp; 2730852 | &nbsp;&nbsp; 4257030 |
|  | &nbsp;&nbsp; 2907103 | &nbsp;&nbsp; 4404068 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 4230916 | &nbsp;&nbsp; 2788877 |
| Service Class | &nbsp;&nbsp; 60594320 | &nbsp;&nbsp; 41385029 |
|  | &nbsp;&nbsp; 64825236 | &nbsp;&nbsp; 44173906 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (1444928)<br>| &nbsp;&nbsp; (68065812)<br>|
| Service Class | &nbsp;&nbsp; (29679738)<br>| &nbsp;&nbsp; (33545945)<br>|
|  | &nbsp;&nbsp; (31124666)<br>| &nbsp;&nbsp; (101611757)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; 36607673 | &nbsp;&nbsp; (53033783)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (7193782)<br>| &nbsp;&nbsp; (75515943)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 241538042 | &nbsp;&nbsp; 317053985 |
| End of year | &nbsp;&nbsp; $234344260 | &nbsp;&nbsp; $241538042 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 13574 | &nbsp;&nbsp; 10180 |
| Service Class | &nbsp;&nbsp; 246663 | &nbsp;&nbsp; 303420 |
|  | &nbsp;&nbsp; 260237 | &nbsp;&nbsp; 313600 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 401035 | &nbsp;&nbsp; 210640 |
| Service Class | &nbsp;&nbsp; 6017311 | &nbsp;&nbsp; 3235733 |
|  | &nbsp;&nbsp; 6418346 | &nbsp;&nbsp; 3446373 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (116390)<br>| &nbsp;&nbsp; (4572149)<br>|
| Service Class | &nbsp;&nbsp; (2530909)<br>| &nbsp;&nbsp; (2418347)<br>|
|  | &nbsp;&nbsp; (2647299)<br>| &nbsp;&nbsp; (6990496)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; 298219 | &nbsp;&nbsp; (4351329)<br>|
| Service Class | &nbsp;&nbsp; 3733065 | &nbsp;&nbsp; 1120806 |
|  | &nbsp;&nbsp; 4031284 | &nbsp;&nbsp; (3230523)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica TSW Mid Cap Value Opportunities VP**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $13.05 | &nbsp;&nbsp; $14.48 | &nbsp;&nbsp; $14.62 | &nbsp;&nbsp; $19.74 | &nbsp;&nbsp; $15.64 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.19 | 0.12 | 0.13 | 0.18 | 0.13 |
| Net realized and unrealized gain (loss) | 1.05 | 1.14 | 1.33 | &nbsp;&nbsp; (1.72)<br>| 4.41 |
| Total investment operations | 1.24 | 1.26 | 1.46 | &nbsp;&nbsp; (1.54)<br>| 4.54 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized gains | &nbsp;&nbsp; (3.55)<br>| &nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (3.43)<br>| &nbsp;&nbsp; (0.30)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; (3.58)<br>| &nbsp;&nbsp; (0.44)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $10.57 | &nbsp;&nbsp; $13.05 | &nbsp;&nbsp; $14.48 | &nbsp;&nbsp; $14.62 | &nbsp;&nbsp; $19.74 |
| **Total return**<sup>(B)</sup> <br>| 9.56<br> %<br>| 8.48<br> %<br>| 10.81<br> %<br>| &nbsp;&nbsp; (8.23)%<br>| 29.19<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $15874 | &nbsp;&nbsp; $15693 | &nbsp;&nbsp; $80441 | &nbsp;&nbsp; $235756 | &nbsp;&nbsp; $263545 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.76<br> %<br>| 0.81<br> %<br>| 0.91<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.76<br> %<br>| 0.81 %<sup>(C)</sup><br>| 0.91<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>|
| Net investment income (loss) to average net assets | 1.57<br> %<br>| 0.79<br> %<br>| 0.93<br> %<br>| 1.05<br> %<br>| 0.68<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp; 126<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 45<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> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $12.59 | &nbsp;&nbsp; $14.07 | &nbsp;&nbsp; $14.24 | &nbsp;&nbsp; $19.31 | &nbsp;&nbsp; $15.32 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.15 | 0.12 | 0.12 | 0.13 | 0.08 |
| Net realized and unrealized gain (loss) | 1.03 | 1.05 | 1.27 | &nbsp;&nbsp; (1.67)<br>| 4.32 |
| Total investment operations | 1.18 | 1.17 | 1.39 | &nbsp;&nbsp; (1.54)<br>| 4.40 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.11)<br>|
| Net realized gains | &nbsp;&nbsp; (3.55)<br>| &nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (3.43)<br>| &nbsp;&nbsp; (0.30)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (3.69)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp; (0.41)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $10.08 | &nbsp;&nbsp; $12.59 | &nbsp;&nbsp; $14.07 | &nbsp;&nbsp; $14.24 | &nbsp;&nbsp; $19.31 |
| **Total return**<sup>(B)</sup> <br>| 9.36<br> %<br>| 8.09<br> %<br>| 10.57<br> %<br>| &nbsp;&nbsp; (8.43)%<br>| 28.84<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $218470 | &nbsp;&nbsp; $225845 | &nbsp;&nbsp; $236613 | &nbsp;&nbsp; $242628 | &nbsp;&nbsp; $297801 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.01<br> %<br>| 1.06<br> %<br>| 1.16<br> %<br>| 1.12<br> %<br>| 1.12<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.01<br> %<br>| 1.06<br> %<br>| 1.16<br> %<br>| 1.12<br> %<br>| 1.12<br> %<br>|
| Net investment income (loss) to average net assets | 1.32<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.81<br> %<br>| 0.43<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp; 126<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 45<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.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica TSW Mid Cap Value Opportunities VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 TSW Mid Cap Value Opportunities 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**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica TSW Mid Cap Value Opportunities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 year ended December 31, 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.

**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.

**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 year ended December 31, 2025, commissions recaptured are $8,914.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica TSW Mid Cap Value Opportunities VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 December 31, 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 December 31, 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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

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 year ended December 31, 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 year ended December 31, 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 December 31, 2025, or at any time during the year 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 December 31, 2025.

Repurchase agreements at December 31, 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

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 December 31, 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.

**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.

**Medium capitalization companies risk:** The Portfolio will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. 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.

**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.

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 $750 million | 0.6950<br> % <br>|
| Over $750 million up to $1.5 billion | 0.6925 |
| Over $1.5 billion up to $2 billion | 0.6500 |
| Over $2 billion | 0.6300 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. 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 | 0.78<br> % <br>| May 1, 2026 |
| Service Class | 1.03 | 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 year ended December 31, 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 December 31, 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 year ended December 31, 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 year ended December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 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** |
| $151193239 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $176443406 | &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. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 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>|
| $237900908 | &nbsp;&nbsp; $18787765 | &nbsp;&nbsp; $(22265000)<br>| &nbsp;&nbsp; $(3477235)<br>|

---

As of December 31, 2025, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2025, the Portfolio did not utilize any capital loss carryforwards.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $16055836 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $48769400 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3102520 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $41071386 | &nbsp;&nbsp;&nbsp; $— |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $10999345 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12411831 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3477235)<br>|

---

**10. OPERATING SEGMENTS**

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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**Annual Financial Statements 2025**

**Page 15**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica TSW Mid Cap Value Opportunities VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica TSW Mid Cap Value Opportunities VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862imgfaff15743.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 25, 2026

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica TSW Mid Cap Value Opportunities VP**

------

**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $48,769,400 for the year ended December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica TSW Mid Cap Value Opportunities 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**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica TSW Mid Cap Value Opportunities 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**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica TSW Mid Cap Value Opportunities 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**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica TSW Mid Cap Value Opportunities VP** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862imgcb3e54f94.gif)

Visit **transamerica.com**

![](g768862img239b3a085.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862imge5a90d2e6.gif)

------

![](g768862img7ce672071.gif)

Transamerica Series Trust Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica WMC US Growth VP

December 31, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img8b7faa532.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_4e83aaef-be61-41f7-8c98-975e8d81bce3_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_4e83aaef-be61-41f7-8c98-975e8d81bce3_SOI-RunningFooter-214_1) | 2 |
| [Statement of Assets and Liabilities](#xx_4e83aaef-be61-41f7-8c98-975e8d81bce3_FS-RunningFooter-214_1) | 4 |
| [Statement of Operations](#xx_4e83aaef-be61-41f7-8c98-975e8d81bce3_FS-RunningFooter-214_1) | 4 |
| [Statement of Changes in Net Assets](#xx_4e83aaef-be61-41f7-8c98-975e8d81bce3_FS-RunningFooter-214_2) | 5 |
| [Financial Highlights](#xx_4e83aaef-be61-41f7-8c98-975e8d81bce3_SCF-RunningFooter-214_1) | 6 |
| [Notes to Financial Statements](#xx_4e83aaef-be61-41f7-8c98-975e8d81bce3_NTF-RunningFooter-214_1) | 7 |
| **[Report of Independent Registered Public Accounting Firm](#xx_4e83aaef-be61-41f7-8c98-975e8d81bce3_AUD-RunningFooter-214_1)** | 16 |
| **[Supplemental Information](#xx_4e83aaef-be61-41f7-8c98-975e8d81bce3_STI-RunningFooter-214_1)** | 17 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_4e83aaef-be61-41f7-8c98-975e8d81bce3_DWA-RunningFooter-214_1)**<br> **[Companies](#xx_4e83aaef-be61-41f7-8c98-975e8d81bce3_DWA-RunningFooter-214_1)**<br>| 18 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_4e83aaef-be61-41f7-8c98-975e8d81bce3_PD-RunningFooter-214_1)** | 19 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_4e83aaef-be61-41f7-8c98-975e8d81bce3_DTO-RunningFooter-214_1)**<br> **[Companies](#xx_4e83aaef-be61-41f7-8c98-975e8d81bce3_DTO-RunningFooter-214_1)**<br>| 20 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_4e83aaef-be61-41f7-8c98-975e8d81bce3_Mgmtagmt-RunningFooter-214_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.***

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica WMC US Growth VP**

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**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.6%**  | **COMMON STOCKS - 99.6%**  | **COMMON STOCKS - 99.6%**  |
| **Aerospace & Defense - 2.0%**  | **Aerospace & Defense - 2.0%**  | **Aerospace & Defense - 2.0%**  |
| Axon Enterprise, Inc. <sup>(A)</sup> <br>| 56759 | $32235139 |
| General Electric Co. | 298075 | 91816042 |
|  |  | 124051181 |
| **Automobiles - 2.5%**  | **Automobiles - 2.5%**  | **Automobiles - 2.5%**  |
| Tesla, Inc. <sup>(A)</sup> <br>| 342887 | 154203142 |
| **Banks - 0.6%**  | **Banks - 0.6%**  | **Banks - 0.6%**  |
| Wells Fargo & Co. | 391265 | 36465898 |
| **Biotechnology - 1.6%**  | **Biotechnology - 1.6%**  | **Biotechnology - 1.6%**  |
| Natera, Inc. <sup>(A)</sup> <br>| 103761 | 23770607 |
| Vertex Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 161469 | 73203586 |
|  |  | 96974193 |
| **Broadline Retail - 5.5%**  | **Broadline Retail - 5.5%**  | **Broadline Retail - 5.5%**  |
| Amazon.com, Inc. <sup>(A)</sup> <br>| 1443597 | 333211060 |
| **Building Products - 0.4%**  | **Building Products - 0.4%**  | **Building Products - 0.4%**  |
| Builders FirstSource, Inc. <sup>(A)</sup> <br>| 224745 | 23124013 |
| **Capital Markets - 1.7%**  | **Capital Markets - 1.7%**  | **Capital Markets - 1.7%**  |
| Ares Management Corp., Class A | 181160 | 29280891 |
| Interactive Brokers Group, Inc., Class A | 450562 | 28975642 |
| KKR & Co., Inc. | 346430 | 44162896 |
|  |  | 102419429 |
| **Chemicals - 0.9%**  | **Chemicals - 0.9%**  | **Chemicals - 0.9%**  |
| Sherwin-Williams Co. | 164781 | 53393987 |
| **Commercial Services & Supplies - 0.4%**  | **Commercial Services & Supplies - 0.4%**  | **Commercial Services & Supplies - 0.4%**  |
| Republic Services, Inc. | 111965 | 23728743 |
| **Communications Equipment - 1.3%**  | **Communications Equipment - 1.3%**  | **Communications Equipment - 1.3%**  |
| Arista Networks, Inc. <sup>(A)</sup> <br>| 600101 | 78631234 |
| **Consumer Finance - 0.8%**  | **Consumer Finance - 0.8%**  | **Consumer Finance - 0.8%**  |
| American Express Co. | 124603 | 46096880 |
| **Consumer Staples Distribution & Retail - 1.7%**  | **Consumer Staples Distribution & Retail - 1.7%**  | **Consumer Staples Distribution & Retail - 1.7%**  |
| BJ's Wholesale Club Holdings, Inc. <sup>(A)</sup> <br>| 512300 | 46122369 |
| Walmart, Inc. | 531827 | 59250846 |
|  |  | 105373215 |
| **Electrical Equipment - 0.9%**  | **Electrical Equipment - 0.9%**  | **Electrical Equipment - 0.9%**  |
| GE Vernova, Inc. | 85069 | 55598546 |
| **Electronic Equipment, Instruments & Components - 1.7%**  | **Electronic Equipment, Instruments & Components - 1.7%**  | **Electronic Equipment, Instruments & Components - 1.7%**  |
| Amphenol Corp., Class A | 477248 | 64495295 |
| Coherent Corp. <sup>(A)</sup> <br>| 207730 | 38340726 |
|  |  | 102836021 |
| **Entertainment - 2.6%**  | **Entertainment - 2.6%**  | **Entertainment - 2.6%**  |
| &nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One, <br> Class C <sup>(A)</sup> <br>| 488379 | 48110215 |
| Netflix, Inc. <sup>(A)</sup> <br>| 1162856 | 109029379 |
|  |  | 157139594 |
| **Financial Services - 3.8%**  | **Financial Services - 3.8%**  | **Financial Services - 3.8%**  |
| Klarna Group PLC <sup>(A)</sup> <br>| 669603 | 19358223 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Mastercard, Inc., Class A | 293366 | $167476782 |
| Visa, Inc., Class A | 130874 | 45898820 |
|  |  | 232733825 |
| **Health Care Equipment & Supplies - 0.4%**  | **Health Care Equipment & Supplies - 0.4%**  | **Health Care Equipment & Supplies - 0.4%**  |
| Dexcom, Inc. <sup>(A)</sup> <br>| 400241 | 26563995 |
| **Health Care Technology - 0.6%**  | **Health Care Technology - 0.6%**  | **Health Care Technology - 0.6%**  |
| Veeva Systems, Inc., Class A <sup>(A)</sup> <br>| 148688 | 33191622 |
| **Hotels, Restaurants & Leisure - 3.6%**  | **Hotels, Restaurants & Leisure - 3.6%**  | **Hotels, Restaurants & Leisure - 3.6%**  |
| Chipotle Mexican Grill, Inc. <sup>(A)</sup> <br>| 1423412 | 52666244 |
| DoorDash, Inc., Class A <sup>(A)</sup> <br>| 239598 | 54264155 |
| Hilton Worldwide Holdings, Inc. | 249398 | 71639576 |
| Royal Caribbean Cruises Ltd. | 135359 | 37754332 |
|  |  | 216324307 |
| **Interactive Media & Services - 11.2%**  | **Interactive Media & Services - 11.2%**  | **Interactive Media & Services - 11.2%**  |
| Alphabet, Inc., Class A | 1429116 | 447313308 |
| Meta Platforms, Inc., Class A | 352980 | 232998568 |
|  |  | 680311876 |
| **IT Services - 0.8%**  | **IT Services - 0.8%**  | **IT Services - 0.8%**  |
| Shopify, Inc., Class A <sup>(A)</sup> <br>| 292400 | 47067628 |
| **Machinery - 1.4%**  | **Machinery - 1.4%**  | **Machinery - 1.4%**  |
| Caterpillar, Inc. | 100165 | 57381523 |
| Cummins, Inc. | 56084 | 28628078 |
|  |  | 86009601 |
| **Pharmaceuticals - 3.8%**  | **Pharmaceuticals - 3.8%**  | **Pharmaceuticals - 3.8%**  |
| Eli Lilly & Co. | 213165 | 229084162 |
| **Semiconductors & Semiconductor Equipment - 20.6%**  | **Semiconductors & Semiconductor Equipment - 20.6%**  | **Semiconductors & Semiconductor Equipment - 20.6%**  |
| Advanced Micro Devices, Inc. <sup>(A)</sup> <br>| 396060 | 84820210 |
| Broadcom, Inc. | 1040005 | 359945731 |
| Credo Technology Group Holding Ltd. <sup>(A)</sup> <br>| 139979 | 20141578 |
| KLA Corp. | 65281 | 79321637 |
| NVIDIA Corp. | 3810392 | 710638108 |
|  |  | 1254867264 |
| **Software - 16.7%**  | **Software - 16.7%**  | **Software - 16.7%**  |
| AppLovin Corp., Class A <sup>(A)</sup> <br>| 74543 | 50228564 |
| Cadence Design Systems, Inc. <sup>(A)</sup> <br>| 220441 | 68905448 |
| Intuit, Inc. | 103327 | 68445871 |
| Microsoft Corp. | 927480 | 448547877 |
| Oracle Corp. | 462168 | 90081165 |
| Palantir Technologies, Inc., Class A <sup>(A)</sup> <br>| 276047 | 49067354 |
| Palo Alto Networks, Inc. <sup>(A)</sup> <br>| 338535 | 62358147 |
| PTC, Inc. <sup>(A)</sup> <br>| 232980 | 40587446 |
| Samsara, Inc., Class A <sup>(A)</sup> <br>| 728997 | 25842944 |
| ServiceNow, Inc. <sup>(A)</sup> <br>| 489515 | 74988803 |
| Tyler Technologies, Inc. <sup>(A)</sup> <br>| 83162 | 37751390 |
|  |  | 1016805009 |
| **Specialty Retail - 1.5%**  | **Specialty Retail - 1.5%**  | **Specialty Retail - 1.5%**  |
| Lowe's Cos., Inc. | 213866 | 51575925 |
| O'Reilly Automotive, Inc. <sup>(A)</sup> <br>| 442882 | 40395267 |
|  |  | 91971192 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

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**Transamerica WMC US Growth VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Technology Hardware, Storage & Peripherals - 9.0%**  | **Technology Hardware, Storage & Peripherals - 9.0%**  | **Technology Hardware, Storage & Peripherals - 9.0%**  |
| Apple, Inc. | 2018952 | $548872291 |
| **Trading Companies & Distributors - 1.6%**  | **Trading Companies & Distributors - 1.6%**  | **Trading Companies & Distributors - 1.6%**  |
| Ferguson Enterprises, Inc. | 192881 | 42941097 |
| FTAI Aviation Ltd. | 286564 | 56410124 |
|  |  | 99351221 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $3,676,764,854)**<br>|  | 6056401129 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.3%**  | **REPURCHASE AGREEMENT - 0.3%**  | **REPURCHASE AGREEMENT - 0.3%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(B)</sup>, dated 12/31/2025, to be <br> repurchased at $18,933,312 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 04/30/2027, and <br> with a value of $19,310,639.<br>| $18931892 | 18931892 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $18,931,892)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $18,931,892)** | 18931892 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $3,695,696,746)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $3,695,696,746)** | 6075333021 |
| **Net Other Assets (Liabilities) - 0.1%** | **Net Other Assets (Liabilities) - 0.1%** | 3422212 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$6078755233** |

---

**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 | $6056401129 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6056401129 |
| Repurchase Agreement |  | &nbsp;&nbsp; 18931892 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18931892 |
| **Total Investments** | **$6056401129** | &nbsp;&nbsp; **$18931892** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$6075333021** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(C)</sup> *There were no transfers in or out of Level 3 during the year ended December 31, 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**

**Annual Financial Statements 2025**

**Page 3**

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**Transamerica WMC US Growth VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $3,676,764,854) | &nbsp;&nbsp; $6056401129 |
| Repurchase agreement, at value (cost $18,931,892) | &nbsp;&nbsp; 18931892 |
| Foreign currency, at value (cost $6,550) | &nbsp;&nbsp; 7041 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 8140447 |
| Dividends  | &nbsp;&nbsp; 486958 |
| Interest | &nbsp;&nbsp; 710 |
| Tax reclaims | &nbsp;&nbsp; 15520 |
| Total assets | &nbsp;&nbsp; 6083983697 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Interest expense | &nbsp;&nbsp; 2984 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 1273366 |
| Investment management fees | &nbsp;&nbsp; 3347897 |
| Distribution and service fees | &nbsp;&nbsp; 246197 |
| Transfer agent costs | &nbsp;&nbsp; 6244 |
| Trustee and CCO fees | &nbsp;&nbsp; 2048 |
| Audit and tax fees  | &nbsp;&nbsp; 36970 |
| Custody fees | &nbsp;&nbsp; 82165 |
| Legal fees | &nbsp;&nbsp; 41538 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 142842 |
| Other accrued expenses | &nbsp;&nbsp; 46213 |
| Total liabilities | &nbsp;&nbsp; 5228464 |
| **Net assets**  | &nbsp;&nbsp; $6078755233 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $1472183 |
| Additional paid-in capital | &nbsp;&nbsp; 3315085086 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 2762197964 |
| **Net assets** | &nbsp;&nbsp; $6078755233 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $5000957741 |
| Service Class | &nbsp;&nbsp; 1077797492 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 119458251 |
| Service Class | &nbsp;&nbsp; 27760013 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $41.86 |
| Service Class | 38.83 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $23628998 |
| Interest income | &nbsp;&nbsp; 481838 |
| Net income from securities lending | &nbsp;&nbsp; 38 |
| Withholding taxes on foreign income | &nbsp;&nbsp; 14318 |
| Total investment income  | &nbsp;&nbsp; 24125192 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 34828186 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 2567415 |
| Transfer agent costs | &nbsp;&nbsp; 64100 |
| Trustee and CCO fees | &nbsp;&nbsp; 299233 |
| Audit and tax fees | &nbsp;&nbsp; 78677 |
| Custody fees | &nbsp;&nbsp; 322120 |
| Legal fees | &nbsp;&nbsp; 527898 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 515695 |
| Interest | &nbsp;&nbsp; 9355 |
| Other | &nbsp;&nbsp; 280035 |
| Total expenses | &nbsp;&nbsp; 39492714 |
| **Net investment income (loss)** | &nbsp;&nbsp; (15367522)<br>|
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 395487523 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 557166452 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 835 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 557167287 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 952654810 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $937287288 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

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**Transamerica WMC US Growth VP**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(15367522)<br>| &nbsp;&nbsp; $(7120376)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 395487523 | &nbsp;&nbsp; 945961235 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 557167287 | &nbsp;&nbsp; 471769020 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 937287288 | &nbsp;&nbsp; 1410609879 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (767008938)<br>| &nbsp;&nbsp; (435053201)<br>|
| Service Class | &nbsp;&nbsp; (176341873)<br>| &nbsp;&nbsp; (95024273)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (943350811)<br>| &nbsp;&nbsp; (530077474)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 177964503 | &nbsp;&nbsp; 425278127 |
| Service Class | &nbsp;&nbsp; 25293032 | &nbsp;&nbsp; 50913948 |
|  | &nbsp;&nbsp; 203257535 | &nbsp;&nbsp; 476192075 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 767008938 | &nbsp;&nbsp; 435053201 |
| Service Class | &nbsp;&nbsp; 176341873 | &nbsp;&nbsp; 95024273 |
|  | &nbsp;&nbsp; 943350811 | &nbsp;&nbsp; 530077474 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (698754382)<br>| &nbsp;&nbsp; (734809091)<br>|
| Service Class | &nbsp;&nbsp; (154791160)<br>| &nbsp;&nbsp; (163127934)<br>|
|  | &nbsp;&nbsp; (853545542)<br>| &nbsp;&nbsp; (897937025)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; 293062804 | &nbsp;&nbsp; 108332524 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 286999281 | &nbsp;&nbsp; 988864929 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 5791755952 | &nbsp;&nbsp; 4802891023 |
| End of year | &nbsp;&nbsp; $6078755233 | &nbsp;&nbsp; $5791755952 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 4217295 | &nbsp;&nbsp; 10897570 |
| Service Class | &nbsp;&nbsp; 667653 | &nbsp;&nbsp; 1338838 |
|  | &nbsp;&nbsp; 4884948 | &nbsp;&nbsp; 12236408 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 19320124 | &nbsp;&nbsp; 11294216 |
| Service Class | &nbsp;&nbsp; 4785397 | &nbsp;&nbsp; 2619192 |
|  | &nbsp;&nbsp; 24105521 | &nbsp;&nbsp; 13913408 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (17047394)<br>| &nbsp;&nbsp; (18001800)<br>|
| Service Class | &nbsp;&nbsp; (3964763)<br>| &nbsp;&nbsp; (4267275)<br>|
|  | &nbsp;&nbsp; (21012157)<br>| &nbsp;&nbsp; (22269075)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; 6490025 | &nbsp;&nbsp; 4189986 |
| Service Class | &nbsp;&nbsp; 1488287 | &nbsp;&nbsp; (309245)<br>|
|  | &nbsp;&nbsp; 7978312 | &nbsp;&nbsp; 3880741 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica WMC US Growth VP**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $42.06 | &nbsp;&nbsp; $35.85 | &nbsp;&nbsp; $25.94 | &nbsp;&nbsp; $45.46 | &nbsp;&nbsp; $43.71 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.03)<br>| 0.02 | 0.02 | &nbsp;&nbsp; (0.05)<br>|
| Net realized and unrealized gain (loss) | 7.16 | 10.07 | 10.81 | &nbsp;&nbsp; (13.49)<br>| 8.86 |
| Total investment operations | 7.07 | 10.04 | 10.83 | &nbsp;&nbsp; (13.47)<br>| 8.81 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Net realized gains | &nbsp;&nbsp; (7.27)<br>| &nbsp;&nbsp; (3.83)<br>| &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (6.05)<br>| &nbsp;&nbsp; (7.02)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (7.27)<br>| &nbsp;&nbsp; (3.83)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (6.05)<br>| &nbsp;&nbsp; (7.06)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $41.86 | &nbsp;&nbsp; $42.06 | &nbsp;&nbsp; $35.85 | &nbsp;&nbsp; $25.94 | &nbsp;&nbsp; $45.46 |
| **Total return**<sup>(B)</sup> <br>| 17.76<br> %<br>| 28.99<br> %<br>| 42.08<br> %<br>| &nbsp;&nbsp; (31.35)%<br>| 20.67<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $5000958 | &nbsp;&nbsp; $4751978 | &nbsp;&nbsp; $3899250 | &nbsp;&nbsp; $2766449 | &nbsp;&nbsp; $3959377 |
| Expenses to average net assets | 0.64<br> %<br>| 0.64<br> %<br>| 0.66<br> %<br>| 0.65<br> %<br>| 0.64<br> %<br>|
| Net investment income (loss) to average net assets | &nbsp;&nbsp; (0.22)%<br>| &nbsp;&nbsp; (0.08)%<br>| 0.06<br> %<br>| 0.07<br> %<br>| &nbsp;&nbsp; (0.11)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp; 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> *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.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,** <br> **2025**<br>| **December 31,** <br> **2024**<br>| **December 31,** <br> **2023**<br>| **December 31,** <br> **2022**<br>| **December 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $39.58 | &nbsp;&nbsp; $34.00 | &nbsp;&nbsp; $24.69 | &nbsp;&nbsp; $43.74 | &nbsp;&nbsp; $42.35 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.16)<br>|
| Net realized and unrealized gain (loss) | 6.70 | 9.54 | 10.27 | &nbsp;&nbsp; (12.94)<br>| 8.57 |
| Total investment operations | 6.52 | 9.41 | 10.22 | &nbsp;&nbsp; (13.00)<br>| 8.41 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | &nbsp;&nbsp; (7.27)<br>| &nbsp;&nbsp; (3.83)<br>| &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (6.05)<br>| &nbsp;&nbsp; (7.02)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $38.83 | &nbsp;&nbsp; $39.58 | &nbsp;&nbsp; $34.00 | &nbsp;&nbsp; $24.69 | &nbsp;&nbsp; $43.74 |
| **Total return**<sup>(B)</sup> <br>| 17.47<br> %<br>| 28.69<br> %<br>| 41.72<br> %<br>| &nbsp;&nbsp; (31.52)%<br>| 20.37<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $1077797 | &nbsp;&nbsp; $1039778 | &nbsp;&nbsp; $903641 | &nbsp;&nbsp; $315826 | &nbsp;&nbsp; $499931 |
| Expenses to average net assets | 0.89<br> %<br>| 0.89<br> %<br>| 0.91<br> %<br>| 0.90<br> %<br>| 0.89<br> %<br>|
| Net investment income (loss) to average net assets | &nbsp;&nbsp; (0.47)%<br>| &nbsp;&nbsp; (0.33)%<br>| &nbsp;&nbsp; (0.18)%<br>| &nbsp;&nbsp; (0.19)%<br>| &nbsp;&nbsp; (0.36)%<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp; 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> *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.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica WMC US Growth VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At December 31, 2025**

&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 WMC US 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 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 management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2025,

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica WMC US Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

(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.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended December 31, 2025, commissions recaptured are $27,388.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica WMC US Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 December 31, 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**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica WMC US Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 year ended December 31, 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 year ended December 31, 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.

For the year ended December 31, 2025, the Portfolio's average borrowings are as follows:

---

| | | |
|:---|:---|:---|
| **Average** <br>**Daily** <br>**Borrowing**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Number** <br>**of Days** <br>**Outstanding**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Weighted** <br>**Average** <br>**Interest Rate**<br>|
| $6933333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40<br> % <br>|

---

**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 December 31, 2025.

Repurchase agreements at December 31, 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica WMC US Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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.

**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.

**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.

**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.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica WMC US Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**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.

**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**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica WMC US Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 | 0.6800<br> % <br>|
| Over $500 million up to $800 million | 0.6700 |
| Over $800 million up to $1 billion | 0.6575 |
| Over $1 billion up to $2 billion | 0.6130 |
| Over $2 billion up to $3 billion | 0.6050 |
| Over $3 billion up to $4 billion | 0.5900 |
| Over $4 billion up to $5 billion | 0.5750 |
| Over $5 billion up to $7 billion | 0.5700 |
| Over $7 billion | 0.5500 |

---

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 | 0.74<br> % <br>| May 1, 2026 |
| Service Class | 0.99 | 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 year ended December 31, 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 December 31, 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**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica WMC US Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&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 year ended December 31, 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 year ended December 31, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 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** |
| $1658474177 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2334023837 | &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. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to net operating losses. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| &nbsp;&nbsp;&nbsp; $(14631278)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $14631278 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica WMC US Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

As of December 31, 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>|
| $3698630753 | &nbsp;&nbsp; $2438347467 | &nbsp;&nbsp; $(61645199)<br>| &nbsp;&nbsp; $2376702268 |

---

As of December 31, 2025, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2025, the Portfolio did not utilize any capital loss carryforwards.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $46455858 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $896894953 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $6842263 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $523235211 | &nbsp;&nbsp;&nbsp; $— |

---

As of December 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
|  $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $385495205 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2376702759 |

---

**9. OPERATING SEGMENTS**

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**

**Annual Financial Statements 2025**

**Page 15**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica WMC US Growth VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica WMC US Growth VP (the "Portfolio") (one of the series constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting Transamerica Series Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g768862img755321833.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 25, 2026

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica WMC US Growth VP**

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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $896,894,953 for the year ended December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica WMC US 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**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica WMC US 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**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica WMC US 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**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica WMC US Growth VP** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862imgdb19c6a84.gif)

Visit **transamerica.com**

![](g768862imgb20cb92a5.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862imgece9d01c6.gif)

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(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.](d768857dex99codeeth.htm)

The registrant's code of ethics is attached hereto.

(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.](d768857dex99cert.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.](d768857dex99906cert.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.

---

| | |
|:---|:---|
| Transamerica Series Trust | Transamerica Series Trust |
| (Registrant) | (Registrant) |
| By: | /s/ Marijn P. Smit |
|  | Marijn P. Smit |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | March 4, 2026 |

---

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: | /s/ Marijn P. Smit |
|  | Marijn P. Smit |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | March 4, 2026 |
| By: | /s/ Kari Seabrands |
|  | Kari Seabrands |
|  | Treasurer |
|  | (Principal Financial Officer and Principal Accounting Officer) |
| Date: | March 4, 2026 |

---

------

#### EXHIBIT INDEX

---

| | |
|:---|:---|
|  Exhibit No. | Description of Exhibit |
| &nbsp;&nbsp; 19(a)(1) | [Code of Ethics for Principal Executive and Principal Financial Officers](d768857dex99codeeth.htm) |
| &nbsp;&nbsp; 19(a)(3) | [Section 302 N-CSR Certification of Principal Executive Officer](d768857dex99cert.htm#a) |
| &nbsp;&nbsp; 19(a)(3) | [Section 302 N-CSR Certification of Principal Financial Officer](d768857dex99cert.htm#b) |
| &nbsp;&nbsp; 19(b) | [Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer](d768857dex99906cert.htm) |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**Code of Ethics for Principal Executive and Principal Financial Officers** 

**TRANSAMERICA SERIES TRUST** 

**TRANSAMERICA FUNDS** 

**(each a "Fund" and collectively the "Funds")** 

**<u>CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL</u>** 

**<u>OFFICERS</u>** 

Approved by the Board of Trustees

***Background***

In accordance with the Sarbanes-Oxley Act of 2002 ("Act") and the rules promulgated thereunder by the U.S. Securities and Exchange Commission ("SEC"), the Funds are required to file reports pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and must disclose whether it has adopted a code of ethics that is applicable to certain specified senior officers and that addresses certain matters specified in the Act and related SEC Rules (a "SOX Code"). The Funds' Board of Trustees ("Board"), including a majority of the Trustees that are not interested persons of the Funds, as defined in Section 2(a)(19) of the 1940 Act, has approved the Funds' SOX Code.

**Covered Officers/Purpose of the SOX Code** 

This SOX Code of the Funds applies to the Funds' Principal Executive Officer and Senior Financial Officer, or any persons performing similar functions on behalf of the Fund (the "Covered Officers"), for the purpose of promoting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files
with, or submits to, the SEC and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the SOX Code to an appropriate person or persons identified in
the SOX Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the SOX Code.

***Risks***

In developing these policies and procedures, TAM considered the material risks associated with insider trading. This analysis includes risks such as

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lack of appreciation for the goal behind the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• misunderstanding of fraud and how it happens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• laissez faire attitudes towards ethical behavior;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continual use of simple compliance controls that aren't designed to adequately monitor and/or improve
the governance/control environment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lack of implementation of an adequate risk management system.

***Policies and Procedures***

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. Each Covered Officer has a duty to exercise his or her authority and responsibility for the benefit of the Funds and its shareholders, to place the interests of the Funds and its shareholders first, and

------

to refrain from having outside interests that conflict with the interests of the Funds and its shareholders. Each Covered Officer must avoid any circumstances that might adversely affect, or appear to affect, his or her duty of loyalty to the Funds and its shareholders in discharging his or her responsibilities, including the protection of confidential information and corporate integrity.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer receives improper personal benefits as a result of his or her position with the Funds.

Certain conflicts of interest may arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the 1940 Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The Funds and certain of its service providers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This SOX Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this SOX Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and its investment adviser, TAM, of which the Covered Officers may be officers or employees. As a result, this SOX Code recognizes that the Covered Officers will, in the normal course of their duties (whether for the Funds or TAM), be involved in establishing policies and implementing decisions that will have different effects on TAM and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Funds and TAM and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities normally will be deemed to have been handled ethically. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes of ethics.

Other conflicts of interest are covered by the SOX Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the SOX Code, but Covered Officers should keep in mind that these examples are not exhaustive. ***The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.***

**<u>Covered Officer Requirements</u>**

Each Covered Officer must

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions
or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made
or contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually the information elicited in the Funds' Trustee and Officer Questionnaire
relating to potential conflicts of interest.

**<u>Audit Committee Disclosure</u>**

There are some conflict of interest situations that must be discussed with the Funds Audit Committee if material. Some examples of such situations include

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any Trust (public or private), other than a management investment
company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts from someone or a company that
has current or prospective business dealings with the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Funds have current or prospective business
dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Funds' service
providers, other than TAM or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

***Disclosure and Compliance***

Each Covered Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether
within or outside the Funds, including to the Trustees and auditors, governmental regulators or self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his or her area of responsibility, consult with other officers and
employees of the Funds, TAM, and other service providers, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submits to, the SEC and in other public
communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has the responsibility to promote compliance with the standards and restrictions imposed by applicable laws,
rules and regulations.

***Reporting and Accountability by Covered Officers***

Each Covered Officer must

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the SOX Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in
writing (in the form attached hereto as SOX Code Exhibit A) to the Board that he or she has received, read, and understands the SOX Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm (in the form attached hereto as SOX Code Exhibit A) to the Board that he or she has
complied with the requirements of the SOX Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee or agent of an affiliated person of the Trust
for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***notify the Funds' Audit Committee promptly if he or she knows of any violation of this SOX Code. Failure to do so is itself a violation of this SOX Code.*** 

***Enforcement***

The Audit Committee is responsible for applying this SOX Code to specific situations in which questions are presented under it and has the authority to interpret this SOX Code in any particular situation. The Audit Committee is authorized to consult, as appropriate, with counsel to the Funds. Any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee.

The Funds will follow these procedures in investigating and enforcing this SOX Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will take all appropriate action to investigate any potential violations reported to the
Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, after such investigation, the Audit Committee believes that no violation has occurred, the Audit Committee
is not required to take any further action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any matter that the Audit Committee believes is a material violation will be promptly reported to the Board.
The Trustees shall take such actions as they consider appropriate, including imposition of any sanctions that they consider appropriate.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No person shall participate in a determination of whether he or she has committed a violation of this SOX Code
or in the imposition of any sanction against himself or herself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will be responsible for granting waivers, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any amendments to or waivers of this SOX Code will, to the extent required, be disclosed as provided by SEC
rules.

***Other Policies and Procedures***

This SOX Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, TAM or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this SOX Code, they are superseded by this SOX Code to the extent that they overlap or conflict with the provisions of this SOX Code. The Funds' and TAM's codes of ethics under Rule 17j-1 under 1940 Act and Rule 204A-1 under the Advisers Act are separate requirements applying to the Covered Officers and others and are not part of this SOX Code.

***Amendment; Interpretation of Provisions***

The Trustees may from time to time amend this SOX Code or adopt such interpretations of this SOX Code as they deem appropriate. In connection with any amendment to the SOX Code, a brief description of the amendment will be prepared so that the necessary disclosure may be made with the next Form N-CSR to be filed, or otherwise disclosed in accordance with applicable law.

***Confidentiality***

All reports and records prepared or maintained pursuant to this SOX Code shall be treated as confidential and shall not be disclosed to anyone other than the Board, the Covered Officers' and Funds' counsel, except as otherwise requested by applicable law.

***Internal Use***

The SOX Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.

***Sanctions***

Compliance by Covered Officers with the provisions of the SOX Code is required. Covered Officers should be aware that in response to any violation, the Funds will take whatever action is deemed necessary under the circumstances, including, but not limited to, the imposition of appropriate sanctions. These sanctions may include, among others, the reversal of trades, reallocation of trades to client accounts, fines, disgorgement of profits, suspension or termination.

------

***SOX Code Exhibit A***

Initial and Annual Certification of Compliance with the

TRANSAMERICA SERIES TRUST

TRANSAMERICA FUNDS

(the "Funds")

<u>Code of Ethics for the Principal Executive and Senior Financial Officers</u>

<u>(the "Code")</u>

To: The Board of Trustees

(Signee to check the box for the applicable statement below)

☐ Initial Certification: I hereby certify that I have received, read and understood the Code adopted pursuant to the Sarbanes Oxley Act of 2002. I further certify that I am subject to the Code and will comply with each of the Code's provisions to which I am subject.

☐ Annual Certification: I hereby certify that I have complied with each of the Code's provisions to which I am subject for the calendar year ended December 31,<u> </u>.

---

| |
|:---|
| Signature |
| Name: |

---

<br> Date:<br>

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**Section 302 N-CSR Certification of Principal Executive Officer** 

TRANSAMERICA SERIES TRUST

FOR THE PERIOD ENDED DECEMBER 31, 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;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Transamerica Series
Trust;

&nbsp;&nbsp;&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;&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;&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;&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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: March 4, 2026 | By: | <u>/s/ Marijn P. Smit</u>  |
|  |  | Marijn P. Smit |
|  | Title:  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

------

**Exhibit 19(a)(3)** 

**Section 302 N-CSR Certification of Principal Financial Officer** 

TRANSAMERICA SERIES TRUST

FOR THE PERIOD ENDED DECEMBER 31, 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;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Transamerica Series
Trust;

&nbsp;&nbsp;&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;&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;&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;&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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: March 4, 2026 | By: | <u>/s/ Kari Seabrands</u>  |
|  |  | Kari Seabrands |
|  | Title:  | Treasurer |
|  |  | (Principal Financial Officer and Principal |
|  |  | Accounting Officer) |

---

## 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 DECEMBER 31, 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 December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof, each of the undersigned hereby certifies that, to his or her knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&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: March 4, 2026 |
| Marijn P. Smit |  |
| President and Chief Executive Officer |  |
| (Principal Executive Officer) |  |
| /s/ Kari Seabrands | Date: March 4, 2026 |
| Kari Seabrands |  |
| Treasurer |  |
| (Principal Financial Officer and Principal Accounting Officer) |  |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.